Housing

First-Time Homebuyers Assistance Act of 1988

United States · United States Congress · 21 October 1988

First-Time Homebuyers Assistance Act of 1988 - Directs the Secretary of Housing and Urban Development to establish a demonstration program to insure mortgages with no downpayments for qualifying first-time buyers. Sets forth the following mortgagor eligibility criteria: (1) first-time homebuyer or certain divorced persons who previously had a home; (2) employment history for single-income or multiple-income mortgagors; (3) income-debt ratio; (4) rental history; and (5) income. Sets forth the following mortgage eligibility criteria: (1) one-family primary residence; (2) no downpayment; (3) cost of dwelling; (4) interest rates; (5) interest premium; (6) federally regulated mortgage; (7) payment terms; and (8) building and health codes. States that the United States shall be liable for such mortgages but not for any secondary or subsequent liens. Establishes in the Treasury the First-Time Homebuyers Mortgage Insurance Fund to carry out such program. Requires annual program reports to the Congress. Prohibits new mortgages from being insured under this program after FY 1993. Limits aggregate mortgage commitments to $10,000,000. Authorizes appropriations.

Affordable Family Home Mortgage Act of 1988

United States · United States Congress · 13 October 1988

Affordable Family Home Mortgage Act of 1988 - Permits eligible first-time homebuyers to enter into an agreement with a qualified lending institution to transfer their mortgage interest tax benefits to such lender for the first five years of the mortgage. Amends the Internal Revenue Code to permit a five-year transfer of the amount of mortgage interest deduction from an eligible first-time homebuyer to a qualifying lending institution.

Neighborhood Housing Services Act of 1988

United States · United States Congress · 6 October 1988

Neighborhood Housing Services Act of 1988 - Amends the Neighborhood Reinvestment Corporation Act to authorize FY 1990 through 1994 appropriations for the Neighborhood Reinvestment Corporation. States that appropriations in excess of amounts necessary for existing Corporation services shall be available in specified amounts for: (1) mutual housing associations; (2) expansion of the neighborhood housing services network; and (3) expansion of such services' loan purchasing capacity.

Urban Development Action Grant Program Termination Act

United States · United States Congress · 6 October 1988

Urban Development Action Grant Program Termination Act - Amends the Housing and Community Development Act of 1974 to terminate the urban development action grant program. States that such Act shall not affect already approved grants or obligated funds.

United States-Mexico Border Region Housing and Community Development Act

United States · United States Congress · 5 October 1988

United States-Mexico Border Region Housing and Community Development Act - Directs Arizona, California, New Mexico, and Texas to set aside specified percentages of community development block grant assistance to meet the needs of colonias relating to water, sewage, and housing. Limits assistance use to planning activities (including public information and technical assistance) and assessments for public improvements. Directs the Secretary of Agriculture to provide rural housing assistance to colonias. Defines "colonia" for purposes of this Act as a community that: (1) is in Arizona, California, New Mexico, or Texas; (2) is in the United States-Mexico border region; (3) is State or county-designated as a colonia on the basis of such criteria as inadequate housing, water, and sewage; and (4) was in existence and generally recognized as a colonia before the date of enactment of this Act. Limits the applicability of this Act to FY 1989 through 1991.

Department of Housing and Urban Development Radon Policy Act

United States · United States Congress · 29 September 1988

Department of Housing and Urban Development Radon Policy Act - Directs the Secretary of Housing and Urban Development (HUD), in coordination with the Administrator of the Environmental Protection Agency, to develop a radon contamination program which provides programs for education research, testing, and mitigation measures. Directs the Secretary to: (1) establish a schedule for, and conduct testing of, HUD-assisted housing; (2) coordinate activities with other Federal, State, and local agencies and industry, professional, and consumer groups; (3) report to the Congress; (4) make radon information available to the public; and (5) cooperate with the Administrator. Authorizes program funds from the FY 1989 budget of HUD's Office of Community Planning.

Public Housing Family Stability Act

United States · United States Congress · 23 September 1988

Public Housing Family Stability Act - Amends the United States Housing Act of 1937, as amended by the Housing and Community Development Act of 1987, to direct public housing agencies to set maximum monthly rents for their tenants.

Moderate Income Housing Accessibility Act

United States · United States Congress · 7 September 1988

Moderate Income Housing Accessibility Act - Amends the Stewart B. McKinney Homeless Assistance Act to make title V of such Act (use of surplus Federal property) inapplicable to specified real or personal property of the Departments of Housing and Urban Development (including the Government National Mortgage Association) and of Agriculture, or of the Veterans Administration, in connection with mortgage or loan insurance or guarantee programs.

Low Income Housing Preservation Act of 1988

United States · United States Congress · 7 September 1988

Low Income Housing Preservation Act of 1988 - Authorizes the Secretary of Housing and Urban Development to make grants to States to purchase and maintain eligible low-income housing. Authorizes FY 1989 through 1991 appropriations.

Low-Income Housing Revitalization Act

United States · United States Congress · 11 August 1988

Low-Income Housing Revitalization Act - Amends Internal Revenue Code (IRC) provisions relating to the low-income housing credit to: (1) increase the credit from four percent to nine percent with respect to new buildings that are federally subsidized; (2) reallocate unused credit amounts among other States for their housing credit agencies; and (3) permit carryover to the succeeding year of a housing credit amount, if it is reasonably likely that the building will be put into service then. Extends the low-income housing credit through 1991. Amends IRC accounting provisions to exempt low-income housing credit activities from limitations on passive losses. Revises the accelerated cost recovery system in connection with low-income residential rental property to reduce the applicable recovery period from 27.5 to 20 years. Disallows an income tax deduction for any expense relating to residential rental units that violate State or local building, health, or safety codes and are not brought into compliance. Requires the regulatory agency that notifies a taxpayer of the substandard conditions to file an information return with respect to affected taxpayers. Excludes deductions for business expenses, interest on indebtedness, and taxes from calculations to determine the passive loss limitation in connection with rental real estate activity relating to a qualified low-income housing project in which a noncorporate taxpayer actively or materially participates.

