3.0.0 5409 2023-01-11T13:20:07Z 2023-01-11T13:20:07Z House H HR 2010-05-26 111 hsba00 Financial Services Committee House Standing Referred to 2010-05-26T14:02:44Z 2010-05-26 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2010-05-26 Introduced in House IntroReferral Intro-H 9 Library of Congress 2010-05-26 Introduced in House IntroReferral 1000 9 Library of Congress M001154 Rep. Miller, Brad [D-NC-13] Brad Miller D NC 13 N B001234 Rep. Baca, Joe [D-CA-43] JOE BACA D CA 43 2010-05-26 True M000087 Rep. Maloney, Carolyn B. [D-NY-14] CAROLYN MALONEY D NY B. 14 2010-05-26 True K000369 Rep. Kissell, Larry [D-NC-8] Larry Kissell D NC 8 2010-06-10 False M000485 Rep. McIntyre, Mike [D-NC-7] MIKE MCINTYRE D NC 7 2010-06-15 False B000490 Rep. Bishop, Sanford D., Jr. [D-GA-2] SANFORD BISHOP D GA D. 2 2010-06-15 False P000596 Resident Commissioner Pierluisi, Pedro R. [D-PR-At Large] Pedro Pierluisi D PR R. 0 2010-06-17 False P000600 Rep. Perriello, Thomas S.P. [D-VA-5] Thomas Perriello D VA S.P. 5 2010-06-17 False M001168 Rep. Murphy, Patrick J. [D-PA-8] Patrick Murphy D PA J. 8 2010-07-01 False C001078 Rep. Connolly, Gerald E. [D-VA-11] Gerald Connolly D VA E. 11 2010-07-01 False N000183 Rep. Nye, Glenn C. [D-VA-2] Glenn Nye D VA C. 2 2010-07-30 False J000032 Rep. Jackson Lee, Sheila [D-TX-18] SHEILA JACKSON LEE D TX 18 2010-12-08 False Housing and Community Development Building construction Fraud offenses and financial crimes Government lending and loan guarantees Housing finance and home ownership Real estate business Housing and Community Development 00 2010-05-26 Introduced in House 2010-06-18T21:09:00Z Residential Construction Lending Act - Establishes within the Department of the Treasury a three-year Residential Construction Loan Guarantee Program to guarantee loans made to eligible home building companies for viable building projects.

Directs the Secretary of the Treasury to: (1) approve any insured depository institution submitting a full and complete application for participation in the Program; (2) guarantee the loans on a first-come-first-served basis; and (3) review yearly all loans made by each insured depository institution that are guaranteed under the Program.

Authorizes the Secretary to suspend or terminate any insured depository institution's future participation in the Program if that institution has engaged in fraud or abuse with respect to it, or has consistently made loans guaranteed under the Program that are not repaid by the borrower in accordance with the loan terms.

Sets forth loan eligibility criteria that include restricting loans to the acquisition, development, and construction of residential developments that have locally approved development plans and that create immediate job opportunities.

Permits multiple loan guarantees, with a federal guarantee at 80% of each loan.

Requires one-third of guarantees to be made in areas with the greatest unmet need for residential construction financing.

]]> Residential Construction Lending Act Display Title Residential Construction Lending Act Official Title as Introduced To establish the Residential Construction Loan Guarantee Program to guarantee loans made to eligible home building companies for viable building projects. Introduced in House IH Short Titles as Introduced Residential Construction Lending Act Introduced in House 2010-05-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr5409ih/xml/BILLS-111hr5409ih.xml 2010-05-26 Referred to the House Committee on Financial Services. 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.