H.R. 3511 · 116th Congress
Transforming Student Debt to Home Equity Act of 2019
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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KapturSponsor12 cosponsors · 12 D
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Clay
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Grijalva
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Speier
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Shalala
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Jackson Lee
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Hastings
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Payne
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Norton3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill requires the Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency to jointly establish and implement a pilot demonstration program to provide, to eligible applicants with federal student loan debt, assistance in purchasing eligible properties.
What it does: CRS summary · Introduced in House · Jun 26, 2019
Transforming Student Debt to Home Equity Act of 2019
This bill requires the Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency to jointly establish and implement a pilot demonstration program to provide, to eligible applicants with federal student loan debt, assistance in purchasing eligible properties. Specifically, the program may provide for (1) discounts on the appraised value of eligible properties, (2) flexibility in certain underwriting standards, (3) the development of new mortgage products specifically targeted to eligible applicants, and (4) other appropriate assistance. The program must provide for the development of a program that uses actuarial information to determine how the repayment of federal student loans may be integrated into a mortgage repayment schedule to allow eligible applicants to accumulate home equity.
An "eligible property" is a property (1) that is designed as a dwelling for occupancy by one to four families; (2) that is safe and habitable; (3) the occupancy of which will promote community revitalization; and (4) that is owned by HUD, the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or a local land bank.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Transforming Student Debt to Home Equity Act of 2019
Latest action (Jun 26, 2019): Referred to the House Committee on Financial Services.
Policy area: Housing and Community Development · Origin: House · Introduced: Jun 26, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.