Housing Grant Action Program Act of 1988

United States · United States Congress · 10 August 1988

Housing Grant Action Program Act of 1988 - Title I: Housing Grant Action Program - Authorizes the Secretary of Housing and Urban Development to make basic housing grants to States to cover development and acquisition costs of low and moderate income housing. Bases amounts on a national formula that includes the following factors: (1) population; (2) income and poverty; (2) housing stock; (3) State fiscal capacity; and (4) housing affordability. Authorizes the Secretary to make challenge grants to States to cover development and acquisition costs for low and moderate income housing. Awards such grants on the basis of project proposals. Establishes a 33 percent State matching fund requirement. Requires a State to submit a two-year grant action plan, including a provision for public participation. Sets forth special plan criteria for cities and counties with populations in excess of specified levels. Sets forth targeted income groups for homeownership and rental programs. Authorizes appropriations (70 percent for basic grants, 30 percent for challenge grants). Title II: FHA Insurance Programs - Amends the National Housing Act to authorize a mortgage insurance demonstration program for certain mortgagor-occupied one- to four-family residences. Authorizes the Secretary to implement multifamily mortgage insurance programs without the approval of other Federal agencies. Includes specified National Housing Act coinsured mortgages within the scope of title I of this Act. Title III: Tax and Housing Policy Coordinating Council - Establishes a Tax and Housing Policy Coordinating Council to coordinate tax policy and legislation with the administration's housing policy. Directs the Council to: (1) advise the President regarding the consistency between existing and proposed tax policy and housing policy; and (2) comment on proposed tax legislation. Directs congressional committees, in order to facilitate an awareness of the relation between tax and housing policy, to include a "housing impact statement" in any committee report accompanying tax legislation. Requires committees which receive housing legislation to report within 90 days of the start of each Congress on the state of the Nation's housing. Title IV: Repeals and Amendments - Repeals: (1) section 17 (rental rehabilitation and development grants) of the United States Housing Act of 1937; and (2) section 235 (homeownership for lower income families) of the National Housing Act. Amends the Housing and Community Development Act of 1974 to limit housing construction or rehabilitation assistance to grantees unable to receive such assistance under title I of this Act.

A bill to amend the Internal Revenue Code of 1986 to provide that contracts for residential construction which are completed in less than 12 months shall be exempt from the requirement to use the percentage completion method.

United States · United States Congress · 5 August 1988

Amends accounting provisions of the Internal Revenue Code to provide that the percentage completion method shall not be required in the case of any residential construction contract that the taxpayer expects to be completed within one year.

A bill to amend the Internal Revenue Code of 1986 to provide that contracts for residential construction which are completed in less than 12 months shall be exempt from the requirement to use the percentage of completion method.

United States · United States Congress · 3 August 1988

Amends accounting provisions of the Internal Revenue Code to provide that the percentage completion method shall not be required in the case of any residential construction contract that the taxpayer expects to be completed within one year.

Farmers Home Cost Reduction Act of 1988

United States · United States Congress · 2 August 1988

Farmers Home Cost Reduction Act of 1988 - Amends the Housing Act of 1949 to provide for legal representation in litigation involving the collection of claims arising out of rural housing programs. (Current law restricts such representation to the Attorney General.) Grants the Secretary of Agriculture discretion, for litigation involving loans for housing and buildings on adequate farms, to choose among: (1) U.S. attorneys for the appropriate district and any other attorney the Attorney General designates and supervises; (2) the General Counsel of the Department of Agriculture; or (3) any other attorney with whom the Secretary contracts.

Omnibus McKinney Homeless Assistance Act of 1988

United States · United States Congress · 28 July 1988

Omnibus McKinney Homeless Assistance Act of 1988 - Title I: General Provisions - Amends the Stewart B. McKinney Homeless Assistance Act (the Act) to require the Comptroller General to make annual audits of Federal emergency management food and shelter and housing assistance programs. Title II: Interagency Council on the Homeless - Amends the Act to authorize appropriations through FY 1990 for the Interagency Council on the Homeless. Extends such Council through FY 1990. Title III: Federal Emergency Management Food and Shelter Program - Amends the Act to authorize appropriations through FY 1990 for the Federal emergency management food and shelter program. Title IV: Housing Assistance - Amends the Act to authorize appropriations through FY 1990 for the emergency shelter grants program. Requires the Secretary of Housing and Urban Development (Secretary) to report annually to the Congress regarding the supportive housing demonstration program. Authorizes program appropriations through FY 1990. Authorizes appropriations through FY 1990 for supplemental assistance for facilities to assist the homeless. Increases budget authority for section 8 assistance (low-income housing) for single room occupancy dwellings. Requires the Secretary to report to the Congress regarding the effect of rent control on urban homelessness. Title V: Identification and Use of Surplus Federal Property - Amends the Act to require the Secretary to identify Federal properties to use to aid the homeless within two months of collecting such information. Title VI: Revision and Extension of Programs of Health Care for the Homeless - Subtitle A: Categorical Grants for Primary Health Services and Substance Abuse Services - Amends the Public Health Service Act to limit Federal matching funds after the first fiscal year to 66-2/3 percent of service costs with regard to grants for health assistance for the homeless. (Current law provides for 75 percent Federal funding.) Authorizes the continued provision for up to 12 months of certain health (including mental health) services to former homeless persons currently living in permanent housing. Includes persons living in transitional housing within the definition of "homeless individual" for purposes of such grants. Authorizes appropriations for such grants through FY 1991. Subtitle B: Block Grant for Community Mental Health Services - Amends the Public Health Service Act to authorize appropriations through FY 1991 for community mental health services block grants. Directs the Secretary to: (1) make grants to the States on a competitive basis if annual appropriations are insufficient for minimum allotments; and (2) make unallotted State funds available to public and private nonprofit agencies for mental health services to the homeless in such State. Makes Guam, the Virgin Islands, American Samoa, and the Northern Mariana Islands eligible for mental health services allotments. Sets minimum allotments at $50,000 for Guam, American Samoa, the Virgin Islands, and the Northern Mariana Islands. Subtitle C: Authorization of Appropriations for Community Demonstration Projects - Amends the Act to authorize additional appropriations through FY 1991 for mental health services for homeless persons with chronic mental illness. Amends the Public Health Service Act to authorize appropriations through FY 1991 for alcohol and drug abuse treatment for homeless persons. Subtitle D: General Provisions - Sets forth effective dates for specified provisions of this title. Title VII: Education, Training, and Community Services Programs - Amends the Act to authorize appropriations through FY 1990 for the following programs for the homeless: (1) adult education; (2) education for children and youth; (3) exemplary education programs and related information dissemination; (4) job training, including a specified obligation for veterans' reintegration projects; and (5) the emergency community services homeless grant program. Amends the Child Nutrition Act of 1936 to make homeless women eligible for the special supplemental food program (WIC). Title VIII: Veterans Programs - Authorizes additional appropriations through FY 1990 for veterans' medical care, including specified amounts for domiciliary care and for chronically mentally ill homeless veterans. Title IX: Aid to Families With Dependent Children; Unemployment Compensation - Amends the Omnibus Budget Reconciliation Act of 1987 to extend through September 30, 1989, the prohibition on implementation of certain regulations proposed by the Secretary of Health and Human Services regarding the use of aid to families with dependent children (AFDC) funds to meet emergency AFDC family needs either through emergency assistance or special needs payments. Directs the Secretary to: (1) review policies governing the use of AFDC funds; and (2) report to the Congress by April 1, 1989, regarding improvements in AFDC's ability to respond to emergency needs of eligible families and the elimination of the use of AFDC funds in commercial or similar transient shelters (welfare hotels). Authorizes up to five demonstration projects to reduce the number of homeless AFDC families in such hotels and increase the use of transitional facilities to house such families. Title X: Technical and Conforming Amendments to Housing and Community Development Act of 1987 - Subtitle A: Housing Assistance - Amends the United States Housing Act of 1937 to prohibit owners from skipping over lower income families for purposes of assisted housing eligibility. Permits child care grants to be awarded to facilities near (as well as in) public housing projects. Restores certain section 8 rents that were reduced after April 15, 1987. Permits Department of Housing and Urban Development (HUD) funded housing counseling for owners of Veterans Administration guaranteed or insured homes. Amends the Housing and Community Development Amendments of 1978 to obligate funds from the flexible subsidy program for multifamily housing capital improvements. Requires 50 percent of funds recaptured from the refinancing of a State financed section 8 project to be used for very low income housing. Exempts a HUD contract with the Minneapolis Community Development Agency (Cedar Square West Project) from certain multifamily housing management provisions. Subtitle B: Preservation of Low Income Housing - Amends the Housing and Community Development Act of 1987 to require an owner of certain low-income housing to submit his intent to prepay a mortgage and his plan of action for such prepayment to the tenants. Requires tenant consultation prior to plan approval. Provides incentives to extend low-income use only when low-income restrictions are extended through the mortgage term. Includes a limit on the amount of rent increases among the criteria necessary for approval of a plan of action. Subtitle C: Rural Housing - Amends the Housing Act of 1949 to repeal the provision limiting rent increases in the low-income rural rental housing program. Makes farm labor housing available for other low-income families in areas where there is no longer a need for farm labor housing. Subtitle D: Mortgage Insurance and Secondary Mortgage Market Programs - Amends the National Housing Act to permit an investor to refinance an insured single family mortgage if monthly mortgage payments are reduced (thus exempting such investor from certain occupancy requirements). States, with regard to procedures applicable to assumption of insured mortgages under the National Housing Act, that: (1) credit reviews shall be made starting from the date on which the mortgage is executed (currently from the date of endorsement). Amends the Housing Act of 1949 to direct the Secretary to: (1) accept Veterans Administration certificates of reasonable value for one or more properties in a subdivision as administrative approval for the entire subdivision for a one-year period beginning on the date of enactment of this Act; and (2) before the end of such period, report to the Congress regarding housing subdivision approval practices of the Veterans Administration, and HUD. Makes permanent the authority of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to purchase multifamily second mortgages. Subtitle E: Community Development and Miscellaneous Programs - Amends the Housing and Community Development Act of 1974 to repeal the provision requiring HUD to use 1980 census data to determine loss of entitlement status for metropolitan cities and urban counties. Permits the use of community development block grant funds to pay the assessments required of low and moderate income homeowners to recover the capital cost of public improvements.

