US Congress House Bill 1997 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on May 15 2013 - 25% progression, died in committee
Action: 2013-05-15 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Communities Achieving Sustainability Act - Directs the Secretary of Housing and Urban Development (HUD), during a 2-year period, to insure and make commitments to insure rehabilitation loans (including advances during rehabilitation) made by financial institutions in order to assist in the rehabilitation of 1- to 4-family structures used primarily for residential purposes. Limits insurable rehabilitation loans to investors who do not intend to occupy the structure in question but obtain a rehabilitation loan for the purpose of appreciation or production of income with respect to the structure. Allows mortgage insurance for up to four such structures during a calendar year. Prohibits such mortgages from exceeding 90% of the appraised value of the structure in question. Requires the single premium payment due at the time of insurance to be increased by 10 basis points for any mortgage insured under this Act.

Communities Achieving Sustainability Act

Rep. Howard McKeon [R-CA]

Rep. Scott Peters [D-CA]

Date	Chamber	Action
2013-05-15	House	Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/1997/all-info
Text	https://www.congress.gov/113/bills/hr1997/BILLS-113hr1997ih.pdf