US Congress House Bill 3134 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Democrat 8-0)
Status: Introduced on June 29 2017 - 25% progression, died in committee
Action: 2017-06-29 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Transforming Student Debt to Home Equity Act of 2017 This bill requires the Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency to jointly establish and implement a pilot demonstration program to provide, to eligible applicants with federal student loan debt, assistance in purchasing eligible properties. Specifically, the program may provide for: (1) discounts on the appraised value of eligible properties, (2) flexibility in certain underwriting standards, (3) the development of new mortgage products specifically targeted to eligible applicants, (4) the development of a program that uses actuarial information to determine how the repayment of federal student loans may be integrated into a mortgage repayment schedule to allow eligible applicants to accumulate home equity, and (5) other appropriate assistance. An "eligible property" is a property: (1) that is designed as a dwelling for occupancy by one to four families; (2) that is safe and habitable; (3) the occupancy of which will promote community revitalization; and (4) that is owned by HUD, the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac).

Transforming Student Debt to Home Equity Act of 2017

Rep. Marcy Kaptur [D-OH]	Rep. Lacy Clay [D-MO]	Rep. Dwight Evans [D-PA]	Rep. Robert Brady [D-PA]
Rep. Marcia Fudge [D-OH]	Rep. Pramila Jayapal [D-WA]	Rep. Chellie Pingree [D-ME]	Rep. Joyce Beatty [D-OH]

Date	Chamber	Action
2017-06-29	House	Referred to the House Committee on Financial Services.
2017-06-29	House	Sponsor introductory remarks on measure. (CR H5357, E931)
2017-06-29	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/house-bill/3134/all-info
Text	https://www.congress.gov/115/bills/hr3134/BILLS-115hr3134ih.pdf