[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9990 Introduced in House (IH)]
<DOC>
118th CONGRESS
2d Session
H. R. 9990
To increase access to affordable housing, reduce regulatory barriers,
increase oversight, and assist the most vulnerable.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 15, 2024
Mr. Hill (for himself, Mr. Fitzgerald, Mr. Rose, Mr. Lawler, Mr. Nunn
of Iowa, and Mr. Meuser) introduced the following bill; which was
referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To increase access to affordable housing, reduce regulatory barriers,
increase oversight, and assist the most vulnerable.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Renewing
Opportunity in the American Dream to Housing Act'' or the ``ROAD to
Housing Act''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
TITLE I--IMPROVING FINANCIAL LITERACY
Sec. 101. Reforms to housing counseling and financial literacy
programs.
TITLE II--INCREASING ACCESS TO HOUSING
Sec. 201. Rental assistance demonstration program.
Sec. 202. Creating incentives for small dollar loan originators.
Sec. 203. Small dollar mortgage points and fees.
TITLE III--REGULATORY FLEXIBILITY
Sec. 301. Authorization of Moving to Work Program.
Sec. 302. Improving self-sufficiency of families in HUD-subsidized
housing.
Sec. 303. Updating the definition of manufactured home.
TITLE IV--SERVING THE MOST VULNERABLE
Sec. 401. Incentivizing local solutions to homelessness.
TITLE V--PROMOTING OPPORTUNITY
Sec. 501. Increasing housing in opportunity zones.
TITLE VI--GOOD GOVERNANCE
Sec. 601. Requiring annual testimony and oversight from housing
regulators.
Sec. 602. FHA reporting requirements on safety and soundness.
Sec. 603. United States Interagency Council on Homelessness.
Sec. 604. Neighborhood Reinvestment Corporation oversight.
TITLE I--IMPROVING FINANCIAL LITERACY
SEC. 101. REFORMS TO HOUSING COUNSELING AND FINANCIAL LITERACY
PROGRAMS.
(a) In General.--Section 106 of the Housing and Urban Development
Act of 1968 (12 U.S.C. 1701x) is amended--
(1) in subsection (a)(4)--
(A) in subparagraph (B), by striking ``subparagraph
(D)'' and inserting ``subparagraph (E)'';
(B) in subparagraph (C), by striking ``adequate
distribution'' and all that follows through
``foreclosure rates'' and inserting ``that the
recipients are geographically diverse and include
organizations that serve urban or rural areas'';
(C) by redesignating subparagraphs (D), (E), and
(F) as subparagraphs (E), (F), and (G), respectively;
and
(D) by inserting after subparagraph (C) the
following:
``(D) Priority consideration.--In distributing
assistance made available under this paragraph, the
Secretary shall give priority consideration to entities
serving areas with the highest home foreclosure
rates.''.
(2) in subsection (e), by adding at the end the following:
``(6) Considerations.--
``(A) Covered mortgage loan defined.--In this
paragraph, the term `covered mortgage loan' means any
loan which is secured by a first or subordinate lien on
residential real property (including individual units
of condominiums and cooperatives) designed principally
for the occupancy of from 1- to 4-families that is--
``(i) insured by the Federal Housing
Administration under title II of the National
Housing Act (12 U.S.C. 1707 et seq.); or
``(ii) guaranteed under section 184 or 184A
of the Housing and Community Development Act of
1992 (12 U.S.C. 1715z-13a, 1715z-13b).
``(B) Comparison.--For each counselor employed by
an organization receiving assistance under this
section, the Secretary shall consider the competence of
the counselor compared to the default rate of all
counseled borrowers of a covered mortgage loan in
comparable markets, and such other factors as the
Secretary determines appropriate to further the
purposes of this section.
``(7) Suspension of certification.--If, based on the
comparison required under paragraph (6)(B), the Secretary
determines that a counselor lacks competence to provide
counseling in the areas described in subsection (e)(2), the
Secretary may--
``(A) require retesting of the individual; or
``(B) suspend the certification under this
subsection for the individual.''; and
(3) in subsection (i)--
(A) by redesignating paragraph (3) as paragraph
(4); and
(B) by inserting after paragraph (2) the following:
``(3) Termination of assistance.--
``(A) In general.--The Secretary may deny future
covered assistance to an organization or entity
receiving covered assistance if the Secretary
determines that the organization or entity, or the
individual through which the organization or entity
provides such counseling, presents an unacceptable risk
to families accessing counseling services or the
programs under which covered mortgage loans (as defined
in subsection (e)(6)(A)), which determination shall
be--
``(i) based on the comparison required
under subsection (e)(6)(B); and
``(ii) made in accordance with regulations
issued by the Secretary.
