US Congress House Bill 5506 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on September 17 2014 - 25% progression, died in committee
Action: 2014-09-17 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Home Improvement Loan Modernization Act of 2014 - Amends the National Housing Act to specify the premium charge paid by a financial institution to insure any loan, advance of credit, or purchase of obligations representing loans and advances of credit it makes to finance certain home improvements for both existing single-family and multifamily structures. Sets the initial premium at 2.75% of the original insured principal obligation, with annual premium payments not to exceed 1.5% of the remaining balance. Limits any premium charges to the minimum amounts necessary to maintain a negative credit subsidy for the insurance program. Increases the maximum obligation that may be insured for improvements to: (1) an existing single-family dwelling from $25,000 to $42,000; and (2) an existing multi-family structure from $60,000 to $101,888, with an average amount of $20,378 (currently $12,000) per family unit. Directs the Secretary of Housing and Urban Development (HUD) to develop a method of indexing to increase these dollar amount limitations annually, based on the Consumer Price Index for all urban consumers (CPI-U) computed by the Bureau of Labor Statistics (BLS). Allows an increase in these dollar amount limitations also by up to 150% if at least half of the amount will be used for energy conserving improvements or the installation of solar energy systems.

Home Improvement Loan Modernization Act of 2014

Rep. Jared Huffman [D-CA]

Rep. Denny Heck [D-WA]

Date	Chamber	Action
2014-09-17	House	Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/5506/all-info
Text	https://www.congress.gov/113/bills/hr5506/BILLS-113hr5506ih.pdf