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S. 1490: Housing Financial Literacy Act of 2021


The text of the bill below is as of Apr 29, 2021 (Introduced).


II

117th CONGRESS

1st Session

S. 1490

IN THE SENATE OF THE UNITED STATES

April 29, 2021

(for himself and Mr. Cornyn) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To require the Secretary of Housing and Urban Development to discount FHA single-family mortgage insurance premium payments for first-time homebuyers who complete a financial literacy housing counseling program.

1.

Short title

This Act may be cited as the Housing Financial Literacy Act of 2021.

2.

Discount on mortgage insurance premium payments for first-time homebuyers who complete financial literacy housing counseling programs

The second sentence of subparagraph (A) of section 203(c)(2) of the National Housing Act (12 U.S.C. 1709(c)(2)(A)) is amended—

(1)

by inserting before the comma the following: and such program is completed before the mortgagor has signed an application for a mortgage to be insured under this title or a sales agreement; and

(2)

by striking not exceed 2.75 percent of the amount of the original insured principal obligation of the mortgage and inserting be 25 basis points lower than the premium payment amount established by the Secretary under the first sentence of this subparagraph.