3.0.0 131 2023-01-11T20:06:41Z 2023-01-11T20:06:41Z Senate S S 2007-01-04 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2007-01-04T22:05:23Z Mark-to-Market Extension Act of 2007 110 647 HR 2007-10-23 Committee Hearings Held. Identical bill CRS 2007-01-04 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2007-01-04 Sponsor introductory remarks on measure. (CR S127) IntroReferral B00100 9 Library of Congress 2007-01-04 Introduced in Senate IntroReferral 10000 9 Library of Congress A000109 Sen. Allard, Wayne [R-CO] A. ALLARD R CO WAYNE N R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. 2007-01-04 True Housing and Community Development Affordable housing Apartment houses Disaster relief Emergency Management Finance and Financial Sector Housing management Housing subsidies Mortgages Nonprofit organizations Rent Social Welfare Housing and Community Development 00 2007-01-04 Introduced in Senate 2007-01-26T21:47:08Z Mark-to-Market Extension Act of 2007 - Amends the Multifamily Assisted Housing Reform and Affordability Act of 1997 to reauthorize through FY2011: (1) the Federal Housing Administration (FHA)-insured MultifamilyHousing Mortgage and Housing Assistance Restructuring (Mark-to-Market) program; and (2) the Office of Multifamily Housing Assistance Restructuring.

Permits the Secretary of Housing and Urban Development to waive rent level limits for: (1) disaster-damaged eligible projects; and (2) up to 9% (currently 5%) of all units subject to restructured mortgages in any fiscal year, based on certain findings of special need.

Redefines multifamily housing project eligible for the Mark-to-Market program to authorize eligibility treatment, upon owner request, for certain projects whose rents do not, on an average per unit or per room basis, exceed the rent of comparable properties in the same market area, if the Secretary determines that such treatment is necessary to preserve a project in the most cost-effective manner in relation to other alternative preservation options.

Requires each mortgage restructuring and rental assistance sufficiency plan to determine, for units assisted with project-based assistance in eligible multifamily housing projects, adjusted rent levels for disaster-damaged eligible projects equal to 100% of the fair market rents for the relevant market area.

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.

]]> Mark-to-Market Extension Act of 2007 Official Title as Introduced A bill to extend for 5 years the Mark-to-Market program of the Department of Housing and Urban Development. Introduced in Senate IS Display Title Mark-to-Market Extension Act of 2007 Short Titles as Introduced Mark-to-Market Extension Act of 2007 Introduced in Senate 2007-01-04T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s131is/xml/BILLS-110s131is.xml 2007-01-04 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.