Summary: S.2893 — 113th Congress (2013-2014)All Information (Except Text)

There is one summary for S.2893. Bill summaries are authored by CRS.

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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.