Mark-to-Market Extension and Enhancement Act of 2007

Summary

Mark-to-Market Extension and Enhancement Act of 2007 - Amends the Multifamily Assisted Housing Reform and Affordability Act of 1997 to: (1) extend the Federal Housing Administration (FHA)-insured Multifamily Housing Mortgage and Housing Assistance Restructuring (Mark-to-Market) program through FY2011; and (2) revise requirements for mortgage restructuring and rental assistance sufficiency plans for units assisted with project-based assistance in eligible multifamily housing projects. Authorizes the Secretary of Housing and Urban Development (HUD) to waive certain rent limits for disaster-damaged eligible projects. Increases the number of units eligible for such waiver from 5% to 9% of all units subject to restructured mortgages. States that certain projects may be treated as an eligible multifamily housing project if the Secretary determines that such treatment is necessary to preserve the project in the most cost-effective manner in relation to other alternative preservation options. Increases the maximum adjusted rent level for disaster-damaged eligible projects to 100% of the fair market rents for the relevant market area as they were in effect at the time of the disaster. Extends the period of eligibility for nonprofit debt relief if specified purchasers acquire a project subsequent to the date of recordation of a certain affordability agreement. Amends the United States Housing Act of 1937 to: (1) require HUD to make subsidy payments by the first business day of the month, or give a ten-day advance notice of the inability to do so; (2) entitle a project owner to obtain funds from a specified reserve if such a payment is not made within 10 days after the deadline; and (3) require HUD to pay the owner interest if a payment is not made within 30 days after the deadline.

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Documents

6 official files

• Reported in House (text)

  Reported in House · EN · 10 April 2008

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• Reported in House (PDF)

  Reported in House · EN · 10 April 2008

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• Reported to House with amendment(s)

  summary · EN · 10 April 2008

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• Introduced in House (text)

  Introduced in House · EN · 25 October 2007

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• Introduced in House (PDF)

  Introduced in House · EN · 25 October 2007

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• Introduced in House

  summary · EN · 25 October 2007

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