3.0.0 4146 2023-01-11T13:26:52Z 2023-01-11T13:26:52Z House H HR 2014-03-04 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. PAULSEN:H.R. 4146.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the U.S. Constitution.[Page H2148]]]> hsba00 Financial Services Committee House Standing Referred to 2014-03-04T19:00:50Z 2014-03-04 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2014-03-04 Introduced in House IntroReferral Intro-H 9 Library of Congress 2014-03-04 Introduced in House IntroReferral 1000 9 Library of Congress P000594 Rep. Paulsen, Erik [R-MN-3] Erik Paulsen R MN 3 N Housing and Community Development Housing finance and home ownership Housing supply and affordability Low- and moderate-income housing Residential rehabilitation and home repair Housing and Community Development 00 2014-03-04 Introduced in House 2014-03-26T21:34:46Z Preservation Enhancement and Savings Opportunity Act of 2014 - Amends the Low-Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRHA) with respect to a plan of action the Secretary of Housing and Urban Development (HUD) may approve for extension of the low-income affordability restrictions on any eligible low-income housing.

Entitles the owner of a property subject to a plan of action or use agreement to distribute:

  • annually all surplus cash generated by the property; and
  • any funds accumulated in a residual receipts account, upon request made to the Secretary and notwithstanding any conflicting provision in the use agreement, but only if the individual is in material compliance with the use agreement.

Requires an owner distributing any such amounts to:

  • continue to operate the property in accordance with the affordability requirements of its use agreement for its remaining useful life;
  • continue to renew or extend any project-based rental assistance contract for at least 20 years, as required by the property's plan of action; and
  • have the option to extend the contract to a 20-year term, if he or she has an existing multi-year project-based rental assistance contract for less than 20 years.

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 an existing loan secured by a low-income housing project, or from distributing the proceeds of such a loan, except that, in conjunction with such refinancing:

  • the owner shall provide for adequate rehabilitation pursuant to a capital needs assessment to ensure long-term sustainability of the property satisfactory to the lender or bond issuance agency;
  • any resulting budget-based rent increase shall include debt service on the new financing, commercially reasonable debt service coverage, and replacement reserves as required by the lender; and
  • rent increases for units not covered by a project-based rental subsidy contract or tenant-based rental subsidy shall be limited to 10%.
]]> Preservation Enhancement and Savings Opportunity Act of 2014 Display Title Preservation Enhancement and Savings Opportunity Act of 2014 Official Title as Introduced To amend the Low-Income Housing Preservation and Resident Homeownership Act of 1990. Introduced in House IH Short Titles as Introduced Preservation Enhancement and Savings Opportunity Act of 2014 Introduced in House 2014-03-04T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr4146ih/xml/BILLS-113hr4146ih.xml 2014-03-04 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.