H.R.5409 - Residential Construction Lending Act111th Congress (2009-2010)
|Sponsor:||Rep. Miller, Brad [D-NC-13] (Introduced 05/26/2010)|
|Committees:||House - Financial Services|
|Latest Action:||House - 05/26/2010 Referred to the House Committee on Financial Services. (All Actions)|
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Summary: H.R.5409 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (05/26/2010)
Residential Construction Lending Act - Establishes within the Department of the Treasury a three-year Residential Construction Loan Guarantee Program to guarantee loans made to eligible home building companies for viable building projects.
Directs the Secretary of the Treasury to: (1) approve any insured depository institution submitting a full and complete application for participation in the Program; (2) guarantee the loans on a first-come-first-served basis; and (3) review yearly all loans made by each insured depository institution that are guaranteed under the Program.
Authorizes the Secretary to suspend or terminate any insured depository institution's future participation in the Program if that institution has engaged in fraud or abuse with respect to it, or has consistently made loans guaranteed under the Program that are not repaid by the borrower in accordance with the loan terms.
Sets forth loan eligibility criteria that include restricting loans to the acquisition, development, and construction of residential developments that have locally approved development plans and that create immediate job opportunities.
Permits multiple loan guarantees, with a federal guarantee at 80% of each loan.
Requires one-third of guarantees to be made in areas with the greatest unmet need for residential construction financing.