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[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2893 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 2893

   To authorize the use of multifamily housing subject to a mortgage 
  insured under section 207 of the National Housing Act as short-term 
                          residential housing.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                           September 18, 2014

Mr. Moran (for himself and Ms. Heitkamp) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL

 
   To authorize the use of multifamily housing subject to a mortgage 
  insured under section 207 of the National Housing Act as short-term 
                          residential housing.

    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 ``Workforce Residential Housing Act of 
2014''.

SEC. 2. SHORT-TERM RESIDENTIAL HOUSING.

    (a) In General.--Section 513 of the National Housing Act (12 U.S.C. 
1731b) is amended--
            (1) in subsection (b)--
                    (A) in clause (1), by striking ``or'' at the end; 
                and
                    (B) by inserting before the period at the end the 
                following: ``, or (3) the project is a short-term 
                residential property (as such term is defined in 
                subsection (e) of this section) and is subject to a 
                mortgage insured under section 207 (12 U.S.C. 1713), 
                provided that the Secretary has made a determination 
                pursuant to the study and report required under section 
                2(b) of the Workforce Residential Housing Act of 2014 
                that the provision of such insurance is appropriate''; 
                and
            (2) in subsection (e)--
                    (A) in clause (1), by striking ``and'' at the end; 
                and
                    (B) by inserting before the period at the end the 
                following: ``, and (3) the term `short-term residential 
                property' means multifamily housing that (A) has more 
                than 50 dwelling units that each contain a kitchen, 
                including a full refrigerator and cooking surface, and 
                bathroom facilities, (B) provides mail boxes for each 
                unit, (C) rents such units for a minimum stay of 7 
                days, and (D) does not provide food or beverage 
                services, including in-room service, daily maid 
                services, furnishing and laundering of linen without 
                charge, or bellhop services''.
    (b) Study.--
            (1) In general.--Not later than 6 months after the date of 
        enactment of this Act, the Secretary of Housing and Urban 
        Development shall--
                    (A) conduct and complete a study evaluating the 
                risk of the provision of insurance under section 207 of 
                the National Housing Act (12 U.S.C. 1713) for short-
                term residential properties; and
                    (B) submit a report to the Committee on Banking, 
                Housing, and Urban Affairs of the Senate and the 
                Committee on Financial Services of the House of 
                Representatives, which shall include--
                            (i) the findings of the study required 
                        under subparagraph (A); and
                            (ii) a determination as to whether any 
                        additional risk presented to the General 
                        Insurance Fund resulting from the provision of 
                        insurance under section 207 of the National 
                        Housing Act (12 U.S.C. 1713) for short-term 
                        residential properties is appropriate.
            (2) Contents of study.--In conducting the study required 
        under paragraph (1)(A), the Secretary of Housing and Urban 
        Development shall--
                    (A) evaluate whether the provision of insurance 
                under section 207 of the National Housing Act (12 
                U.S.C. 1713) for short-term residential properties 
                presents any additional risk to the General Insurance 
                Fund; and
                    (B) consider any additional operational and 
                logistical costs associated with providing such 
                insurance.
            (3) Definitions.--In this subsection--
                    (A) the term ``General Insurance Fund'' means the 
                fund established under section 519 of the National 
                Housing Act (12 U.S.C. 1735c); and
                    (B) the term ``short-term residential properties'' 
                has the meaning given the term under section 513(e)(3) 
                of the National Housing Act (12 U.S.C. 1731b(e)(3)), as 
                added by subsection (a).
                                 <all>
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