Section 515 Rural Housing Property Transfer Improvement Act of 2007

To expedite the transfer of ownership of rural multifamily housing projects with loans made or insured under section 515 of the Housing Act of 1949 so that such projects are rehabilitated and preserved for use for affordable housing.

1/23/2008--Passed House without amendment. (This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)
Section 515 Rural Housing Property Transfer Improvement Act of 2007 - Amends the Housing Act of 1949 to direct the Secretary of Agriculture to:
(1) implement administrative and procedural changes to expedite the application approval process for transferring ownership of Section 515 rural multifamily housing projects for which a loan is either made or insured for a project's preservation, continued use restriction, and rehabilitation; and
(2) actively facilitate such transfers. (A Section 515 project is one involving housing and related facilities for elderly persons and families or other persons and families of low income.)
Grants final regulatory authority over such property transfers to the Office of Rental Housing Preservation of the Rural Housing Service of the Department of Agriculture.
Authorizes such Office, with respect to such transfers, to work with and seek recommendations from the State Rural Development offices of the Department of Agriculture.
Sets forth deadlines for the processing of transfer applications by such Office as well as by state and local offices.
Instructs the Secretary of Agriculture to report to certain congressional committees on:
(1) actions taken to coordinate with other federal agencies, including the Department of Housing and Urban Development (HUD) and the Internal Revenue Service (IRS), and, in particular, with the program for rental assistance under section 8 of the United States Housing Act of 1937, the multifamily mortgage insurance programs under title II of the National Housing Act, and the programs for low-income housing tax credits and for tax-exempt bonds under the Internal Revenue Code;
(2) resulting improvements within the Rural Housing Service in expediting the transfer of ownership of projects with loans made or insured under section 515 of the Housing Act of 1949; and
(3) recommended legislative changes.


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Sponsor

• Rep. Paul Hodes [D, NH-2]
• and 3 Co-Sponsors
  • Rep. Joe Baca [D, CA-43]
  • Rep. Shelley Capito [R, WV-2]
  • Rep. Rubén Hinojosa [D, TX-15]
  close

Committees

• Senate Banking, Housing, and Urban Affairs
• 1 more
  • House Financial Services
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Amendments

This bill has no amendments.

Amendments to H.R.3873

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
October 17, 2007		January 23, 2008

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All Bill Actions

• Jan 24, 2008: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• Passed by voice vote in the House on Jan 23, 2008. On motion to suspend the rules and pass the bill Agreed to by voice vote.
• Jan 23, 2008: DEBATE - The House proceeded with forty minutes of debate on H.R. 3873.
• Jan 23, 2008: Considered under suspension of the rules.
• Jan 23, 2008: Mr. Hodes moved to suspend the rules and pass the bill.
• Added to calendar on Dec 04, 2007: Placed on the Union Calendar, Calendar No. 288..
• Dec 04, 2007: Reported by the Committee on Financial Services. H. Rept. 110-464.
• Added to calendar on Oct 31, 2007: Ordered to be Reported by Voice Vote..
• Oct 31, 2007: Committee Consideration and Mark-up Session Held.
• Oct 17, 2007: Referred to the House Committee on Financial Services.
• Introduced on Oct 17, 2007.

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Related Issue Areas:

• Welfare
• Taxation
• Tax credits
• Rural housing
• 21 more
• Rural affairs
• Rental housing
• Mortgages
• Mortgage guaranty insurance
• Moderate income housing
• Low-income housing
• Law
• Income tax
• Housing subsidies
• Housing finance
• Government lending
• Finance
• Federally-guaranteed loans
• Executive departments
• Department of Agriculture
• Congressional reporting requirements
• Budgets
• Bonds
• Apartment houses
• Administrative procedure
• Housing

Data from the Congressional Research Service

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October 16, 2007 Bill Action: Introduced: HR 3873: To expedite the transfer of ...

Paul Hodes [D-NH] introduced HR 3873: To expedite the transfer of ownership of rural multifamily housing projects with loans made or insured under section 515 of the Housing Act of 1949 so that such projects are rehabilitated and ...

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October 16, 2007 HR 3873, To expedite the transfer of ownership of rural ...

HR 3873 would expedite the transfer of ownership of rural multifamily housing projects with loans made or insured under section 515 of the Housing Act of 1949 so that such projects are rehabilitated and preserved for use for affordable ...

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