paragraph (1), the aggregate insurance authority 
provided under this paragraph has not been fully 
used, the Secretary of the Treasury shall submit a 
report to the Congress evaluating the need for con-
tinued mortgage insurance under this section. 
‘‘(l) REGULATIONS.—The Secretary shall issue any 
regulations necessary to carry out this section. In issuing 
such regulations, the Secretary shall consult with the Sec-
retary of Health and Human Services with respect to any 
aspects of the regulations regarding child care and devel-
opment facilities.’’. 
SEC. 4. INSURANCE FOR MORTGAGES FOR ACQUISITION OR 
REFINANCING DEBT OF EXISTING CHILD 
CARE AND DEVELOPMENT FACILITIES. 
Section 223 of the National Housing Act (12 U.S.C. 
1715n) is amended by adding at the end the following new 
subsection: 
‘‘(h) MORTGAGE INSURANCE FOR PURCHASE OR RE-
FINANCING OF EXISTING CHILD CARE AND DEVELOP-
MENT FACILITIES.— 
‘‘(1) AUTHORITY.—Notwithstanding any other 
provision of this Act, the Secretary may insure 
under any section of this title a mortgage executed 
in connection with the purchase or refinancing of an 
existing child care and development facility, the pur-
VerDate Aug 31 2005 
16:00 Apr 30, 2006
Jkt 049200
PO 00000
Frm 00014
Fmt 6652
Sfmt 6201
E:\BILLS\H5207.IH
H5207
jlentini on PROD1PC65 with BILLS
chase of a structure to serve as a child care and de-
velopment facility, or the refinancing of existing debt 
of an existing child care and development facility. 
‘‘(2) PURCHASE OF EXISTING FACILITIES AND 
STRUCTURES.—In the case of the purchase under 
this subsection of an existing child care and develop-
ment facility or purchase of an existing structure to 
serve as such a facility, the Secretary shall prescribe 
any terms and conditions that the Secretary con-
siders necessary to ensure that— 
‘‘(A) the facility or structure purchased 
continues to be used as a child care and devel-
opment facility; and 
‘‘(B) the facility complies with the same 
requirements applicable under section 257(d) to 
facilities having mortgages insured under such 
section. 
‘‘(3) REFINANCING OF EXISTING FACILITIES.— 
In the case of refinancing of an existing child care 
and development facility, the Secretary shall pre-
scribe any terms and conditions that the Secretary 
considers necessary to ensure that— 
‘‘(A) the refinancing is used to lower the 
monthly debt service costs (taking into account 
VerDate Aug 31 2005 
16:00 Apr 30, 2006
Jkt 049200
PO 00000
Frm 00015
Fmt 6652
Sfmt 6201
E:\BILLS\H5207.IH
H5207
jlentini on PROD1PC65 with BILLS
any fees or charges connected with such refi-
nancing) of the existing facility; 
‘‘(B) the proceeds of any refinancing will 
be employed only to retire the existing indebted-
ness and pay the necessary cost of refinancing 
on the existing facility; 
‘‘(C) the existing facility is economically 
viable; and 
‘‘(D) the facility complies with the same 
requirements applicable under section 257(d) to 
facilities having mortgages insured under such 
section. 
‘‘(4) DEFINITIONS.—For purposes of this sub-
section, the terms defined in section 257(j) shall 
have the same meanings as provided under such sec-
tion. 
‘‘(5) LIMITATION ON INSURANCE AUTHORITY.— 
The authority of the Secretary to enter into commit-
ments to insure mortgages under this subsection is 
subject to the limitations under section 257(k).’’. 
SEC. 5. CHILDREN’S DEVELOPMENT COMMISSION. 
Title II of the National Housing Act (12 U.S.C. 1707 
et seq.) is amended by adding at the end (after section 
257, as added by section 3 of this Act) the following new 
section: 
VerDate Aug 31 2005 
16:00 Apr 30, 2006
Jkt 049200
PO 00000
Frm 00016
Fmt 6652
Sfmt 6201
E:\BILLS\H5207.IH
H5207
jlentini on PROD1PC65 with BILLS
‘‘SEC. 
258. 
CHILDREN’S 
DEVELOPMENT 
COMMISSION 
(KIDDIE MAC). 
‘‘(a) ESTABLISHMENT.—There is hereby established 
a commission to be known as the Children’s Development 
Commission or Kiddie Mac. 
‘‘(b) MEMBERSHIP.— 
‘‘(1) APPOINTMENT.—The Commission shall be 
composed of 7 members appointed by the President, 
not later than the expiration of the 3-month period 
beginning upon the enactment of this section, by and 
with the advice and consent of the Senate, as fol-
lows: 
‘‘(A) The Secretary of Housing and Urban 
Development or the Secretary’s designee. 
‘‘(B) The Secretary of Health and Human 
Services or the Secretary’s designee. 
‘‘(C) The Secretary of the Treasury or the 
Secretary’s designee. 
‘‘(D) 4 members shall be appointed from 
among 12 individuals recommended jointly by 
the Speaker of the House of Representatives, 
the Majority Leader of the Senate, Minority 
Leader of the House of Representatives, the 
Minority Leader of the Senate. 
VerDate Aug 31 2005 
16:00 Apr 30, 2006
Jkt 049200
PO 00000
Frm 00017
Fmt 6652
Sfmt 6201
E:\BILLS\H5207.IH
H5207
jlentini on PROD1PC65 with BILLS