H.R. 2034: Rural Homeowners Protection Act

H.R. 2034

Rural Homeowners Protection Act

Sponsor
Rep. William Lacy Clay

Date
July 29, 2009 (111th Congress, 1st Session)

Staff Contact
Communications

Floor Situation

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.

Bill Summary


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.

 

Cost

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