H.R.4738 - Polish Housing Guaranty Act of 1992102nd Congress (1991-1992)
|Sponsor:||Rep. Solarz, Stephen J. [D-NY-13] (Introduced 04/01/1992)|
|Committees:||House - Banking, Finance, and Urban Affairs; Foreign Affairs|
|Latest Action:||House - 04/15/1992 Referred to the Subcommittee on Economic Stabilization. (All Actions)|
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Text: H.R.4738 — 102nd Congress (1991-1992)All Information (Except Text)
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Introduced in House
HR 4738 IH 102d CONGRESS 2d Session H. R. 4738 To authorize an expanded housing guaranty program for Poland. IN THE HOUSE OF REPRESENTATIVES April 1, 1992 Mr. SOLARZ introduced the following bill; which was referred jointly to the Committees on Foreign Affairs and Banking, Finance and Urban Affairs A BILL To authorize an expanded housing guaranty program for Poland. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the `Polish Housing Guaranty Act of 1992'. SEC. 2. HOUSING GUARANTY PROGRAM FOR POLAND. (a) IN GENERAL- The President is authorized to use the authority of sections 221, 222, and 223 of the Foreign Assistance Act of 1961 to issue guaranties in accordance with this section in connection with loans made for projects in Poland which are directed at providing market-based affordable housing and related services, including-- (1) housing construction projects; (2) projects which assist in developing housing finance systems, as well as projects which assist in developing the building and real estate industries; (3) projects which provide improved sites on which to build housing, and related services; (4) projects comprised of expandable core housing units on serviced sites; (5) projects designed to conserve and improve existing housing; (6) housing projects designed for demonstration or institution building purposes; (7) projects which provide community facilities and services in support of other housing-related projects assisted under this section; and (8) projects which provide other housing-related services of particular importance. (b) AMOUNT OF GUARANTIES AUTHORIZED- The principal amount of all guaranties issued under this section may not exceed $1,000,000,000. (c) PERIOD DURING WHICH GUARANTIES MAY BE ISSUED- Guaranties may be issued under this section during the period beginning on the date of enactment of this section and ending on September 30, 1996. (d) ECONOMIC REFORMS- Guaranties may be issued under this section only so long as the President determines that the Government of Poland is in compliance with the terms of an agreement with the International Monetary Fund for use of Fund resources or is in compliance with similar economic reform measures based on progress toward a market economy. (e) RELATION TO WORLD BANK LOANS- (1) IN GENERAL- The loan guaranties issued under this section shall supplement and be coordinated with housing and related loans made available for Poland by the International Bank for Reconstruction and Development. (2) CONDITIONALITY- The United States should work with the International Bank for Reconstruction and Development to ensure that loan guaranties issued under this section and housing and related loans made available for Poland by the Bank have comparable policy conditionality. (f) REQUIREMENT THAT FISCAL YEAR 1992 PROGRAM BEING IMPLEMENTED- Guaranties may be issued under this section only if the President determines that the Government of Poland has taken actions necessary to begin implementation of the guaranty program for Poland for fiscal year 1992 under sections 221, 222, and 223 of the Foreign Assistance Act of 1961. (g) CERTAIN RESTRICTIONS ON GUARANTY PROGRAM INAPPLICABLE- The second and third sentences of section 222(a) of the Foreign Assistance Act of 1961, and the second and third sentences of section 223(j) of that Act, shall not apply with respect to guaranties issued under this section. (h) ESTABLISHMENT OF ESCROW ACCOUNT TO REDUCE SUBSIDY COST OF GUARANTIES- (1) IN GENERAL- In order to reduce the amount that is required by the Federal Credit Reform Act of 1990 to be appropriated to cover the cost of guaranties issued under this section, the Government of Poland may, on such terms and conditions as may be agreed upon by the President and the Government of Poland, establish in an appropriate financial institution an escrow account, of such amount as may be agreed upon, to provide assurance that funds would be available if necessary for use, in lieu of using a portion of the guaranties issued under this section, in satisfying obligations arising from loans guaranteed under this section. (2) USE OF CURRENCY STABILIZATION ASSISTANCE FUNDS OR OTHER FUNDS FOR ESCROW ACCOUNT- The President may authorize the Government of Poland, in establishing an escrow account pursuant to paragraph (1), to use any dollars owned by the Government of Poland, including some or all of the $200,000,000 appropriated for Poland under the twenty-seventh proviso under the heading `ECONOMIC SUPPORT FUND' in the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1990. (i) FEDERAL CREDIT REFORM ACT REQUIREMENTS- (1) APPROPRIATION OF SUBSIDY COST REQUIRED- Guaranty commitments may be issued under this section only to the extent that the budget authority has been provided in advance in appropriations Acts for the cost (within the meaning of the Federal Credit Reform Act of 1990) of such guaranty commitments. (2) AUTHORIZATION OF APPROPRIATIONS- There are authorized to be appropriated such sums as may be necessary for the cost (within the meaning of the Federal Credit Reform Act of 1990) of guaranty commitments under this section.