H.R. 6256 · 111th Congress
Strengthening FHA Through Shared Equity Homeownership Act of 2010
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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.
R
MillerSponsorNo cosponsors.
Strengthening FHA Through Shared Equity Homeownership Act of 2010 - Directs the Secretary of Housing and Urban Development (HUD) to carry out a shared equity homeownership pilot program to analyze the effectiveness of providing mortgage insurance under the Federal Housing Administration (FHA) mortgage insurance program for mortgages for the acquisition or…
What it does: CRS summary · Introduced in House · Sep 29, 2010
Strengthening FHA Through Shared Equity Homeownership Act of 2010 - Directs the Secretary of Housing and Urban Development (HUD) to carry out a shared equity homeownership pilot program to analyze the effectiveness of providing mortgage insurance under the Federal Housing Administration (FHA) mortgage insurance program for mortgages for the acquisition or refinancing of 1- to 4-primary family residences that are financed in part through a shared equity arrangement under which independent, private sector investors invest, together with the mortgagors, equity funds for such residences and thereby share in their ownership.
Requires the Secretary to select up to 8 financial institutions, nonprofit organizations, housing associations, investment pools, and other appropriate individuals and entities to participate in the pilot.
Requires a mortgagor to: (1) make a downpayment of at least 3.5% of the appraised value of the residence involved; and (2) retain a minimum equity in the residence under the shared equity arrangement of at least 60%.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Strengthening FHA Through Shared Equity Homeownership Act of 2010
Latest action (Sep 29, 2010): Referred to the House Committee on Financial Services.
Policy area: Housing and Community Development · Origin: House · Introduced: Sep 29, 2010
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.