Summary: H.R.1691 — 104th Congress (1995-1996)All Information (Except Text)

Bill summaries are authored by CRS.

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Passed House amended (10/30/1995)

Homesteading and Neighborhood Restoration Act of 1995 - Directs the Secretary of Housing and Urban Development to make equal grants to Habitat for Humanity International and other national or regional organizations or consortia for the construction of new, safe, and sanitary dwellings in the United States, including land acquisitions and infrastructure improvement. Funds such program through existing unused assisted housing funds.

(Sec. 3) Amends the Housing Act of 1949 to extend through FY 1996: (1) the multifamily rural housing loan program; and (2) the nonprofit entity set-aside.

(Sec. 4) Revises such program to: (1) limit project ownership transfers to situations where the Secretary determines such transfer to be in the best interests of the tenants and the Federal Government; (2) repeal equity loan reserve account payment provisions; (3) repeal prohibitions related to remote rural areas, areas without essential services, and certain geographic areas; (4) direct the Secretary to establish an objective procedure to allocate projects in areas of greatest need; and (5) deny equity loans to extend low-income use unless the Secretary determines that other incentives will not provide a fair return of investment, prevent loan prepayment, or prevent tenant displacement.

(Sec. 5) Authorizes loan guarantees for low- and moderate-income rural multifamily rental housing through FY 1996. Limits guarantees to the unpaid principal and interest. Sets forth borrower, housing, and lender eligibility provisions. Limits loan terms to not more than 40 years. Authorizes a one percent guarantee fee. Permits loan refinancing. Sets forth foreclosure provisions. Provides for tenant protections. Requires a program report.

Requires a geographical targeting study for such program.

Establishes a $1 million annual loan guarantee ceiling.

Authorizes FY 1996 appropriations. Terminates such program after September 30, 1996.