[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5640 Enrolled Bill (ENR)]

        H.R.5640

                       One Hundred Sixth Congress

                                 of the

                        United States of America


                          AT THE SECOND SESSION

           Begun and held at the City of Washington on Monday,
             the twenty-fourth day of January, two thousand


                                 An Act


 
  To expand homeownership in the United States, 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 AND TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``American 
Homeownership and Economic Opportunity Act of 2000''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title and table of contents.

          TITLE I--REMOVAL OF BARRIERS TO HOUSING AFFORDABILITY

Sec. 101. Short title.
Sec. 102. Grants for regulatory barrier removal strategies.
Sec. 103. Regulatory barriers clearinghouse.

              TITLE II--HOMEOWNERSHIP FOR WORKING FAMILIES

Sec. 201. Home equity conversion mortgages.
Sec. 202. Assistance for self-help housing providers.

                TITLE III--SECTION 8 HOMEOWNERSHIP OPTION

Sec. 301. Downpayment assistance.
Sec. 302. Pilot program for homeownership assistance for disabled 
          families.
Sec. 303. Funding for pilot programs.

    TITLE IV--PRIVATE MORTGAGE INSURANCE CANCELLATION AND TERMINATION

Sec. 401. Short title.
Sec. 402. Changes in amortization schedule.
Sec. 403. Deletion of ambiguous references to residential mortgages.
Sec. 404. Cancellation rights after cancellation date.
Sec. 405. Clarification of cancellation and termination issues and 
          lender paid mortgage insurance disclosure requirements.
Sec. 406. Definitions.

                 TITLE V--NATIVE AMERICAN HOMEOWNERSHIP

                   Subtitle A--Native American Housing

Sec. 501. Lands title report commission.
Sec. 502. Loan guarantees.
Sec. 503. Native American housing assistance.

                   Subtitle B--Native Hawaiian Housing

Sec. 511. Short title.
Sec. 512. Findings.
Sec. 513. Housing assistance.
Sec. 514. Loan guarantees.

               TITLE VI--MANUFACTURED HOUSING IMPROVEMENT

Sec. 601. Short title; references.
Sec. 602. Findings and purposes.
Sec. 603. Definitions.
Sec. 604. Federal manufactured home construction and safety standards.
Sec. 605. Abolishment of National Manufactured Home Advisory Council; 
          manufactured home installation.
Sec. 606. Public information.
Sec. 607. Research, testing, development, and training.
Sec. 608. Prohibited acts.
Sec. 609. Fees.
Sec. 610. Dispute resolution.
Sec. 611. Elimination of annual reporting requirement.
Sec. 612. Effective date.
Sec. 613. Savings provisions.

                 TITLE VII--RURAL HOUSING HOMEOWNERSHIP

Sec. 701. Guarantees for refinancing of rural housing loans.
Sec. 702. Promissory note requirement under housing repair loan program.
Sec. 703. Limited partnership eligibility for farm labor housing loans.
Sec. 704. Project accounting records and practices.
Sec. 705. Definition of rural area.
Sec. 706. Operating assistance for migrant farmworkers projects.
Sec. 707. Multifamily rental housing loan guarantee program.
Sec. 708. Enforcement provisions.
Sec. 709. Amendments to title 18 of United States Code.

          TITLE VIII--HOUSING FOR ELDERLY AND DISABLED FAMILIES

Sec. 801. Short title.
Sec. 802. Regulations.
Sec. 803. Effective date.

   Subtitle A--Refinancing for Section 202 Supportive Housing for the 
                                 Elderly

Sec. 811. Prepayment and refinancing.

 Subtitle B--Authorization of Appropriations for Supportive Housing for 
                the Elderly and Persons With Disabilities

Sec. 821. Supportive housing for elderly persons.
Sec. 822. Supportive housing for persons with disabilities.
Sec. 823. Service coordinators and congregate services for elderly and 
          disabled housing.

Subtitle C--Expanding Housing Opportunities for the Elderly and Persons 
                            With Disabilities

                     Part 1--Housing for the Elderly

Sec. 831. Eligibility of for-profit limited partnerships.
Sec. 832. Mixed funding sources.
Sec. 833. Authority to acquire structures.
Sec. 834. Use of project reserves.
Sec. 835. Commercial activities.

              Part 2--Housing for Persons With Disabilities

Sec. 841. Eligibility of for-profit limited partnerships.
Sec. 842. Mixed funding sources.
Sec. 843. Tenant-based assistance.
Sec. 844. Use of project reserves.
Sec. 845. Commercial activities.

                        Part 3--Other Provisions

Sec. 851. Service coordinators.

          Subtitle D--Preservation of Affordable Housing Stock

Sec. 861. Section 236 assistance.

               TITLE IX--OTHER RELATED HOUSING PROVISIONS

Sec. 901. Extension of loan term for manufactured home lots.
Sec. 902. Use of section 8 vouchers for opt-outs.
Sec. 903. Maximum payment standard for enhanced vouchers.
Sec. 904. Use of section 8 assistance by ``grand-families'' to rent 
          dwelling units in assisted projects.

                TITLE X--FEDERAL RESERVE BOARD PROVISIONS

Sec.1001.Federal Reserve Board buildings.
Sec.1002.Positions of Board of Governors of the Federal Reserve System 
          on the 
          Executive schedule.
Sec.1003.Amendments to the Federal Reserve Act.

              TITLE XI--BANKING AND HOUSING AGENCY REPORTS

Sec.1101.Short title.
Sec.1102.Preservation of certain reporting requirements.
Sec.1103.Coordination of reporting requirements.
Sec.1104.Elimination of certain reporting requirements.

                 TITLE XII--FINANCIAL REGULATORY RELIEF

Sec.1200.Short title.

    Subtitle A--Improving Monetary Policy and Financial Institution 
                          Management Practices

Sec.1201.Repeal of savings association liquidity provision.
Sec.1202.Noncontrolling investments by savings association holding 
          companies.
Sec.1203.Repeal of deposit broker notification and recordkeeping 
          requirement.
Sec.1204.Expedited procedures for certain reorganizations.
Sec.1205.National bank directors.
Sec.1206.Amendment to National Bank Consolidation and Merger Act.
Sec.1207.Loans on or purchases by institutions of their own stock; 
          affiliations.
Sec.1208.Purchased mortgage servicing rights.

           Subtitle B--Streamlining Activities of Institutions

Sec.1211.Call report simplification.

                 Subtitle C--Streamlining Agency Actions

Sec.1221.Elimination of duplicative disclosure of fair market value of 
          assets and 
          liabilities.
Sec.1222.Payment of interest in receiverships with surplus funds.
Sec.1223.Repeal of reporting requirement on differences in accounting 
          standards.
Sec.1224.Extension of time.

                    Subtitle D--Technical Corrections

Sec.1231.Technical correction relating to deposit insurance funds.
Sec.1232.Rules for continuation of deposit insurance for member banks 
          converting charters.
Sec.1233.Amendments to the Revised Statutes of the United States.
Sec.1234.Conforming change to the International Banking Act of 1978.

         TITLE I--REMOVAL OF BARRIERS TO HOUSING AFFORDABILITY

SEC. 101. SHORT TITLE.

    This title may be cited as the ``Housing Affordability Barrier 
Removal Act of 2000''.

SEC. 102. GRANTS FOR REGULATORY BARRIER REMOVAL STRATEGIES.

    (a) Authorization of Appropriations.--Subsection (a) of section 
1204 of the Housing and Community Development Act of 1992 (42 U.S.C. 
12705c(a)) is amended to read as follows:
    ``(a) Funding.--There is authorized to be appropriated for grants 
under subsections (b) and (c) such sums as may be necessary for each of 
fiscal years 2001, 2002, 2003, 2004, and 2005.''.
    (b) Consolidation of State and Local Grants.--Subsection (b) of 
section 1204 of the Housing and Community Development Act of 1992 (42 
U.S.C. 12705c(b)) is amended--
        (1) in the subsection heading, by striking ``State Grants'' and 
    inserting ``Grant Authority'';
        (2) in the matter preceding paragraph (1), by inserting after 
    ``States'' the following: ``and units of general local government 
    (including consortia of such governments)'';
        (3) in paragraph (3), by striking ``a State program to reduce 
    State and local'' and inserting ``State, local, or regional 
    programs to reduce'';
        (4) in paragraph (4), by inserting ``or local'' after 
    ``State''; and
        (5) in paragraph (5), by striking ``State''.
    (c) Repeal of Local Grants Provision.--Section 1204 of the Housing 
and Community Development Act of 1992 (42 U.S.C. 12705c) is amended by 
striking subsection (c).
    (d) Application and Selection.--The last sentence of section 
1204(e) of the Housing and Community Development Act of 1992 (42 U.S.C. 
12705c(e)) is amended--
        (1) by striking ``and for the selection of units of general 
    local government to receive grants under subsection (f)(2)''; and
        (2) by inserting before the period at the end the following: 
    ``and such criteria shall require that grant amounts be used in a 
    manner consistent with the strategy contained in the comprehensive 
    housing affordability strategy for the jurisdiction pursuant to 
    section 105(b)(4) of the Cranston-Gonzalez National Affordable 
    Housing Act''.
    (e) Selection of Grantees.--Subsection (f) of section 1204 of the 
Housing and Community Development Act of 1992 (42 U.S.C. 12705c(f)) is 
amended to read as follows:
    ``(f) Selection of Grantees.--To the extent amounts are made 
available to carry out this section, the Secretary shall provide grants 
on a competitive basis to eligible grantees based on the proposed uses 
of such amounts, as provided in applications under subsection (e).''.
    (f) Technical Amendments.--Section 107(a)(1) of the Housing and 
Community Development Act of 1974 (42 U.S.C. 5307(a)(1)) is amended--
        (1) in subparagraph (G), by inserting ``and'' after the 
    semicolon at the end;
        (2) by striking subparagraph (H); and
        (3) by redesignating subparagraph (I) as subparagraph (H).

SEC. 103. REGULATORY BARRIERS CLEARINGHOUSE.

    Section 1205 of the Housing and Community Development Act of 1992 
(42 U.S.C. 12705d) is amended--
        (1) in subsection (a)--
            (A) in the matter preceding paragraph (1), by striking 
        ``receive, collect, process, and assemble'' and inserting 
        ``serve as a national repository to receive, collect, process, 
        assemble, and disseminate'';
            (B) in paragraph (1)--
                (i) by striking ``, including'' and inserting 
            ``(including''; and
                (ii) by inserting before the semicolon at the end the 
            following: ``), and the prevalence and effects on 
            affordable housing of such laws, regulations, and 
            policies'';
            (C) in paragraph (2), by inserting before the semicolon the 
        following: ``, including particularly innovative or successful 
        activities, strategies, and plans''; and
            (D) in paragraph (3), by inserting before the period at the 
        end the following: ``, including particularly innovative or 
        successful strategies, activities, and plans'';
        (2) in subsection (b)--
            (A) in paragraph (1), by striking ``and'' at the end;
            (B) in paragraph (2), by striking the period at the end and 
        inserting ``; and''; and
            (C) by adding at the end the following new paragraph:
        ``(3) by making available through a World Wide Web site of the 
    Department, by electronic mail, or otherwise, provide to each 
    housing agency of a unit of general local government that serves an 
    area having a population greater than 100,000, an index of all 
    State and local strategies and plans submitted under subsection (a) 
    to the clearinghouse, which--
            ``(A) shall describe the types of barriers to affordable 
        housing that the strategy or plan was designed to ameliorate or 
        remove; and
            ``(B) shall, not later than 30 days after submission to the 
        clearinghouse of any new strategy or plan, be updated to 
        include the new strategy or plan submitted.''; and
        (3) by adding at the end the following new subsections:
    ``(c) Organization.--The clearinghouse under this section shall be 
established within the Office of Policy Development of the Department 
of Housing and Urban Development and shall be under the direction of 
the Assistant Secretary for Policy Development and Research.
    ``(d) Timing.--The clearinghouse under this section (as amended by 
section 103 of the Housing Affordability Barrier Removal Act of 2000) 
shall be established and commence carrying out the functions of the 
clearinghouse under this section not later than 1 year after the date 
of the enactment of such Act. The Secretary of Housing and Urban 
Development may comply with the requirements under this section by 
reestablishing the clearinghouse that was originally established to 
comply with this section and updating and improving such clearinghouse 
to the extent necessary to comply with the requirements of this section 
as in effect pursuant to the enactment of such Act.''.