Kendall Square Project Redevelopment and Real Property Reconveyance Act of 1988

United States · United States Congress · 28 July 1988

Kendall Square Project Redevelopment and Real Property Reconveyance Act of 1988 - Directs the Secretary of Transportation to consent to an extension to August 30, 2000, of certain provisions of the Urban Renewal Plan and restrictions, agreements, and convenants of the deeds of conveyance applicable to certain property within the Kendall Square Urban Renewal Project Area conveyed to the United States by the Cambridge Redevelopment Authority of Massachusetts. Requires the Secretary, within six months of the enactment of this Act, to reconvey such disposable real property to the Authority. Directs the Authority to prepare and carry out a master plan for developing and reusing such property. Requires the plan to include the making of appropriate demolition, alterations, public improvements, and sale or lease of the property for housing and accessory uses. Provides that no less than 30 percent of the housing units shall be for low- and moderate-income persons and families who will pay no more than 25 percent of their annual incomes for yearly rental. Requires the Authority to pay the fair market value of such property to the Federal Government. Directs the Authority to cooperate with the Department of Transportation to secure additional space, if needed, for expansion of the Department's functions and facilities within the project area. Requires the Secretary to ensure that the current number of parking spaces continue to be made available to employees of the Department at the project area and that adequate facilities for the Department's warehousing, shipping, and receiving functions continue to be provided within the project area. Relieves the United States, upon reconveyance of the disposal real property, of all obligations to develop such property.

Permanent Housing for Homeless Americans Act of 1988

United States · United States Congress · 14 July 1988

Permanent Housing for Homeless Americans Act of 1988 - Directs the Secretary of Housing and Urban Development to provide FY 1989 and 1990 housing assistance for homeless or low-income individuals and families under the following programs: (1) section 8 assistance; (2) section 8 moderate rehabilitation assistance; (3) modernization of vacant public housing; (4) rental rehabilitation; and (5) funding for the rehabilitation of State and local government in rem properties. Requires an annual program report to the Congress.

Affordable Housing Act

United States · United States Congress · 7 July 1988

Affordable Housing Act - Title I: Housing Assistance - Directs the Secretary of Housing and Urban Development to provide construction and rehabilitation grants and operating assistance in order to expand and maintain the permanent supply of affordable housing for very low-income and other lower income families. Grants priority to homeless families. Sets forth program requirements, including recipient preferences, tenant rights, and assistance use restrictions. Requires an annual program report to the Congress. Authorizes appropriations beginning in FY 1989. Terminates such authorization upon the acquisition, construction, or rehabilitation of a specified number of housing units. Title II: Revenue Measures - Amends the Internal Revenue Code to increase to 25 percent the rate of the alternative minimum tax for both corporate and noncorporate taxpayers. (The current corporate rate is 20 percent, 21 percent for noncorporate taxpayers.) Reduces from 80 percent to 50 percent the income tax deduction for business meal and entertainment expenses. Amends provisions relating to the basis for calculating taxes on property a taxpayer acquires from a decedent to: (1) eliminate a special rule with respect to the stock of a domestic international sales corporation (DISC); (2) update the carryover basis rules to refer to property acquired from decedents dying after December 31, 1988 (current law refers to 1979); and (3) permit a tax exclusion of gain when an estate's executor uses certain appreciated carryover basis property to satisfy the right of a person to receive a pecuniary request. Repeals capital gains rules relating to foreign investment company stock acquired from a decedent. Requires estate executors to: (1) file information returns in connection with carryover basis property; and (2) provide written notice to recipients of such property. Prescribes penalties for failure to report. Increases the excise taxes on cigars (from 75 cents to $1.88 per thousand for small cigars), cigarettes (from eight cents to 16 cents per thousand for small cigarettes and from $16.80 to $33.60 per thousand for large cigarettes), cigarette papers and tubes, and smokeless tobacco (from 24 cents to 60 cents per pound for snuff and from eight cents to 20 cents per pound for chewing tobacco).

National Housing Trust Act

United States · United States Congress · 30 June 1988

National Housing Trust Act - Establishes the National Housing Trust in the Department of Housing and Urban Development to assist first-time homebuyers so the rate of interest payable on the mortgages does not exceed six percent. Sets homebuyer eligibility requirements. Establishes the National Housing Trust Fund in the Treasury. Authorizes FY 1989 through 1991 appropriations.

Rural Housing Rent Relief Act of 1988

United States · United States Congress · 30 June 1988

Rural Housing Rent Relief Act of 1988 - Amends the Housing Act of 1949 to deduct amounts paid as withholding (and self-employment) taxes and social security (and railroad retirement) contributions for purposes of rural housing income eligibility. Limits such assisted rent to not more than comparable private rentals in the area, with a specified exception.

