A bill to authorize the use of multifamily housing subject to a mortgage insured under section 207 of the National Housing Act as short-term residential housing.
Workforce Residential Housing Act of 2014 - Amends the National Housing Act to except from the prohibition against the use of houses built with federally insured mortgages for transient or hotel housing certain mulifamily housing that is a short-term residential property, provided that the Secretary of Housing and Urban Development (HUD) has determined that the provision of such insurance is appropriate.
Defines "short-term residential property" as multifamily housing that:
Directs the Secretary to: (1) evaluate the risk of providing mortgage insurance for short-term residential properties, and (2) report to Congress on whether any additional risk to the General Insurance Fund resulting from the provision of mortgage insurance for such properties is appropriate.
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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