A bill to reform the multifamily rental assisted housing programs of the Federal Government, maintain the affordability and availability of low-income housing, and for other purposes.
TABLE OF CONTENTS:
Title I: FHA-Insured Multifamily Housing Mortgage and
Housing Assistance Restructuring
Title II: Enforcement Provisions
Subtitle A: FHA Single Family and Multifamily Housing
Subtitle B: FHA Multifamily
Multifamily Assisted Housing Reform and Affordability Act of 1997 - Title I: FHA-Insured Multifamily Housing Mortgage and Housing Assistance Restructuring - Directs the Secretary of Housing and Urban Development (HUD) to enter into agreements with participating administrative entities (with preference given to State housing finance agencies) to develop and implement mortgage restructuring and rental assistance plans for FHA-insured multifamily housing mortgages in order to: (1) reduce expiring section 8 contracts costs; (2) address troubled projects; and (3) correct management and ownership deficiencies.
Includes two-tiered mortgage restructuring among plan incentives.
Terminates program authority as of a specified date.
Title II: Enforcement Provisions - Directs the Secretary to issue implementing regulations.
Subtitle A: FHA Single Family and Multifamily Housing - Amends the National Housing Act to expand HUD authorities with respect to: (1) lender sanctions; (2) equity skimming; and (3) civil money penalties.
Subtitle B: FHA Multifamily - Amends the National Housing Act and the Housing Act of 1937 to expand multifamily housing-related civil money penalties.
Amends the Housing and Community Development Act of 1987 to extend the double damages remedy.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S2742-2743)
Read twice and referred to the Committee on Banking.
Subcommittee on Housing and Community Development. Hearings held. Hearings printed: S.Hrg. 105-389.
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