A bill to amend the Federal Home Loan Mortgage Corporation Act to remove the ownership restrictions placed on nonvoting preferred stock of the corporation.

United States · United States Congress · 30 June 1988

Amends the Federal Home Loan Mortgage Corporation Act to remove the restrictions placed on the ownership and transferability of nonvoting preferred stock of the Federal Home Loan Mortgage Corporation.

Stewart B. McKinney Homeless Assistance Amendments of 1988

United States · United States Congress · 29 June 1988

Stewart B. McKinney Homeless Assistance Amendments of 1988 - Amends the Stewart B. McKinney Homeless Assistance Act to require the General Accounting Office to submit annual audit reports to the Congress regarding housing and shelter programs under such Act. (Current law requires such reports to be submitted quarterly and annually.) Provides that the Interagency Council on the Homeless shall appoint two regional employees to coordinate Council activities in the ten standard Federal regions. Includes among Council duties: (1) the holding of on-site regional workshops; and (2) the preparation and distribution of a bimonthly bulletin summarizing Federal homeless resources. Requires each Federal agency administering a program under such Act to submit to the Council, within 90 days of enactment of this Act, timetables regarding program funding availability and application deadlines. Requires the Council to furnish such information to each State Interagency Council, State agency, and State coordinator. Authorizes FY 1989 and 1990 appropriations for the Council. Extends the Council's legislative authority through October 1, 1990. Encourages each State to establish a State Interagency Council on the Homeless or an agency to carry out such functions. Sets forth State Council functions, including the provision of information about Federal programs for the homeless. Authorizes each Governor to designate a State Coordinator to coordinate the State Council and to coordinate with the Council and other Federal agencies. Authorizes the Council to award a grant to supplement the compensation of the State Coordinator in order to encourage States to designate such positions. Authorizes FY 1989 and 1990 appropriations for the Federal emergency management food and shelter program. Requires the Secretary of Housing and Urban Development to identify buildings that are suitable for use by the homeless within two months after collecting information about underutilized Federal properties. States that such property shall be available to the homeless on an interim basis. Substitutes the term "underutilized Federal buildings" for "surplus Federal buildings."

Public Housing Drug Elimination Act of 1988

United States · United States Congress · 28 June 1988

Public Housing Drug Elimination Act of 1988 - Authorizes the Secretary of Housing and Urban Development to make grants to public housing agencies to eliminate drug-related crime in public housing projects. Includes among the authorized uses of such funds: (1) employment of security personnel; (2) reimbursement of local law enforcement agencies for additional protective services; and (3) security-enhancing physical improvements. Authorizes FY 1989 appropriations.

Jack R. Stokvis, of New York, to be an Assistant Secretary of Housing and Urban Development, vice Alfred Clinton Moran, resigned.

United States · United States Senate · 23 June 1988

Public Housing Gateway Act of 1988

United States · United States Congress · 23 June 1988

Public Housing Gateway Act of 1988 - Authorizes the Secretary of Labor (the Secretary) to make gateway program grants to public housing agencies to use public housing in the provision of employment training and services to economically disadvantaged public housing residents who are not more than 25 years of age. Requires that such grants be made with the advice and participation of the Gateway Task Force established under this Act. Requires public housing agencies to meet specified requirements to receive such grants. Requires that the following training and services be made available to eligible individuals by public housing agencies through the gateway program they must establish when they receive such a grant: (1) information on training, education, or services offered by the agency; (2) literacy training and bilingual training; (3) remedial education and training in basic skills (including communication skills, arithmetic, and problem-solving); (4) development of work habits and other personal management skills; and (5) free child care to facilitate participation in training and other services. Requires that such child care: (1) be designed to employ and train economically disadvantaged residents of the public housing project involved; and (2) include daytime care for children not attending school and adult dependents, after-school care, and irregular, periodic, and evening care. Specifies additional training and services which may be offered by public housing agencies as part of their gateway grant programs to eligible individuals who are qualified through literacy training, training in basic and employment skills, and support services, subject to certain limitations. Requires that participants in gateway program training and services be: (1) residents of public housing; (2) not more than 25 years of age; (3) economically disadvantaged; and (4) educationally disadvantaged (either having encountered barriers to employment because of a deficiency in a basic skill or, if over 16 years of age or beyond the age of compulsory school attendance, not having a certificate of graduation from a secondary school and not having achieved an equivalent educational level. Limits mandatory child care services to: (1) participants in gateway program training or services during participation; (2) unemployed former participants who have successfully completed the program, for a specified period; and (3) employed former participants who have successfully completed the program, during the 12-month period beginning with commencement of employment in a position not funded under this Act. Requires agencies to assure that child care services provided under this Act comply with applicable State and local laws. Permits support services to continue for up to 18 months to any individual after termination of participation in program training or services only if the individual has completed the training or services. Requires public housing agencies receiving such grants to attempt to employ qualified residents of the public housing project involved in positions relating to the administration and delivery of training and services under gateway programs. Prohibits consideration of earnings of and benefits to any individual resulting from participation in gateway training and services as income for public assistance or rent limitation purposes during specified periods of participation or post-participation employment. Provides that the use of the facilities of a recipient public housing agency in the provision of gateway training or services shall have no effect on the amount of operating assistance to such agency under specified provisions of the United States Housing Act. Establishes an interagency task force, to be known as the Gateway Task Force (the Task Force), to advise and assist the Secretary in carrying out this Act. Directs the Secretary to provide the Task Force with necessary information and facilities. Directs the Secretaries of Labor, Housing and Urban Development, Education, and Health and Human Services to each appoint members of the Task Force. Terminates the Task Force five years after its first regularly called meeting, not including an initial organizational meeting. Directs the Secretary to review at least annually compliance with this Act by public housing agencies receiving gateway program grants. Directs the Task Force to: (1) review gateway programs at least annually to determine their merits in enhancing the employability of public housing residents; (2) advise the Secretary of such determinations; and (3) make recommendations regarding the grant program and the various training and services. Sets forth procedures for withholding grant payments in cases of agency noncompliance. Directs the Secretary to transmit to the President and the Congress: (1) annual reports on Task Force activities and recommendations; and (2) a final report, by the date of Task Force termination, on Task Force findings, conclusions, and recommendations. Directs the Secretary to issue regulations to carry out this Act. Authorizes appropriations for FY 1989.

