Summary: H.R.7809 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.7809. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (07/29/2020)

Helping Open Properties Endeavor Act of 2020 or the HOPE Act of 2020

This bill establishes an equity facility in the Department of the Treasury to assist commercial mortgage borrowers. Specifically, Treasury must guarantee the purchase by financial institutions of certain equity instruments backed by a commercial mortgage. The bill defines commercial mortgage as a mortgage loan secured by an interest in real property owned for rental income. Borrowers with reduced revenues from their commercial property may qualify for an amount not to exceed 10% of the outstanding amount owed on their commercial mortgage.

The bill sets forth eligibility requirements for borrowers, as well as requirements for the equity instruments, including rates, fees, repayment, and the rights of purchasers.