S.2967 - Affordable Housing Expansion Act of 2002107th Congress (2001-2002)
|Sponsor:||Sen. Bond, Christopher S. [R-MO] (Introduced 09/19/2002)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||09/25/2002 Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing and Transportation. Hearings held. (All Actions)|
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Subject — Policy Area:
- Housing and Community Development
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Summary: S.2967 — 107th Congress (2001-2002)All Bill Information (Except Text)
Affordable Housing Expansion Act of 2002 - Directs the Secretary of Housing and Urban Development to make funds available to State housing finance agencies for low-income housing rehabilitation and development. Obligates specified amounts for Indian tribes. Provides for: (1) a minimum State allocation; and (2) a 25 percent State matching requirement. Sets forth housing eligibility provisions.
Introduced in Senate (09/19/2002)
Requires State submission of an affordable housing expansion plan.
Directs the Secretary to carry out a multifamily risk-sharing mortgage insurance program.
Amends the United States Housing Act of 1937 to authorize the use of section 8 project-based assistance for extremely low-income housing construction and rehabilitation. Limits assistance to: (1) 75 percent of the payment standard or applicable fair market rental; and (2) 25 percent of a building's units.
Authorizes reallocation of certain underused section 8 vouchers.
Directs the Department of Housing and Urban Development to maintain existing section 8 project-based assistance for any Department-owned or -held multifamily project upon disposition, unless the project is determined to be not viable.
Authorizes a public housing loan guarantee program.