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Section 515 Rural Housing Property Transfer Improvement Act of 2007

Introduced: October 17, 2007 See on congress.gov
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 Everywhere this bill has been 13 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 24, 2008
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jan 23, 2008
Motion to reconsider laid on the table Agreed to without objection.
Jan 23, 2008
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H410)
Jan 23, 2008
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H410)
Jan 23, 2008
DEBATE - The House proceeded with forty minutes of debate on H.R. 3873.
Jan 23, 2008
Considered under suspension of the rules. (consideration: CR H410-412)
Jan 23, 2008
Mr. Hodes moved to suspend the rules and pass the bill.
Dec 4, 2007
Placed on the Union Calendar, Calendar No. 288.
Dec 4, 2007
Reported by the Committee on Financial Services. H. Rept. 110-464.
Oct 31, 2007
Ordered to be Reported by Voice Vote.
Oct 31, 2007
Committee Consideration and Mark-up Session Held.
Oct 17, 2007
Referred to the House Committee on Financial Services.
Oct 17, 2007
Introduced in House
 Plain-English summary Congressional Research Service

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Section 515 Rural Housing Property Transfer Improvement Act of 2007 - Amends the Housing Act of 1949 to direct the Secretary of Agriculture to: (1) implement administrative and procedural changes to expedite the application approval process for transferring ownership of Section 515 rural multifamily housing projects for which a loan is either made or insured for a project's preservation, continued use restriction, and rehabilitation; and (2) actively facilitate such transfers. (A Section 515 project is one involving housing and related facilities for elderly persons and families or other persons and families of low income.)

Grants final regulatory authority over such property transfers to the Office of Rental Housing Preservation of the Rural Housing Service of the Department of Agriculture.

Authorizes such Office, with respect to such transfers, to work with and seek recommendations from the State Rural Development offices of the Department of Agriculture.

Sets forth deadlines for the processing of transfer applications by such Office as well as by state and local offices.

Instructs the Secretary of Agriculture to report to certain congressional committees on: (1) actions taken to coordinate with other federal agencies, including the Department of Housing and Urban Development and the Internal Revenue Service, and, in particular, with the program for rental assistance under section 8 of the United States Housing Act of 1937, the multifamily mortgage insurance programs under title II of the National Housing Act, and the programs for low-income housing tax credits and for tax-exempt bonds under the Internal Revenue Code of 1986; (2) resulting improvements within the Rural Housing Service in expediting the transfer of ownership of projects with loans made or insured under section 515 of the Housing Act of 1949; and (3) recommended legislative changes.

What's happening now January 24, 2008

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Republican 1