To establish a single authority under title IV of the National Housing Act for rental and cooperative housing with five or more units and for health care facilities through consolidation of multifamily programs, authorization of risk sharing programs with private and public entities, and increased flexibility for FHA to establish program operations; to make changes to the multifamily housing programs designed for the elderly and persons with disabilities; to extend certain provisions of existing law; and for other purposes.
TABLE OF CONTENTS:
Title I: FHA Multifamily Housing
Title II: Housing for Special Populations
Title III: Extensions of Existing Authority
FHA Multifamily Housing Reform Act of 1996 - Title I: FHA Multifamily Housing - Amends the National Housing Act to authorize the Secretary of Housing and Urban Development to: (1) insure first (and second) mortgages secured by multifamily housing projects or health care facilities and engage in other credit enhancement activities; and (2) enter into risk-sharing arrangements with qualified participating entities and housing finance agencies.
Sets forth program provisions.
Title II: Housing for Special Populations - Amends the Housing Act of 1959 and the Cranston-Gonzalez National Affordable Housing Act to: (1) reduce the term of rental assistance contracts for supportive housing for the elderly and for supportive housing for persons with disabilities; and (2) establish environmental review requirements for such programs.
Title III: Extensions of Existing Authority - Amends the National Housing Act to extend: (1) auction authority; and (2) authority to transfer excess receipts to the flexible subsidy program.
Introduced in House
Introduced in House
Referred to the House Committee on Banking and Financial Services.
Referred to the Subcommittee on Housing and Community Opportunity.
Referred to the Subcommittee on Capital Markets, Securities and Government Sponsored Enterprises.
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