H.R.3208 - Recycling of Existing Assets for Cost-Effective Housing Act of 1989101st Congress (1989-1990)
|Sponsor:||Rep. Vento, Bruce F. [D-MN-4] (Introduced 08/04/1989)|
|Committees:||House - Banking, Finance, and Urban Affrs|
|Latest Action:||09/01/1989 Referred to the Subcommittee on Housing and Community Development. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3208 — 101st Congress (1989-1990)All Bill Information (Except Text)
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.