Housing Grant Action Program Act of 1988

Summary

Housing Grant Action Program Act of 1988 - Title I: Housing Grant Action Program - Authorizes the Secretary of Housing and Urban Development to make basic housing grants to States to cover development and acquisition costs of low and moderate income housing. Bases amounts on a national formula that includes the following factors: (1) population; (2) income and poverty; (2) housing stock; (3) State fiscal capacity; and (4) housing affordability. Authorizes the Secretary to make challenge grants to States to cover development and acquisition costs for low and moderate income housing. Awards such grants on the basis of project proposals. Establishes a 33 percent State matching fund requirement. Requires a State to submit a two-year grant action plan, including a provision for public participation. Sets forth special plan criteria for cities and counties with populations in excess of specified levels. Sets forth targeted income groups for homeownership and rental programs. Authorizes appropriations (70 percent for basic grants, 30 percent for challenge grants). Title II: FHA Insurance Programs - Amends the National Housing Act to authorize a mortgage insurance demonstration program for certain mortgagor-occupied one- to four-family residences. Authorizes the Secretary to implement multifamily mortgage insurance programs without the approval of other Federal agencies. Includes specified National Housing Act coinsured mortgages within the scope of title I of this Act. Title III: Tax and Housing Policy Coordinating Council - Establishes a Tax and Housing Policy Coordinating Council to coordinate tax policy and legislation with the administration's housing policy. Directs the Council to: (1) advise the President regarding the consistency between existing and proposed tax policy and housing policy; and (2) comment on proposed tax legislation. Directs congressional committees, in order to facilitate an awareness of the relation between tax and housing policy, to include a "housing impact statement" in any committee report accompanying tax legislation. Requires committees which receive housing legislation to report within 90 days of the start of each Congress on the state of the Nation's housing. Title IV: Repeals and Amendments - Repeals: (1) section 17 (rental rehabilitation and development grants) of the United States Housing Act of 1937; and (2) section 235 (homeownership for lower income families) of the National Housing Act. Amends the Housing and Community Development Act of 1974 to limit housing construction or rehabilitation assistance to grantees unable to receive such assistance under title I of this Act.

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1 official file

• Introduced in Senate

  summary · EN · 10 August 1988

  Open at official source

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