[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2491 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 2491

To amend section 213 of the National Housing Act to authorize trusts to 
      hold memberships in nonprofit cooperative ownership housing 
  corporations that own properties with mortgages insured under such 
                                section.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 13, 1999

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

_______________________________________________________________________

                                 A BILL


 
To amend section 213 of the National Housing Act to authorize trusts to 
      hold memberships in nonprofit cooperative ownership housing 
  corporations that own properties with mortgages insured under such 
                                section.

    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 ``Fairness in Trusts and Estates 
Planning Act''.

SEC. 2. COOPERATIVE HOUSING INSURANCE.

    Section 213(a) of the National Housing Act (12 U.S.C. 1715e(a)) is 
amended by adding at the end the following new sentence: ``Nothing in 
this section may be construed to prevent membership in a nonprofit 
cooperative housing corporation from being held in the name of a trust, 
the beneficiary of which shall occupy the dwelling unit in accordance 
with rules and regulations prescribed by the Secretary.''.
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