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HOPE Act of 2020

Introduced: July 29, 2020 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 29, 2020

Referred to the House Committee on Financial Services.

Jul 29, 2020

Introduced in House

Plain-English summary Congressional Research Service

Helping Open Properties Endeavor Act of 2020 or the HOPE Act of 2020

This bill establishes an equity facility in the Department of the Treasury to assist commercial mortgage borrowers. Specifically, Treasury must guarantee the purchase by financial institutions of certain equity instruments backed by a commercial mortgage. The bill defines commercial mortgage as a mortgage loan secured by an interest in real property owned for rental income. Borrowers with reduced revenues from their commercial property may qualify for an amount not to exceed 10% of the outstanding amount owed on their commercial mortgage.

The bill sets forth eligibility requirements for borrowers, as well as requirements for the equity instruments, including rates, fees, repayment, and the rights of purchasers.

HOPE Act of 2020

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