A joint resolution to provide for the extension of certain programs relating to housing and community development, and for other purposes.

Summary

Amends the National Housing Act to extend authority through October 31, 1987, for: (1) title I financial institution insurance for housing renovation and modernization; (2) general mortgage insurance; (3) low and moderate income and displaced families mortgage insurance; (4) homeownership for lower income families including mortgage insurance authority and housing stimulus authority; (5) mortgage co-insurance, including rental rehabilitation and development projects; (6) graduated payment and indexed mortgage insurance; (7) the demonstration mortgage reinsurance program; (8) mortgage insurance for armed forces' civilian employees and defense housing for impacted areas; (9) mortgage insurance for land development; and (10) mortgage insurance for medical and dental group practice facilities. Amends the Housing Act of 1964 to extend urban rehabilitation loan authority through October 31, 1987. Amends the Housing Act of 1949 to extend Farmers Home Administration authority through October 31, 1987, for: (1) insured loans for rental and cooperative housing and related facilities for elderly persons and families in rural areas; (2) rural communities with 10,000 - 20,000 population to participate in rural housing programs; and (3) mutual and self-help housing grant and loan authority. Amends the National Flood Insurance Act of 1968 to extend authority for national flood insurance, including emergency implementation and flood-risk zones, through October 31, 1987. Amends the National Housing Act to extend authority for the national crime insurance program through October 31, 1987. Amends the Housing and Community Development Act of 1974 to extend community development block grant entitlement authority for certain metropolitan city and urban county areas through October 31, 1987. Amends the Housing and Urban-Rural Recovery Act of 1983 to extend the maximum interest rate limitation on loans for housing and related facilities for elderly or handicapped families through October 31, 1987. Extends the Home Mortgage Disclosure Act through October 31, 1987. Amends the Solar Energy and Energy Conservation Bank Act to extend the Solar Energy and Energy Conservation Bank through October 31, 1987. Amends the Federal National Mortgage Association Charter Act to extend the Federal National Mortgage Association's (Fannie Mae) authority to purchase secondary residential mortgages through October 31, 1987. Amends the Federal Home Loan Mortgage Corporation Act to extend the Federal Home Loan Mortgage Corporation's (Freddie Mac) authority to purchase secondary residential mortgages through October 31, 1987. Amends the National Housing Act to make permanent the limitation on the principal amount of mortgages that may be insured in any fiscal year under such Act.

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Timeline

1. 7 August 1987

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 7 August 1987

   Introduced

   Introduced in Senate

   Source: IntroReferral

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 · 7 August 1987

  Open at official source

Sponsors

• Sen. Cranston, Alan [D-CA] · D · Sponsor
• Sen. D'Amato, Alfonse [R-NY] · R · Sponsor
• · ssbk00 · Standing

Related records

• related to → A joint resolution to provide for the extension of certain programs relating to housing and community development, and for other purposes.