Pathway to Preservation Act of 2007

To provide for more accurate valuation of multifamily housing properties, and loans for such properties, that are sold at a discount by the Department of Housing and Urban Development to facilitate acquisition of such properties that maintains the properties as affordable housing.

1/24/2007--Introduced.
Pathway to Preservation Act of 2007 - Amends the Deficit Reduction Act of 2005 to redefine "loan market value," which currently means the value of a multifamily (rental or cooperative housing project) loan, without taking into account any affordability requirements. Repeals the condition that affordability requirements not be taken into account. Defines "loan market value" as the value of a multifamily (rental or cooperative housing project) loan using industry standard appraisal practices, including consideration of the cost of repairs needed for the property subject to the loan to comply with minimum safety and building standards and the cost of maintaining the affordability restrictions applicable under the original loan or grant for the property. Redefines "property market value," which currently means the value of a multifamily (rental or cooperative housing project) real property for its current use, without taking into account any affordability requirements. Repeals the condition that affordability requirements not be taken into account. Defines "property market value" as the value of a multifamily (rental or cooperative housing project) real property for its current use, as determined using industry standard appraisal practices, including consideration of the cost of repairs needed for the property subject to the loan to comply with minimum safety and building standards and the cost of maintaining the affordability restrictions applicable under the original loan or grant for the property.


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Sponsor

• Rep. Nydia Velazquez [D, NY-12]

Committees

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

This bill has no amendments.

Amendments to H.R.655

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 24, 2007

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All Bill Actions

• Apr 12, 2007: Referred to the Subcommittee on Housing and Community Opportunity.
• Jan 24, 2007: Referred to the House Committee on Financial Services.
• Introduced on Jan 24, 2007.

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Related Issue Areas:

• Housing
• Affordable housing
• Apartment houses
• Building laws
• 9 more
• Cooperative housing
• Finance
• Home repair and improvement
• Mortgages
• Public contracts
• Real estate appraisal
• Rental housing
• Residential rehabilitation
• Surplus government property

Data from the Congressional Research Service

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Blog Coverage

January 23, 2007 HR 655, To provide for more accurate valuation of multifamily ...

HR 655 would provide for more accurate valuation of multifamily housing properties, and loans for such properties, that are sold at a discount by the Department of Housing and Urban Development to facilitate acquisition of such ...

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