H.R. 2922 · 111th Congress
Federal Assistance Downpayment Reform Act of 2009
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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Federal Assistance Downpayment Reform Act of 2009 - Amends the Housing Act of 1949 to prohibit the Secretary of Agriculture from making loans for housing and buildings on adequate farms to any borrower or providing any guarantee, under the Doug Bereuter section 502 single family housing loan guarantee program, for any loan to any borrower, unless the…
What it does: CRS summary · Introduced in House · Jun 17, 2009
Federal Assistance Downpayment Reform Act of 2009 - Amends the Housing Act of 1949 to prohibit the Secretary of Agriculture from making loans for housing and buildings on adequate farms to any borrower or providing any guarantee, under the Doug Bereuter section 502 single family housing loan guarantee program, for any loan to any borrower, unless the borrower has paid, in cash or its equivalent, on account of the property to be acquired or refinanced, at least 3.5% of the property's appraised value or such larger amount as the Secretary may determine. (Thus requires downpayments for rural housing service direct and guaranteed single-family home loan programs).
Amends the Cranston-Gonzalez National Affordable Housing Act to repeal the downpayment assistance initiative that assists low-income families in achieving homeownership.
Amends the Housing and Community Development Act of 1974 to prohibit the use of grants under the Community Development Block Grant (CDBG) program for downpayment assistance on behalf of any family or person for the acquisition of a residence.
Amends the Housing and Economic Recovery Act of 2008 to impose the same prohibition on amounts made available under the Neighborhood Stabilization program.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Federal Assistance Downpayment Reform Act of 2009
Latest action (Jun 17, 2009): Referred to the House Committee on Financial Services.
Policy area: Housing and Community Development · Origin: House · Introduced: Jun 17, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.