Stabilizing Affordable Housing for the Future Act

To preserve affordable housing opportunities for low-income families, and for other purposes.

1/4/2007--Introduced.
Stabilizing Affordable Housing for the Future Act - Amends the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1997 and the Housing and Community Development Amendments of 1978 to:
(1) repeal certain conditions on the authority of the Secretary of Housing and Urban Development to manage multifamily projects; and
(2) authorize the Secretary to provide grants (including up-front grants) and loans from the General Insurance Fund when managing and disposing of such properties. Instructs the Secretary to maintain rental assistance payments for dwelling units in any multifamily property program administered by the Secretary. Amends the Deficit Reduction Act of 2005 to redefine loan market value and property market value with respect to physically distressed properties sold by HUD in discount sales. Repeals the requirement not to take any affordability requirements into account in such valuation. Requires such values to be determined using industry standard appraisal practices. Amends the Multifamily Mortgage Foreclosure Act of 1981 to declare that Congress finds that mortgages transferred by the Secretary to state and local governments should be foreclosed in the same manner as mortgages held by the Secretary. Makes the entity designating the foreclosure commissioner (entity), whether the Secretary (as under current law) or any state or local government transferee, the guarantor of payment of any judgment against the foreclosure commissioner for damages based upon failure properly to perform the commissioner's duties. Makes such entity bear the risk of any financial default by the foreclosure commissioner. Declares that the entity shall be fully subrogated to the rights satisfied by such payment, in the event that any guarantee payments are made. Directs the Secretary to issue a proposed rulemaking that applies certain statutory participation and certification requirements to potential purchasers of multifamily housing with a mortgage insured under the National Housing Act, or for which assistance is provided under section 8 of the United States Housing Act of 1937. Requires the Secretary to post on a World Wide Web site information regarding multifamily housing properties for which:
(1) federal rental assistance is provided;
(2) other rental assistance or a subsidy is provided under a program administered by the Secretary; or
(3) a mortgage is insured under the National Housing Act .


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Sponsor

• Rep. Nydia Velazquez [D, NY-12]
• and 13 Co-Sponsors
  • Rep. Timothy Bishop [D, NY-1]
  • Rep. Julia Carson [D, IN-7]
  • Rep. Yvette Clarke [D, NY-11]
  • Rep. Rubén Hinojosa [D, TX-15]
  • Rep. Sheila Jackson-Lee [D, TX-18]
  • Rep. Henry Johnson [D, GA-4]
  • Rep. Barbara Lee [D, CA-9]
  • Rep. John Lewis [D, GA-5]
  • Rep. Carolyn Maloney [D, NY-14]
  • Rep. Jerrold Nadler [D, NY-8]
  • Rep. Donald Payne [D, NJ-10]
  • Rep. Janice Schakowsky [D, IL-9]
  • Rep. Edolphus Towns [D, NY-10]
  close

Committees

• House Financial Services
• 1 more
  • House Financial Services
  close

Amendments

This bill has no amendments.

Amendments to H.R.44

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
January 04, 2007

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All Bill Actions

• Mar 16, 2007: Referred to the Subcommittee on Housing and Community Opportunity.
• Jan 04, 2007: Referred to the House Committee on Financial Services.
• Introduced on Jan 04, 2007.

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Related Issue Areas:

• Housing
• Affordable housing
• Apartment houses
• Budgets
• 18 more
• Federal aid to housing
• Federally-guaranteed loans
• Finance
• Foreclosure
• Government information
• Government publicity
• Housing authorities
• Housing subsidies
• Local government
• Low-income housing
• Mortgage guaranty insurance
• Mortgages
• Politics and government
• Real estate appraisal
• Rental housing
• State and local government
• State politics and government
• Welfare

Data from the Congressional Research Service

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