H.R. 5409 · 111th Congress
Residential Construction Lending Act
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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.
D
MillerSponsor11 cosponsors · 11 D
D
Baca
CM
D
Maloney
LK
D
Kissell
SB
D
Bishop
MM
D
McIntyre
PP
D
Pierluisi
TP
D
Perriello
GC
D
Connolly
PM
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Murphy
GN
D
Nye
SJ
D
Jackson Lee2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Residential Construction Lending Act - Establishes within the Department of the Treasury a three-year Residential Construction Loan Guarantee Program to guarantee loans made to eligible home building companies for viable building projects.
What it does: CRS summary · Introduced in House · May 26, 2010
Residential Construction Lending Act - Establishes within the Department of the Treasury a three-year Residential Construction Loan Guarantee Program to guarantee loans made to eligible home building companies for viable building projects.
Directs the Secretary of the Treasury to: (1) approve any insured depository institution submitting a full and complete application for participation in the Program; (2) guarantee the loans on a first-come-first-served basis; and (3) review yearly all loans made by each insured depository institution that are guaranteed under the Program.
Authorizes the Secretary to suspend or terminate any insured depository institution's future participation in the Program if that institution has engaged in fraud or abuse with respect to it, or has consistently made loans guaranteed under the Program that are not repaid by the borrower in accordance with the loan terms.
Sets forth loan eligibility criteria that include restricting loans to the acquisition, development, and construction of residential developments that have locally approved development plans and that create immediate job opportunities.
Permits multiple loan guarantees, with a federal guarantee at 80% of each loan.
Requires one-third of guarantees to be made in areas with the greatest unmet need for residential construction financing.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Residential Construction Lending Act
Latest action (May 26, 2010): Referred to the House Committee on Financial Services.
Policy area: Housing and Community Development · Origin: House · Introduced: May 26, 2010
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.