              TITLE II--HOMEOWNERSHIP FOR WORKING FAMILIES

SEC. 201. HOME EQUITY CONVERSION MORTGAGES.

    (a) Insurance for Mortgages to Refinance Existing HECMs.--
        (1) In general.--Section 255 of the National Housing Act (12 
    U.S.C. 1715z-20) is amended--
            (A) by redesignating subsection (k) as subsection (m); and
            (B) by inserting after subsection (j) the following new 
        subsection:
    ``(k) Insurance Authority for Refinancings.--
        ``(1) In general.--The Secretary may, upon application by a 
    mortgagee, insure under this subsection any mortgage given to 
    refinance an existing home equity conversion mortgage insured under 
    this section.
        ``(2) Anti-churning disclosure.--The Secretary shall, by 
    regulation, require that the mortgagee of a mortgage insured under 
    this subsection, provide to the mortgagor, within an appropriate 
    time period and in a manner established in such regulations, a good 
    faith estimate of: (A) the total cost of the refinancing; and (B) 
    the increase in the mortgagor's principal limit as measured by the 
    estimated initial principal limit on the mortgage to be insured 
    under this subsection less the current principal limit on the home 
    equity conversion mortgage that is being refinanced and insured 
    under this subsection.
        ``(3) Waiver of counseling requirement.--The mortgagor under a 
    mortgage insured under this subsection may waive the applicability, 
    with respect to such mortgage, of the requirements under subsection 
    (d)(2)(B) (relating to third party counseling), but only if--
            ``(A) the mortgagor has received the disclosure required 
        under paragraph (2);
            ``(B) the increase in the principal limit described in 
        paragraph (2) exceeds the amount of the total cost of 
        refinancing (as described in such paragraph) by an amount to be 
        determined by the Secretary; and
            ``(C) the time between the closing of the original home 
        equity conversion mortgage that is refinanced through the 
        mortgage insured under this subsection and the application for 
        a refinancing mortgage insured under this subsection does not 
        exceed 5 years.
        ``(4) Credit for premiums paid.--Notwithstanding section 
    203(c)(2)(A), the Secretary may reduce the amount of the single 
    premium payment otherwise collected under such section at the time 
    of the insurance of a mortgage refinanced and insured under this 
    subsection. The amount of the single premium for mortgages 
    refinanced under this subsection shall be determined by the 
    Secretary based on the actuarial study required under paragraph 
    (5).
        ``(5) Actuarial study.--Not later than 180 days after the date 
    of the enactment of the American Homeownership and Economic 
    Opportunity Act of 2000, the Secretary shall conduct an actuarial 
    analysis to determine the adequacy of the insurance premiums 
    collected under the program under this subsection with respect to--
            ``(A) a reduction in the single premium payment collected 
        at the time of the insurance of a mortgage refinanced and 
        insured under this subsection;
            ``(B) the establishment of a single national limit on the 
        benefits of insurance under subsection (g) (relating to 
        limitation on insurance authority); and
            ``(C) the combined effect of reduced insurance premiums and 
        a single national limitation on insurance authority.
        ``(6) Fees.--The Secretary may establish a limit on the 
    origination fee that may be charged to a mortgagor under a mortgage 
    insured under this subsection, except that such limitation shall 
    provide that the origination fee may be fully financed with the 
    mortgage and shall include any fees paid to correspondent 
    mortgagees approved by the Secretary.''.
        (2) Regulations.--The Secretary shall issue any final 
    regulations necessary to implement the amendments made by paragraph 
    (1) of this subsection, which shall take effect not later than the 
    expiration of the 180-day period beginning on the date of the 
    enactment of this Act. The regulations shall be issued after notice 
    and opportunity for public comment in accordance with the procedure 
    under section 553 of title 5, United States Code, applicable to 
    substantive rules (notwithstanding subsections (a)(2), (b)(B), and 
    (d)(3) of such section).
    (b) Housing Cooperatives.--Section 255(b) of the National Housing 
Act (12 U.S.C. 1715z-20(b)) is amended--
        (1) in paragraph (2), by striking ```mortgage',''; and
        (2) by adding at the end the following new paragraphs:
        ``(4) Mortgage.--The term `mortgage' means a first mortgage or 
    first lien on real estate, in fee simple, on all stock allocated to 
    a dwelling in a residential cooperative housing corporation, or on 
    a leasehold--
            ``(A) under a lease for not less than 99 years that is 
        renewable; or
            ``(B) under a lease having a period of not less than 10 
        years to run beyond the maturity date of the mortgage.
        ``(5) First mortgage.--The term `first mortgage' means such 
    classes of first liens as are commonly given to secure advances on, 
    or the unpaid purchase price of, real estate or all stock allocated 
    to a dwelling unit in a residential cooperative housing 
    corporation, under the laws of the State in which the real estate 
    or dwelling unit is located, together with the credit instruments, 
    if any, secured thereby.''.
    (c) Waiver of Up-Front Premiums for Mortgages Used to Fund Long-
Term Care Insurance.--
        (1) In general.--Section 255 of the National Housing Act (12 
    U.S.C. 1715z-20) is amended by inserting after subsection (k) (as 
    added by subsection (a) of this section) the following new 
    subsection:
    ``(l) Waiver of Up-Front Premiums for Mortgages to Fund Long-Term 
Care Insurance.--
        ``(1) In general.--In the case of any mortgage insured under 
    this section under which the total amount (except as provided in 
    paragraph (2)) of all future payments described in subsection 
    (b)(3) will be used only for costs of a qualified long-term care 
    insurance contract that covers the mortgagor or members of the 
    household residing in the property that is subject to the mortgage, 
    notwithstanding section 203(c)(2), the Secretary shall not charge 
    or collect the single premium payment otherwise required under 
    subparagraph (A) of such section to be paid at the time of 
    insurance.
        ``(2) Authority to refinance existing mortgage and finance 
    closing costs.--A mortgage described in paragraph (1) may provide 
    financing of amounts that are used to satisfy outstanding mortgage 
    obligations (in accordance with such limitations as the Secretary 
    shall prescribe) and any amounts used for initial service charges, 
    appraisal, inspection, and other fees (as approved by the 
    Secretary) in connection with such mortgage, and the amount of 
    future payments described in subsection (b)(3) under the mortgage 
    shall be reduced accordingly.
        ``(3) Definition.--For purposes of this subsection, the term 
    `qualified long-term care insurance contract' has the meaning given 
    such term in section 7702B of the Internal Revenue Code of 1986 (26 
    U.S.C. 7702B)), except that such contract shall also meet the 
    requirements of--
            ``(A) sections 9 (relating to disclosure), 24 (relating to 
        suitability), and 26 (relating to contingent nonforfeiture) of 
        the long-term care insurance model regulation promulgated by 
        the National Association of Insurance Commissioners (as adopted 
        as of September 2000); and
            ``(B) section 8 (relating to contingent nonforfeiture) of 
        the long-term care insurance model Act promulgated by the 
        National Association of Insurance Commissioners (as adopted as 
        of September 2000).''.
        (2) Applicability.--The provisions of section 255(l) of the 
    National Housing Act (as added by paragraph (1) of this subsection) 
    shall apply only to mortgages closed on or after April 1, 2001.
    (d) Study of Single National Mortgage Limit.--The Secretary of 
Housing and Urban Development shall conduct an actuarially based study 
of the effects of establishing, for mortgages insured under section 255 
of the National Housing Act (12 U.S.C. 1715z-20), a single maximum 
mortgage amount limitation in lieu of applicability of section 
203(b)(2) of such Act (12 U.S.C. 1709(b)(2)). The study shall--
        (1) examine the effects of establishing such limitation at 
    different dollar amounts; and
        (2) examine the effects of such various limitations on--
            (A) the risks to the General Insurance Fund established 
        under section 519 of such Act;
            (B) the mortgage insurance premiums that would be required 
        to be charged to mortgagors to ensure actuarial soundness of 
        such Fund; and
            (C) take into consideration the various approaches to 
        providing credit to borrowers who refinance home equity 
        conversion mortgages insured under section 255 of such Act.
Not later than 180 days after the date of the enactment of this Act, 
the Secretary shall complete the study under this subsection and submit 
a report describing the study and the results of the study to the 
Committee on Banking and Financial Services of the House of 
Representatives and to the Committee on Banking, Housing, and Urban 
Affairs of the Senate.

SEC. 202. ASSISTANCE FOR SELF-HELP HOUSING PROVIDERS.

    (a) Reauthorization.--Subsection (p) of section 11 of the Housing 
Opportunity Program Extension Act of 1996 (42 U.S.C. 12805 note) is 
amended to read as follows:
    ``(p) Authorization of Appropriations.--There are authorized to be 
appropriated to carry out this section such sums as may be necessary 
for fiscal year 2001.''.
    (b) Eligible Expenses.--Section 11(d)(2)(A) of the Housing 
Opportunity Program Extension Act of 1996 (42 U.S.C. 12805 note) is 
amended by inserting before the period at the end the following: ``, 
which may include reimbursing an organization, consortium, or 
affiliate, upon approval of any required environmental review, for 
nongrant amounts of the organization, consortium, or affiliate advanced 
before such review to acquire land''.
    (c) Deadline for Recapture of Funds.--Section 11 of the Housing 
Opportunity Program Extension Act of 1996 (42 U.S.C. 12805 note) is 
amended--
        (1) in subsection (i)(5)--
            (A) by striking ``if the organization or consortia has not 
        used any grant amounts'' and inserting ``the Secretary shall 
        recapture any grant amounts provided to the organization or 
        consortia that are not used'';
            (B) by striking ``(or,'' and inserting ``, except that such 
        period shall be 36 months''; and
            (C) by striking ``within 36 months), the Secretary shall 
        recapture such unused amounts'' and inserting ``and in the case 
        of a grant amounts provided to a local affiliate of the 
        organization or consortia that is developing five or more 
        dwellings in connection with such grant amounts''; and
        (2) in subsection (j), by inserting after ``carry out this 
    section'' the following: ``and grant amounts provided to a local 
    affiliate of the organization or consortia that is developing five 
    or more dwellings in connection with such grant amounts''.
    (d) Technical Corrections.--Section 11 of the Housing Opportunity 
Program Extension Act of 1996 (42 U.S.C. 12805 note) is amended--
        (1) in subsection (b)(4), by striking ``Habitat for Humanity 
    International, its affiliates, and other''; and
        (2) in subsection (e)(2), by striking ``consoria'' and 
    inserting ``consortia''.

               TITLE III--SECTION 8 HOMEOWNERSHIP OPTION

SEC. 301. DOWNPAYMENT ASSISTANCE.

    (a) Amendments.--Section 8(y) of the United States Housing Act of 
1937 (42 U.S.C. 1437f(y)) is amended--
        (1) by redesignating paragraph (7) as paragraph (8); and
        (2) by inserting after paragraph (6) the following new 
    paragraph:
        ``(7) Downpayment assistance.--
            ``(A) Authority.--A public housing agency may, in lieu of 
        providing monthly assistance payments under this subsection on 
        behalf of a family eligible for such assistance and at the 
        discretion of the public housing agency, provide assistance for 
        the family in the form of a single grant to be used only as a 
        contribution toward the downpayment required in connection with 
        the purchase of a dwelling for fiscal year 2000 and each fiscal 
        year thereafter to the extent provided in advance in 
        appropriations Acts.
            ``(B) Amount.--The amount of a downpayment grant on behalf 
        of an assisted family may not exceed the amount that is equal 
        to the sum of the assistance payments that would be made during 
        the first year of assistance on behalf of the family, based 
        upon the income of the family at the time the grant is to be 
        made.''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
take effect immediately after the amendments made by section 555(c) of 
the Quality Housing and Work Responsibility Act of 1998 take effect 
pursuant to such section.

SEC. 302. PILOT PROGRAM FOR HOMEOWNERSHIP ASSISTANCE FOR DISABLED 
              FAMILIES.

