A bill to amend the National Housing Act to authorize the Secretary of Housing and Urban Development to insure mortgages for the acquisition, construction, or substantial rehabilitation of child care and development facilities and to establish the Children's Development Commission to certify such facilities for such insurance, and for other purposes.
Children's Development Commission Act - Amends the National Housing Act to authorize the Secretary of Housing and Urban Development to insure mortgages for: (1) new or rehabilitated child care and development facilities, including mortgage insurance for fire safety equipment loans; and (2) purchase or refinance of existing child care and development facilities.
Establishes the Children's Development Commission which shall: (1) issue facility standards and compliance certifications; and (2) make loans not in excess of $50,000 for facility rehabilitation or renovation. Authorizes appropriations.
Directs the Secretary of the Treasury to conduct a study of the availability of child care facility secondary mortgage markets.
Referred to the Subcommittee on Housing and Community Opportunity.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S6416-6417)
Read twice and referred to the Committee on Banking.
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 105-988.
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