Mark-to-Market Extension Act of 2007

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

1/4/2007--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 MultifamilyHousing 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

• Sen. Wayne Allard [R, CO]
• and 1 Co-Sponsors
  • Sen. John Reed [D, RI]
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Committees

• Senate Banking, Housing, and Urban Affairs

Amendments

This bill has no amendments.

Amendments to S.131

Number	Status	Purpose

Bill Status

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

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All Bill Actions

• Jan 04, 2007: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• Jan 04, 2007: Sponsor introductory remarks on measure. (CR S127)
• Introduced on Jan 04, 2007.
• Jan 04, 2007: Introductory remarks on measure. (CR S127)

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Related Bills:

• H.R.647

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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