    (a) In General.--A public housing agency providing tenant-based 
assistance on behalf of an eligible family under section 8 of the 
United States Housing Act of 1937 (42 U.S.C. 1437f) may provide 
assistance for a disabled family that purchases a dwelling unit 
(including a dwelling unit under a lease-purchase agreement) that will 
be owned by one or more members of the disabled family and will be 
occupied by the disabled family, if the disabled family--
        (1) purchases the dwelling unit before the expiration of the 3-
    year period beginning on the date that the Secretary first 
    implements the pilot program under this section;
        (2) demonstrates that the disabled family has income from 
    employment or other sources (including public assistance), as 
    determined in accordance with requirements of the Secretary, that 
    is not less than twice the payment standard established by the 
    public housing agency (or such other amount as may be established 
    by the Secretary);
        (3) except as provided by the Secretary, demonstrates at the 
    time the disabled family initially receives tenant-based assistance 
    under this section that one or more adult members of the disabled 
    family have achieved employment for the period as the Secretary 
    shall require;
        (4) participates in a homeownership and housing counseling 
    program provided by the agency; and
        (5) meets any other initial or continuing requirements 
    established by the public housing agency in accordance with 
    requirements established by the Secretary.
    (b) Determination of Amount of Assistance.--
        (1) In general.--
            (A) Monthly expenses not exceeding payment standard.--If 
        the monthly homeownership expenses, as determined in accordance 
        with requirements established by the Secretary, do not exceed 
        the payment standard, the monthly assistance payment shall be 
        the amount by which the homeownership expenses exceed the 
        highest of the following amounts, rounded to the nearest 
        dollar:
                (i) Thirty percent of the monthly adjusted income of 
            the disabled family.
                (ii) Ten percent of the monthly income of the disabled 
            family.
                (iii) If the disabled family is receiving payments for 
            welfare assistance from a public agency, and a portion of 
            those payments, adjusted in accordance with the actual 
            housing costs of the disabled family, is specifically 
            designated by that agency to meet the housing costs of the 
            disabled family, the portion of those payments that is so 
            designated.
            (B) Monthly expenses exceed payment standard.--If the 
        monthly homeownership expenses, as determined in accordance 
        with requirements established by the Secretary, exceed the 
        payment standard, the monthly assistance payment shall be the 
        amount by which the applicable payment standard exceeds the 
        highest of the amounts under clauses (i), (ii), and (iii) of 
        subparagraph (A).
        (2) Calculation of amount.--
            (A) Low-income families.--A disabled family that is a low-
        income family shall be eligible to receive 100 percent of the 
        amount calculated under paragraph (1).
            (B) Income between 81 and 89 percent of median.--A disabled 
        family whose income is between 81 and 89 percent of the median 
        for the area shall be eligible to receive 66 percent of the 
        amount calculated under paragraph (1).
            (C) Income between 90 and 99 percent of median.--A disabled 
        family whose income is between 90 and 99 percent of the median 
        for the area shall be eligible to receive 33 percent of the 
        amount calculated under paragraph (1).
            (D) Income more than 99 percent of median.--A disabled 
        family whose income is more than 99 percent of the median for 
        the area shall not be eligible to receive assistance under this 
        section.
    (c) Inspections and Contract Conditions.--
        (1) In general.--Each contract for the purchase of a dwelling 
    unit to be assisted under this section shall--
            (A) provide for pre-purchase inspection of the dwelling 
        unit by an independent professional; and
            (B) require that any cost of necessary repairs be paid by 
        the seller.
        (2) Annual inspections not required.--The requirement under 
    subsection (o)(8)(A)(ii) of section 8 of the United States Housing 
    Act of 1937 for annual inspections shall not apply to dwelling 
    units assisted under this section.
    (d) Other Authority of the Secretary.--The Secretary may--
        (1) limit the term of assistance for a disabled family assisted 
    under this section;
        (2) provide assistance for a disabled family for the entire 
    term of a mortgage for a dwelling unit if the disabled family 
    remains eligible for such assistance for such term; and
        (3) modify the requirements of this section as the Secretary 
    determines to be necessary to make appropriate adaptations for 
    lease-purchase agreements.
    (e) Assistance Payments Sent to Lender.--The Secretary shall remit 
assistance payments under this section directly to the mortgagee of the 
dwelling unit purchased by the disabled family receiving such 
assistance payments.
    (f) Inapplicability of Certain Provisions.--Assistance under this 
section shall not be subject to the requirements of the following 
provisions:
        (1) Subsection (c)(3)(B) of section 8 of the United States 
    Housing Act of 1937.
        (2) Subsection (d)(1)(B)(i) of section 8 of the United States 
    Housing Act of 1937.
        (3) Any other provisions of section 8 of the United States 
    Housing Act of 1937 governing maximum amounts payable to owners and 
    amounts payable by assisted families.
        (4) Any other provisions of section 8 of the United States 
    Housing Act of 1937 concerning contracts between public housing 
    agencies and owners.
        (5) Any other provisions of the United States Housing Act of 
    1937 that are inconsistent with the provisions of this section.
    (g) Reversion to Rental Status.--
        (1) Non-fha mortgages.--If a disabled family receiving 
    assistance under this section defaults under a mortgage not insured 
    under the National Housing Act, the disabled family may not 
    continue to receive rental assistance under section 8 of the United 
    States Housing Act of 1937 unless it complies with requirements 
    established by the Secretary.
        (2) All mortgages.--A disabled family receiving assistance 
    under this section that defaults under a mortgage may not receive 
    assistance under this section for occupancy of another dwelling 
    unit owned by one or more members of the disabled family.
        (3) Exception.--This subsection shall not apply if the 
    Secretary determines that the disabled family receiving assistance 
    under this section defaulted under a mortgage due to catastrophic 
    medical reasons or due to the impact of a federally declared major 
    disaster or emergency.
    (h) Regulations.--Not later than 90 days after the date of the 
enactment of this Act, the Secretary shall issue regulations to 
implement this section. Such regulations may not prohibit any public 
housing agency providing tenant-based assistance on behalf of an 
eligible family under section 8 of the United States Housing Act of 
1937 from participating in the pilot program under this section.
    (i) Definition of Disabled Family.--For the purposes of this 
section, the term ``disabled family'' has the meaning given the term 
``person with disabilities'' in section 811(k)(2) of the Cranston-
Gonzalez National Affordable Housing Act (42 U.S.C. 8013(k)(2)).

SEC. 303. FUNDING FOR PILOT PROGRAMS.

    (a) Authorization of Appropriations.--There is authorized to be 
appropriated such sums as may be necessary for fiscal year 2001 for 
assistance in connection with the existing homeownership pilot programs 
carried out under the demonstration program authorized under section 
555(b) of the Quality Housing and Work Responsibility Act of 1998 
(Public Law 105-276; 112 Stat. 2613).
    (b) Use.--Subject to subsection (c), amounts made available 
pursuant to this section shall be used only through such homeownership 
pilot programs to provide, on behalf of families participating in such 
programs, amounts for downpayments in connection with dwellings 
purchased by such families using assistance made available under 
section 8(y) of the United States Housing Act of 1937 (42 U.S.C. 
1437f(y)). No such downpayment grant may exceed 20 percent of the 
appraised value of the dwelling purchased with assistance under such 
section 8(y).
    (c) Matching Requirement.--The amount of assistance made available 
under this section for any existing homeownership pilot program may not 
exceed twice the amount donated from sources other than this section 
for use under the program for assistance described in subsection (b). 
Amounts donated from other sources may include amounts from State 
housing finance agencies and Neighborhood Housing Services of America.

   TITLE IV--PRIVATE MORTGAGE INSURANCE CANCELLATION AND TERMINATION

SEC. 401. SHORT TITLE.

    This title may be cited as the ``Private Mortgage Insurance 
Technical Corrections and Clarification Act''.

SEC. 402. CHANGES IN AMORTIZATION SCHEDULE.

    (a) Treatment of Adjustable Rate Mortgages.--The Homeowners 
Protection Act of 1998 (12 U.S.C. 4901 et seq.) is amended--
        (1) in section 2--
            (A) in paragraph (2)(B)(i), by striking ``amortization 
        schedules'' and inserting ``the amortization schedule then in 
        effect'';
            (B) in paragraph (16)(B), by striking ``amortization 
        schedules'' and inserting ``the amortization schedule then in 
        effect'';
            (C) by redesignating paragraphs (6) through (16) (as 
        amended by the preceding provisions of this paragraph) as 
        paragraphs (8) through (18), respectively; and
            (D) by inserting after paragraph (5) the following new 
        paragraph:
        ``(6) Amortization schedule then in effect.--The term 
    `amortization schedule then in effect' means, with respect to an 
    adjustable rate mortgage, a schedule established at the time at 
    which the residential mortgage transaction is consummated or, if 
    such schedule has been changed or recalculated, is the most recent 
    schedule under the terms of the note or mortgage, which shows--
            ``(A) the amount of principal and interest that is due at 
        regular intervals to retire the principal balance and accrued 
        interest over the remaining amortization period of the loan; 
        and
            ``(B) the unpaid balance of the loan after each such 
        scheduled payment is made.''; and
        (2) in section 3(f)(1)(B)(ii), by striking ``amortization 
    schedules'' and inserting ``the amortization schedule then in 
    effect''.
    (b) Treatment of Balloon Mortgages.--Paragraph (1) of section 2 of 
the Homeowners Protection Act of 1998 (12 U.S.C. 4901(1)) is amended by 
adding at the end the following new sentence: ``A residential mortgage 
that: (A) does not fully amortize over the term of the obligation; and 
(B) contains a conditional right to refinance or modify the unamortized 
principal at the maturity date of the term, shall be considered to be 
an adjustable rate mortgage for purposes of this Act.''.
    (c) Treatment of Loan Modifications.--
        (1) In general.--Section 3 of the Homeowners Protection Act of 
    1998 (12 U.S.C. 4902) is amended--
            (A) by redesignating subsections (d) through (f) as 
        subsections (e) through (g), respectively; and
            (B) by inserting after subsection (c) the following new 
        subsection:
    ``(d) Treatment of Loan Modifications.--If a mortgagor and 
mortgagee (or holder of the mortgage) agree to a modification of the 
terms or conditions of a loan pursuant to a residential mortgage 
transaction, the cancellation date, termination date, or final 
termination shall be recalculated to reflect the modified terms and 
conditions of such loan.''.
        (2) Conforming amendments.--Section 4(a) of the Homeowners 
    Protection Act of 1998 (12 U.S.C. 4903(a)) is amended--
            (A) in paragraph (1)--
                (i) in the matter preceding subparagraph (A), by 
            striking ``section 3(f)(1)'' and inserting ``section 
            3(g)(1)'';
                (ii) in subparagraph (A)(ii)(IV), by striking ``section 
            3(f)'' and inserting ``section 3(g)''; and
                (iii) in subparagraph (B)(iii), by striking ``section 
            3(f)'' and inserting ``section 3(g)''; and
            (B) in paragraph (2), by striking ``section 3(f)(1)'' and 
        inserting ``section 3(g)(1)''.

SEC. 403. DELETION OF AMBIGUOUS REFERENCES TO RESIDENTIAL MORTGAGES.

    (a) Termination of Private Mortgage Insurance.--Section 3 of the 
Homeowners Protection Act of 1998 (12 U.S.C. 4902) is amended--
        (1) in subsection (c), by inserting ``on residential mortgage 
    transactions'' after ``imposed''; and
        (2) in subsection (g) (as so redesignated by the preceding 
    provisions of this title)--
            (A) in paragraph (1), in the matter preceding subparagraph 
        (A), by striking ``mortgage or'';
            (B) in paragraph (2), by striking ``mortgage or''; and
            (C) in paragraph (3), by striking ``mortgage or'' and 
        inserting ``residential mortgage or residential''.
    (b) Disclosure Requirements.--Section 4 of the Homeowners 
Protection Act of 1998 (12 U.S.C. 4903(a)) is amended--
        (1) in subsection (a)--
            (A) in paragraph (1)--
                (i) by striking ``mortgage or'' the first place it 
            appears; and
                (ii) by striking ``mortgage or'' the second place it 
            appears and inserting ``residential''; and
            (B) in paragraph (2), by striking ``mortgage or'' and 
        inserting ``residential'';
        (2) in subsection (c), by striking ``paragraphs (1)(B) and (3) 
    of subsection (a)'' and inserting ``subsection (a)(3)''; and
        (3) in subsection (d), by inserting before the period at the 
    end the following: ``, which disclosures shall relate to the 
    mortgagor's rights under this Act''.
    (c) Disclosure Requirements for Lender-Paid Mortgage Insurance.--
Section 6 of the Homeowners Protection Act of 1998 (12 U.S.C. 4905) is 
amended--
        (1) in subsection (c)--
            (A) in the matter preceding paragraph (1), by striking ``a 
        residential mortgage or''; and
            (B) in paragraph (2), by inserting ``transaction'' after 
        ``residential mortgage''; and
        (2) in subsection (d), by inserting ``transaction'' after 
    ``residential mortgage''.

