US HB3511 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 13-0)
Status: Introduced on June 26 2019 - 25% progression, died in committee
Action: 2019-06-26 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on June 26 2019 - 25% progression, died in committee
Action: 2019-06-26 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Requires the Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency to jointly establish and implement a pilot demonstration program to provide, to eligible applicants with federal student loan debt, assistance in purchasing eligible properties. Specifically, the program may provide for (1) discounts on the appraised value of eligible properties, (2) flexibility in certain underwriting standards, (3) the development of new mortgage products specifically targeted to eligible applicants, and (4) other appropriate assistance. The program must provide for the development of a program that uses actuarial information to determine how the repayment of federal student loans may be integrated into a mortgage repayment schedule to allow eligible applicants to accumulate home equity. An "eligible property" is a property (1) that is designed as a dwelling for occupancy by one to four families; (2) that is safe and habitable; (3) the occupancy of which will promote community revitalization; and (4) that is owned by HUD, the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or a local land bank.
Title
Transforming Student Debt to Home Equity Act of 2019
Sponsors
Rep. Marcy Kaptur [D-OH] | Rep. Lacy Clay [D-MO] | Rep. Cindy Axne [D-IA] | Rep. Pramila Jayapal [D-WA] |
Rep. Raul Grijalva [D-AZ] | Rep. Donna Shalala [D-FL] | Rep. Jackie Speier [D-CA] | Rep. Sheila Jackson-Lee [D-TX] |
Rep. Alcee Hastings [D-FL] | Rep. Bennie Thompson [D-MS] | Rep. Donald Payne [D-NJ] | Rep. Eleanor Norton [D-DC] |
Rep. Emanuel Cleaver [D-MO] |
History
Date | Chamber | Action |
---|---|---|
2019-06-26 | House | Referred to the House Committee on Financial Services. |
2019-06-26 | House | Sponsor introductory remarks on measure. (CR H5197) |
2019-06-26 | House | Introduced in House |
Subjects
Accounting and auditing
Government studies and investigations
Higher education
Housing and community development
Housing and community development funding
Housing finance and home ownership
Intergovernmental relations
Student aid and college costs
Government studies and investigations
Higher education
Housing and community development
Housing and community development funding
Housing finance and home ownership
Intergovernmental relations
Student aid and college costs
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/3511/all-info |
Text | https://www.congress.gov/116/bills/hr3511/BILLS-116hr3511ih.pdf |