Stewart B. McKinney Homeless Assistance Amendments of 1988

United States · United States Congress · 22 June 1988

Stewart B. McKinney Homeless Assistance Amendments of 1988 - Title I: Authorizations - Amends the Stewart B. McKinney Homeless Assistance Act to authorize FY 1989 and 1990 appropriations for: (1) the emergency shelter grants program; (2) the supportive housing demonstration program; and (3) supplemental assistance for facilities for the homeless. Increases FY 1989 and 1990 budget authority for section 8 assistance for single room occupancy dwellings. Title II: Administrative Provisions - Provides, with regard to the comprehensive homeless assistance plan required under such Act, for: (1) plan sharing among a State and its cities and urban counties; (2) annual plan submissions; (3) inclusion of recipient assurances to maintain drug and alcohol abuse-free facilities; and (4) coordination of homeless assistance efforts. Makes religious organizations, or organizations with religious affiliations meeting specified conditions, eligible to receive housing assistance under title IV of such Act and community development block grants under the Housing and Community Development Act of 1974. Title III: Emergency Shelter Grants - Makes the environmental policy and historic preservation provisions of the Housing and Community Development Act of 1974 applicable to the emergency shelter grants program. Permits States to contract directly with nonprofit organizations under such program. Increases from 15 percent to 25 percent the maximum amount of any emergency shelter grant that may be used for essential services (employment, health, education, or drug abuse). Title IV: Supportive Housing - Includes public housing agencies within the definition of "project sponsor" for purposes of the supportive housing demonstration program. Includes within the definition of "permanent housing" for purposes of such program projects in excess of the eight-person limitation in situations where local market conditions favor such projects and their development will achieve neighborhood integration objectives. Increases the limit on project advances from $20,000 to $40,000. Prohibits the Secretary of Housing and Urban Development from requiring project applications to demonstrate that the applicant owns or controls the proposed project's site. Requires recipient matching funds to come from non-Federal sources. Defines "non-Federal sources" to include State or local agency funds, the non-Federal share of funds from other Federal programs, and the value of donated material or buildings and the value of any building lease. Authorizes operating costs assistance for permanent housing for handicapped homeless persons of up to 50 percent for the first year and 25 percent for the second year. Authorizes recipients to receive both advance and rehabilitation assistance. Permits reallocation of project assistance. Title V: Miscellaneous Provisions - Permits the use of section 8 assistance for single room occupancy dwellings for efficiency unit rehabilitation if the public housing agency agrees to pay such units' additional rehabilitation and operating costs. Defines "major spaces" for fire and safety improvement purposes as hallways, large common areas, and other areas specified in local fire, building, or safety codes. Directs the Secretary of Housing and Urban Development to: (1) determine whether an alternative system of distributing funds under title IV of such Act would be feasible if based on homeless population data; and (2) report to the Congress by March 1, 1989. Directs the Secretary to: (1) conduct a study of the effect of rent controls on housing stocks, including low-income housing; and (2) report to the Congress within six months of enactment of this Act. Title VI: Technical Amendments - Directs the Secretary to process the Tweemill House, New York, housing loan application without regard to certain cost and rent limits. Amends the Housing Act of 1949 to direct the Secretary of Agriculture to establish guidelines for the selection of qualified rural housing purchasers in situations of more than one purchase offer. Gives priority to organizations with prior community development or low-income housing experience. Increases the construction deadline from 24 months to 30 months for purposes of housing development grant NY-015-HG-601.

A resolution providing for the consideration of the bill (H.R. 1158) to amend title VIII of the Act commonly called the Civil Rights Act of 1968, to revise the procedures for the enforcement of fair housing, and for other purposes.

United States · United States Congress · 21 June 1988

Sets forth the rule for the consideration of H.R. 1158 (fair housing).

A resolution waiving certain points of order against consideration of the bill (H.R. 4800) making appropriations for the Department of Housing and Urban Development, and for sundry independent agencies, boards, commissions, corporations, and offices for the fiscal year ending September 30, 1989, and for other purposes.

United States · United States Congress · 21 June 1988

Waives points of order against the consideration of H.R. 4800 (Department of Housing and Urban Development and sundry independent agencies appropriations).

A resolution expressing the sense of the House of Representives regarding the steps which the United States must take to ensure that all Americans have decent and affordable housing.

United States · United States Congress · 15 June 1988

Expresses the sense of the House of Representatives regarding the importance of homeownership and the role of the United States in ensuring decent and affordable housing.

Department of Housing and Urban Development-Independent Agencies Appropriations Act, 1989