SEC. 404. CANCELLATION RIGHTS AFTER CANCELLATION DATE.

    Section 3 of the Homeowners Protection Act of 1998 (12 U.S.C. 4902) 
is amended--
        (1) in subsection (a)--
            (A) in the matter preceding paragraph (1), by inserting 
        after ``cancellation date'' the following: ``or any later date 
        that the mortgagor fulfills all of the requirements under 
        paragraphs (1) through (4)'';
            (B) in paragraph (2), by striking ``and'' at the end;
            (C) by redesignating paragraph (3) as paragraph (4); and
            (D) by inserting after paragraph (2) the following new 
        paragraph:
        ``(3) is current on the payments required by the terms of the 
    residential mortgage transaction; and''; and
        (2) in subsection (e)(1)(B) (as so redesignated by the 
    preceding provisions of this title), by striking ``subsection 
    (a)(3)'' and inserting ``subsection (a)(4)''.

SEC. 405. CLARIFICATION OF CANCELLATION AND TERMINATION ISSUES AND 
              LENDER PAID MORTGAGE INSURANCE DISCLOSURE REQUIREMENTS.

    (a) Good Payment History.--Section 2(4) of the Homeowners 
Protection Act of 1998 (12 U.S.C. 4901(4)) is amended--
        (1) in subparagraph (A)--
            (A) by inserting ``the later of (i)'' before ``the date''; 
        and
            (B) by inserting ``, or (ii) the date that the mortgagor 
        submits a request for cancellation under section 3(a)(1)'' 
        before the semicolon; and
        (2) in subparagraph (B)--
            (A) by inserting ``the later of (i)'' before ``the date''; 
        and
            (B) by inserting ``, or (ii) the date that the mortgagor 
        submits a request for cancellation under section 3(a)(1)'' 
        before the period at the end.
    (b) Automatic Termination.--Paragraph (2) of section 3(b) of the 
Homeowners Protection Act of 1998 (12 U.S.C. 4902(b)(2)) is amended to 
read as follows:
        ``(2) if the mortgagor is not current on the termination date, 
    on the first day of the first month beginning after the date that 
    the mortgagor becomes current on the payments required by the terms 
    of the residential mortgage transaction.''.
    (c) Premium Payments.--Section 3 of the Homeowners Protection Act 
of 1998 (12 U.S.C. 4902) is amended by adding at the end the following 
new subsection:
    ``(h) Accrued Obligation for Premium Payments.--The cancellation or 
termination under this section of the private mortgage insurance of a 
mortgagor shall not affect the rights of any mortgagee, servicer, or 
mortgage insurer to enforce any obligation of such mortgagor for 
premium payments accrued prior to the date on which such cancellation 
or termination occurred.''.

SEC. 406. DEFINITIONS.

    (a) Refinanced.--Section 6(c)(1)(B)(ii) of the Homeowners 
Protection Act of 1998 (12 U.S.C. 4905(c)(1)(B)(ii)) is amended by 
inserting after ``refinanced'' the following: ``(under the meaning 
given such term in the regulations issued by the Board of Governors of 
the Federal Reserve System to carry out the Truth in Lending Act (15 
U.S.C. 1601 et seq.))''.
    (b) Midpoint of the Amortization Period.--Section 2 of the 
Homeowners Protection Act of 1998 (12 U.S.C. 4901) is amended by 
inserting after paragraph (6) (as added by the preceding provisions of 
this title) the following new paragraph:
        ``(7) Midpoint of the amortization period.--The term `midpoint 
    of the amortization period' means, with respect to a residential 
    mortgage transaction, the point in time that is halfway through the 
    period that begins upon the first day of the amortization period 
    established at the time a residential mortgage transaction is 
    consummated and ends upon the completion of the entire period over 
    which the mortgage is scheduled to be amortized.''.
    (c) Original Value.--Section 2(12) of the Homeowners Protection Act 
of 1998 (12 U.S.C. 4901(10)) (as so redesignated by the preceding 
provisions of this title) is amended--
        (1) by inserting ``transaction'' after ``a residential 
    mortgage''; and
        (2) by adding at the end the following new sentence: ``In the 
    case of a residential mortgage transaction for refinancing the 
    principal residence of the mortgagor, such term means only the 
    appraised value relied upon by the mortgagee to approve the 
    refinance transaction.''.
    (d) Principal Residence.--Section 2 of the Homeowners Protection 
Act of 1998 (12 U.S.C. 4901) is amended--
        (1) in paragraph (14) (as so redesignated by the preceding 
    provisions of this title) by striking ``primary'' and inserting 
    ``principal''; and
        (2) in paragraph (15) (as so redesignated by the preceding 
    provisions of this title) by striking ``primary'' and inserting 
    ``principal''.

                 TITLE V--NATIVE AMERICAN HOMEOWNERSHIP
                  Subtitle A--Native American Housing

SEC. 501. LANDS TITLE REPORT COMMISSION.

    (a) Establishment.--Subject to sums being provided in advance in 
appropriations Acts, there is established a Commission to be known as 
the Lands Title Report Commission (hereafter in this section referred 
to as the ``Commission'') to facilitate home loan mortgages on Indian 
trust lands. The Commission will be subject to oversight by the 
Committee on Banking and Financial Services of the House of 
Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate.
    (b) Membership.--
        (1) Appointment.--The Commission shall be composed of 12 
    members, appointed not later than 90 days after the date of the 
    enactment of this Act as follows:
            (A) Four members shall be appointed by the President.
            (B) Four members shall be appointed by the Chairperson of 
        the Committee on Banking and Financial Services of the House of 
        Representatives.
            (C) Four members shall be appointed by the Chairperson of 
        the Committee on Banking, Housing, and Urban Affairs of the 
        Senate.
        (2) Qualifications.--
            (A) Members of tribes.--At all times, not less than eight 
        of the members of the Commission shall be members of federally 
        recognized Indian tribes.
            (B) Experience in land title matters.--All members of the 
        Commission shall have experience in and knowledge of land title 
        matters relating to Indian trust lands.
        (3) Chairperson.--The Chairperson of the Commission shall be 
    one of the members of the Commission appointed under paragraph 
    (1)(C), as elected by the members of the Commission.
        (4) Vacancies.--Any vacancy on the Commission shall not affect 
    its powers, but shall be filled in the manner in which the original 
    appointment was made.
        (5) Travel expenses.--Members of the Commission shall serve 
    without pay, but each member shall receive travel expenses, 
    including per diem in lieu of subsistence, in accordance with 
    sections 5702 and 5703 of title 5, United States Code.
    (c) Initial Meeting.--The Chairperson of the Commission shall call 
the initial meeting of the Commission. Such meeting shall be held 
within 30 days after the Chairperson of the Commission determines that 
sums sufficient for the Commission to carry out its duties under this 
Act have been appropriated for such purpose.
    (d) Duties.--The Commission shall analyze the system of the Bureau 
of Indian Affairs of the Department of the Interior for maintaining 
land ownership records and title documents and issuing certified title 
status reports relating to Indian trust lands and, pursuant to such 
analysis, determine how best to improve or replace the system--
        (1) to ensure prompt and accurate responses to requests for 
    title status reports;
        (2) to eliminate any backlog of requests for title status 
    reports; and
        (3) to ensure that the administration of the system will not in 
    any way impair or restrict the ability of Native Americans to 
    obtain conventional loans for purchase of residences located on 
    Indian trust lands, including any actions necessary to ensure that 
    the system will promptly be able to meet future demands for 
    certified title status reports, taking into account the anticipated 
    complexity and volume of such requests.
    (e) Report.--Not later than the date of the termination of the 
Commission under subsection (h), the Commission shall submit a report 
to the Committee on Banking and Financial Services of the House of 
Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate describing the analysis and determinations made 
pursuant to subsection (d).
    (f) Powers.--
        (1) Hearings and sessions.--The Commission may, for the purpose 
    of carrying out this section, hold hearings, sit and act at times 
    and places, take testimony, and receive evidence as the Commission 
    considers appropriate.
        (2) Staff of federal agencies.--Upon request of the Commission, 
    the head of any Federal department or agency may detail, on a 
    reimbursable basis, any of the personnel of that department or 
    agency to the Commission to assist it in carrying out its duties 
    under this section.
        (3) Obtaining official data.--The Commission may secure 
    directly from any department or agency of the United States 
    information necessary to enable it to carry out this section. Upon 
    request of the Chairperson of the Commission, the head of that 
    department or agency shall furnish that information to the 
    Commission.
        (4) Mails.--The Commission may use the United States mails in 
    the same manner and under the same conditions as other departments 
    and agencies of the United States.
        (5) Administrative support services.--Upon the request of the 
    Commission, the Administrator of General Services shall provide to 
    the Commission, on a reimbursable basis, the administrative support 
    services necessary for the Commission to carry out its duties under 
    this section.
        (6) Staff.--The Commission may appoint personnel as it 
    considers appropriate, subject to the provisions of title 5, United 
    States Code, governing appointments in the competitive service, and 
    shall pay such personnel in accordance with the provisions of 
    chapter 51 and subchapter III of chapter 53 of that title relating 
    to classification and General Schedule pay rates.
    (g) Authorization of Appropriations.--There is authorized to be 
appropriated to carry out this section such sums as may be necessary, 
and any amounts appropriated pursuant to this subsection shall remain 
available until expended.
    (h) Termination.--The Commission shall terminate 1 year after the 
date of the initial meeting of the Commission.

SEC. 502. LOAN GUARANTEES.

    Section 184(i) of the Housing and Community Development Act of 1992 
(12 U.S.C. 1715z-13a(i)) is amended--
        (1) in paragraph (5), by striking subparagraph (C) and 
    inserting the following new subparagraph:
            ``(C) Limitation on outstanding aggregate principal 
        amount.--Subject to the limitations in subparagraphs (A) and 
        (B), the Secretary may enter into commitments to guarantee 
        loans under this section in each fiscal year with an aggregate 
        outstanding principal amount not exceeding such amount as may 
        be provided in appropriation Acts for such fiscal year.''; and
        (2) in paragraph (7), by striking ``each of fiscal years 1997, 
    1998, 1999, 2000, and 2001'' and inserting ``each fiscal year''.

SEC. 503. NATIVE AMERICAN HOUSING ASSISTANCE.

