Rental Housing Production and Rehabilitation Act of 1982

Summary

Rental Housing Production and Rehabilitation Act of 1982 - Directs the Secretary of Housing and Urban Development to provide financial assistance to State and local governments to be used to stimulate the contruction and rehabilitation of multifamily rental housing projects and cooperative housing projects in areas experiencing a severe shortage of rental housing for persons without other reasonable and affordable housing alternatives in the private market. Directs State and local governments to provide such projects capital grants, loans, interest reduction payments, grants for the purchase of land, and other types of assistance designed to reduce project debt service cost. Sets forth area eligibility criteria, project selection criteria, and guidelines for allocating assistance. Requires the amount of assistance provided to a project to be the least amount necessary to provide decent and affordable rental or cooperative housing of modest design. Lists conditions for receiving assistance under this Act, including requirements that a project owner agree that for the first 15 years of the project: (1) 20 percent of the project units will be available for families whose income does not exceed 80 percent of the median area income; (2) savings resulting from reduced debt service payments for assistance will be passed on to the tenants; (3) prospective tenants will not be discriminated against on the basis of eligibility for Federal housing assistance; and (4) units will not be converted to condominium ownership. Directs the Secretary to require an owner who violates any such agreement to repay all assistance plus interest. Declares that mortgages for such projects are insurable under the National Housing Act. Requires rent charges for project units to be approved by the Secretary. Limits such charges to 30 percent of a tenant's adjusted income. Requires tenants to be provided written notice 30 days prior to any rent increase. Requires that contracts for such assistance contain a provision requiring the payment of prevailing wages to workers employed in the development and operation of the project involved. Authorizes appropriations for such assistance for FY 1983.

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

Timeline

1. 4 March 1982

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 4 March 1982

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 15 April 1982

   Committee

   Subcommittee on Housing and Urban Affairs. Hearings held.

   Source: Committee

4. 6 May 1982

   Reported

   Committee on Banking. Provisions of measure incorporated into measure S. 2607 ordered to be reported.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 4 March 1982

  Open at official source

Sponsors

• Sen. Dodd, Christopher J. [D-CT] · D · Sponsor
• Sen. Cranston, Alan [D-CA] · D · Sponsor
• · ssbk00 · Standing

Related records

• related to ← Housing and Community Development Amendments of 1982