Mark-to-Market Extension Act of 2006
| Date | Chamber | What was voted on | Result | Yes–No | |
|---|---|---|---|---|---|
| Sep 27, 2006 | House · vote #493 | On Motion to Suspend the Rules and Pass | Passed | 416–1 | See who voted → |
Mark-to-Market Extension Act of 2006 - 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.
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.
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.
Declares disaster-damaged eligible projects eligible without regard to the relationship between rent level for the assisted units and comparable market rents.
Requires each mortgage restructuring and rental assistance sufficiency plan to determine adjusted rent levels, according to certain formulae, for units assisted with project-based assistance in eligible multifamily housing projects.
States that, with respect to a disaster-damaged eligible project, the owner contribution toward rehabilitation needs shall be determined in accordance with specified requirements.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.