[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 28 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                 H. R. 28

 To amend the Housing Act of 1949 to extend the loan guarantee program 
             for multifamily rental housing in rural areas.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 7, 1997

 Mr. Bereuter introduced the following bill; which was referred to the 
              Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Housing Act of 1949 to extend the loan guarantee program 
             for multifamily rental housing in rural areas.

    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 ``Rural Multifamily Rental Housing 
Loan Guarantee Extension Act of 1997''.

SEC. 2. LOAN GUARANTEES FOR MULTIFAMILY RENTAL HOUSING IN RURAL AREAS.

    Section 538 of the Housing Act of 1949 (42 U.S.C. 1490p-2) is 
amended--
            (1) in subsection (q), by striking paragraph (2) and 
        inserting the following new paragraph:
            ``(2) Annual limitation on amount of loan guarantee.--In 
        each fiscal year, the Secretary may enter into commitments to 
        guarantee loans under this section only to the extent that the 
        costs of the guarantees entered into in such fiscal year do not 
        exceed such amount as may be provided in appropriation Acts for 
        such fiscal year.'';
            (2) by striking subsection (t) and inserting the following 
        new subsection:
    ``(t) Authorization of Appropriations.--There are authorized to be 
appropriated for each fiscal year for costs (as such term is defined in 
section 502 of the Congressional Budget Act of 1974) of loan guarantees 
made under this section such sums as may be necessary for such fiscal 
year.''; and
            (3) by striking subsection (u).
                                 <all>