Summary: H.R.4738 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for H.R.4738. Bill summaries are authored by CRS.

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Introduced in House (04/01/1992)

Polish Housing Guaranty Act of 1992 - Permits the President to use the authorities of the Foreign Assistance Act of 1961 to issue guaranties in connection with loans made for projects in Poland directed at providing market-based affordable housing and related services.

Limits the total principal amount of guaranties. Permits guaranties to be issued only so long as the President determines that the Government of Poland: (1) is in compliance with an International Monetary Fund (IMF) agreement for use of IMF resources or is in compliance with similar economic reform measures based on progress toward a market economy; and (2) has taken actions necessary for the implementation of the guaranty program.

Declares that the United States should work with the International Bank for Reconstruction and Development to ensure that loan guaranties and housing and related loans made available for Poland by the Bank have comparable policy conditionality.

Makes certain restrictions of the Foreign Assistance Act of 1961 on the amount and use of housing guaranties inapplicable to guaranties for Poland.

Permits the Polish Government, in order to reduce the amount required by the Federal Credit Reform Act of 1990 to be appropriated to cover the cost of guaranties, to establish an escrow account to assure that funds would be available to satisfy obligations from loans guaranteed under this Act.

Authorizes appropriations.