US Congress House Bill 2339 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on June 12 2013 - 25% progression, died in committee
Action: 2013-06-14 - Referred to the Subcommittee on Commerce, Manufacturing, and Trade.
Pending: House Subcommittee on Commerce, Manufacturing, and Trade Committee
Text: Latest bill text (Introduced) [PDF]

Affordable Housing Regulation Simplification Act of 2013 - Amends the Federal National Mortgage Association Charter Act to authorize the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation Act to authorize the Federal Home Loan Mortgage Corporation (Freddie Mac), to purchase, service, sell, lend on the security of, and otherwise deal in affordable workforce housing mortgages for one-family residences: (1) that shall be used as the mortgagor's residence at least 8 of any 12 months and 240 days of any 365 days; (2) located within, or are part of, a multifamily housing development meeting certain requirements, (3) is subject to certain resale restrictions; and (4) is located in a high tourism area. Prescribes mortgagor income and employment criteria. Exempts such mortgages from any requirements and guidelines of such government sponsored entities (also known as GSEs) that are inconsistent with such authority. Limits the application of this Act to such mortgages in a high tourism area. Amends the National Housing Act to authorize the Secretary of Housing and Urban Development (HUD) to insure any affordable workforce housing mortgage meeting certain requirements. Requires the Secretary of HUD to provide a spot approval process for insurance of condominium unit mortgages that does not require prior approval of the entire project or of the homeowners association for the entire project. Directs the Secretary of Commerce to: (1) determine high tourism areas; and (2) reassess and update such designation on a biennial basis

Affordable Housing Regulation Simplification Act of 2013

Rep. Jared Polis [D-CO]

Date	Chamber	Action
2013-06-14	House	Referred to the Subcommittee on Commerce, Manufacturing, and Trade.
2013-06-12	House	Referred to House Energy and Commerce
2013-06-12	House	Referred to House Financial Services
2013-06-12	House	Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/2339/all-info
Text	https://www.congress.gov/113/bills/hr2339/BILLS-113hr2339ih.pdf