S.2893 - Workforce Residential Housing Act of 2014113th Congress (2013-2014)
|Sponsor:||Sen. Moran, Jerry [R-KS] (Introduced 09/18/2014)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 09/18/2014 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.2893 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in Senate (09/18/2014)
Workforce Residential Housing Act of 2014 - Amends the National Housing Act to except from the prohibition against the use of houses built with federally insured mortgages for transient or hotel housing certain mulifamily housing that is a short-term residential property, provided that the Secretary of Housing and Urban Development (HUD) has determined that the provision of such insurance is appropriate.
Defines "short-term residential property" as multifamily housing that:
- has more than 50 dwelling units, each of which contains a kitchen and bathroom facilities;
- provides mailboxes for each unit;
- rents the units for a minimum stay of seven days; and
- does not provide food or beverage services, daily maid services, furnishing and laundering of linen without charge, or bellhop services.
Directs the Secretary to: (1) evaluate the risk of providing mortgage insurance for short-term residential properties, and (2) report to Congress on whether any additional risk to the General Insurance Fund resulting from the provision of mortgage insurance for such properties is appropriate.