H. R. 5017
IN THE SENATE OF THE UNITED STATES
April 28, 2010
Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To ensure the availability of loan guarantees for rural homeowners.
This Act may be cited as the
Rural Housing Preservation and
Stabilization Act of 2010.
Loan guarantee fees
Paragraph (8) of section 502(h) of the Housing Act of 1949 (42 U.S.C. 1472(h)(8)) is amended to read as follows:
With respect to a guaranteed loan under this subsection, the Secretary may collect from the lender, at the time of issuance of the guarantee, a fee equal to not more than 4.0 percent of the principal obligation of the loan, as determined sufficient by the Secretary to cover the costs (as such term is defined in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a)) of loan guarantees under this subsection.
Section 739 of the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriation Act, 2001 (as enacted by Public Law 106–387; 114 Stat. 1549A–34) is hereby repealed.
Authorization of amount of loan guarantees
Section 513 of the Housing Act of 1949 (42 U.S.C. 1483) is amended by adding at the end the following new subsection:
Authorization for loan guarantees
The Secretary may, to the extent approved in appropriation Acts, guarantee loans under section 502(h) in aggregate amounts not to exceed $30,000,000,000 for fiscal year 2010.
The budgetary effects of this Act, for the
purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be
determined by reference to the latest statement titled
of PAYGO Legislation for this Act, submitted for printing in the
Congressional Record by the Chairman of the Committee on the Budget of the
House of Representatives, provided that such statement has been submitted prior
to the vote on passage.
Passed the House of Representatives April 27, 2010.
Lorraine C. Miller,