``(B) Notice.--
``(i) In general.--The Secretary shall give
an organization or entity receiving covered
assistance at least 60 days prior written
notice of any termination under this paragraph,
and the termination shall take effect at the
end of the notice period, unless the Secretary
withdraws the termination notice or extends the
notice period.
``(ii) Informal conference.--If requested
in writing by the organization or entity within
30 days of the date of the notice described in
clause (i), the organization or entity shall be
entitled to an informal conference with the
official authorized to issue termination
notices on behalf of the Secretary (or a
designee of that official) at which the
organization or entity may present for
consideration specific factors that the
organization or entity believes were beyond the
control of the organization or entity and that
caused the excessive default rates.''.
(b) Offering Foreclosure Mitigation Counseling.--
(1) Covered mortgage loan defined.--In this subsection, the
term ``covered mortgage loan'' means any loan which is secured
by a first or subordinate lien on residential real property
(including individual units of condominiums and cooperatives)
designed principally for the occupancy of from 1- to 4-families
that is--
(A) insured by the Federal Housing Administration
under title II of the National Housing Act (12 U.S.C.
1707 et seq.);
(B) guaranteed under section 184 or 184A of the
Housing and Community Development Act of 1992 (12
U.S.C. 1715z-13a, 1715z-13b);
(C) made, guaranteed, or insured by the Department
of Veterans Affairs; or
(D) made, guaranteed, or insured by the Department
of Agriculture.
(2) Opportunity for borrowers.--A borrower with respect to
a covered mortgage loan who is 60 days or more delinquent on
payments for the covered mortgage loan shall be given an
opportunity to participate in housing counseling.
(3) Cost.--The cost of counseling for delinquent borrowers
described in paragraph (2) with respect to a covered mortgage
loan described in paragraph (1)(A) shall be paid for by the
Mutual Mortgage Insurance Fund, as authorized under section
203(r)(4) of the National Housing Act (12 U.S.C. 1709(r)(4)).
TITLE II--INCREASING ACCESS TO HOUSING
SEC. 201. RENTAL ASSISTANCE DEMONSTRATION PROGRAM.
The language under the heading ``Rental Assistance Demonstration''
in the Department of Housing and Urban Development Appropriations Act,
2012 (Public Law 112-55), is amended--
(1) by striking the second proviso; and
(2) by striking the fourth proviso.
SEC. 202. CREATING INCENTIVES FOR SMALL DOLLAR LOAN ORIGINATORS.
(a) Small Dollar Mortgage Defined.--In this section, the term
``small dollar mortgage'' means a mortgage loan having an original
principal obligation of not more than $70,000 that is--
(1) secured by real property designed for the occupancy of
1- to 4-families; and
(2)(A) insured by the Federal Housing Administration under
title II of the National Housing Act (12 U.S.C. 1707 et seq.);
(B) made, guaranteed, or insured by the Department of
Veterans Affairs;
(C) made, guaranteed, or insured by the Department of
Agriculture; or
(D) eligible to be purchased or securitized by the Federal
Home Loan Mortgage Corporation or the Federal National Mortgage
Association.
(b) Requirement To Update Regulations.--Not later than 270 days
after the date of enactment of this Act, the Director of the Bureau of
Consumer Financial Protection shall issue regulations to update part
1026 of title 12, Code of Federal Regulations (commonly referred to as
``Regulation Z'') to provide flexibilities for loan originator
compensation that encourage origination of small dollar mortgages.
SEC. 203. SMALL DOLLAR MORTGAGE POINTS AND FEES.
(a) Definition.--In this section, the term ``small dollar
mortgage'' means a mortgage with an original principal obligation of
less than $70,000.
(b) Amendments Required.--Not later than 270 days after the date of
enactment of this Act, the Director of the Bureau of Consumer Financial
Protection, in consultation with the Secretary of Housing and Urban
Development and the Director of the Federal Housing Finance Agency,
shall amend the limitations with respect to points and fees under
section 1026.43 of title 12, Code of Federal Regulations, or any
successor regulation, to encourage additional lending for small dollar
mortgages.
TITLE III--REGULATORY FLEXIBILITY
SEC. 301. AUTHORIZATION OF MOVING TO WORK PROGRAM.
