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HR 1997 113th Congress House Housing and Community Development Government lending and loan guarantees Housing finance and home ownership Real estate business Residential rehabilitation and home repair

Communities Achieving Sustainability Act

Introduced: May 15, 2013 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 15, 2013
Referred to the House Committee on Financial Services.
May 15, 2013
Introduced in House
 Plain-English summary Congressional Research Service

Communities Achieving Sustainability Act - Directs the Secretary of Housing and Urban Development (HUD), during a 2-year period, to insure and make commitments to insure rehabilitation loans (including advances during rehabilitation) made by financial institutions in order to assist in the rehabilitation of 1- to 4-family structures used primarily for residential purposes.

Limits insurable rehabilitation loans to investors who do not intend to occupy the structure in question but obtain a rehabilitation loan for the purpose of appreciation or production of income with respect to the structure.

Allows mortgage insurance for up to four such structures during a calendar year.

Prohibits such mortgages from exceeding 90% of the appraised value of the structure in question.

Requires the single premium payment due at the time of insurance to be increased by 10 basis points for any mortgage insured under this Act.

What's happening now May 15, 2013

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1