United States · United States Congress · 14 June 1988

Department of Housing and Urban Development-Independent Agencies Appropriations Act, 1989 - Title I: Department of Housing and Urban Development - Makes appropriations to the Department of Housing and Urban Development (HUD) for FY 1989 for: (1) housing programs, including congregate services, rental rehabilitation, low-income housing projects, housing counseling assistance, operating subsidies for troubled multifamily housing projects, the flexible subsidy fund, emergency shelter grants, the Interagency Council on the Homeless, and payments to cover losses of the Special Risk Insurance Fund and the General Insurance Fund; (2) community development grants and the urban homesteading program; (3) solar and conservation assistance; (4) policy development and research; (5) fair housing assistance; and (6) salaries and expenses. Increases the contract and budget authority for annual contributions for assisted housing. Earmarks specified amounts of such budget authority for: (1) financing public housing for Indian families; (2) public housing new construction or acquisition with or without rehabilitation (other than for low-income housing for Indian families); (3) modernization of existing public housing projects; (4) assistance for projects for the elderly or handicapped; and (5) assistance under the existing low-income rental housing assistance program, the rental rehabilitation program, housing for the homeless, development grants, and the housing voucher program. Provides that all amounts of such budget authority recaptured during FY 1989 shall be rescinded. Rescinds a specified amount of FY 1989 contract authority for rental housing assistance. Limits new loan guarantee commitments by the Government National Mortgage Association. Authorizes a specified amount for loans in FY 1989 to qualified nonprofit sponsors for the development of housing for the elderly or handicapped. Limits the maximum interest rate on such loans to nine and one-quarter percent. Authorizes gross obligations for direct loans under the National Housing Act during FY 1989. Limits the additional commitments to guarantee loans, the gross obligations for the principal amounts of direct loans, and the amount of loan guarantee commitments on the mortgage-backed securities programs under such Act for FY 1989. Authorizes the use of amounts in the rehabilitation loan fund for loans, operating costs, and the capitalization of delinquent interest during FY 1989. Title II: Independent Agencies - Makes appropriations for FY 1989 to the: (1) American Battle Monuments Commission for salaries and expenses; (2) Consumer Product Safety Commission for salaries and expenses; (3) Department of Defense-Civil for Army cemetery expenses; (4) Environmental Protection Agency (EPA) for salaries and expenses, research and development, abatement, control, and compliance activities, buildings and facilities, the Hazardous Substance Superfund, the Leaking Underground Storage Tank Trust Fund, and construction grants; (5) Executive Office of the President for the Council on Environmental Quality, the Office of Environmental Quality, and the Office of Science and Technology Policy; (6) Federal Emergency Management Agency (FEMA) for disaster relief, salaries and expenses, emergency management planning and assistance, the National Flood Insurance Fund, and the emergency food and shelter program; (7) General Services Administration for the Consumer Information Center; (8) Department of Health and Human Services for the Office of Consumer Affairs; (9) National Aeronautics and Space Administration (NASA) for research and development, space flight, control, and data communications, the construction of facilities, and research and program management; (10) National Science Foundation (NSF) for research and related activities, the U.S. Antarctic Program, scientific education activities; (11) Neighborhood Reinvestment Corporation; (12) Selective Service System for salaries and expenses; (13) Veterans Administration (VA) for compensation and pensions, readjustment benefits, veterans' insurance and indemnities, medical care, medical and prosthetic research, medical administration and miscellaneous expenses, general operating expenses, construction of major and minor projects, grants for the construction of State extended care facilities and veterans cemeteries, grants to the Republic of the Philippines for assisting in rehabilitating the Veterans Memorial Medical Center, the loan guaranty revolving fund, and the parking garage revolving fund; and (14) the National Credit Union Administration. Limits the obligations of the Central Liquidity Facility of the National Credit Union Administration for new loans for member credit unions and the amount of its administrative expenses for FY 1989. Prohibits the expenditure of EPA appropriations for Resource Conservation and Recovery Panels. Directs the Commodity Credit Corporation to process and distribute surplus food purchased under the food distribution and emergency shelter program in cooperation with FEMA. Prohibits the use of NASA appropriations for leasing or constructing a contractor-funded facility when NASA would be required to amortize the contractor's investment, unless authorized in an appropriation Act or approved by the House and Senate Committees on Appropriations. Prohibits the use of funds appropriated to the U.S. Antarctic program for the purchase of aircraft other than ones transferred from other Federal agencies. Prohibits the expenditure of any funds appropriated to the Selective Service for the induction of any person into the armed forces. Prohibits the use of VA appropriations for major construction projects that have not been approved by the Congress, except for the advance planning of projects funded through the advance planning fund and the design of projects funded through the design fund. Prohibits the obligation of funds from any other account (except the parking garage revolving fund) for a project which was approved in the budget process and funded under the VA account for major construction projects until one year after substantial completion and beneficial occupancy by the VA. Authorizes obligations on the part of the Loan Guaranty Revolving Fund and the Direct Loan Revolving Fund of the VA. Permits, in specified circumstances, the transfer of funds appropriated to the VA. Prohibits the use of appropriations for purchasing any site for, or constructing, any new hospital or home. Requires reimbursement if any persons, other than eligible beneficiaries, are hospitalized or examined at veterans facilities. Title III: Corporations - Authorizes certain corporations and agencies of HUD and the Federal Home Loan Bank Board to make commitments without regard to fiscal year limitations, with specified exceptions. Limits, with specified exceptions, new loan or mortgage purchase commitments to the extent expressly provided in this Act. Makes appropriations for FY 1989 to the Federal Home Loan Bank Board and the Federal Savings and Loan Insurance Corporation (FSLIC) for administrative expenses. Sets specified limitations on such expenses. Title IV: General Provisions - Limits travel expenditures for the agencies listed in this Act to the amounts set forth in the budget estimate, with specified exceptions. Permits the use of HUD and Selective Service System appropriations for: (1) uniforms; (2) the hiring of passenger vehicles; and (3) the employment of experts and consultants. Allows the use of HUD funds to pay for legal services and facilities provided by specified agencies. Prohibits, with specified exceptions, the use of appropriated funds: (1) beyond the current fiscal year; (2) without a voucher describing the payees and services or specific statutory authorization; (3) for transportation between the domicile and place of employment of any officer or employee; (4) for payments to recipients that do not share in the cost of conducting research not specifically solicited by the Government; (5) for consultants paid in excess of the GS-18 rate; and (6) for compensation of non-Federal parties intervening in regulatory or adjudicatory proceedings. Prohibits the use of funds appropriated for personnel compensation and benefits for other object classifications in the budget estimates. Limits expenditures for consulting services to contracts which are a matter of public record and included in a publicly available list of: (1) contracts entered into within the past two years; and (2) contracts on which performance has not been completed. Prohibits any executive agency from expending appropriations under this Act for a contract for services unless the agency: (1) complies with the Office of Federal Procurement Policy Act; and (2) requires reports prepared pursuant to such contract to disclose information about the contract and the contractor. Prohibits the use of funds appropriated by this Act to: (1) provide a personal cook, chauffeur, or other personal servant to any officer or employee of any agency or department; or (2) procure automobiles with an EPA estimated miles per gallon average of less than 22 miles per gallon.

James B. Werson, of California, to be a Member of the Board of Directors of the National Corporation for Housing Partnerships for the term expiring October 27, 1991, vice Alfred J. Fleischer, Sr., term expiring.

United States · United States Senate · 13 June 1988

James B. Coles, of California, to be a Member of the Board of Directors of the National Corporation for Housing Partnerships for the term expiring October 27, 1990, vice Barbara W. Schlicher, term expired.

United States · United States Senate · 8 June 1988

A bill to amend the Pennsylvania Avenue Development Corporation Act of 1972 to authorize appropriations for implementation of the development plan for Pennsylvania Avenue between the Capitol and the White House, and for other purposes.

United States · United States Congress · 7 June 1988

Amends the Pennsylvania Avenue Development Corporation Act of 1972 to authorize appropriations for operating and administrative expenses for FY 1989 through 1992.

A bill to amend the Federal Home Loan Mortgage Corporation Act to remove the ownership restrictions placed on nonvoting preferred stock of the corporation.

United States · United States Congress · 6 June 1988

Amends the Federal Home Loan Mortgage Corporation Act to remove the ownership restrictions placed on nonvoting preferred stock of the Federal Home Loan Mortgage Corporation.

A bill to authorize the City of Newburyport, Massachusetts, to retain and use certain urban renewal land disposition proceeds.

United States · United States Congress · 3 June 1988

Authorizes the City of Newburyport, Massachusetts, to retain any land disposition proceeds from the financially closed-out Central Business Urban Renewal Project not paid to the Department of Housing and Urban Development and to use such proceeds in accordance with the requirements of the community development block grant program under the Housing and Community Development Act of 1974.

Homeownership Assistance Act of 1988

United States · United States Congress · 3 June 1988

Homeownership Assistance Act of 1988 - Amends the National Housing Act to create a special mortgage insurance program for first-time homebuyers. Authorizes insurance for up to 97 percent of the home's value. Defines "first-time homebuyer" as an individual who or whose spouse has not owned a principal residence during the 18 months prior to a Federal Housing Administration (FHA) insured home purchase. Authorizes FHA to insure a mortgage loan up to 97 percent of appraised value for the first $50,000 (currently $25,000) of a home's value. Authorizes an FHA demonstration program to insure 100 percent of a home's value for a first-time homebuyer provided that the downpayment will be paid within three years by an additional monthly payment. Requires participants to receive financial counseling. Authorizes FHA to insure adjustable rate mortgages with annual interest rate increases of up to two percent (currently one percent). Repeals the aggregate annual limit on such insured loans. Requires the Secretary of Housing and Urban Development to submit annual program reports to the Congress.

A bill to require the Secretary of Housing and Urban Development to make available as a shelter for the homeless a certain portion of the principal office of the Department of Housing and Urban Development.

