summary
Introduced
02/21/2020
02/21/2020
In Committee
02/28/2020
02/28/2020
Crossed Over
03/03/2020
03/03/2020
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
Improving FHA Support for Small Dollar Mortgages Act of 2020 Improving FHA Support for Small Dollar Mortgages Act of 2020 This bill directs the Department of Housing and Urban Development (HUD) to report on barriers to making Federal Housing Administration (FHA) single-family mortgage insurance available for mortgages under $70,000. Specifically, HUD must report on policies, practices, and products used by the FHA and actions that will be taken to remove such barriers.
AI Summary
This bill, the Improving FHA Support for Small Dollar Mortgages Act of 2020, directs the Department of Housing and Urban Development (HUD) to report on barriers to making Federal Housing Administration (FHA) single-family mortgage insurance available for mortgages under $70,000. The bill requires HUD to examine FHA policies, practices, and products, and take actions to remove any barriers or impediments to providing mortgage insurance for these smaller-dollar loans, without adversely affecting the solvency of the Mutual Mortgage Insurance Fund. This is intended to address concerns that affordable homeownership opportunities are being hindered due to a lack of financing available for home purchases under $70,000.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (6)
Lacy Clay (D)*,
Cindy Axne (D),
Emanuel Cleaver (D),
Brian Fitzpatrick (R),
Steve Stivers (R),
Rashida Tlaib (D),
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 03/03/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/5931/all-info | 02/22/2020 |
| BillText | https://www.congress.gov/116/bills/hr5931/BILLS-116hr5931eh.pdf | 03/04/2020 |
| Bill | https://www.congress.gov/116/bills/hr5931/BILLS-116hr5931eh.pdf.pdf | 03/04/2020 |
| BillText | https://www.congress.gov/116/bills/hr5931/BILLS-116hr5931ih.pdf | 02/26/2020 |
| Bill | https://www.congress.gov/116/bills/hr5931/BILLS-116hr5931ih.pdf.pdf | 02/26/2020 |
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