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

There is one version of the bill.

Text available as:

Shown Here:
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.

Share This