H.R. 5017: Rural Housing Preservation and Stabilization Act of 2010

H.R. 5017

Rural Housing Preservation and Stabilization Act of 2010

Date
April 27, 2010 (111th Congress, 1st Session)

Staff Contact
Communications

Floor Situation

The House is expected to consider H.R. 5017, on the House floor on Tuesday, April 27, 2010, under a motion to suspend the rules, requiring a two-thirds majority vote for passage.  This legislation was introduced by Rep. Paul Kanjorski (D-PA) on April 14, 2010.

Bill Summary

The bill would increase the loan guarantee authority for the section 502 Rural Housing Loan Guarantee Program to $30 billion for FY 2010, up from the $12 billion previously authorized for this year.  The bill would give U.S. Department of Agriculture the authority to increase upfront fees up to 4.0 percent of the loan balance, with the stipulation that the fees charged to the program must cover the cost of the program.  In addition, the reported bill removed a provision in the underlying bill that creates an annual premium.  

Cost

CBO estimates that implementing H.R. 5017 would increase offsetting collections, and thus reduce discretionary spending, by $24 million in 2010, assuming enactment of an appropriations act necessary to implement the proposed changes to RHS's loan guarantee program.