Rural Homeownership Continuity Act of 2024

Bill: 118-s-4971
Sponsor: full_name: Sen. Welch, Peter [D-VT]
Introduced: 2024-08-01
Policy area: Finance and Financial Sector
Latest action: action_date: 2024-08-01
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 4971 IN THE SENATE OF THE UNITED STATES August 1, 2024 Mr. Welch introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Housing Act of 1949 to permit the assumption of loans under the Doug Bereuter Section 502 Single Family Housing Loan Guarantee Program.

1. Short title This Act may be cited as the Rural Homeownership Continuity Act of 2024 . 2. Assumption of loans under the Doug Bereuter Section 502 Single Family Housing Loan Guarantee Program Section 502(h)(10) of the Housing Act of 1949 ( 42 U.S.C. 1472(h)(10) ) is amended to read as follows: (10) Assumption (A) In general The Secretary may provide for the assumption of a current guaranteed loan made under this subsection by any individual qualified to receive a guaranteed loan under this subsection upon the transfer to that individual of the property for which the guaranteed loan was made. (B) Release from liability If a borrower of a guaranteed loan under this subsection transfers the property for which the guaranteed loan was made to an individual who assumes the guaranteed loan under subparagraph (A), the transferor, and any co-borrower or guarantor of the transferor, shall be relieved of liability with respect to the guaranteed loan. (C) Assumption of obligations, rights, and interests The Secretary shall provide in each assumption under subparagraph (A) for the assumption of the obligations, rights, and interests under the terms of the guaranteed loan or such other terms as the Secretary determines appropriate. .