A bill to amend the National Housing Act to provide for emergency interest reduction payments and for other purposes.

openUnited States· United States Congress· EN

Introduced

17 March 1982

Last action

27 April 1982 · Reported

Status

Placed on Senate Legislative Calendar under Regular Orders. Calendar No. 514.

Summary

Amends the National Housing Act to authorize the Secretary of Housing and Urban Development, through the Government National Mortgage Association, to assist middle- and lower-income families in acquiring a home or membership in a cooperative housing association by making periodic interest reduction payments on behalf of such families to mortgagees and lenders. Prohibits the Secretary from entering into contracts to provide interest reduction payments during any month unless the Federal Home Loan Bank Board's home mortgage interest rate index for the most recent two-month period exceeds 12.5 percent per year. Conditions eligibility for interest reduction payments on the insurability of the first mortgage or loan secured by such property. Sets forth the qualifications for insurance, which include requirements that: (1) the loan be executed by a borrower who has an annual income of less than $30,000; (2) the loan involve a one- to four-family dwelling the construction of which was completed on or after March 6, 1982; (3) the loan be amortized over 30 years; and (4) beginning with the second year, the loan payments be increased by a specified amount which shall be applied to the principal obligation until it is paid off. Limits the duration of the interest reduction payments to five years. Declares that the amount of all such payments shall constitute a second lien on the property. Requires repayment of such amount, not to exceed 60 percent of the homeowner's net equity: (1) upon the sale or disposition of the property; (2) upon the refinancing of the loan; or (3) when the owner ceases to occupy the property as a principal residence for a period exceeding nine months. Limits the amount of interest reduction payments to the difference between the amount of the monthly principal and interest payment under the terms of the loan and the amount such payment would be if the interest rate on the loan were: (1) 11 percent per year; or (2) four percentage points less than the rate specified in the loan, whichever rate is higher. Requires the Secretary to: (1) allocate the amount available to carry out this Act on the basis of the population, number of housing starts, and unemployment in each State relative to all States; and (2) assure that the allocated amounts are made available in a manner which maximizes participation by eligible lenders and borrowers. Declares that any mortgage insured or assisted under this Act shall be eligible for purchase by the Federal National Mortgage Association and the Federal Home Loan Mortgage Association Corporation. Authorizes appropriations.

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Timeline

17 March 1982
Introduced
Read twice and referred to the Committee on Banking.
Source: IntroReferral
17 March 1982
Introduced
Introduced in Senate
Source: IntroReferral
23 March 1982
Committee
Subcommittee on Housing and Urban Affairs. Hearings held.
Source: Committee
15 April 1982
Committee
Subcommittee on Housing and Urban Affairs. Hearings held.
Source: Committee
21 April 1982
Reported
Committee on Banking. Ordered to be reported with an amendment in the nature of a substitute favorably.
Source: Committee
27 April 1982
Calendars
Placed on Senate Legislative Calendar under Regular Orders. Calendar No. 514.
Source: Calendars
27 April 1982
Reported
Committee on Banking. Reported to Senate by Senator Lugar with an amendment in the nature of a substitute. With written report No. 97-362.
Source: Committee
27 April 1982
Reported
Committee on Banking. Reported to Senate by Senator Lugar with an amendment in the nature of a substitute. With written report No. 97-362.
Source: Committee

Votes

No vote records are attached yet.

Versions

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Documents

2 official files

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Reported to Senate with amendment(s)
summary · EN · 27 April 1982
Open at official source
Introduced in Senate
summary · EN · 17 March 1982
Open at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Vertaal naar
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Related records

related to → A bill to amend the National Housing Act to provide for emergency interest reduction payments and for other purposes.
amends ← SAMDT 1390
amends ← To permit assistance with respect to inventory.

Sources

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Official source: https://www.congress.gov/bill/97th-congress/senate-bill/2226
Open data entity: https://api.congress.gov/v3/bill/97/s/2226
us · 97-s-2226 · source updated 14 January 2025