169 
edy noted deficiencies subject to the oversight of a 
Monitor appointed by the City; 
(8) as of the date of the enactment of this Act, 
the Authority has still fully not complied with the 
agreement, including the remedying of deficiencies 
or compliance with its obligations under Federal law; 
(9) the Department and the United States At-
torney’s Office for the Southern District of New 
York have sought to extend the term of a Monitor 
over the Authority for an additional five years begin-
ning in 2024; 
(10) the residents of housing provided by the 
Authority should not be required to wait five addi-
tional years for the Authority to provide decent, 
safe, and sanitary housing conditions, as is the 
Authority’s most basic and necessary function under 
the law; and 
(11) the Congress believes that it must provide 
additional oversight over the Authority, the Depart-
ment, the City, and the Monitor in order to compel 
the Authority to fix the appalling conditions and 
other issues that lead to a declaration of substantial 
default under section 6(j)(3)(A) of the United States 
Housing Act of 1937. 
(b) INVESTIGATION AND REPORT TO CONGRESS.— 
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(1) INVESTIGATION.—The Inspector General of 
the Department of Housing and Urban Development 
shall conduct an investigation of the Authority, 
which shall include at a minimum— 
(A) determining the status of the New 
York City Housing Authority’s compliance with 
the agreement entered into between the Author-
ity, the Department, and the City on January 
31, 2019, including specific areas of deficiency 
and progress towards compliance; 
(B) conducting a review of actions taken 
by the Monitor over the Authority pursuant to 
such Agreement, including any gaps in over-
sight by the Monitor; 
(C) conducting a survey of the physical 
conditions of housing provided by the Authority 
for the City’s residents; 
(D) conducting an examination of any 
waste, fraud, abuse and violations of Federal 
law committed by employees or contractors of 
the Authority; and 
(E) identifying other priority issues and 
areas, as deemed necessary and appropriate by 
the Inspector General. 
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(2) REPORT.—Not later than the expiration of 
the 180-day period beginning on the date of the en-
actment of this Act, the Inspector General shall pro-
vide to the Committee on Financial Services of the 
House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate 
a report setting forth the findings of its investiga-
tion, a summary of actions the Department may 
take to compel the Authority to remedy deficiencies, 
and any other recommendations of the Inspector 
General. 
SEC. 405. FHA REPORTING REQUIREMENTS ON SAFETY 
AND SOUNDNESS. 
(a) MONTHLY REPORTING ON MUTUAL MORTGAGE 
INSURANCE FUND CAPITAL RATIO.—Section 202(a) of 
the National Housing Act (12 U.S.C. 1708(a)) is amended 
by adding at the end the following: 
‘‘(8) OTHER REQUIRED REPORTING.—The Sec-
retary shall— 
‘‘(A) submit to Congress monthly reports 
on the capital ratio required under section 
205(f)(2); and 
‘‘(B) notify Congress as soon as prac-
ticable after the Fund falls below the capital 
ratio required under section 205(f)(2).’’. 
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172 
(b) FIRST-TIME HOMEBUYERS.— 
(1) DEFINITIONS.—In this section— 
(A) the terms ‘‘consumer report’’ has the 
meaning given the term in section 603 of the 
Fair Credit Reporting Act (15 U.S.C. 1681a); 
and 
(B) the term ‘‘Federally backed mortgage 
loan’’ has the meaning given the term in section 
4022 of the CARES Act (15 U.S.C. 9056). 
(2) DEFINITION OF FIRST-TIME HOMEBUYER.— 
For purposes of qualifying for a Federally backed 
mortgage loan for which a consumer report is fur-
nished to a creditor by a consumer reporting agency 
described in section 603(p) of the Fair Credit Re-
porting Act (15 U.S.C. 1681a(p)), a first-time 
homebuyer shall be defined as a borrower whose con-
sumer report does not indicate that the borrower has 
or had a loan with a consumer purpose that is se-
cured by a 1- to 4-unit residential real property. 
(c) GAO STUDY
ON SUSTAINABLE HOMEOWNER-
SHIP.—Not later than 180 days after the date of enact-
ment of this Act, the Comptroller General of the United 
States shall conduct a study and submit to Congress a 
report on— 
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(1) the value for the Federal Housing Adminis-
tration of defining what is sustainable homeowner-
ship in way that considers borrower default, refi-
nancing to a non-insured mortgage product, paying 
off a mortgage loan and transitioning back to rent-
ing, and other factors that demonstrate whether in-
surance provided under title II of the National 
Housing Act (12 U.S.C. 1707 et seq.) has success-
fully served a borrower, including for first-time 
homebuyers as defined in subsection (b)(2); and 
(2) the feasibility of the Federal Housing Ad-
ministration developing a scorecard using the 
metrics described in paragraph (1) to measure bor-
rower performance and reporting the scorecard data 
to Congress. 
SEC. 406. COMBATTING SQUATTING. 
(a) CONGRESSIONAL FINDINGS.—The Congress finds 
that— 
(1) unlawfully entering a property without the 
permission of the property owner and residing in 
that property for consecutive days without the per-
mission of the property owner and without the pay-
ment of rent or a rental contract agreed to by the 
property owner can be defined as ‘‘squatting’’ and 
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