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House Bill 8824
116th Congress(2019-2020)
Federal Financing Bank Risk-Sharing Act of 2020
Introduced
Introduced
Introduced in House on Nov 27, 2020
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Introduced in House 
Nov 27, 2020
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Introduced in House(Nov 27, 2020)
Nov 27, 2020
No Linkage Found
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 8824 (Introduced-in-House)


116th CONGRESS
2d Session
H. R. 8824


To require the continuation of the FHA affordable rental housing financing partnership with the Federal Financing Bank, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

November 27, 2020

Ms. Velázquez introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To require the continuation of the FHA affordable rental housing financing partnership with the Federal Financing Bank, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Federal Financing Bank Risk-Sharing Act of 2020”.

SEC. 2. Continuation of FHA-FFB affordable rental housing financing partnership.

(a) Requirement.—The Secretary of Housing and Urban Development and the Secretary of the Treasury shall continue to carry out the FHA affordable rental housing financing partnership with the Federal Financing Bank, under which such Bank provides financing for loans insured under the FHA Multifamily Risk-Sharing Program under section 542 of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–22), and may enter into such new commitments under such program during each fiscal year, subject to the overall limitations provided in this Act on new commitments to guarantee loans insured under the General and Special Risk Insurance Funds, as authorized by sections 238 and 519 of the National Housing Act (12 U.S.C. 1715z–3 and 1735c).

(b) Rural populations.—In complying with subsection (a), the Secretary of Housing and Urban Development shall make any changes to the Risk-Sharing Program that the Secretary determines are necessary or appropriate to enhance the scope and effectiveness of the Program for rural populations.

(c) Community development financial institutions.—Pursuant to section 542(b) of Housing and Community Development Act of 1992 (12 U.S.C. 1715z–22), the Secretary of Housing and Urban Development shall enter into risk-sharing agreements with community development financial institutions, as such term is defined in section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4702).

(d) Affordable housing.—Section 542 of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–22) is amended—

(1) in subsection (b), by striking paragraph (9) and inserting the following new paragraph:

“(9) AFFORDABLE HOUSING.—Multifamily housing securing loans insured or reinsured under this subsection shall qualify as affordable only if the housing bears rents not greater than the gross rent for rent-restricted residential units as determined under section 42(g) of the Internal Revenue Code of 1986 (26 U.S.C. 42(g)).”; and

(2) in subsection (c), by striking paragraph (7) and inserting the following new paragraph:

“(7) AFFORDABLE HOUSING.—Multifamily housing securing loans insured or reinsured under this subsection shall qualify as affordable only if the housing bears rents not greater than the gross rent for rent-restricted residential units as determined under section 42(g) of the Internal Revenue Code of 1986 (26 U.S.C. 42(g)).”.