Stabilizing Affordable Housing for the Future Act

Summary

Stabilizing Affordable Housing for the Future Act - Amends the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1997 and the Housing and Community Development Amendments of 1978 to: (1) repeal certain conditions on the authority of the Secretary of Housing and Urban Development to manage multifamily projects; and (2) authorize the Secretary to provide grants (including up-front grants) and loans from the General Insurance Fund when managing and disposing of such properties. Instructs the Secretary to maintain rental assistance payments for dwelling units in any multifamily property program administered by the Secretary. Amends the Deficit Reduction Act of 2005 to redefine loan market value and property market value with respect to physically distressed properties sold by HUD in discount sales. Repeals the requirement not to take any affordability requirements into account in such valuation. Requires such values to be determined using industry standard appraisal practices. Amends the Multifamily Mortgage Foreclosure Act of 1981 to declare that Congress finds that mortgages transferred by the Secretary to state and local governments should be foreclosed in the same manner as mortgages held by the Secretary. Makes the entity designating the foreclosure commissioner (entity), whether the Secretary (as under current law) or any state or local government transferee, the guarantor of payment of any judgment against the foreclosure commissioner for damages based upon failure properly to perform the commissioner's duties. Makes such entity bear the risk of any financial default by the foreclosure commissioner. Declares that the entity shall be fully subrogated to the rights satisfied by such payment, in the event that any guarantee payments are made. Directs the Secretary to issue a proposed rulemaking that applies certain statutory participation and certification requirements to potential purchasers of multifamily housing with a mortgage insured under the National Housing Act, or for which assistance is provided under section 8 of the United States Housing Act of 1937. Requires the Secretary to post on a World Wide Web site information regarding multifamily housing properties for which: (1) federal rental assistance is provided; (2) other rental assistance or a subsidy is provided under a program administered by the Secretary; or (3) a mortgage is insured under the National Housing Act .

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 4 January 2007

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 4 January 2007

   Introduced

   Introduced in House

   Source: IntroReferral

3. 4 January 2007

   Introduced

   Introduced in House

   Source: IntroReferral

4. 16 March 2007

   Referred

   Referred to the Subcommittee on Housing and Community Opportunity.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 4 January 2007 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 4 January 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 4 January 2007

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 4 January 2007

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Velázquez, Nydia M. [D-NY-7] · D · Sponsor
• Rep. Towns, Edolphus [D-NY-10] · D · Sponsor
• Rep. Lee, Barbara [D-CA-12] · D · Cosponsor
• Rep. Hinojosa, Ruben [D-TX-15] · D · Cosponsor
• Rep. Jackson Lee, Sheila [D-TX-18] · D · Cosponsor
• Rep. Johnson, Henry C. "Hank" [D-GA-4] · D · Cosponsor
• Rep. Bishop, Timothy H. [D-NY-1] · D · Cosponsor
• Rep. Carson, Julia [D-IN-7] · D · Cosponsor
• Rep. Schakowsky, Janice D. [D-IL-9] · D · Cosponsor
• Rep. Payne, Donald M. [D-NJ-10] · D · Cosponsor
• Rep. Lewis, John [D-GA-5] · D · Cosponsor
• Rep. Maloney, Carolyn B. [D-NY-12] · D · Cosponsor
• Rep. Clarke, Yvette D. [D-NY-9] · D · Cosponsor
• Rep. Nadler, Jerrold [D-NY-12] · D · Cosponsor
• · hsba00 · Standing

Related records

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