Summary: H.R.2388 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for H.R.2388. Bill summaries are authored by CRS.

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Introduced in House (05/17/1989)

Rural Housing Improvement Act of 1989 - Title I: Rural Housing Loan Guarantees - Amends the Housing Act of 1949 to establish a guaranteed loan program for moderate income rural borrowers to acquire or rehabilitate single-family homes. Gives priority to first-time homebuyers.

Provides for: (1) lender guarantee fees; (2) loan refinancing; (3) nonassumption of loans; and (4) geographic loan targeting.

Title II: Agricultural Mortgage Secondary Market - Amends the Farm Credit Act of 1971 to expand the definition of "agricultural real estate" for purposes of the agricultural mortgage secondary market.

Title III: Technical Assistance - Provides technical assistance for the programs under titles I and II of this Act. Authorizes appropriations.