Multifamily Housing Property Disposition Reform Act of 1994

Summary

TABLE OF CONTENTS: Title I: Multifamily Property Disposition Reform Title II: Other Program Reforms Subtitle A: HOME Investment Partnerships Program Subtitle B: HOPE Homeownership Program Subtitle C: Community Development Block Grants Title III: Technical Amendments Multifamily Property Disposition Reform Act of 1994 - Title I: Multifamily Property Disposition Reform - Amends the Housing and Community Development Amendments of 1978 to revise provisions regarding the management and disposition of Department of Housing and Urban Development (HUD)-held multifamily properties and mortgages. (Sec. 102) Authorizes the use of emergency assistance funds for residents in multifamily housing disposition projects. (Sec. 103) Repeals the State agency multifamily property disposition demonstration. (Sec. 104) Sets forth multifamily mortgage assessment procedures. Revises multifamily housing funding provisions. Requires General Accounting Office studies concerning: (1) General Insurance Fund and Special Risk Insurance Fund loan reserves; and (2) actuarial soundness of the nursing home, hospital, and retirement service center insurance programs. (Sec. 106) Amends the National Housing Act to authorize appropriations for such Funds. Title II: Other Program Reforms - Subtitle A: Home Investment Partnerships Program - Amends the Cranston-Gonzalez National Affordable Housing Act to make State agencies eligible to participate in the HOME investment partnerships program (program). (Sec. 204) Eliminates from the program the first-time homebuyer requirement. (Sec. 206) Eliminates from the program the separate (Comptroller General) audit requirement. (Sec. 208) Amends the Housing and Community Development Act of 1974 to permit the use of community development block grant (CDBG) funds for program expenses. (Sec. 209) Suspends program requirements (with exceptions) for certified disaster area use. Subtitle B: HOPE Homeownership Program - Reduces the HOPE single-family ownership program recipient matching requirement. Subtitle C: Community Development Block Grants - Amends the Housing and Community Development Act of 1974 to authorize the guarantee of section 108 loan-backed obligations. (Sec. 233) Suspends CDBG requirements (with exceptions) for certified disaster area use. Title III: Technical Amendments - Revises environmental review provisions for the lead-based paint hazard reduction program under the Housing and Community Development Act of 1992 and for assisted housing programs under title I of the United States Housing Act of 1937. (Sec. 306) Extends contract authority for certain leased housing contracts under the United States Housing Act of 1937. (Sec. 307) Amends the National Housing Act to revise specified multifamily mortgage limits. (Sec. 308) Amends the Housing and Community Development Act of 1992 to revise the: (1) multifamily housing risk sharing program; and (2) housing finance agency pilot program. Reauthorizes the Secretary of Housing and Urban Development's authority to enter into mortgage commitments under the risk sharing program. (Sec. 309) Authorizes subsidy layering review by a housing credit agency certification of appropriate assistance limits.

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Documents

4 official files

• Passed House amended

  summary · EN · 22 March 1994

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• Introduced in House (text)

  Introduced in House · EN · 17 March 1994

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• Introduced in House (PDF)

  Introduced in House · EN · 17 March 1994

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• Introduced in House

  summary · EN · 17 March 1994

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