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HR 7368 117th Congress House Housing and Community Development Accounting and auditing Government corporations and government-sponsored enterprises Government studies and investigations Higher education Housing and community development funding Housing finance and home ownership Intergovernmental relations Student aid and college costs

Transforming Student Debt to Home Equity Act of 2022

Introduced: April 1, 2022 Introduced by: Kaptur, Marcy Democratic · Ohio 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 1, 2022
Referred to the House Committee on Financial Services.
Apr 1, 2022
Sponsor introductory remarks on measure. (CR H4119)
Apr 1, 2022
Introduced in House
 Plain-English summary Congressional Research Service

Transforming Student Debt to Home Equity Act of 2022

This bill requires the Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency to jointly establish and implement a pilot demonstration program to provide, to eligible applicants with federal student loan debt, assistance in purchasing eligible properties. Specifically, the program may provide for (1) discounts on the appraised value of eligible properties, (2) flexibility in certain underwriting standards, (3) the development of new mortgage products specifically targeted to eligible applicants, and (4) other appropriate assistance. The program must provide for the development of a program that uses actuarial information to determine how the repayment of federal student loans may be integrated into a mortgage repayment schedule to allow eligible applicants to accumulate home equity.

An eligible property is a property (1) that is designed as a dwelling for occupancy by one to four families; (2) that is safe and habitable; (3) the occupancy of which will promote community revitalization; and (4) that is owned by HUD, the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), a local land bank, the Department of Agriculture, or the Department of Veterans Affairs.

What's happening now April 1, 2022

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1