Summary: H.R.3435 — 105th Congress (1997-1998)All Information (Except Text)

There is one summary for H.R.3435. Bill summaries are authored by CRS.

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Introduced in House (03/11/1998)

Affordable Housing Barrier Removal Act of 1998 - Provides for a Department of Housing and Urban Development (HUD)-sponsored biennial conference on (regulatory) barriers to affordable housing.

Requires proposed and final agency rules to analyze their impact upon affordable housing availability. Directs the Secretary of Housing and Urban Development to develop model housing impact analyses.

(Sec. 5) Amends the Housing and Community Development Act of 1992 to authorize direct appropriations for State and local grants for regulatory barrier removal.

(Sec. 6) Amends the Housing and Community Development Act of 1974 to make affordable housing barrier removal eligible for community development block grant assistance.

(Sec. 7) States that the regulatory barriers clearinghouse shall be established within the Office of Policy Development of HUD under the direction of the Assistant Secretary for Policy Development and Research.

(Sec. 8) Amends the National Housing Act to: (1) repeal the single family mortgage insurance owner-occupancy requirement; (2) repeal mortgage limits on dwellings begun prior to insurance approval; (3) revise the definition of "area"; and (4) revise downpayment provisions.

(Sec. 9) Amends the Federal Home Loan Bank Act to: (1) include 1- to 4-family residential construction loans within the percent of residential assets required of a qualifying Federal Home Loan Bank; and (2) eliminate the 30 percent cap on certain real estate-related capital that may be held as collateral by a member institution.