Mark-to-Market Extension Act of 2007

To extend for 5 years the Mark-to-Market program of the Department of Housing and Urban Development.

1/23/2007--Introduced.
Mark-to-Market Extension Act of 2007 - Amends the Multifamily Assisted Housing Reform and Affordability Act of 1997 to reauthorize through FY2011:
(1) the Federal Housing Administration (FHA)-insured Multifamily Housing Mortgage and Housing Assistance Restructuring (Mark-to-Market) program; and
(2) the Office of Multifamily Housing Assistance Restructuring. Permits the Secretary of Housing and Urban Development to waive rent level limits for:
(1) disaster-damaged eligible projects; and
(2) up to 9% (currently 5%) of all units subject to restructured mortgages in any fiscal year, based on certain findings of special need. Redefines multifamily housing project eligible for the Mark-to-Market program to authorize eligibility treatment, upon owner request, for certain projects whose rents do not, on an average per unit or per room basis, exceed the rent of comparable properties in the same market area, if the Secretary determines that such treatment is necessary to preserve a project in the most cost-effective manner in relation to other alternative preservation options. Requires each mortgage restructuring and rental assistance sufficiency plan to determine, for units assisted with project-based assistance in eligible multifamily housing projects, adjusted rent levels for disaster-damaged eligible projects equal to 100% of the fair market rents for the relevant market area. Revises requirements for an approved mortgage restructuring and rental assistance sufficiency plan with respect to modification or forgiveness of all or part of a second mortgage held by the Secretary (debt relief) if the project concerned is acquired by a tenant organization or tenant-endorsed community-based nonprofit or public agency. Sets forth requirements for alternative periods of eligibility for such nonprofit debt relief if the purchaser acquires the project subsequent to the date of recordation of the related affordability agreement.


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Sponsor

• Rep. Maxine Waters [D, CA-35]
• and 2 Co-Sponsors
  • Rep. Barney Frank [D, MA-4]
  • Rep. Deborah Pryce [R, OH-15]
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Committees

• House Financial Services
• 1 more
  • House Financial Services
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Amendments

This bill has no amendments.

Amendments to H.R.647

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 23, 2007

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All Bill Actions

• Oct 23, 2007: Committee Hearings Held.
• Apr 12, 2007: Referred to the Subcommittee on Housing and Community Opportunity.
• Jan 23, 2007: Referred to the House Committee on Financial Services.
• Introduced on Jan 23, 2007.

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Related Bills:

• S.131

Related Issue Areas:

• Housing
• Affordable housing
• Apartment houses
• Disaster relief
• 8 more
• Emergency management
• Finance
• Housing management
• Housing subsidies
• Mortgages
• Nonprofit organizations
• Rent
• Social services

Data from the Congressional Research Service

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Blog Coverage

May 08, 2008 HR 647 : the Mark-to-Market Extension Act of 2007 : hearing before ...

United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity.

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April 08, 2008 HR 647 : the Mark-to-Market Extension Act of 2007 : hearing before ...

United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity.

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March 23, 2008 Lankan HR Action Plan before UN

Sri Lanka has formulated a National Action Plan on human rights to be presented to the Office of the UN High Commissioner of Human Rights (OHCHR) on Tuesday (25). The OHCHR is scheduled to publish the Action Plan on its website to ...

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