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H.R. 4602 (99th): FHA and GNMA Credit Commitment Assistance Act of 1986

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

4/29/1986--Passed Senate amended. (Measure passed Senate, amended) Authorizes the Government National Mortgage Association and the Federal Housing Administration (FHA) to enter into additional specified FY 1986 commitments to guarantee mortgage-backed securities and insure loans under the National Housing Act. Increases the limitation on the amounts of such commitments. Amends the National Housing Act to extend authority through June 6, 1986, 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 June 6, 1986. Amends the Housing Act of 1949 to extend Farmers Home Administration Authority through June 6, 1986, 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 June 6, 1986. Amends the National Housing Act to extend authority for the national crime insurance program through June 6, 1986. 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 June 6, 1986. 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 June 6, 1986. Extends the Home Mortgage Disclosure Act through June 6, 1986. Directs the Secretary of Housing and Urban Development to make at least monthly estimates throughout each fiscal year of remaining loan and mortgage commitment authority, and to notify the appropriate congressional committees when such limitations will be reached or whenever 75 percent of such authority has been utilized.