    (a) Restriction on Waiver Authority.--
        (1) In general.--Section 101(b)(2) of the Native American 
    Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 
    4111(b)(2)) is amended by striking ``if the Secretary'' and all 
    that follows through the period at the end and inserting the 
    following: ``for a period of not more than 90 days, if the 
    Secretary determines that an Indian tribe has not complied with, or 
    is unable to comply with, those requirements due to exigent 
    circumstances beyond the control of the Indian tribe.''.
        (2) Local cooperation agreement.--Section 101(c) of the Native 
    American Housing Assistance and Self-Determination Act of 1996 (25 
    U.S.C. 4111(c)) is amended by adding at the end the following: 
    ``The Secretary may waive the requirements of this subsection and 
    subsection (d) if the recipient has made a good faith effort to 
    fulfill the requirements of this subsection and subsection (d) and 
    agrees to make payments in lieu of taxes to the appropriate taxing 
    authority in an amount consistent with the requirements of 
    subsection (d)(2) until such time as the matter of making such 
    payments has been resolved in accordance with subsection (d).''.
    (b) Assistance to Families That Are Not Low-Income.--Section 102(c) 
of the Native American Housing Assistance and Self-Determination Act of 
1996 (25 U.S.C. 4112(c)) is amended by adding at the end the following:
        ``(6) Certain families.--With respect to assistance provided 
    under section 201(b)(2) by a recipient to Indian families that are 
    not low-income families, evidence that there is a need for housing 
    for each such family during that period that cannot reasonably be 
    met without such assistance.''.
    (c) Elimination of Waiver Authority for Small Tribes.--Section 102 
of the Native American Housing Assistance and Self-Determination Act of 
1996 (25 U.S.C. 4112) is amended--
        (1) by striking subsection (f); and
        (2) by redesignating subsection (g) as subsection (f).
    (d) Environmental Compliance.--Section 105 of the Native American 
Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 4115) 
is amended by adding at the end the following:
    ``(d) Environmental Compliance.--The Secretary may waive the 
requirements under this section if the Secretary determines that a 
failure on the part of a recipient to comply with provisions of this 
section--
        ``(1) will not frustrate the goals of the National 
    Environmental Policy Act of 1969 (42 U.S.C. 4331 et seq.) or any 
    other provision of law that furthers the goals of that Act;
        ``(2) does not threaten the health or safety of the community 
    involved by posing an immediate or long-term hazard to residents of 
    that community;
        ``(3) is a result of inadvertent error, including an incorrect 
    or incomplete certification provided under subsection (c)(1); and
        ``(4) may be corrected through the sole action of the 
    recipient.''.
    (e) Oversight.--
        (1) Repayment.--Section 209 of the Native American Housing 
    Assistance and Self-Determination Act of 1996 (25 U.S.C. 4139) is 
    amended to read as follows:

``SEC. 209. NONCOMPLIANCE WITH AFFORDABLE HOUSING REQUIREMENT.

    ``If a recipient uses grant amounts to provide affordable housing 
under this title, and at any time during the useful life of the housing 
the recipient does not comply with the requirement under section 
205(a)(2), the Secretary shall take appropriate action under section 
401(a).''.
        (2) Audits and reviews.--Section 405 of the Native American 
    Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 
    4165) is amended to read as follows:

``SEC. 405. REVIEW AND AUDIT BY SECRETARY.

    ``(a) Requirements Under Chapter 75 of Title 31, United States 
Code.--An entity designated by an Indian tribe as a housing entity 
shall be treated, for purposes of chapter 75 of title 31, United States 
Code, as a non-Federal entity that is subject to the audit requirements 
that apply to non-Federal entities under that chapter.
    ``(b) Additional Reviews and Audits.--
        ``(1) In general.--In addition to any audit or review under 
    subsection (a), to the extent the Secretary determines such action 
    to be appropriate, the Secretary may conduct an audit or review of 
    a recipient in order to--
            ``(A) determine whether the recipient--
                ``(i) has carried out--

                    ``(I) eligible activities in a timely manner; and
                    ``(II) eligible activities and certification in 
                accordance with this Act and other applicable law;

                ``(ii) has a continuing capacity to carry out eligible 
            activities in a timely manner; and
                ``(iii) is in compliance with the Indian housing plan 
            of the recipient; and
            ``(B) verify the accuracy of information contained in any 
        performance report submitted by the recipient under section 
        404.
        ``(2) On-site visits.--To the extent practicable, the reviews 
    and audits conducted under this subsection shall include on-site 
    visits by the appropriate official of the Department of Housing and 
    Urban Development.
    ``(c) Review of Reports.--
        ``(1) In general.--The Secretary shall provide each recipient 
    that is the subject of a report made by the Secretary under this 
    section notice that the recipient may review and comment on the 
    report during a period of not less than 30 days after the date on 
    which notice is issued under this paragraph.
        ``(2) Public availability.--After taking into consideration any 
    comments of the recipient under paragraph (1), the Secretary--
            ``(A) may revise the report; and
            ``(B) not later than 30 days after the date on which those 
        comments are received, shall make the comments and the report 
        (with any revisions made under subparagraph (A)) readily 
        available to the public.
    ``(d) Effect of Reviews.--Subject to section 401(a), after 
reviewing the reports and audits relating to a recipient that are 
submitted to the Secretary under this section, the Secretary may adjust 
the amount of a grant made to a recipient under this Act in accordance 
with the findings of the Secretary with respect to those reports and 
audits.''.
    (f) Allocation Formula.--Section 302(d)(1) of the Native American 
Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 
4152(d)(1)) is amended--
        (1) by striking ``The formula,'' and inserting the following:
            ``(A) In general.--Except with respect to an Indian tribe 
        described in subparagraph (B), the formula''; and
        (2) by adding at the end the following:
            ``(B) Certain indian tribes.--With respect to fiscal year 
        2001 and each fiscal year thereafter, for any Indian tribe with 
        an Indian housing authority that owns or operates fewer than 
        250 public housing units, the formula shall provide that if the 
        amount provided for a fiscal year in which the total amount 
        made available for assistance under this Act is equal to or 
        greater than the amount made available for fiscal year 1996 for 
        assistance for the operation and modernization of the public 
        housing referred to in subparagraph (A), then the amount 
        provided to that Indian tribe as modernization assistance shall 
        be equal to the average annual amount of funds provided to the 
        Indian tribe (other than funds provided as emergency 
        assistance) under the assistance program under section 14 of 
        the United States Housing Act of 1937 (42 U.S.C. 1437l) for the 
        period beginning with fiscal year 1992 and ending with fiscal 
        year 1997.''.
    (g) Hearing Requirement.--Section 401(a) of the Native American 
Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 
4161(a)) is amended--
        (1) by redesignating paragraphs (1) through (4) as 
    subparagraphs (A) through (D), respectively, and realigning such 
    subparagraphs (as so redesignated) so as to be indented 4 ems from 
    the left margin;
        (2) by striking ``Except as provided'' and inserting the 
    following:
        ``(1) In general.--Except as provided'';
        (3) by striking ``If the Secretary takes an action under 
    paragraph (1), (2), or (3)'' and inserting the following:
        ``(2) Continuance of actions.--If the Secretary takes an action 
    under subparagraph (A), (B), or (C) of paragraph (1)''; and
        (4) by adding at the end the following:
        ``(3) Exception for certain actions.--
            ``(A) In general.--Notwithstanding any other provision of 
        this subsection, if the Secretary makes a determination that 
        the failure of a recipient of assistance under this Act to 
        comply substantially with any material provision (as that term 
        is defined by the Secretary) of this Act is resulting, and 
        would continue to result, in a continuing expenditure of 
        Federal funds in a manner that is not authorized by law, the 
        Secretary may take an action described in paragraph (1)(C) 
        before conducting a hearing.
            ``(B) Procedural requirement.--If the Secretary takes an 
        action described in subparagraph (A), the Secretary shall--
                ``(i) provide notice to the recipient at the time that 
            the Secretary takes that action; and
                ``(ii) conduct a hearing not later than 60 days after 
            the date on which the Secretary provides notice under 
            clause (i).
            ``(C) Determination.--Upon completion of a hearing under 
        this paragraph, the Secretary shall make a determination 
        regarding whether to continue taking the action that is the 
        subject of the hearing, or take another action under this 
        subsection.''.
    (h) Performance Agreement Time Limit.--Section 401(b) of the Native 
American Housing Assistance and Self-Determination Act of 1996 (25 
U.S.C. 4161(b)) is amended--
        (1) by striking ``If the Secretary'' and inserting the 
    following:
        ``(1) In general.--If the Secretary'';
        (2) by striking ``(1) is not'' and inserting the following:
            ``(A) is not'';
        (3) by striking ``(2) is a result'' and inserting the 
    following:
            ``(B) is a result'';
        (4) in the flush material following paragraph (1)(B), as 
    redesignated by paragraph (3) of this subsection--
            (A) by realigning such material so as to be indented 2 ems 
        from the left margin; and
            (B) by inserting before the period at the end the 
        following: ``, if the recipient enters into a performance 
        agreement with the Secretary that specifies the compliance 
        objectives that the recipient will be required to achieve by 
        the termination date of the performance agreement''; and
        (5) by adding at the end the following:
        ``(2) Performance agreement.--The period of a performance 
    agreement described in paragraph (1) shall be for 1 year.
        ``(3) Review.--Upon the termination of a performance agreement 
    entered into under paragraph (1), the Secretary shall review the 
    performance of the recipient that is a party to the agreement.
        ``(4) Effect of review.--If, on the basis of a review under 
    paragraph (3), the Secretary determines that the recipient--
            ``(A) has made a good faith effort to meet the compliance 
        objectives specified in the agreement, the Secretary may enter 
        into an additional performance agreement for the period 
        specified in paragraph (2); and
            ``(B) has failed to make a good faith effort to meet 
        applicable compliance objectives, the Secretary shall determine 
        the recipient to have failed to comply substantially with this 
        Act, and the recipient shall be subject to an action under 
        subsection (a).''.
    (i) Labor Standards.--Section 104(b) of the Native American Housing 
Assistance and Self-Determination Act of 1996 (25 U.S.C. 4114(b)) is 
amended--
        (1) in paragraph (1), by striking ``Davis-Bacon Act (40 U.S.C. 
    276a-276a-5)'' and inserting ``Act of March 3, 1931 (commonly known 
    as the Davis-Bacon Act; chapter 411; 46 Stat. 1494; 40 U.S.C. 276a 
    et seq.)''; and
        (2) by adding at the end the following new paragraph:
        ``(3) Application of tribal laws.--Paragraph (1) shall not 
    apply to any contract or agreement for assistance, sale, or lease 
    pursuant to this Act, if such contract or agreement is otherwise 
    covered by one or more laws or regulations adopted by an Indian 
    tribe that requires the payment of not less than prevailing wages, 
    as determined by the Indian tribe.''.
    (j) Technical and Conforming Amendments.--
        (1) Table of contents.--Section 1(b) of the Native American 
    Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 
    4101 note) is amended in the table of contents--
            (A) by striking the item relating to section 206; and
            (B) by striking the item relating to section 209 and 
        inserting the following:

``209. Noncompliance with affordable housing requirement.''.

        (2) Certification of compliance with subsidy layering 
    requirements.--Section 206 of the Native American Housing 
    Assistance and Self-Determination Act of 1996 (25 U.S.C. 4136) is 
    repealed.
        (3) Terminations.--Section 502(a) of the Native American 
    Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 
    4181(a)) is amended by adding at the end the following: ``Any 
    housing that is the subject of a contract for tenant-based 
    assistance between the Secretary and an Indian housing authority 
    that is terminated under this section shall, for the following 
    fiscal year and each fiscal year thereafter, be considered to be a 
    dwelling unit under section 302(b)(1).''.

                  Subtitle B--Native Hawaiian Housing

SEC. 511. SHORT TITLE.

    This subtitle may be cited as the ``Hawaiian Homelands 
Homeownership Act of 2000''.

SEC. 512. FINDINGS.

