Affordable Housing Regulation Simplification Act of 2012

Bill: 112-hr-6394
Sponsor: Rep. Polis, Jared [D-CO-2]
Introduced: 2012-09-13 in the House
Policy area: Housing and Community Development
Subjects: Administrative law and regulatory procedures
Banking and financial institutions regulation
Department of Commerce
Department of Housing and Urban Development
Federally chartered organizations
Government corporations and government-sponsored enterprises
Housing finance and home ownership
Housing for the elderly and disabled
Housing supply and affordability
Low- and moderate-income housing
Securities
Travel and tourism

Summary:
action_date: 2012-09-13
text: 
Affordable Housing Regulation Simplification Act of 2012 - Amends the Federal National Mortgage Association Charter Act to authorize the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation Act to authorize the Federal Home Loan Mortgage Corporation (Freddie Mac), to purchase, service, sell, lend on the security of, and otherwise deal in affordable workforce housing mortgages for one-family residences: (1) that shall be used as the mortgagor's residence at least 8 of any 12 months and 240 days of any 365 days; (2) located within, or are part of, a multifamily housing development meeting certain requirements; and (3) located in a high tourism area.
 
Prescribes mortgagor income and employment criteria.
 
Exempts such mortgages from any requirements and guidelines of such government sponsored entities (also known as GSEs) that are inconsistent with such authority. 
 
Limits the application of this Act to such mortgages in a high tourism area.
 
Amends the National Housing Act to authorize the Secretary of Housing and Urban Development (HUD) to insure any affordable workforce housing mortgage meeting certain requirements.
 
Requires the Secretary of HUD to provide a spot approval process for insurance of condominium unit mortgages that does not require prior approval of the entire project or of the homeowners association for the entire project.
 
Directs the Secretary of Commerce to determine high tourism areas.


Legislative actions:
action_date: 2012-10-01
text: Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
action_date: 2012-10-01
text: Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
action_date: 2012-09-14
text: Referred to the Subcommittee on Commerce, Manufacturing, and Trade.
action_date: 2012-09-13
text: Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2012-09-13
text: Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2012-09-13
text: Introduced in House
action_date: 2012-09-13
text: Introduced in House