The House is expected to consider H.R. 2034 on the House floor on Wednesday, July 29, 2009, under a motion to suspend the rules, requiring a two-thirds majority vote for passage. This legislation was introduced by Rep. William Lacy Clay (D-MO) on April 22, 2009.

H.R. 2529 amends the Doug Bereuter Section 502 Single Family Housing Loan Guarantee Act and the Housing Act of 1949 to: (1) increase from 1% to 2% the guarantee fee on loans for housing and buildings on adequate farms; and (2) authorize the Secretary of Housing and Urban Development to guarantee a loan made to refinance one made by a private lender to an individual to acquire or construct a single-family residence located in a rural area.

The bill also requires the Secretary of HUD to charge a guarantee fee for refinancing such a loan at levels necessary to allow that class of loans to be guaranteed without resulting in a need for an appropriation for a credit subsidy.

A CBO cost estimate of H.R. 2034 is not yet available.