Urban Reinvestment Coinsurance Act

Summary

Title I: Urban Reinvestment Coinsurance Act - Directs the Federal Home Loan Bank Board to establish a body corporate to be known as the Urban Reinvestment Fund. Authorizes the appropriation of $10,000,000 for initial capitalization. Provides that the primary purpose of the Fund is to coinsure a portion of the risks of lending by members of the Federal Home Loan Bank system in urban reinvestment areas. Title II: Creates a coinsurance fund which is authorized to secure a sum of up to $100,000,000 from the United States Treasury, if necessary, to meet losses sustained under the coinsurance program. Sets forth eligibility requirements for the coinsurance. Authorizes the fund to fix premium charges for the coinsurance of mortgages not to exceed 1 percent per year. Authorizes specified government associations to purchase coinsured mortgages with the proviso that the originating lender retain his portion of the loan risk throughout the life of the loan. Title III: Defines terms as used in this Act. Authorizes Federal Savings and Loan Associations to make loans, under specified conditions, in any urban reinvestment area, in obligations of persons domiciled in such areas, with or without security, and for improving any real estate located in such areas.

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1 official file

• Introduced in House

  summary · EN · 2 October 1975

  Open at official source

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