Mark-to-Market Extension Act of 2006

Bill: 109-hr-6115
Sponsor: Rep. Pryce, Deborah [R-OH-15]
Introduced: 2006-09-20 in the House
Policy area: Housing and Community Development
Subjects: Apartment houses
Disaster relief
Economics and Public Finance
Emergency Management
Federally-guaranteed loans
Finance and Financial Sector
Housing authorities
Housing subsidies
Low-income housing
Mortgage guaranty insurance
Mortgages
Nonprofit organizations
Rent
Rental housing
Residential rehabilitation
Social Welfare

Summary:
action_date: 2006-09-20
text: 
Mark-to-Market Extension Act of 2006 - Amends the Multifamily Assisted Housing Reform and Affordability Act of 1997 to reauthorize to October 1, 2011: (1) the Mark-to-Market program; and (2) provisions of the FHA-insured Multifamily Housing Mortgage and Housing Assistance Restructuring program regarding projects and programs for which binding commitments have been entered into under such Act.
 
 Permits the Secretary of Housing and Urban Development to waive rent level limits for up to 9% (currently 5%) of all units subject to restructured mortgages in any fiscal year, based on certain findings of special need.
 
Revises requirements for an approved mortgage restructuring and rental assistance sufficiency plan with respect to modification or forgiveness of all or part of a second mortgage held by the Secretary (debt relief) if the project concerned is acquired by a tenant organization or tenant-endorsed community-based nonprofit or public agency.
 
Sets forth requirements for alternative periods of eligibility for such nonprofit debt relief. 
 
 Declares disaster-damaged eligible projects eligible without regard to the relationship between rent level for the assisted units and comparable market rents.
 
Requires each mortgage restructuring and rental assistance sufficiency plan to determine adjusted rent levels, according to certain formulae, for units assisted with project-based assistance in eligible multifamily housing projects.
 
States that, with respect to a disaster-damaged eligible project, the owner contribution toward rehabilitation needs shall be determined in accordance with specified requirements.

action_date: 2006-09-27
text: 

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

 
Mark-to-Market Extension Act of 2006 - (Sec. 2) Amends the Multifamily Assisted Housing Reform and Affordability Act of 1997 to reauthorize to October 1, 2011: (1) the Mark-to-Market program; and (2) provisions of the FHA-insured Multifamily Housing Mortgage and Housing Assistance Restructuring program regarding projects and programs for which binding commitments have been entered into under such Act.
 
(Sec. 3) Permits the Secretary of Housing and Urban Development to waive rent level limits for up to 9% (currently 5%) of all units subject to restructured mortgages in any fiscal year, based on certain findings of special need.
 
(Sec. 4) Revises requirements for an approved mortgage restructuring and rental assistance sufficiency plan with respect to modification or forgiveness of all or part of a second mortgage held by the Secretary (debt relief) if the project concerned is acquired by a tenant organization or tenant-endorsed community-based nonprofit or public agency.
 
Sets forth requirements for alternative periods of eligibility for such nonprofit debt relief if the purchaser acquires the project subsequent to the date of recordation of the related affordability agreement, and two years after the date of enactment of this Act.
 
(Sec. 5) Declares disaster-damaged eligible projects eligible without regard to the relationship between rent level for the assisted units and comparable market rents.
 
(Sec. 6) Requires each mortgage restructuring and rental assistance sufficiency plan to determine for units assisted with project-based assistance in eligible multifamily housing projects, if rents cannot be determined, adjusted rent levels: (1) for disaster-damaged eligible projects equal to 100% of the fair market rents for the relevant market area; and (2) for other eligible multifamily housing projects equal to 90% of the fair market rents for the relevant market area.
 
States that, with respect to a disaster-damaged eligible project, the owner contribution toward rehabilitation needs shall be determined in accordance with specified requirements.


Legislative actions:
action_date: 2006-11-13
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2006-09-28
text: Received in the Senate.
action_date: 2006-09-27
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2006-09-27
text: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 416 - 1 (Roll no. 493). (text: CR H7571)
action_date: 2006-09-27
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 416 - 1 (Roll no. 493).(text: CR H7571)
action_date: 2006-09-27
text: Considered as unfinished business. (consideration: CR H7592-7593)
action_date: 2006-09-27
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2006-09-27
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 6115.
action_date: 2006-09-27
text: Considered under suspension of the rules. (consideration: CR H7571-7573)
action_date: 2006-09-27
text: Mr. Oxley moved to suspend the rules and pass the bill.
action_date: 2006-09-20
text: Referred to the House Committee on Financial Services.
action_date: 2006-09-20
text: Introduced in House
action_date: 2006-09-20
text: Introduced in House