A bill to amend the National Housing Act to authorize the insurance of certain shared appreciation mortgages.

Summary

Amends the National Housing Act to authorize the Secretary of Housing and Urban Development to insure a shared appreciation mortgage secured by a first lien on real property. Directs the Secretary to give priority to insuring such mortgages for tenants who may be involuntarily displaced by the conversion of rental housing to cooperative or condominium housing. Lists the insurance eligibility requirements for such a mortgage, including requirements that the mortgage shall: (1) be amortized over no more than 30 years; (2) have an actual term of not less than ten nor more than 30 years; (3) include provisions for refinancing the mortgage before the actual term expires; and (4) be executed by a purchaser who has not owned a home during the three previous years and whose income does not exceed 120 percent of the median area income. Directs the Secretary to prescribe consumer protections and disclosure requirements with respect to such mortgages.

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1 official file

• Introduced in Senate

  summary · EN · 4 February 1982

  Open at official source

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