Bill > A06948

This bill authorizes the establishment of the Home Equity Protection Insurance Program, which directs the agency to issue a commitment to insure and insure the full value of certain owner-occupied residences (one-to-four family homes, condominiums, and cooperatives) for individuals who meet certain income qualifications. The program will pay the policy holder the difference between the insured amount and the sale price if the sale price is less than the insured amount, provided the policy holder has lived in the property for at least three years and the loss did not occur predominantly from the policy holder's neglect of the property's physical condition. The agency is required to create a Home Equity Protection Insurance Fund to administer the program, which will be funded by premiums and can be invested in certain secure financial instruments.