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

Introduced:
Sep 13, 2012 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee) in a previous session of Congress

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

Introduced
Sep 13, 2012
 
Sponsor
Jared Polis
Representative for Colorado's 2nd congressional district
Party
Democrat
Text
Read Text »
Last Updated
Sep 13, 2012
Length
23 pages
Related Bills
H.R. 2339 (113th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Jun 12, 2013

 
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.

 
Cosponsors
2 cosponsors (2D) (show)
Committees

House Energy and Commerce

Commerce, Manufacturing, and Trade

House Financial Services

Capital Markets and Government Sponsored Enterprises

Housing and Insurance

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

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

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

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