3.0.0 5506 2023-01-11T13:25:36Z 2023-01-11T13:25:36Z House H HR 2014-09-17 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. HUFFMAN:H.R. 5506.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 18: To make all Laws whichshall be necessary and proper for carrying into Execution theforegoing Powers, and all other Powers vested by thisConstitution in the Government of the United States, or inany Department or Office thereof.[Page H7675]]]> hsba00 Financial Services Committee House Standing Referred to 2014-09-17T14:02:20Z 2014-09-17 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2014-09-17 Introduced in House IntroReferral Intro-H 9 Library of Congress 2014-09-17 Introduced in House IntroReferral 1000 9 Library of Congress H001068 Rep. Huffman, Jared [D-CA-2] Jared Huffman D CA 2 N H001064 Rep. Heck, Denny [D-WA-10] Denny Heck D WA 10 2014-09-17 True Housing and Community Development Alternative and renewable resources Consumer credit Energy efficiency and conservation Housing finance and home ownership Inflation and prices Residential rehabilitation and home repair Housing and Community Development 00 2014-09-17 Introduced in House 2014-10-06T14:21:16Z Home Improvement Loan Modernization Act of 2014 - Amends the National Housing Act to specify the premium charge paid by a financial institution to insure any loan, advance of credit, or purchase of obligations representing loans and advances of credit it makes to finance certain home improvements for both existing single-family and multifamily structures.

Sets the initial premium at 2.75% of the original insured principal obligation, with annual premium payments not to exceed 1.5% of the remaining balance.

Limits any premium charges to the minimum amounts necessary to maintain a negative credit subsidy for the insurance program.

Increases the maximum obligation that may be insured for improvements to: (1) an existing single-family dwelling from $25,000 to $42,000; and (2) an existing multi-family structure from $60,000 to $101,888, with an average amount of $20,378 (currently $12,000) per family unit.

Directs the Secretary of Housing and Urban Development (HUD) to develop a method of indexing to increase these dollar amount limitations annually, based on the Consumer Price Index for all urban consumers (CPI-U) computed by the Bureau of Labor Statistics (BLS).

Allows an increase in these dollar amount limitations also by up to 150% if at least half of the amount will be used for energy conserving improvements or the installation of solar energy systems.

]]> Home Improvement Loan Modernization Act of 2014 Display Title Home Improvement Loan Modernization Act of 2014 Official Title as Introduced To amend title I of the National Housing Act to, for financing alterations, repairs, and improvements to, or conversion of, existing structures, modify premium charges and the dollar amount limitation on loans, including energy efficiency home improvements. Introduced in House IH Short Titles as Introduced Home Improvement Loan Modernization Act of 2014 Introduced in House 2014-09-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr5506ih/xml/BILLS-113hr5506ih.xml 2014-09-17 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.