United States · United States Congress · 2 June 1988

Directs the Secretary of Housing and Urban Development to make available as a homeless shelter three floors of the Department of Housing and Urban Development's Washington, D.C. principal office until the Congress determines that HUD has resumed helping to provide permanent housing for low-income and homeless persons.

Lakefront Properties Tenant Protection Act

United States · United States Congress · 1 June 1988

Lakefront Properties Tenant Protection Act - States that the rehabilitation of the Lakefront Properties in Chicago, Illinois, shall be carried out in accordance with a specified memorandum of accord entered into by the Chicago Housing Authority and the Lakefront Community Organization.

National Comprehensive Housing Act

United States · United States Congress · 1 June 1988

National Comprehensive Housing Act - Title I: National Tenant Protection and Private Rental Housing Conversion Act - Subtitle A: Protecting Tenants and Preserving Affordable Rental Housing - Requires State and local governments to establish the following use and occupancy protections: (1) anti-discrimination; (2) warranty of habitability; (3) eviction controls; and (4) rent, conversion, and demolition controls. Requires State and local governments to establish the following management standards: (1) performance evaluation; (2) collective bargaining; and (3) management policy plans. Subtitle B: Converting Private Rental Housing to Social Ownership - Directs the Secretary of Housing and Urban Development to provide financial and technical assistance to local governmental units to enable them to establish goals for converting private housing to social housing. Sets forth provisions regarding conversion purchase price, purchase of properties subject to foreclosure, and rehabilitation of properties in substandard condition. Authorizes appropriations beginning with FY 1989. Title II: The National Homeowner Protection Act - Subtitle A: Protecting Existing Homeowners and Converting Private Homes - States that all homeowners shall have the option of deeding their dwelling units to a social entity in exchange for lifetime security of tenure at an affordable monthly cost. Sets forth procedures for such protected ownership, including a one-year buy-back provision. Directs the Secretary to make a standing offer to make such protected purchases. Authorizes the Secretary to: (1) provide for equity participation with a social owner; and (2) make home improvement grants in exchange for deeding the property to a social owner. Authorizes appropriations beginning with FY 1989. Subtitle B: Expanding Homeownership Opportunities - Provides for the expansion of resident ownership from the social acquisition of private owner-occupied homes and of rental housing. Authorizes appropriations beginning with FY 1989. Title III: The Subsidized Housing Preservation Act - Subtitle A: Protecting Tenants and Improving Existing Subsidized Housing - Sets forth the following housing provisions: (1) affordability of public and other federally subsidized housing; (2) livability, including code enforcement, upgrading of minimal standards, and grants for social ownership conversion; (3) security of tenure, including due process protection for eviction proceedings; (4) resident control, including a grant program for tenant councils, and (5) management, including management standards, social management priority, and a grant program for social management. Subtitle B: Preserving Subsidized Housing for Lower Income Families and Expanding Social Ownership - Sets forth provisions which would: (1) preserve subsidized housing for lower income families; and (2) prohibit conversion of existing subsidized units to private ownership and restrict the demolition or other nonhousing use removal of such units. Subtitle C: Conversion From Privately Owned Subsidized Housing to Social Ownership - Provides for grant and subsidy incentives for private owners who deed their properties to existing tenants or to other social owners. Authorizes appropriations. Title IV: The Social Housing Production and Financing Act - Subtitle A: Producing Housing for Social Ownership - Directs the Secretary to establish national social housing production goals. States that social housing development may be undertaken by companies, nonprofit organizations, and public agencies. Subtitle B: Financing of Social Housing Production - Directs the Secretary to make and contract to make grants for: (1) social housing construction and rehabilitation, including site acquisition; and (2) operating subsidies. States that beginning with FY 1990, no amount may be approved in appropriation Acts, or utilized for the construction or rehabilitation of housing other than social housing or privately owned housing that is converting to social housing. Authorizes specified appropriations beginning with FY 1989, for: (1) new construction; (2) rehabilitation; and (3) operating subsidies. Title V: Federally Mandated Local Housing Programs - Directs the Secretary to take actions necessary to implement this Act, including: (1) certification of State housing plans; (2) provision of adequate funding; (3) withholding of funds for noncompliance; and (4) direct allocation of funds to local governmental units. Sets forth State and local housing responsibilities. Title VI: Interim Reform Measures - Prohibits: (1) the displacement of low and moderate income families; (2) the demolition of public subsidized housing, except for a public purpose and when replaced with other housing; and (3) conversion to private ownership (including mortgage prepayments), except for a public purpose. Directs the Secretary to: (1) facilitate the transfer to social ownership; and (2) give increased priority to funding congregate housing for the elderly. Title VII: General Provisions - Directs the Secretary to ensure that programs of social housing production comply with: (1) employment and job training principles; (2) wages and materials provisions; and (3) resident priorities. Title VIII: Definitions - Defines specified terms for purposes of this Act.

Stewart B. McKinney Homeless Housing Assistance Block Grant Act of 1988

United States · United States Congress · 1 June 1988

Stewart B. McKinney Homeless Housing Assistance Block Grant Act of 1988 - Amends the Stewart B. McKinney Homeless Assistance Act to combine the current emergency shelter grant program, the supplemental assistance for facilities to assist the homeless program, and the supportive housing demonstration program into a single homeless housing assistance block grant. Makes such assistance available to States, cities, urban counties, and Indian tribes. Authorizes additional appropriations for FY 1989 and 1990. Bases allocations on the community development block grant formula. Requires a set-aside for Indian assistance and then allocates remaining funds between cities and urban counties (80 percent) and States (20 percent). Requires grantee compliance with civil rights laws.

A bill to amend the Housing and Community Development Act of 1974 with respect to the eligibility of Indian tribes for urban development action grants.

United States · United States Congress · 26 May 1988

Amends the Housing and Community Development Act of 1974 to repeal a provision restricting the eligibility of Indian tribes to receive urban development action grants.

A bill to extend the prohibition on the voluntary termination of any thrift institution's insured status under title IV of the National Housing Act for 1 additional year.

United States · United States Congress · 26 May 1988

Amends the Federal Savings and Loan Insurance Corporation Recapitalization Act of 1987 to extend for one year the moratorium on thrift institutions' voluntarily terminating deposit insurance provided by the Federal Savings and Loan Insurance Corporation.

