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 (Kiddie Mac) to certify such facilities for such insurance, and for other purposes.
Children's Development Commission Act (Kiddie Mac) - 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 (Kiddie Mac) 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.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Sponsor introductory remarks on measure. (CR E1856-1857)
Referred to the Subcommittee on Housing and Community Opportunity.
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