    The Congress finds that--
        (1) the United States has undertaken a responsibility to 
    promote the general welfare of the United States by--
            (A) employing its resources to remedy the unsafe and 
        unsanitary housing conditions and the acute shortage of decent, 
        safe, and sanitary dwellings for families of lower income; and
            (B) developing effective partnerships with governmental and 
        private entities to accomplish the objectives referred to in 
        subparagraph (A);
        (2) the United States has a special responsibility for the 
    welfare of the Native peoples of the United States, including 
    Native Hawaiians;
        (3) pursuant to the provisions of the Hawaiian Homes Commission 
    Act, 1920 (42 Stat. 108 et seq.), the United States set aside 
    200,000 acres of land in the Federal territory that later became 
    the State of Hawaii in order to establish a homeland for the native 
    people of Hawaii--Native Hawaiians;
        (4) despite the intent of Congress in 1920 to address the 
    housing needs of Native Hawaiians through the enactment of the 
    Hawaiian Homes Commission Act, 1920 (42 Stat. 108 et seq.), Native 
    Hawaiians eligible to reside on the Hawaiian home lands have been 
    foreclosed from participating in Federal housing assistance 
    programs available to all other eligible families in the United 
    States;
        (5) although Federal housing assistance programs have been 
    administered on a racially neutral basis in the State of Hawaii, 
    Native Hawaiians continue to have the greatest unmet need for 
    housing and the highest rates of overcrowding in the United States;
        (6) among the Native American population of the United States, 
    Native Hawaiians experience the highest percentage of housing 
    problems in the United States, as the percentage--
            (A) of housing problems in the Native Hawaiian population 
        is 49 percent, as compared to--
                (i) 44 percent for American Indian and Alaska Native 
            households in Indian country; and
                (ii) 27 percent for all other households in the United 
            States; and
            (B) overcrowding in the Native Hawaiian population is 36 
        percent as compared to 3 percent for all other households in 
        the United States;
        (7) among the Native Hawaiian population, the needs of Native 
    Hawaiians, as that term is defined in section 801 of the Native 
    American Housing Assistance and Self-Determination Act of 1996 (as 
    added by this subtitle), eligible to reside on the Hawaiian Home 
    Lands are the most severe, as--
            (A) the percentage of overcrowding in Native Hawaiian 
        households on the Hawaiian Home Lands is 36 percent; and
            (B) approximately 13,000 Native Hawaiians, which constitute 
        95 percent of the Native Hawaiians who are eligible to reside 
        on the Hawaiian Home Lands, are in need of housing;
        (8) applying the Department of Housing and Urban Development 
    guidelines--
            (A) 70.8 percent of Native Hawaiians who either reside or 
        who are eligible to reside on the Hawaiian Home Lands have 
        incomes that fall below the median family income; and
            (B) 50 percent of Native Hawaiians who either reside or who 
        are eligible to reside on the Hawaiian Home Lands have incomes 
        below 30 percent of the median family income;
        (9) one-third of those Native Hawaiians who are eligible to 
    reside on the Hawaiian Home Lands pay more than 30 percent of their 
    income for shelter, and one-half of those Native Hawaiians face 
    overcrowding;
        (10) the extraordinarily severe housing needs of Native 
    Hawaiians demonstrate that Native Hawaiians who either reside on, 
    or are eligible to reside on, Hawaiian Home Lands have been denied 
    equal access to Federal low-income housing assistance programs 
    available to other qualified residents of the United States, and 
    that a more effective means of addressing their housing needs must 
    be authorized;
        (11) consistent with the recommendations of the National 
    Commission on American Indian, Alaska Native, and Native Hawaiian 
    Housing, and in order to address the continuing prevalence of 
    extraordinarily severe housing needs among Native Hawaiians who 
    either reside or are eligible to reside on the Hawaiian Home Lands, 
    Congress finds it necessary to extend the Federal low-income 
    housing assistance available to American Indians and Alaska Natives 
    under the Native American Housing Assistance and Self-Determination 
    Act of 1996 (25 U.S.C. 4101 et seq.) to those Native Hawaiians;
        (12) under the treatymaking power of the United States, 
    Congress had the constitutional authority to confirm a treaty 
    between the United States and the government that represented the 
    Hawaiian people, and from 1826 until 1893, the United States 
    recognized the independence of the Kingdom of Hawaii, extended full 
    diplomatic recognition to the Hawaiian Government, and entered into 
    treaties and conventions with the Hawaiian monarchs to govern 
    commerce and navigation in 1826, 1842, 1849, 1875, and 1887;
        (13) the United States has recognized and reaffirmed that--
            (A) Native Hawaiians have a cultural, historic, and land-
        based link to the indigenous people who exercised sovereignty 
        over the Hawaiian Islands, and that group has never 
        relinquished its claims to sovereignty or its sovereign lands;
            (B) Congress does not extend services to Native Hawaiians 
        because of their race, but because of their unique status as 
        the indigenous people of a once sovereign nation as to whom the 
        United States has established a trust relationship;
            (C) Congress has also delegated broad authority to 
        administer a portion of the Federal trust responsibility to the 
        State of Hawaii;
            (D) the political status of Native Hawaiians is comparable 
        to that of American Indians and Alaska Natives; and
            (E) the aboriginal, indigenous people of the United States 
        have--
                (i) a continuing right to autonomy in their internal 
            affairs; and
                (ii) an ongoing right of self-determination and self-
            governance that has never been extinguished;
        (14) the political relationship between the United States and 
    the Native Hawaiian people has been recognized and reaffirmed by 
    the United States as evidenced by the inclusion of Native Hawaiians 
    in--
            (A) the Native American Programs Act of 1974 (42 U.S.C. 
        2291 et seq.);
            (B) the American Indian Religious Freedom Act (42 U.S.C. 
        1996 et seq.);
            (C) the National Museum of the American Indian Act (20 
        U.S.C. 80q et seq.);
            (D) the Native American Graves Protection and Repatriation 
        Act (25 U.S.C. 3001 et seq.);
            (E) the National Historic Preservation Act (16 U.S.C. 470 
        et seq.);
            (F) the Native American Languages Act of 1992 (106 Stat. 
        3434);
            (G) the American Indian, Alaska Native and Native Hawaiian 
        Culture and Arts Development Act (20 U.S.C. 4401 et seq.);
            (H) the Job Training Partnership Act (29 U.S.C. 1501 et 
        seq.); and
            (I) the Older Americans Act of 1965 (42 U.S.C. 3001 et 
        seq.); and
        (15) in the area of housing, the United States has recognized 
    and reaffirmed the political relationship with the Native Hawaiian 
    people through--
            (A) the enactment of the Hawaiian Homes Commission Act, 
        1920 (42 Stat. 108 et seq.), which set aside approximately 
        200,000 acres of public lands that became known as Hawaiian 
        Home Lands in the Territory of Hawaii that had been ceded to 
        the United States for homesteading by Native Hawaiians in order 
        to rehabilitate a landless and dying people;
            (B) the enactment of the Act entitled ``An Act to provide 
        for the admission of the State of Hawaii into the Union'', 
        approved March 18, 1959 (73 Stat. 4)--
                (i) by ceding to the State of Hawaii title to the 
            public lands formerly held by the United States, and 
            mandating that those lands be held in public trust, for the 
            betterment of the conditions of Native Hawaiians, as that 
            term is defined in section 201 of the Hawaiian Homes 
            Commission Act, 1920 (42 Stat. 108 et seq.); and
                (ii) by transferring the United States responsibility 
            for the administration of Hawaiian Home Lands to the State 
            of Hawaii, but retaining the authority to enforce the 
            trust, including the exclusive right of the United States 
            to consent to any actions affecting the lands which 
            comprise the corpus of the trust and any amendments to the 
            Hawaiian Homes Commission Act, 1920 (42 Stat. 108 et seq.), 
            enacted by the legislature of the State of Hawaii affecting 
            the rights of beneficiaries under the Act;
            (C) the authorization of mortgage loans insured by the 
        Federal Housing Administration for the purchase, construction, 
        or refinancing of homes on Hawaiian Home Lands under the 
        National Housing Act (Public Law 479; 73d Congress; 12 U.S.C. 
        1701 et seq.);
            (D) authorizing Native Hawaiian representation on the 
        National Commission on American Indian, Alaska Native, and 
        Native Hawaiian Housing under Public Law 101-235;
            (E) the inclusion of Native Hawaiians in the definition 
        under section 3764 of title 38, United States Code, applicable 
        to subchapter V of chapter 37 of title 38, United States Code 
        (relating to a housing loan program for Native American 
        veterans); and
            (F) the enactment of the Hawaiian Home Lands Recovery Act 
        (109 Stat. 357; 48 U.S.C. 491, note prec.) which establishes a 
        process for the conveyance of Federal lands to the Department 
        of Hawaiian Homes Lands that are equivalent in value to lands 
        acquired by the United States from the Hawaiian Home Lands 
        inventory.

SEC. 513. HOUSING ASSISTANCE.

    The Native American Housing Assistance and Self-Determination Act 
of 1996 (25 U.S.C. 4101 et seq.) is amended by adding at the end the 
following:

         ``TITLE VIII--HOUSING ASSISTANCE FOR NATIVE HAWAIIANS

``SEC. 801. DEFINITIONS.

    ``In this title:
        ``(1) Department of hawaiian home lands; department.--The term 
    `Department of Hawaiian Home Lands' or `Department' means the 
    agency or department of the government of the State of Hawaii that 
    is responsible for the administration of the Hawaiian Homes 
    Commission Act, 1920 (42 Stat. 108 et seq.).
        ``(2) Director.--The term `Director' means the Director of the 
    Department of Hawaiian Home Lands.
        ``(3) Elderly families; near-elderly families.--
            ``(A) In general.--The term `elderly family' or `near-
        elderly family' means a family whose head (or his or her 
        spouse), or whose sole member, is--
                ``(i) for an elderly family, an elderly person; or
                ``(ii) for a near-elderly family, a near-elderly 
            person.
            ``(B) Certain families included.--The term `elderly family' 
        or `near-elderly family' includes--
                ``(i) two or more elderly persons or near-elderly 
            persons, as the case may be, living together; and
                ``(ii) one or more persons described in clause (i) 
            living with one or more persons determined under the 
            housing plan to be essential to their care or well-being.
        ``(4) Hawaiian home lands.--The term `Hawaiian Home Lands' 
    means lands that--
            ``(A) have the status as Hawaiian home lands under section 
        204 of the Hawaiian Homes Commission Act, 1920 (42 Stat. 110); 
        or
            ``(B) are acquired pursuant to that Act.
        ``(5) Housing area.--The term `housing area' means an area of 
    Hawaiian Home Lands with respect to which the Department of 
    Hawaiian Home Lands is authorized to provide assistance for 
    affordable housing under this Act.
        ``(6) Housing entity.--The term `housing entity' means the 
    Department of Hawaiian Home Lands.
        ``(7) Housing plan.--The term `housing plan' means a plan 
    developed by the Department of Hawaiian Home Lands.
        ``(8) Median income.--The term `median income' means, with 
    respect to an area that is a Hawaiian housing area, the greater 
    of--
            ``(A) the median income for the Hawaiian housing area, 
        which shall be determined by the Secretary; or
            ``(B) the median income for the State of Hawaii.
        ``(9) Native hawaiian.--The term `Native Hawaiian' means any 
    individual who is--
            ``(A) a citizen of the United States; and
            ``(B) a descendant of the aboriginal people, who, prior to 
        1778, occupied and exercised sovereignty in the area that 
        currently constitutes the State of Hawaii, as evidenced by--
                ``(i) genealogical records;
                ``(ii) verification by kupuna (elders) or kama'aina 
            (long-term community residents); or
                ``(iii) birth records of the State of Hawaii.

``SEC. 802. BLOCK GRANTS FOR AFFORDABLE HOUSING ACTIVITIES.

    ``(a) Grant Authority.--For each fiscal year, the Secretary shall 
(to the extent amounts are made available to carry out this title) make 
a grant under this title to the Department of Hawaiian Home Lands to 
carry out affordable housing activities for Native Hawaiian families 
who are eligible to reside on the Hawaiian Home Lands.
    ``(b) Plan Requirement.--
        ``(1) In general.--The Secretary may make a grant under this 
    title to the Department of Hawaiian Home Lands for a fiscal year 
    only if--
            ``(A) the Director has submitted to the Secretary a housing 
        plan for that fiscal year; and
            ``(B) the Secretary has determined under section 804 that 
        the housing plan complies with the requirements of section 803.
        ``(2) Waiver.--The Secretary may waive the applicability of the 
    requirements under paragraph (1), in part, if the Secretary finds 
    that the Department of Hawaiian Home Lands has not complied or 
    cannot comply with those requirements due to circumstances beyond 
    the control of the Department of Hawaiian Home Lands.
    ``(c) Use of Affordable Housing Activities Under Plan.--Except as 
provided in subsection (e), amounts provided under a grant under this 
section may be used only for affordable housing activities under this 
title that are consistent with a housing plan approved under section 
804.
    ``(d) Administrative Expenses.--
        ``(1) In general.--The Secretary shall, by regulation, 
    authorize the Department of Hawaiian Home Lands to use a percentage 
    of any grant amounts received under this title for any reasonable 
    administrative and planning expenses of the Department relating to 
    carrying out this title and activities assisted with those amounts.
        ``(2) Administrative and planning expenses.--The administrative 
    and planning expenses referred to in paragraph (1) include--
            ``(A) costs for salaries of individuals engaged in 
        administering and managing affordable housing activities 
        assisted with grant amounts provided under this title; and
            ``(B) expenses incurred in preparing a housing plan under 
        section 803.
    ``(e) Public-Private Partnerships.--The Director shall make all 
reasonable efforts, consistent with the purposes of this title, to 
maximize participation by the private sector, including nonprofit 
organizations and for-profit entities, in implementing a housing plan 
that has been approved by the Secretary under section 803.

