H.R. 5506 · 113th Congress
Home Improvement Loan Modernization Act of 2014
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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.
D
HuffmanSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Home Improvement Loan Modernization Act of 2014 - Amends the National Housing Act to specify the premium charge paid by a financial institution to insure any loan, advance of credit, or purchase of obligations representing loans and advances of credit it makes to finance certain home improvements for both existing single-family and multifamily structures.
What it does: CRS summary · Introduced in House · Sep 17, 2014
Home Improvement Loan Modernization Act of 2014 - Amends the National Housing Act to specify the premium charge paid by a financial institution to insure any loan, advance of credit, or purchase of obligations representing loans and advances of credit it makes to finance certain home improvements for both existing single-family and multifamily structures.
Sets the initial premium at 2.75% of the original insured principal obligation, with annual premium payments not to exceed 1.5% of the remaining balance.
Limits any premium charges to the minimum amounts necessary to maintain a negative credit subsidy for the insurance program.
Increases the maximum obligation that may be insured for improvements to: (1) an existing single-family dwelling from $25,000 to $42,000; and (2) an existing multi-family structure from $60,000 to $101,888, with an average amount of $20,378 (currently $12,000) per family unit.
Directs the Secretary of Housing and Urban Development (HUD) to develop a method of indexing to increase these dollar amount limitations annually, based on the Consumer Price Index for all urban consumers (CPI-U) computed by the Bureau of Labor Statistics (BLS).
Allows an increase in these dollar amount limitations also by up to 150% if at least half of the amount will be used for energy conserving improvements or the installation of solar energy systems.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Home Improvement Loan Modernization Act of 2014
Latest action (Sep 17, 2014): Referred to the House Committee on Financial Services.
Policy area: Housing and Community Development · Origin: House · Introduced: Sep 17, 2014
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.