Fulfilling the Promise of the Housing Trust Fund Act

Bill: 116-hr-5599
Sponsor: full_name: Rep. Heck, Denny [D-WA-10]
Introduced: 2020-01-14
Policy area: Housing and Community Development
Subjects: Government corporations and government-sponsored enterprises

Government trust funds

Housing finance and home ownership

Housing supply and affordability

User charges and fees
Latest action: action_date: 2020-01-14
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-01-14
action_desc: Introduced in House
text: <p><b>Fulfilling the Promise of the Housing Trust Fund Act</b></p> <p>This bill specifies that amounts received from fee increases on mortgage-backed securities guaranteed by the Federal National Mortgage Association (Fannie Mae) or participation certificates guaranteed by the Federal Home Loan Mortgage Corporation (Freddie Mac) on or after October 1, 2021, must be deposited into the Housing Trust Fund, which is dedicated to producing and preserving affordable housing. Such amounts shall be available without further appropriation.<br /></p>

tv_txt: I 116th CONGRESS 2d Session H. R. 5599 IN THE HOUSE OF REPRESENTATIVES January 14, 2020 Mr. Heck (for himself, Mr. Clay , Mr. Blumenauer , and Mr. Perlmutter ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Housing and Community Development Act of 1992 to require the deposit of enterprise guarantee fees in the Housing Trust Fund, and for other purposes.

1. Short title This Act may be cited as the Fulfilling the Promise of the Housing Trust Fund Act . 2. Deposit of fees Section 1327 of the Housing and Community Development Act of 1992 ( 12 U.S.C. 4547 ) is amended— (1) in subsection (b)— (A) in paragraph (3)— (i) by striking Amounts received and inserting the following: With regard to a mortgage-backed security guaranteed by the Federal National Mortgage Association before October 1, 2021, or a participation certificate guaranteed by the Federal Home Loan Mortgage Corporation before October 1, 2021, ; and (ii) by striking The fees and inserting the following: (5) Treatment of fees The fees ; and (B) by inserting before paragraph (5), as designated by paragraph (1)(B), the following: (4) Deposit in Housing Trust Fund With regard to a mortgage-backed security guaranteed by the Federal National Mortgage Association on or after October 1, 2021, or a participation certificate guaranteed by the Federal Home Loan Mortgage Corporation on or after October 1, 2021, amounts received from fee increases imposed under this section shall be deposited directly into the Housing Trust Fund established under section 1338, and shall be available without further appropriation. ; and (2) by striking subsection (f).