``SEC. 803. HOUSING PLAN.

    ``(a) Plan Submission.--The Secretary shall--
        ``(1) require the Director to submit a housing plan under this 
    section for each fiscal year; and
        ``(2) provide for the review of each plan submitted under 
    paragraph (1).
    ``(b) Five-Year Plan.--Each housing plan under this section shall--
        ``(1) be in a form prescribed by the Secretary; and
        ``(2) contain, with respect to the 5-year period beginning with 
    the fiscal year for which the plan is submitted, the following 
    information:
            ``(A) Mission statement.--A general statement of the 
        mission of the Department of Hawaiian Home Lands to serve the 
        needs of the low-income families to be served by the 
        Department.
            ``(B) Goals and objectives.--A statement of the goals and 
        objectives of the Department of Hawaiian Home Lands to enable 
        the Department to serve the needs identified in subparagraph 
        (A) during the period.
            ``(C) Activities plans.--An overview of the activities 
        planned during the period including an analysis of the manner 
        in which the activities will enable the Department to meet its 
        mission, goals, and objectives.
    ``(c) One-Year Plan.--A housing plan under this section shall--
        ``(1) be in a form prescribed by the Secretary; and
        ``(2) contain the following information relating to the fiscal 
    year for which the assistance under this title is to be made 
    available:
            ``(A) Goals and objectives.--A statement of the goals and 
        objectives to be accomplished during the period covered by the 
        plan.
            ``(B) Statement of needs.--A statement of the housing needs 
        of the low-income families served by the Department and the 
        means by which those needs will be addressed during the period 
        covered by the plan, including--
                ``(i) a description of the estimated housing needs and 
            the need for assistance for the low-income families to be 
            served by the Department, including a description of the 
            manner in which the geographical distribution of assistance 
            is consistent with--

                    ``(I) the geographical needs of those families; and
                    ``(II) needs for various categories of housing 
                assistance; and

                ``(ii) a description of the estimated housing needs for 
            all families to be served by the Department.
            ``(C) Financial resources.--An operating budget for the 
        Department of Hawaiian Home Lands, in a form prescribed by the 
        Secretary, that includes--
                ``(i) an identification and a description of the 
            financial resources reasonably available to the Department 
            to carry out the purposes of this title, including an 
            explanation of the manner in which amounts made available 
            will be used to leverage additional resources; and
                ``(ii) the uses to which the resources described in 
            clause (i) will be committed, including--

                    ``(I) eligible and required affordable housing 
                activities; and
                    ``(II) administrative expenses.

            ``(D) Affordable housing resources.--A statement of the 
        affordable housing resources currently available at the time of 
        the submittal of the plan and to be made available during the 
        period covered by the plan, including--
                ``(i) a description of the significant characteristics 
            of the housing market in the State of Hawaii, including the 
            availability of housing from other public sources, private 
            market housing;
                ``(ii) the manner in which the characteristics referred 
            to in clause (i) influence the decision of the Department 
            of Hawaiian Home Lands to use grant amounts to be provided 
            under this title for--

                    ``(I) rental assistance;
                    ``(II) the production of new units;
                    ``(III) the acquisition of existing units; or
                    ``(IV) the rehabilitation of units;

                ``(iii) a description of the structure, coordination, 
            and means of cooperation between the Department of Hawaiian 
            Home Lands and any other governmental entities in the 
            development, submission, or implementation of housing 
            plans, including a description of--

                    ``(I) the involvement of private, public, and 
                nonprofit organizations and institutions;
                    ``(II) the use of loan guarantees under section 
                184A of the Housing and Community Development Act of 
                1992; and
                    ``(III) other housing assistance provided by the 
                United States, including loans, grants, and mortgage 
                insurance;

                ``(iv) a description of the manner in which the plan 
            will address the needs identified pursuant to subparagraph 
            (C);
                ``(v) a description of--

                    ``(I) any existing or anticipated homeownership 
                programs and rental programs to be carried out during 
                the period covered by the plan; and
                    ``(II) the requirements and assistance available 
                under the programs referred to in subclause (I);

                ``(vi) a description of--

                    ``(I) any existing or anticipated housing 
                rehabilitation programs necessary to ensure the long-
                term viability of the housing to be carried out during 
                the period covered by the plan; and
                    ``(II) the requirements and assistance available 
                under the programs referred to in subclause (I);

                ``(vii) a description of--

                    ``(I) all other existing or anticipated housing 
                assistance provided by the Department of Hawaiian Home 
                Lands during the period covered by the plan, 
                including--

                        ``(aa) transitional housing;
                        ``(bb) homeless housing;
                        ``(cc) college housing; and
                        ``(dd) supportive services housing; and

                    ``(II) the requirements and assistance available 
                under such programs;

                ``(viii)(I) a description of any housing to be 
            demolished or disposed of;
                ``(II) a timetable for that demolition or disposition; 
            and
                ``(III) any other information required by the Secretary 
            with respect to that demolition or disposition;
                ``(ix) a description of the manner in which the 
            Department of Hawaiian Home Lands will coordinate with 
            welfare agencies in the State of Hawaii to ensure that 
            residents of the affordable housing will be provided with 
            access to resources to assist in obtaining employment and 
            achieving self-sufficiency;
                ``(x) a description of the requirements established by 
            the Department of Hawaiian Home Lands to--

                    ``(I) promote the safety of residents of the 
                affordable housing;
                    ``(II) facilitate the undertaking of crime 
                prevention measures;
                    ``(III) allow resident input and involvement, 
                including the establishment of resident organizations; 
                and
                    ``(IV) allow for the coordination of crime 
                prevention activities between the Department and local 
                law enforcement officials; and

                ``(xi) a description of the entities that will carry 
            out the activities under the plan, including the 
            organizational capacity and key personnel of the entities.
            ``(E) Certification of compliance.--Evidence of compliance 
        that shall include, as appropriate--
                ``(i) a certification that the Department of Hawaiian 
            Home Lands will comply with--

                    ``(I) title VI of the Civil Rights Act of 1964 (42 
                U.S.C. 2000d et seq.) or with the Fair Housing Act (42 
                U.S.C. 3601 et seq.) in carrying out this title, to the 
                extent that such title is applicable; and
                    ``(II) other applicable Federal statutes;

                ``(ii) a certification that the Department will require 
            adequate insurance coverage for housing units that are 
            owned and operated or assisted with grant amounts provided 
            under this title, in compliance with such requirements as 
            may be established by the Secretary;
                ``(iii) a certification that policies are in effect and 
            are available for review by the Secretary and the public 
            governing the eligibility, admission, and occupancy of 
            families for housing assisted with grant amounts provided 
            under this title;
                ``(iv) a certification that policies are in effect and 
            are available for review by the Secretary and the public 
            governing rents charged, including the methods by which 
            such rents or homebuyer payments are determined, for 
            housing assisted with grant amounts provided under this 
            title; and
                ``(v) a certification that policies are in effect and 
            are available for review by the Secretary and the public 
            governing the management and maintenance of housing 
            assisted with grant amounts provided under this title.
    ``(d) Applicability of Civil Rights Statutes.--
        ``(1) In general.--To the extent that the requirements of title 
    VI of the Civil Rights Act of 1964 (42 U.S.C. 2000d et seq.) or of 
    the Fair Housing Act (42 U.S.C. 3601 et seq.) apply to assistance 
    provided under this title, nothing in the requirements concerning 
    discrimination on the basis of race shall be construed to prevent 
    the provision of assistance under this title--
            ``(A) to the Department of Hawaiian Home Lands on the basis 
        that the Department served Native Hawaiians; or
            ``(B) to an eligible family on the basis that the family is 
        a Native Hawaiian family.
        ``(2) Civil rights.--Program eligibility under this title may 
    be restricted to Native Hawaiians. Subject to the preceding 
    sentence, no person may be discriminated against on the basis of 
    race, color, national origin, religion, sex, familial status, or 
    disability.
    ``(e) Use of Nonprofit Organizations.--As a condition of receiving 
grant amounts under this title, the Department of Hawaiian Home Lands 
shall, to the extent practicable, provide for private nonprofit 
organizations experienced in the planning and development of affordable 
housing for Native Hawaiians to carry out affordable housing activities 
with those grant amounts.

``SEC. 804. REVIEW OF PLANS.

    ``(a) Review and Notice.--
        ``(1) Review.--
            ``(A) In general.--The Secretary shall conduct a review of 
        a housing plan submitted to the Secretary under section 803 to 
        ensure that the plan complies with the requirements of that 
        section.
            ``(B) Limitation.--The Secretary shall have the discretion 
        to review a plan referred to in subparagraph (A) only to the 
        extent that the Secretary considers that the review is 
        necessary.
        ``(2) Notice.--
            ``(A) In general.--Not later than 60 days after receiving a 
        plan under section 803, the Secretary shall notify the Director 
        of the Department of Hawaiian Home Lands whether the plan 
        complies with the requirements under that section.
            ``(B) Effect of failure of secretary to take action.--For 
        purposes of this title, if the Secretary does not notify the 
        Director, as required under this subsection and subsection (b), 
        upon the expiration of the 60-day period described in 
        subparagraph (A)--
                ``(i) the plan shall be considered to have been 
            determined to comply with the requirements under section 
            803; and
                ``(ii) the Director shall be considered to have been 
            notified of compliance.
    ``(b) Notice of Reasons for Determination of Noncompliance.--If the 
Secretary determines that a plan submitted under section 803 does not 
comply with the requirements of that section, the Secretary shall 
specify in the notice under subsection (a)--
        ``(1) the reasons for noncompliance; and
        ``(2) any modifications necessary for the plan to meet the 
    requirements of section 803.
    ``(c) Review.--
        ``(1) In general.--After the Director of the Department of 
    Hawaiian Home Lands submits a housing plan under section 803, or 
    any amendment or modification to the plan to the Secretary, to the 
    extent that the Secretary considers such action to be necessary to 
    make a determination under this subsection, the Secretary shall 
    review the plan (including any amendments or modifications thereto) 
    to determine whether the contents of the plan--
            ``(A) set forth the information required by section 803 to 
        be contained in the housing plan;
            ``(B) are consistent with information and data available to 
        the Secretary; and
            ``(C) are not prohibited by or inconsistent with any 
        provision of this Act or any other applicable law.
        ``(2) Incomplete plans.--If the Secretary determines under this 
    subsection that any of the appropriate certifications required 
    under section 803(c)(2)(E) are not included in a plan, the plan 
    shall be considered to be incomplete.
    ``(d) Updates to Plan.--
        ``(1) In general.--Subject to paragraph (2), after a plan under 
    section 803 has been submitted for a fiscal year, the Director of 
    the Department of Hawaiian Home Lands may comply with the 
    provisions of that section for any succeeding fiscal year (with 
    respect to information included for the 5-year period under section 
    803(b) or for the 1-year period under section 803(c)) by submitting 
    only such information regarding such changes as may be necessary to 
    update the plan previously submitted.
        ``(2) Complete plans.--The Director shall submit a complete 
    plan under section 803 not later than 4 years after submitting an 
    initial plan under that section, and not less frequently than every 
    4 years thereafter.
    ``(e) Effective Date.--This section and section 803 shall take 
effect on the date provided by the Secretary pursuant to section 807(a) 
to provide for timely submission and review of the housing plan as 
necessary for the provision of assistance under this title for fiscal 
year 2001.

``SEC. 805. TREATMENT OF PROGRAM INCOME AND LABOR STANDARDS.

