Section 515 Rural Housing Property Transfer Improvement Act of 2007

Bill: 110-hr-3873
Sponsor: Rep. Hodes, Paul W. [D-NH-2]
Introduced: 2007-10-17 in the House
Policy area: Housing and Community Development
Subjects: Administrative procedure
Apartment houses
Bonds
Congressional reporting requirements
Department of Agriculture
Economics and Public Finance
Federally-guaranteed loans
Finance and Financial Sector
Government Operations and Politics
Government lending
Housing finance
Housing subsidies
Income tax
Law
Low-income housing
Moderate income housing
Mortgage guaranty insurance
Mortgages
Rental housing
Rural housing
Social Welfare
Tax credits
Taxation

Summary:
action_date: 2007-10-17
text: 
Section 515 Rural Housing Property Transfer Improvement Act of 2007 - Amends the Housing Act of 1949 to direct the Secretary of Agriculture to: (1) implement administrative and procedural changes to expedite the application approval process for transferring ownership of Section 515 rural multifamily housing projects for which a loan is either made or insured for a project's preservation, continued use restriction, and rehabilitation; and (2) actively facilitate such transfers.
 
Grants final regulatory authority over such property transfers to the Office of Rental Housing Preservation of the Rural Housing Service of the Department of Agriculture.
 
Sets forth deadlines for the processing of transfer applications.

action_date: 2007-12-04
text: 

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

Section 515 Rural Housing Property Transfer Improvement Act of 2007 - Amends the Housing Act of 1949 to direct the Secretary of Agriculture to: (1) implement administrative and procedural changes to expedite the application approval process for transferring ownership of Section 515 rural multifamily housing projects for which a loan is either made or insured for a project's preservation, continued use restriction, and rehabilitation; and (2) actively facilitate such transfers. (A Section 515 project is one involving housing and related facilities for elderly persons and families or other persons and families of low income.)

Grants final regulatory authority over such property transfers to the Office of Rental Housing Preservation of the Rural Housing Service of the Department of Agriculture.

Authorizes such Office, with respect to such transfers, to work with and seek recommendations from the State Rural Development offices of the Department of Agriculture.

Sets forth deadlines for the processing of transfer applications by such Office as well as by state and local offices.

Instructs the Secretary of Agriculture to report to certain congressional committees on: (1) actions taken to coordinate with other federal agencies, including the Department of Housing and Urban Development and the Internal Revenue Service, and, in particular, with the program for rental assistance under section 8 of the United States Housing Act of 1937, the multifamily mortgage insurance programs under title II of the National Housing Act, and the programs for low-income housing tax credits and for tax-exempt bonds under the Internal Revenue Code of 1986; (2) resulting improvements within the Rural Housing Service in expediting the transfer of ownership of projects with loans made or insured under section 515 of the Housing Act of 1949; and (3) recommended legislative changes.

action_date: 2008-01-23
text: 

(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)

Section 515 Rural Housing Property Transfer Improvement Act of 2007 - Amends the Housing Act of 1949 to direct the Secretary of Agriculture to: (1) implement administrative and procedural changes to expedite the application approval process for transferring ownership of Section 515 rural multifamily housing projects for which a loan is either made or insured for a project's preservation, continued use restriction, and rehabilitation; and (2) actively facilitate such transfers. (A Section 515 project is one involving housing and related facilities for elderly persons and families or other persons and families of low income.)

Grants final regulatory authority over such property transfers to the Office of Rental Housing Preservation of the Rural Housing Service of the Department of Agriculture.

Authorizes such Office, with respect to such transfers, to work with and seek recommendations from the State Rural Development offices of the Department of Agriculture.

Sets forth deadlines for the processing of transfer applications by such Office as well as by state and local offices.

Instructs the Secretary of Agriculture to report to certain congressional committees on: (1) actions taken to coordinate with other federal agencies, including the Department of Housing and Urban Development (HUD) and the Internal Revenue Service (IRS), and, in particular, with the program for rental assistance under section 8 of the United States Housing Act of 1937, the multifamily mortgage insurance programs under title II of the National Housing Act, and the programs for low-income housing tax credits and for tax-exempt bonds under the Internal Revenue Code; (2) resulting improvements within the Rural Housing Service in expediting the transfer of ownership of projects with loans made or insured under section 515 of the Housing Act of 1949; and (3) recommended legislative changes.


Legislative actions:
action_date: 2008-01-24
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2008-01-23
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2008-01-23
text: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H410)
action_date: 2008-01-23
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H410)
action_date: 2008-01-23
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 3873.
action_date: 2008-01-23
text: Considered under suspension of the rules. (consideration: CR H410-412)
action_date: 2008-01-23
text: Mr. Hodes moved to suspend the rules and pass the bill.
action_date: 2007-12-04
text: Placed on the Union Calendar, Calendar No. 288.
action_date: 2007-12-04
text: Reported by the Committee on Financial Services. H. Rept. 110-464.
action_date: 2007-12-04
text: Reported by the Committee on Financial Services. H. Rept. 110-464.
action_date: 2007-10-31
text: Ordered to be Reported by Voice Vote.
action_date: 2007-10-31
text: Committee Consideration and Mark-up Session Held.
action_date: 2007-10-17
text: Referred to the House Committee on Financial Services.
action_date: 2007-10-17
text: Introduced in House
action_date: 2007-10-17
text: Introduced in House