A bill to amend section 255 of the National Housing Act to prevent the funding of unnecessary or excessive costs for obtaining a home equity conversion mortgage.
TABLE OF CONTENTS:
Title I: Senior Citizen Home Equity Protection
Title II: Temporary Extension of Public Housing and Section
8 Rental Assistance Provisions
Title III: Reauthorization of Federally Assisted Multifamily
Rental Housing Provisions
Title IV: Reauthorization of Rural Housing Programs
Title V: Reauthorization of National Flood Insurance Program
Title VI: Native American Housing Assistance
Senior Citizen Home Equity Protection Act - Title I: Senior Citizen Home Equity Protection - Amends the National Housing Act with respect to home equity conversion mortgages to: (1) require full disclosure to the mortgagor of all mortgage costs, including estate planning, financial advice, or other related costs; and (2) provide for the Secretary (Secretary) of Housing and Urban Development to impose restrictions to ensure that the mortgagor is not charged for such costs.
(Sec. 102) Provides for implementation of such provisions by the Secretary.
Title II: Temporary Extension of Public Housing and Section 8 Rental Assistance Provisions - Amends the Balanced Budget Downpayment Act, I to extend through FY 1998 provisions regarding public housing ceiling rents, the definition of income adjustments, and repeal of Federal preferences for assisted housing.
(Sec. 202) Amends the Emergency Supplemental Appropriations for Additional Disaster Assistance, for Anti-terrorism Initiatives, for Assistance in the Recovery from the Tragedy that Occurred in Oklahoma City, and Rescissions Act, 1995 to extend through FY 1998 the suspension of the public housing demolition and disposition one-for-one replacement requirement.
(Sec. 203) Amends the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1996 to extend through FY 1998 provisions regarding use of public housing modernization funding for mixed income developments.
(Sec. 204) Amends the Balanced Budget Downpayment Act, I to extend minimum rent provisions through FY 1998.
(Sec. 205) Amends the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1996 to extend through FY 1998 suspension of certain provisions (take-one-take-all, notice of contract termination, and endless lease) of the section 8 rental assistance program.
Title III: Reauthorization of Federally Assisted Multifamily Rental Housing Provisions - Amends the Housing and Community Development Act of 1992 to increase the number of units and extend through FY 1998 the risk-sharing and housing finance agency multifamily housing finance pilot programs.
(Sec. 302) Amends the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1997 to state that the Secretary's authority to manage and dispose of multifamily housing includes the provision of grants and loans from the General Insurance Fund.
(Sec. 304) Sets forth owner mortgage prepayment and voluntary mortgage insurance termination provisions, which shall be applicable during the period October 1, 1997 through March 31, 1998.
Title IV: Reauthorization of Rural Housing Programs - Amends the Housing Act of 1949 to extend through FY 1999: (1) set-aside authority for targeted rural underserved areas and colonias, and for rural rental housing funds; (2) loan authority for housing and related facilities for elderly persons and families and other low-income persons and families; and (3) authorization of appropriations for multifamily rural rental housing loan guarantees.
Title V: Reauthorization of National Flood Insurance Program - Amends the National Flood Insurance Act of 1968 to extend through FY 1999 flood insurance program authority, borrowing authority, and emergency implementation authority. Authorizes appropriations through FY 1999 for related studies.
Title VI: Native American Housing Assistance - Makes specified technical changes to the Native American Housing Assistance and Self-Determination Act of 1996, the United States Housing Act of 1937, the Housing and Community Development Act of 1992, the Cranston-Gonzalez National Affordable Housing Act, and the Public and Assisted Housing Drug Elimination Act of 1990.
(Sec. 604) Amends the United States Housing Act of 1937 to make the provisions permitting designation of housing for elderly and disabled families applicable to Indian housing.
(Sec. 605) Amends the Native American Housing Assistance and Self-Determination Act of 1996 with respect to: (1) the definition of "Indian area"; (2) block grant tax exemption; (3) civil rights applicability; (4) low-income requirements; (5) tenant selection; (6) environmental review under the Indian housing loan guarantee program; and (7) public availability of information.
Amends the Cranston-Gonzalez National Affordable Housing Act to repeal authority for the Indian housing early childhood development program.
Amends the Public and Assisted Housing Drug Elimination Act of 1990 to provide for tribal eligibility under the drug elimination program.
Motion to reconsider laid on the table Agreed to without objection.
Referred to the Subcommittee on Housing and Community Opportunity.
Mr. Lazio moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H7302-7309, H7323-7324)
DEBATE - The House proceeded with forty minutes of debate.
Mr. Lazio asked unanimous consent that the motion to suspend the rules and pass the bill be modified to include an amendment striking out sections 301 and 302 of the bill, relating to the reauthorization of project-based contract renewal authority for federally assisted multifamily rental housing reauthorization and reauthorization of mortage restructuring demonstration projects for FHA-insured multifamily housing.
At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Condit objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was withdrawn.
Considered as unfinished business.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by recorded vote (2/3 required): 422 - 1 (Roll No. 397).
Roll Call #397 (House)Motion to reconsider laid on the table Agreed to without objection.
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On motion to suspend the rules and pass the bill, as amended Agreed to by recorded vote (2/3 required): 422 - 1 (Roll No. 397).
Roll Call #397 (House)The title of the measure was amended. Agreed to without objection.
Message on House action received in Senate and at desk: House amendments to Senate bill.
Measure laid before Senate by unanimous consent.
Resolving differences -- Senate actions: Senate concurred in the House amendments with an amendment (SP 1630) by Unanimous Consent.(consideration: CR S12428-12430)
Senate concurred in the House amendments with an amendment (SP 1630) by Unanimous Consent. (consideration: CR S12428-12430)
Message on Senate action sent to the House.
Message on House action received in Senate and at desk:.
Resolving differences -- House actions: House agreed to Senate amendment to House amendments with amendment pursuant to H. Res. 329.(consideration: CR H10884-10886)
House agreed to Senate amendment to House amendments with amendment pursuant to H. Res. 329. (consideration: CR H10884-10886)
Message on House action received in Senate and at desk:.