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HR 655 110th Congress House Housing and Community Development Affordable housing Apartment houses Building laws Cooperative housing Finance and Financial Sector Government Operations and Politics Home repair and improvement Mortgages Real estate appraisal Rental housing Residential rehabilitation Surplus government property

Pathway to Preservation Act of 2007

Introduced: January 24, 2007 Introduced by: Velázquez, Nydia M. Democratic · New York See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 12, 2007
Referred to the Subcommittee on Housing and Community Opportunity.
Jan 24, 2007
Referred to the House Committee on Financial Services.
Jan 24, 2007
Introduced in House
 Plain-English summary Congressional Research Service

Pathway to Preservation Act of 2007 - Amends the Deficit Reduction Act of 2005 to redefine "loan market value," which currently means the value of a multifamily (rental or cooperative housing project) loan, without taking into account any affordability requirements. Repeals the condition that affordability requirements not be taken into account. Defines "loan market value" as the value of a multifamily (rental or cooperative housing project) loan using industry standard appraisal practices, including consideration of the cost of repairs needed for the property subject to the loan to comply with minimum safety and building standards and the cost of maintaining the affordability restrictions applicable under the original loan or grant for the property.

Redefines "property market value," which currently means the value of a multifamily (rental or cooperative housing project) real property for its current use, without taking into account any affordability requirements. Repeals the condition that affordability requirements not be taken into account. Defines "property market value" as the value of a multifamily (rental or cooperative housing project) real property for its current use, as determined using industry standard appraisal practices, including consideration of the cost of repairs needed for the property subject to the loan to comply with minimum safety and building standards and the cost of maintaining the affordability restrictions applicable under the original loan or grant for the property.

What's happening now April 12, 2007

Referred to the Subcommittee on Housing and Community Opportunity.

 Committees of jurisdiction 2