[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1934 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 1934

To amend section 255 of the National Housing Act to extend the mortgage 
  insurance program for home equity conversion mortgages for elderly 
                  homeowners, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 27, 1995

Mr. Lazio of New York introduced the following bill; which was referred 
           to the Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend section 255 of the National Housing Act to extend the mortgage 
  insurance program for home equity conversion mortgages for elderly 
                  homeowners, and for other purposes.
    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Home Equity Conversion Mortgage 
Program Extension Act of 1995''.

SEC. 2. EXTENSION OF PROGRAM.

    (a) Duration.--The first sentence of section 255(g) of the National 
Housing Act (12 U.S.C. 1715z-20(g)) is amended by striking ``September 
30, 1995'' and inserting ``September 30, 2000''.
    (b) Number of Mortgages.--The second sentence of section 255(g) of 
the National Housing Act (12 U.S.C. 1715z-20(g)) is amended by striking 
``25,000'' and inserting ``50,000''.

SEC. 3. ELIGIBLE RESIDENCES.

    Section 255(d)(3) of the National Housing Act (12 U.S.C. 1715z-
20(d)(3)) is amended to read as follows:
            ``(3) be secured by a dwelling that is designed principally 
        for a 1- to 4-family residence in which the mortgagor occupies 
        1 of the units;''.
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