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HR 5527 109th Congress House Housing and Community Development Apartment houses Disaster relief Economics and Public Finance Emergency Management Federally-guaranteed loans Finance and Financial Sector Housing authorities Housing subsidies Low-income housing Mortgage guaranty insurance Mortgages Nonprofit organizations Rent Rental housing Residential rehabilitation Social Welfare

Mark-to-Market Extension Act of 2006

Introduced: June 6, 2006 See on congress.gov
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 Everywhere this bill has been 9 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 17, 2006
Placed on the Union Calendar, Calendar No. 327.
Jul 17, 2006
Reported (Amended) by the Committee on Financial Services. H. Rept. 109-572.
Jun 14, 2006
Ordered to be Reported (Amended) by Voice Vote.
Jun 14, 2006
Committee Consideration and Mark-up Session Held.
Jun 8, 2006
Forwarded by Subcommittee to Full Committee by Voice Vote .
Jun 8, 2006
Subcommittee Consideration and Mark-up Session Held.
Jun 7, 2006
Referred to the Subcommittee on Housing and Community Opportunity.
Jun 6, 2006
Referred to the House Committee on Financial Services.
Jun 6, 2006
Introduced in House
 Plain-English summary Congressional Research Service

Mark-to-Market Extension Act of 2006 - (Sec. 2) Amends the Multifamily Assisted Housing Reform and Affordability Act of 1997 to reauthorize to October 1, 2011: (1) the Mark-to-Market program; and (2) provisions of the FHA-insured Multifamily Housing Mortgage and Housing Assistance Restructuring program regarding projects and programs for which binding commitments have been entered into under such Act.

(Sec. 3) Permits the Secretary of Housing and Urban Development to waive rent level limits for up to 9% (currently 5%) of all units subject to restructured mortgages in any fiscal year, based on certain findings of special need.

(Sec. 4) Revises requirements for an approved mortgage restructuring and rental assistance sufficiency plan with respect to modification or forgiveness of all or part of a second mortgage held by the Secretary (debt relief) if the project concerned is acquired by a tenant organization or tenant-endorsed community-based nonprofit or public agency.

Sets forth requirements for alternative periods of eligibility for such nonprofit debt relief if the purchaser acquires the project subsequent to the date of recordation of the related affordability agreement, and two years after the date of enactment of this Act.

(Sec. 5) Declares disaster-damaged eligible projects eligible without regard to the relationship between rent level for the assisted units and comparable market rents.

(Sec. 6) Requires each mortgage restructuring and rental assistance sufficiency plan to determine for units assisted with project-based assistance in eligible multifamily housing projects, if rents cannot be determined, adjusted rent levels: (1) for disaster-damaged eligible projects equal to 100% of the fair market rents for the relevant market area; and (2) for other eligible multifamily housing projects equal to 90% of the fair market rents for the relevant market area.

States that, with respect to a disaster-damaged eligible project, the owner contribution toward rehabilitation needs shall be determined in accordance with specified requirements.

What's happening now July 17, 2006

Placed on the Union Calendar, Calendar No. 327.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1