Homeownership Assistance Act of 1988

United States · United States Congress · 26 May 1988

Homeownership Assistance Act of 1988 - Amends the National Housing Act to create a special mortgage insurance program for first-time homebuyers. Authorizes insurance for up to 97 percent of the home's value. Authorizes the Federal Housing Administration (FHA) to insure a mortgage loan of up to 97 percent of appraised value for the first $50,000 (currently $25,000) of a home's value. Repeals the current dollar cap on FHA insured mortgages in high cost areas. Authorizes FHA to insure adjustable rate mortgages with annual interest rate increases of up to two percent (currently one percent). Repeals the aggregate annual limit on such insured loans. Defines "first-time homebuyer" as an individual who or whose spouse has not owned a principal residence during the 18 months prior to an FHA insured home purchase. Authorizes an FHA demonstration program to insure mortgages for first-time homebuyer downpayments where the purchase is primarily financed or assisted by tax-exempt or other government assistance. Limits the downpayment loan to $7,500. Requires participants to receive financial counseling. Sets a maximum ten year loan maturity period. Amends the Federal National Mortgage Association Charter Act to authorize the Government National Mortgage Association to create a secondary market for first-time homebuyer downpayment loans. Authorizes an FHA demonstration program to insure 100 percent of a home's value for a first-time homebuyer provided that the donwnpayment will be paid within three years by an additional monthly payment. Requires participants to receive financial counseling. Amends the Deficit Reduction Act of 1984 to empower the Internal Revenue Service to confiscate defaulting taxpayers' tax refunds. Requires the Secretary to submit program reports to the Congress within one year of enactment of this Act.

Timothy L. Coyle, of California, to be an Assistant Secretary of Housing and Urban Development, vice Stephen May, resigned.

United States · United States Senate · 25 May 1988

A bill to amend the Internal Revenue Code of 1986 to extend the low income housing credit through 1990.

United States · United States Congress · 24 May 1988

Amends the Internal Revenue Code to extend the low-income housing credit through 1990. (Under current law the credit is due to expire on December 31, 1989.)

Veterans' Housing Amendments Act of 1988

United States · United States Congress · 24 May 1988

Veterans' Housing Amendments Act of 1988 - Repeals the provisions relating to the setting of the interest rate on guaranteed or insured housing loans to veterans as provided by the Veterans Administration (VA), and provides that such interest rates should be negotiated between the veterans and the lender, provided that the interest rate agreed upon remains constant throughout the life of the loan. Grants the Administrator of Veterans Affairs authority to sell vendee loans (to maintain the effective functioning of the loan guarantee program) without recourse after: (1) consulting with a professional financial advisor; (2) reviewing the experience of other Federal agencies that have conducted loan asset sales without recourse; (3) exploring such marketing strategies as overcollateralized loans or private reinsurances; and (4) accepting bids only when they appropriately reflect the prevailing interest rates and characteristics of the loans. Repeals certain provisions which: (1) regulate the manner in which the VA may sell such loans; and (2) prohibit the VA from selling such loans unless they are sold at par. Repeals provisions relating to the inspection of manufactured homes purchased by veterans, and deems as meeting required standards any manufactured housing unit displaying a certificate of conformance to Federal manufactured home construction and safety standards. Repeals provisions placing certain restrictions on such VA manufactured home loans. Limits the maximum VA liability under such loan guarantees. Repeals provisions which prohibit the VA from guaranteeing loans for newly constructed residences in areas not served by public or community water and sewage systems. Permits the VA to collect debts arising out of the housing loan program by offsetting the debtor's Federal tax refund. Requires any veteran wishing a housing debt waiver to make such request within 180 days of the notification of such indebtedness (unless the Administrator determines that a longer period is reasonable) or by September 30, 1990, if notice of such debt was provided before October 1, 1988. Makes such waiver provisions applicable to active duty veterans.

Veterans' Housing Amendments Act of 1988

United States · United States Congress · 19 May 1988

Veterans' Housing Amendments Act of 1988 - Repeals the provisions relating to the setting of the interest rate on guaranteed or insured housing loans to veterans as provided by the Veterans Administration (VA), and provides that such interest rates should be negotiated between the veteran and the lender, provided that the interest rate agreed upon remains constant throughout the life of the loan. Grants the Administrator of Veterans Affairs authority to sell vendee loans (to maintain the effective functioning of the loan guarantee program) without recourse after: (1) consulting with a professional financial advisor; (2) reviewing the experience of other Federal agencies that have conducted loan asset sales without recourse; (3) exploring such marketing strategies as overcollateralized loans or private reinsurances; and (4) accepting bids only when they appropriately reflect the prevailing interest rates and characteristics of the loans. Repeals certain provisions which: (1) regulate the manner in which the VA may sell such loans; and (2) prohibit the VA from selling such loans unless they are sold at par. Repeals provisions relating to the inspection of manufactured homes purchased by veterans, and deems as meeting required standards any manufactured housing unit displaying a certificate of conformance to Federal manufactured home construction and safety standards. Repeals provisions placing certain restrictions on such VA manufactured home loans. Limits the maximum VA liability under such loan guarantees. Repeals provisions which prohibit the VA from guaranteeing loans for newly constructed residences in areas not served by public or community water and sewage systems. Permits the VA to collect debts arising out of the housing loan program by offsetting the debtor's Federal tax refund. Requires any veteran wishing a housing debt waiver to make such request within 180 days of the notification of such indebtedness (unless the Administrator determines that a longer period is reasonable) or by September 30, 1990, if notice of such debt was provided before October 1, 1988. Makes such waiver provisions applicable to active duty veterans.

A bill to amend the Internal Revenue Code of 1986 to extend the low-income housing credit through 1990.

United States · United States Congress · 18 May 1988

Amends the Internal Revenue Code to extend the low-income housing credit through 1990. (Under current law the credit will expire on December 31, 1989.)

Rural Housing Guaranteed Loan Demonstration Act of 1988

United States · United States Congress · 17 May 1988

Rural Housing Guaranteed Loan Demonstration Act of 1988 - Amends the Housing and Community Development Act of 1987 to repeal the condition that limits the availability of certain rural housing guaranteed loans to the extent of prior appropriations.

Homeownership Assistance Act of 1988

United States · United States Congress · 12 May 1988

Homeownership Assistance Act of 1988 - Amends the National Housing Act to create a special mortgage insurance program for first-time homebuyers. Authorizes insurance for up to 97 percent of the home's value. Authorizes the Federal Housing Administration (FHA) to insure a mortgage loan of up to 97 percent of appraised value for the first $50,000 (currently $25,000) of a home's value. Repeals the current dollar cap on FHA insured mortgages in high cost areas. Authorizes the FHA to insure adjustable rate mortgages with annual interest rate increases of up to two percent (currently one percent). Repeals the aggregate annual limit on such insured loans. Defines "first-time homebuyer" as an individual who or whose spouse has not owned a principal residence during the 18 months prior to an FHA insured home purchase. Authorizes an FHA demonstration program to insure mortgages for first-time homebuyer downpayments where the purchase is primarily financed or assisted by tax-exempt or other government assistance. Limits the downpayment loan to $7,500. Requires participants to receive financial counseling. Sets a maximum ten year loan maturity period. Amends the Federal National Mortgage Association Charter Act to authorize the Government National Mortgage Association to create a secondary market for first-time homebuyer downpayment loans. Authorizes an FHA demonstration program to insure 100 percent of a home's value for a first-time homebuyer provided that the downpayment will be paid within three years by an additional monthly payment. Requires participants to receive financial counseling. Amends the Deficit Reduction Act of 1984 to empower the Internal Revenue Service to confiscate defaulting taxpayers' tax refunds. Requires the Secretary to submit to program reports to the Congress within one year of enactment of this Act.