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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Homeowners Assistance Program Improvement Act

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To extend eligibility for the homeowners assistance program established in section 1013 of the Demonstration Cities and Metropolitan Development Act of 1966 to members of the Armed Forces involuntarily separated as a result of reductions in the size of the Armed Forces and to provide additional mortgage loan flexibility to veterans, and for other purposes.


Actions Overview (1)

Date
11/26/1991Introduced in House

All Actions (8)

Date
12/16/1991Referred to the Subcommittee on Economic Stabilization.
Action By: Committee on Banking, Finance, and Urban Affairs
12/16/1991Referred to the Subcommittee on Housing and Community Development.
Action By: Committee on Banking, Finance, and Urban Affairs
12/10/1991Referred to the Subcommittee on Military Personnel and Compensation.
Action By: Committee on Armed Services
12/10/1991Executive Comment Requested from DOD.
11/26/1991Referred to the House Committee on Veterans' Affairs.
Action By: House of Representatives
11/26/1991Referred to the House Committee on Banking, Finance + Urban Affrs.
Action By: House of Representatives
11/26/1991Referred to the House Committee on Armed Services.
Action By: House of Representatives
11/26/1991Introduced in House
Action By: House of Representatives

Cosponsors (0)

No cosponsors.


Committees (3)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Armed Services11/26/1991 Referred to
House Armed Services Subcommittee on Military Personnel and Compensation12/10/1991 Referred to
House Banking, Finance, and Urban Affairs11/26/1991 Referred to
House Banking, Finance, and Urban Affrs Subcommittee on Economic Stabilization12/16/1991 Referred to
House Banking, Finance, and Urban Affrs Subcommittee on Housing and Community Development12/16/1991 Referred to
House Veterans' Affairs11/26/1991 Referred to

No related bill information was received for H.R.4012.


Subjects (10)


Latest Summary (1)

There is one summary for H.R.4012. View summaries

Shown Here:
Introduced in House (11/26/1991)

Homeowners Assistance Program Improvement Act - Makes members of the armed forces involuntarily separated from active duty before October 1, 1995, eligible for homeowners assistance provided under the Demonstration Cities and Metropolitan Development Act of 1966 if such member: (1) is the owner-occupant of a dwelling on the date of separation or vacated such dwelling as a result of being ordered into on-post housing within six months before such date; (2) relocates beyond normal commuting distance of the owned dwelling within five years after such separation or is unemployed during all or part of such period and unable to meet mortgage payments and related expenses; and (3) applies for the assistance within the period established by the Secretary of Defense. Requires the member, in order to be eligible for such assistance, to offer the property for sale in the open market for at least six months at a price equal to the fair market value of the property. Requires the Secretary to use the fair market value of the property at the time of involuntary separation in determining the amount of assistance to be provided.

Amends Federal veterans' benefits provisions to automatically guarantee a loan made to a veteran who is involuntarly separated before October 1, 1995, for a down payment on the purchase or construction of a dwelling or farm residence. Places: (1) conditions on the guarantee of such loan, including restrictions setting a specified ceiling on the interest rate of such loan, requiring the loan to be secured by the dwelling or farm residence; and (2) limits on the extension of such loan. Authorizes identical loan guaranty entitlement to involuntarily separated veterans receiving a loan to refinance an existing loan that was made for the purchase of, and was secured by, a manufactured home and to purchase the lot on which the home is placed.

Authorizes the Secretary of Veterans Affairs, in the case of either type of loan guarantee, to provide a preliminary loan guaranty certificate or other evidence of guaranty up to 60 days before settlement, and to extend such guaranty in 60-day increments such that the total period covered by such guaranty does not exceed one year.