3.0.0 6115 2023-01-12T17:52:18Z 2023-01-12T17:52:18Z House H HR 2006-09-20 109 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2006-11-13T21:52:52Z hsba00 Financial Services Committee House Standing Referred to 2006-09-20T14:02:10Z Mark-to-Market Extension Act of 2006 109 3511 S 2006-06-14 Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 109-1052. Related bill CRS Mark-to-Market Extension Act of 2006 109 5527 HR 2006-07-17 Placed on the Union Calendar, Calendar No. 327. Related bill House 2006-11-13 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2006-09-28 Senate Received in the Senate. IntroReferral 2006-09-27 19:06:21 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2006-09-27 19:06:20 On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 416 - 1 (Roll no. 493). (text: CR H7571) Floor H37300 2 House floor actions 493 https://clerk.house.gov/evs/2006/roll493.xml House 109 2006-09-27T23:06:20Z 2 2006-09-27 19:06:20 Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 416 - 1 (Roll no. 493).(text: CR H7571) Floor 8000 9 Library of Congress 493 https://clerk.house.gov/evs/2006/roll493.xml House 109 2006-09-27T23:06:20Z 2 2006-09-27 18:57:36 Considered as unfinished business. (consideration: CR H7592-7593) Floor H30000 2 House floor actions 2006-09-27 17:42:12 At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed. Floor H37220 2 House floor actions 2006-09-27 17:29:42 DEBATE - The House proceeded with forty minutes of debate on H.R. 6115. Floor H8D000 2 House floor actions 2006-09-27 17:29:41 Considered under suspension of the rules. (consideration: CR H7571-7573) Floor H30000 2 House floor actions 2006-09-27 17:29:29 Mr. Oxley moved to suspend the rules and pass the bill. Floor H30300 2 House floor actions 2006-09-20 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2006-09-20 Introduced in House IntroReferral Intro-H 9 Library of Congress 2006-09-20 Introduced in House IntroReferral 1000 9 Library of Congress P000555 Rep. Pryce, Deborah [R-OH-15] DEBORAH PRYCE R OH 15 N W000187 Rep. Waters, Maxine [D-CA-35] MAXINE WATERS D CA 35 2006-09-20 True G000549 Rep. Gerlach, Jim [R-PA-6] Jim Gerlach R PA 6 2006-09-20 True F000339 Rep. Frank, Barney [D-MA-4] BARNEY FRANK D MA 4 2006-09-20 True T000462 Rep. Tiberi, Patrick J. [R-OH-12] PATRICK TIBERI R OH J. 12 2006-09-20 True Housing and Community Development Apartment houses Disaster relief Economics and Public Finance Emergency Management Federally-guaranteed loans Finance and Financial Sector Housing authorities Housing subsidies Low-income housing Mortgage guaranty insurance Mortgages Nonprofit organizations Rent Rental housing Residential rehabilitation Social Welfare Housing and Community Development 00 2006-09-20 Introduced in House 2006-10-20T19:38:07Z Mark-to-Market Extension Act of 2006 - Amends the Multifamily Assisted Housing Reform and Affordability Act of 1997 to reauthorize to October 1, 2011: (1) the Mark-to-Market program; and (2) provisions of the FHA-insured Multifamily Housing Mortgage and Housing Assistance Restructuring program regarding projects and programs for which binding commitments have been entered into under such Act.

Permits the Secretary of Housing and Urban Development to waive rent level limits for up to 9% (currently 5%) of all units subject to restructured mortgages in any fiscal year, based on certain findings of special need.

Revises requirements for an approved mortgage restructuring and rental assistance sufficiency plan with respect to modification or forgiveness of all or part of a second mortgage held by the Secretary (debt relief) if the project concerned is acquired by a tenant organization or tenant-endorsed community-based nonprofit or public agency.

Sets forth requirements for alternative periods of eligibility for such nonprofit debt relief.

Declares disaster-damaged eligible projects eligible without regard to the relationship between rent level for the assisted units and comparable market rents.

Requires each mortgage restructuring and rental assistance sufficiency plan to determine adjusted rent levels, according to certain formulae, for units assisted with project-based assistance in eligible multifamily housing projects.

States that, with respect to a disaster-damaged eligible project, the owner contribution toward rehabilitation needs shall be determined in accordance with specified requirements.

]]> 81 2006-09-27 Passed House without amendment 2006-10-20T19:15:54Z (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Mark-to-Market Extension Act of 2006 - (Sec. 2) Amends the Multifamily Assisted Housing Reform and Affordability Act of 1997 to reauthorize to October 1, 2011: (1) the Mark-to-Market program; and (2) provisions of the FHA-insured Multifamily Housing Mortgage and Housing Assistance Restructuring program regarding projects and programs for which binding commitments have been entered into under such Act.

(Sec. 3) Permits the Secretary of Housing and Urban Development to waive rent level limits for up to 9% (currently 5%) of all units subject to restructured mortgages in any fiscal year, based on certain findings of special need.

(Sec. 4) Revises requirements for an approved mortgage restructuring and rental assistance sufficiency plan with respect to modification or forgiveness of all or part of a second mortgage held by the Secretary (debt relief) if the project concerned is acquired by a tenant organization or tenant-endorsed community-based nonprofit or public agency.

Sets forth requirements for alternative periods of eligibility for such nonprofit debt relief if the purchaser acquires the project subsequent to the date of recordation of the related affordability agreement, and two years after the date of enactment of this Act.

(Sec. 5) Declares disaster-damaged eligible projects eligible without regard to the relationship between rent level for the assisted units and comparable market rents.

(Sec. 6) Requires each mortgage restructuring and rental assistance sufficiency plan to determine for units assisted with project-based assistance in eligible multifamily housing projects, if rents cannot be determined, adjusted rent levels: (1) for disaster-damaged eligible projects equal to 100% of the fair market rents for the relevant market area; and (2) for other eligible multifamily housing projects equal to 90% of the fair market rents for the relevant market area.

States that, with respect to a disaster-damaged eligible project, the owner contribution toward rehabilitation needs shall be determined in accordance with specified requirements.

]]> Mark-to-Market Extension Act of 2006 Display Title Mark-to-Market Extension Act of 2006 Official Title as Introduced To extend the authority of the Secretary of Housing and Urban Development to restructure mortgages and rental assistance for certain assisted multifamily housing. Introduced in House IH Short Titles as Introduced Mark-to-Market Extension Act of 2006 Short Titles as Passed House Mark-to-Market Extension Act of 2006 H House Referred in Senate 2006-11-13T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr6115rfs/xml/BILLS-109hr6115rfs.xml Engrossed in House 2006-09-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr6115eh/xml/BILLS-109hr6115eh.xml Introduced in House 2006-09-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr6115ih/xml/BILLS-109hr6115ih.xml 2006-11-13 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.