3.0.0 4253 2022-02-03T05:53:15Z 2022-02-03T05:53:15Z House H HR 2012-03-22 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. PAULSEN:H.R. 4253.Congress has the power to enact this legislation pursuantto the following:Article 1 Section 8.[Page H1543]]]> hsba00 Financial Services Committee House Standing hsba04 Housing and Insurance Subcommittee Referred to 2012-04-26T14:57:47Z Referred to 2012-03-22T14:04:45Z 2012-04-26 hsba04 Housing and Insurance Subcommittee 1 House committee actions Referred to the Subcommittee on Insurance, Housing and Community Opportunity. Committee 2012-03-22 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2012-03-22 Introduced in House IntroReferral Intro-H 9 Library of Congress 2012-03-22 Introduced in House IntroReferral 1000 9 Library of Congress P000594 Rep. Paulsen, Erik [R-MN-3] Erik Paulsen R MN 3 N G000569 Rep. Grimm, Michael G. [R-NY-13] Michael Grimm R NY G. 13 2012-03-22 True Housing and Community Development Government lending and loan guarantees Housing finance and home ownership Low- and moderate-income housing Public housing Housing and Community Development 00 2012-03-22 Introduced in House 2012-05-11T21:39:43Z Preservation Enhancement and Savings Opportunity Act of 2012 - Amends the Low-Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRHA) to entitle the owner of a property subject to a plan of action or use agreement to distribute: (1) annually, all surplus cash generated by the property; and (2) upon request made to the Secretary of Housing and Urban Development (HUD), any funds accumulated in a residual receipts account. Entitles the owner to such distribution, however, only if the individual is in material compliance with the use agreement.

Declares that neither LIHPRHA, nor any plan of action or use agreement implementing it, shall restrict an owner from obtaining a new loan or refinancing a loan secured by a low-income housing project, or from distributing the proceeds of such a loan, except that the treatment of the loan for purposes of budget-based project rents shall be within the Secretary's discretion.

Grants an owner who received a direct capital loan under the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1997, upon 30 days written notice to the Secretary, including payment of the present value of the loan as determined under a discount rate equal to the Office of Management and Budget's (OMB) nominal Treasury rate of appropriate duration based upon the loan's maturity, the right to defease the loan or to obtain the release of the instrument securing it.

Amends the Multifamily Assisted Housing Reform and Affordability Act of 1997 with respect to the requirement that the Secretary, upon expiration of a project-based contract for low-income housing assistance under section 8 of the United States Housing Act of 1937 for a project subject to an approved plan of action under either LIHPRHA or the Emergency Low Income Housing Preservation Act of 1987, provide the owner with benefits comparable to those provided under the plan of action, including distributions, rent increase procedures, and duration of low-income affordability restrictions. Revises the requirement to require that the benefits provided to the owner be at least comparable to those provided under the plan of action. Authorizes the owner to request a rent increase.

]]> Preservation Enhancement and Savings Opportunity Act of 2012 Short Titles as Introduced Preservation Enhancement and Savings Opportunity Act of 2012 Display Title Preservation Enhancement and Savings Opportunity Act of 2012 Official Title as Introduced To amend the Low-Income Housing Preservation and Resident Homeownership Act of 1990. Introduced in House 2012-03-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr4253ih/xml/BILLS-112hr4253ih.xml 2012-04-26 Referred to the Subcommittee on Insurance, Housing and Community Opportunity. 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.