[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1486 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 1486

 To amend the Housing Act of 1949 to decrease the number of loans made 
under section 502 of such Act and increase the regular payments made by 
                      borrowers under such loans.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 25, 1993

 Mr. Inglis of South Carolina introduced the following bill; which was 
    referred to the Committee on Banking, Finance and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To amend the Housing Act of 1949 to decrease the number of loans made 
under section 502 of such Act and increase the regular payments made by 
                      borrowers under such loans.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. LIMITATION ON LOAN AUTHORITY.

    Section 502 of the Housing Act of 1949 (42 U.S.C. 1472) is amended 
by adding at the end the following new subsection:
    ``(i) Limitation on Loan Authority.--The total number of loans made 
under this section in any single fiscal year may not exceed 12,500.''.

SEC. 2. MINIMUM PAYMENTS UNDER LOANS.

    Section 502(b)(2) of the Housing Act of 1949 (42 U.S.C. 1472(b)(2)) 
is amended by inserting after the comma the following: ``except that 
such plans and schedules shall require the borrower to make regular 
payments in an amount not less than the amount equal to 30 percent of 
the income of the borrower, and''.

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