H.R. 1997 · 113th Congress
Communities Achieving Sustainability Act
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
McKeonSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Communities Achieving Sustainability Act - Directs the Secretary of Housing and Urban Development (HUD), during a 2-year period, to insure and make commitments to insure rehabilitation loans (including advances during rehabilitation) made by financial institutions in order to assist in the rehabilitation of 1- to 4-family structures used primarily for…
What it does: CRS summary · Introduced in House · May 15, 2013
Communities Achieving Sustainability Act - Directs the Secretary of Housing and Urban Development (HUD), during a 2-year period, to insure and make commitments to insure rehabilitation loans (including advances during rehabilitation) made by financial institutions in order to assist in the rehabilitation of 1- to 4-family structures used primarily for residential purposes.
Limits insurable rehabilitation loans to investors who do not intend to occupy the structure in question but obtain a rehabilitation loan for the purpose of appreciation or production of income with respect to the structure.
Allows mortgage insurance for up to four such structures during a calendar year.
Prohibits such mortgages from exceeding 90% of the appraised value of the structure in question.
Requires the single premium payment due at the time of insurance to be increased by 10 basis points for any mortgage insured under this Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Communities Achieving Sustainability Act
Latest action (May 15, 2013): Referred to the House Committee on Financial Services.
Policy area: Housing and Community Development · Origin: House · Introduced: May 15, 2013
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.