Affordable Housing Expansion Act of 2002

Summary

Affordable Housing Expansion Act of 2002 - Directs the Secretary of Housing and Urban Development to make funds available to State housing finance agencies for low-income housing rehabilitation and development. Obligates specified amounts for Indian tribes. Provides for: (1) a minimum State allocation; and (2) a 25 percent State matching requirement. Sets forth housing eligibility provisions. Requires State submission of an affordable housing expansion plan. Directs the Secretary to carry out a multifamily risk-sharing mortgage insurance program. Amends the United States Housing Act of 1937 to authorize the use of section 8 project-based assistance for extremely low-income housing construction and rehabilitation. Limits assistance to: (1) 75 percent of the payment standard or applicable fair market rental; and (2) 25 percent of a building's units. Authorizes reallocation of certain underused section 8 vouchers. Directs the Department of Housing and Urban Development to maintain existing section 8 project-based assistance for any Department-owned or -held multifamily project upon disposition, unless the project is determined to be not viable. Authorizes a public housing loan guarantee program.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 19 September 2002

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 19 September 2002

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• Introduced in Senate

  summary · EN · 19 September 2002

  Open at official source

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