(a) Program Reforms.--Section 204 of the Departments of Veterans
Affairs and Housing and Urban Development, and Independent Agencies
Appropriations Act, 1996 (42 U.S.C. 1437f note) is amended--
(1) in the section heading, by striking ``demonstration''
and inserting ``program'';
(2) by striking subsection (a) and inserting the following:
``(a) Purposes.--The purposes of the program under this section are
as follows:
``(1) Economic independence.--To develop measures to
promote economic independence for families with children whose
head of household is working, seeking work, or preparing for
work, and for persons who are able to work, to obtain
employment and become economically independent, by
participating in job training, educational programs, or other
supportive services and programs that assist in meeting such
goal.
``(2) Flexibility and cost-effectiveness.--To give public
housing agencies and the Secretary of Housing and Urban
Development the flexibility to design and implement various
approaches for providing and administering housing assistance
that reduce cost and achieve greater cost effectiveness in
Federal expenditures.
``(3) Housing choice.--To increase housing choices for low-
income families.'';
(3) in subsection (b)--
(A) by striking ``(b) Program Authority.--The
Secretary'' and inserting the following:
``(b) Program Authority.--
``(1) In general.--The Secretary'';
(B) in the first sentence, by striking ``conduct a
demonstration program'' and all that follows through
``Indian housing program and'' and inserting ``carry
out a program under this section under which public
housing agencies administering the public housing
program or'';
(C) by inserting after the first sentence the
following: ``There shall be no limitation on the number
of public housing agencies that may participate in the
program under this section.'';
(D) by striking ``The Secretary shall'' and all
that follows through ``demonstration.'' and inserting
the following:
``(2) Identification of replicable models.--The Secretary
shall provide training and technical assistance under the
program and conduct detailed evaluations of various agencies to
identify replicable program models promoting the purposes of
the program.'';
(E) by striking ``Under the demonstration'' and
inserting the following:
``(3) Combination of assistance.--Under the program under
this section''; and
(F) by striking ``operating assistance provided
under section 9 of the United States Housing Act of
1937, modernization assistance provided under section
14'' and inserting ``amounts provided to the agency
from the Operating Fund under section 9(e) of the
United States Housing Act of 1937, amounts provided to
the agency from the Capital Fund under section 9(d)'';
(4) in subsection (c)--
(A) in the matter preceding paragraph (1), by
striking ``demonstration'' and inserting ``program
under this section'';
(B) in paragraph (1), by striking ``9, and 14'' and
inserting ``9(d), and 9(e)'';
(C) in paragraph (3)--
(i) in subparagraph (A), by striking
``demonstration'';
(ii) in subparagraph (B)--
(I) by striking ``self-
sufficiency'' and inserting ``economic
independence''; and
(II) by striking ``purpose of this
demonstration'' and inserting ``purpose
of the program under subsection
(a)(1)'';
(iii) in subparagraph (D), by striking
``demonstration'' and inserting ``program under
this section;'';
(iv) in subparagraph (E), by striking
``demonstration program'' and inserting
``program under this section'';
(v) by redesignating subparagraphs (A),
(B), (C), (D), and (E) as subparagraphs (B),
(C), (D), (G), and (H), respectively;
(vi) by inserting before subparagraph (B),
as so redesignated, the following:
``(A) actions to be taken under the proposed
program to achieve the purposes of the program under
paragraphs (1), (2), and (3) of subsection (a);''; and
(vii) by inserting after subparagraph (D),
as so redesignated, the following:
``(E) hardship exceptions consistent with the
purposes under subsection (a) under which tenants may
be temporarily exempted from compliance with the
program operated by the agency in the event of
extenuating circumstances preventing such compliance
and a process that provides tenants with recourse to a
speedy determination regarding such an exception and
makes available the contents and results of such a
determination available to the public and the board of
directors or other governing body on request of the
tenant concerned and the director or other head
official of the agency;
``(F) providing assisted families and participants
in the program operated by the agency with an informal
administrative hearing or grievance process, prior to
any eviction or termination of assistance, which
process shall make the content and determination of the
hearing available to the public and the board of
directors or other governing body on request of the
tenant concerned and the director or other head
official of the agency;''; and
(D) in paragraph (4), by striking ``demonstration''
and inserting ``proposed program'';
(5) in subsection (d)--
(A) by striking ``(d) Selection.--In selecting
among applications, the Secretary shall take into
account the potential of each agency to plan and carry
out a program under the demonstration'' and inserting
the following:
``(d) Applications for Participation.--
``(1) Submission; standards for participation.--The