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Affordable Housing Expansion Act of 2002

Introduced: September 19, 2002 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 25, 2002
Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing and Transportation. Hearings held.
Sep 19, 2002
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S8922-8926)
Sep 19, 2002
Sponsor introductory remarks on measure. (CR S8920-8922)
Sep 19, 2002
Introduced in Senate
 Plain-English summary Congressional Research Service
Affordable Housing Expansion Act of 2002 - Directs the Secretary of Housing and Urban Development to make funds available to State housing finance agencies for low-income housing rehabilitation and development. Obligates specified amounts for Indian tribes. Provides for: (1) a minimum State allocation; and (2) a 25 percent State matching requirement. Sets forth housing eligibility provisions.

Requires State submission of an affordable housing expansion plan.

Directs the Secretary to carry out a multifamily risk-sharing mortgage insurance program.

Amends the United States Housing Act of 1937 to authorize the use of section 8 project-based assistance for extremely low-income housing construction and rehabilitation. Limits assistance to: (1) 75 percent of the payment standard or applicable fair market rental; and (2) 25 percent of a building's units.

Authorizes reallocation of certain underused section 8 vouchers.

Directs the Department of Housing and Urban Development to maintain existing section 8 project-based assistance for any Department-owned or -held multifamily project upon disposition, unless the project is determined to be not viable.

Authorizes a public housing loan guarantee program.

What's happening now September 25, 2002

Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing and Transportation. Hearings held.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Republican 1