H.R. 6394 (112th): Affordable Housing Regulation Simplification Act of 2012

Introduced:
Sep 13, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. Jared Polis [D-CO2]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on September 13, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Sep 13, 2012
Referred to Committee Sep 13, 2012
Cosponsors
2 cosponsors (2D) (show)
Committees

House Energy and Commerce

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To facilitate affordable workforce homeownership in, and develop the full-time resident communities of, high tourism areas, and for other purposes.

Summary

No summaries available.

Text

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Last updated Sep 13, 2012.
23 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

9/13/2012--Introduced.
Affordable Housing Regulation Simplification Act of 2012 - Amends the Federal National Mortgage Association Charter Act to authorize the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation Act to authorize the Federal Home Loan Mortgage Corporation (Freddie Mac), to purchase, service, sell, lend on the security of, and otherwise deal in affordable workforce housing mortgages for one-family residences:
(1) that shall be used as the mortgagor's residence at least 8 of any 12 months and 240 days of any 365 days;
(2) located within, or are part of, a multifamily housing development meeting certain requirements; and
(3) located in a high tourism area.
Prescribes mortgagor income and employment criteria.
Exempts such mortgages from any requirements and guidelines of such government sponsored entities (also known as GSEs) that are inconsistent with such authority.
Limits the application of this Act to such mortgages in a high tourism area.
Amends the National Housing Act to authorize the Secretary of Housing and Urban Development (HUD) to insure any affordable workforce housing mortgage meeting certain requirements.
Requires the Secretary of HUD to provide a spot approval process for insurance of condominium unit mortgages that does not require prior approval of the entire project or of the homeowners association for the entire project.
Directs the Secretary of Commerce to determine high tourism areas.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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