Summary: H.R.3208 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for H.R.3208. Bill summaries are authored by CRS.

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Introduced in House (08/04/1989)

Recycling of Existing Assets for Cost-Effective Housing Act of 1989 - Authorizes the Secretary of Housing and Urban Development to make grants to establish State revolving funds for: (1) homebuyer loans (priority for first-time or lower-income homebuyers); and (2) multifamily dwelling grants and loans.

Requires State matching funds. Prohibits property conveyance for five years.

Sets forth property eligibility requirements. Directs the Secretary to make a State listing of such properties available upon request.

Requires at least annual program reports by: (1) State housing finance agencies to the Secretary; and (2) the Secretary to the Congress.

Requires the General Accounting Office to audit the program at least annually.

Authorizes FY 1990 and 1991 appropriations.