H.R.6394 - Affordable Housing Regulation Simplification Act of 2012112th Congress (2011-2012)
|Sponsor:||Rep. Polis, Jared [D-CO-2] (Introduced 09/13/2012)|
|Committees:||House - Financial Services; Energy and Commerce|
|Latest Action:||10/01/2012 Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.|
This bill has the status Introduced
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Summary: H.R.6394 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (09/13/2012)
Affordable Housing Regulation Simplification Act of 2012 - Amends the Federal National Mortgage Association Charter Act to authorize the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation Act to authorize the Federal Home Loan Mortgage Corporation (Freddie Mac), to purchase, service, sell, lend on the security of, and otherwise deal in affordable workforce housing mortgages for one-family residences: (1) that shall be used as the mortgagor's residence at least 8 of any 12 months and 240 days of any 365 days; (2) located within, or are part of, a multifamily housing development meeting certain requirements; and (3) located in a high tourism area.
Prescribes mortgagor income and employment criteria.
Exempts such mortgages from any requirements and guidelines of such government sponsored entities (also known as GSEs) that are inconsistent with such authority.
Limits the application of this Act to such mortgages in a high tourism area.
Amends the National Housing Act to authorize the Secretary of Housing and Urban Development (HUD) to insure any affordable workforce housing mortgage meeting certain requirements.
Requires the Secretary of HUD to provide a spot approval process for insurance of condominium unit mortgages that does not require prior approval of the entire project or of the homeowners association for the entire project.
Directs the Secretary of Commerce to determine high tourism areas.