    ``(a) Program Income.--
        ``(1) Authority to retain.--The Department of Hawaiian Home 
    Lands may retain any program income that is realized from any grant 
    amounts received by the Department under this title if--
            ``(A) that income was realized after the initial 
        disbursement of the grant amounts received by the Department; 
        and
            ``(B) the Director agrees to use the program income for 
        affordable housing activities in accordance with the provisions 
        of this title.
        ``(2) Prohibition of reduction of grant.--The Secretary may not 
    reduce the grant amount for the Department of Hawaiian Home Lands 
    based solely on--
            ``(A) whether the Department retains program income under 
        paragraph (1); or
            ``(B) the amount of any such program income retained.
        ``(3) Exclusion of amounts.--The Secretary may, by regulation, 
    exclude from consideration as program income any amounts determined 
    to be so small that compliance with the requirements of this 
    subsection would create an unreasonable administrative burden on 
    the Department.
    ``(b) Labor Standards.--
        ``(1) In general.--Any contract or agreement for assistance, 
    sale, or lease pursuant to this title shall contain--
            ``(A) a provision requiring that an amount not less than 
        the wages prevailing in the locality, as determined or adopted 
        (subsequent to a determination under applicable State or local 
        law) by the Secretary, shall be paid to all architects, 
        technical engineers, draftsmen, technicians employed in the 
        development and all maintenance, and laborers and mechanics 
        employed in the operation, of the affordable housing project 
        involved; and
            ``(B) a provision that an amount not less than the wages 
        prevailing in the locality, as predetermined by the Secretary 
        of Labor pursuant to the Act commonly known as the `Davis-Bacon 
        Act' (46 Stat. 1494; chapter 411; 40 U.S.C. 276a et seq.) shall 
        be paid to all laborers and mechanics employed in the 
        development of the affordable housing involved.
        ``(2) Exceptions.--Paragraph (1) and provisions relating to 
    wages required under paragraph (1) in any contract or agreement for 
    assistance, sale, or lease under this title, shall not apply to any 
    individual who performs the services for which the individual 
    volunteered and who is not otherwise employed at any time in the 
    construction work and received no compensation or is paid expenses, 
    reasonable benefits, or a nominal fee for those services.

``SEC. 806. ENVIRONMENTAL REVIEW.

    ``(a) In General.--
        ``(1) Release of funds.--
            ``(A) In general.--The Secretary may carry out the 
        alternative environmental protection procedures described in 
        subparagraph (B) in order to ensure--
                ``(i) that the policies of the National Environmental 
            Policy Act of 1969 (42 U.S.C. 4321 et seq.) and other 
            provisions of law that further the purposes of such Act (as 
            specified in regulations issued by the Secretary) are most 
            effectively implemented in connection with the expenditure 
            of grant amounts provided under this title; and
                ``(ii) to the public undiminished protection of the 
            environment.
            ``(B) Alternative environmental protection procedure.--In 
        lieu of applying environmental protection procedures otherwise 
        applicable, the Secretary may by regulation provide for the 
        release of funds for specific projects to the Department of 
        Hawaiian Home Lands if the Director of the Department assumes 
        all of the responsibilities for environmental review, 
        decisionmaking, and action under the National Environmental 
        Policy Act of 1969 (42 U.S.C. 4321 et seq.), and such other 
        provisions of law as the regulations of the Secretary specify, 
        that would apply to the Secretary were the Secretary to 
        undertake those projects as Federal projects.
        ``(2) Regulations.--
            ``(A) In general.--The Secretary shall issue regulations to 
        carry out this section only after consultation with the Council 
        on Environmental Quality.
            ``(B) Contents.--The regulations issued under this 
        paragraph shall--
                ``(i) provide for the monitoring of the environmental 
            reviews performed under this section;
                ``(ii) in the discretion of the Secretary, facilitate 
            training for the performance of such reviews; and
                ``(iii) provide for the suspension or termination of 
            the assumption of responsibilities under this section.
        ``(3) Effect on assumed responsibility.--The duty of the 
    Secretary under paragraph (2)(B) shall not be construed to limit or 
    reduce any responsibility assumed by the Department of Hawaiian 
    Home Lands for grant amounts with respect to any specific release 
    of funds.
    ``(b) Procedure.--
        ``(1) In general.--The Secretary shall authorize the release of 
    funds subject to the procedures under this section only if, not 
    less than 15 days before that approval and before any commitment of 
    funds to such projects, the Director of the Department of Hawaiian 
    Home Lands submits to the Secretary a request for such release 
    accompanied by a certification that meets the requirements of 
    subsection (c).
        ``(2) Effect of approval.--The approval of the Secretary of a 
    certification described in paragraph (1) shall be deemed to satisfy 
    the responsibilities of the Secretary under the National 
    Environmental Policy Act of 1969 (42 U.S.C. 4321 et seq.) and such 
    other provisions of law as the regulations of the Secretary specify 
    to the extent that those responsibilities relate to the releases of 
    funds for projects that are covered by that certification.
    ``(c) Certification.--A certification under the procedures under 
this section shall--
        ``(1) be in a form acceptable to the Secretary;
        ``(2) be executed by the Director of the Department of Hawaiian 
    Home Lands;
        ``(3) specify that the Department of Hawaiian Home Lands has 
    fully carried out its responsibilities as described under 
    subsection (a); and
        ``(4) specify that the Director--
            ``(A) consents to assume the status of a responsible 
        Federal official under the National Environmental Policy Act of 
        1969 (42 U.S.C. 4321 et seq.) and each provision of law 
        specified in regulations issued by the Secretary to the extent 
        that those laws apply by reason of subsection (a); and
            ``(B) is authorized and consents on behalf of the 
        Department of Hawaiian Home Lands and the Director to accept 
        the jurisdiction of the Federal courts for the purpose of 
        enforcement of the responsibilities of the Director of the 
        Department of Hawaiian Home Lands as such an official.

``SEC. 807. REGULATIONS.

    ``The Secretary shall issue final regulations necessary to carry 
out this title not later than October 1, 2001.

``SEC. 808. EFFECTIVE DATE.

    ``Except as otherwise expressly provided in this title, this title 
shall take effect on the date of the enactment of the American 
Homeownership and Economic Opportunity Act of 2000.

``SEC. 809. AFFORDABLE HOUSING ACTIVITIES.

    ``(a) National Objectives and Eligible Families.--
        ``(1) Primary objective.--The national objectives of this title 
    are--
            ``(A) to assist and promote affordable housing activities 
        to develop, maintain, and operate affordable housing in safe 
        and healthy environments for occupancy by low-income Native 
        Hawaiian families;
            ``(B) to ensure better access to private mortgage markets 
        and to promote self-sufficiency of low-income Native Hawaiian 
        families;
            ``(C) to coordinate activities to provide housing for low-
        income Native Hawaiian families with Federal, State, and local 
        activities to further economic and community development;
            ``(D) to plan for and integrate infrastructure resources on 
        the Hawaiian Home Lands with housing development; and
            ``(E) to--
                ``(i) promote the development of private capital 
            markets; and
                ``(ii) allow the markets referred to in clause (i) to 
            operate and grow, thereby benefiting Native Hawaiian 
            communities.
        ``(2) Eligible families.--
            ``(A) In general.--Except as provided under subparagraph 
        (B), assistance for eligible housing activities under this 
        title shall be limited to low-income Native Hawaiian families.
            ``(B) Exception to low-income requirement.--
                ``(i) In general.--The Director may provide assistance 
            for homeownership activities under--

                    ``(I) section 810(b);
                    ``(II) model activities under section 810(f); or
                    ``(III) loan guarantee activities under section 
                184A of the Housing and Community Development Act of 
                1992 to Native Hawaiian families who are not low-income 
                families, to the extent that the Secretary approves the 
                activities under that section to address a need for 
                housing for those families that cannot be reasonably 
                met without that assistance.

                ``(ii) Limitations.--The Secretary shall establish 
            limitations on the amount of assistance that may be 
            provided under this title for activities for families that 
            are not low-income families.
            ``(C) Other families.--Notwithstanding paragraph (1), the 
        Director may provide housing or housing assistance provided 
        through affordable housing activities assisted with grant 
        amounts under this title to a family that is not composed of 
        Native Hawaiians if--
                ``(i) the Department determines that the presence of 
            the family in the housing involved is essential to the 
            well-being of Native Hawaiian families; and
                ``(ii) the need for housing for the family cannot be 
            reasonably met without the assistance.
            ``(D) Preference.--
                ``(i) In general.--A housing plan submitted under 
            section 803 may authorize a preference, for housing or 
            housing assistance provided through affordable housing 
            activities assisted with grant amounts provided under this 
            title to be provided, to the extent practicable, to 
            families that are eligible to reside on the Hawaiian Home 
            Lands.
                ``(ii) Application.--In any case in which a housing 
            plan provides for preference described in clause (i), the 
            Director shall ensure that housing activities that are 
            assisted with grant amounts under this title are subject to 
            that preference.
            ``(E) Use of nonprofit organizations.--As a condition of 
        receiving grant amounts under this title, the Department of 
        Hawaiian Home Lands, shall to the extent practicable, provide 
        for private nonprofit organizations experienced in the planning 
        and development of affordable housing for Native Hawaiians to 
        carry out affordable housing activities with those grant 
        amounts.

``SEC. 810. ELIGIBLE AFFORDABLE HOUSING ACTIVITIES.

    ``(a) In General.--Affordable housing activities under this section 
are activities conducted in accordance with the requirements of section 
811 to--
        ``(1) develop or to support affordable housing for rental or 
    homeownership; or
        ``(2) provide housing services with respect to affordable 
    housing, through the activities described in subsection (b).
    ``(b) Activities.--The activities described in this subsection are 
the following:
        ``(1) Development.--The acquisition, new construction, 
    reconstruction, or moderate or substantial rehabilitation of 
    affordable housing, which may include--
            ``(A) real property acquisition;
            ``(B) site improvement;
            ``(C) the development of utilities and utility services;
            ``(D) conversion;
            ``(E) demolition;
            ``(F) financing;
            ``(G) administration and planning; and
            ``(H) other related activities.
        ``(2) Housing services.--The provision of housing-related 
    services for affordable housing, including--
            ``(A) housing counseling in connection with rental or 
        homeownership assistance;
            ``(B) the establishment and support of resident 
        organizations and resident management corporations;
            ``(C) energy auditing;
            ``(D) activities related to the provisions of self-
        sufficiency and other services; and
            ``(E) other services related to assisting owners, tenants, 
        contractors, and other entities participating or seeking to 
        participate in other housing activities assisted pursuant to 
        this section.
        ``(3) Housing management services.--The provision of management 
    services for affordable housing, including--
            ``(A) the preparation of work specifications;
            ``(B) loan processing;
            ``(C) inspections;
            ``(D) tenant selection;
            ``(E) management of tenant-based rental assistance; and
            ``(F) management of affordable housing projects.
        ``(4) Crime prevention and safety activities.--The provision of 
    safety, security, and law enforcement measures and activities 
    appropriate to protect residents of affordable housing from crime.
        ``(5) Model activities.--Housing activities under model 
    programs that are--
            ``(A) designed to carry out the purposes of this title; and
            ``(B) specifically approved by the Secretary as appropriate 
        for the purpose referred to in subparagraph (A).

``SEC. 811. PROGRAM REQUIREMENTS.

    ``(a) Rents.--
        ``(1) Establishment.--Subject to paragraph (2), as a condition 
    to receiving grant amounts under this title, the Director shall 
    develop written policies governing rents and homebuyer payments 
    charged for dwelling units assisted under this title, including 
    methods by which such rents and homebuyer payments are determined.
        ``(2) Maximum rent.--In the case of any low-income family 
    residing in a dwelling unit assisted with grant amounts under this 
    title, the monthly rent or homebuyer payment (as applicable) for 
    that dwelling unit may not exceed 30 percent of the monthly 
    adjusted income of that family.
    ``(b) Maintenance and Efficient Operation.--
        ``(1) In general.--The Director shall, using amounts of any 
    grants received under this title, reserve and use for operating 
    under section 810 such amounts as may be necessary to provide for 
    the continued maintenance and efficient operation of such housing.
        ``(2) Disposal of certain housing.--This subsection may not be 
    construed to prevent the Director, or any entity funded by the 
    Department, from demolishing or disposing of housing, pursuant to 
    regulations established by the Secretary.
    ``(c) Insurance Coverage.--As a condition to receiving grant 
amounts under this title, the Director shall require adequate insurance 
coverage for housing units that are owned or operated or assisted with 
grant amounts provided under this title.
    ``(d) Eligibility for Admission.--As a condition to receiving grant 
amounts under this title, the Director shall develop written policies 
governing the eligibility, admission, and occupancy of families for 
housing assisted with grant amounts provided under this title.
    ``(e) Management and Maintenance.--As a condition to receiving 
grant amounts under this title, the Director shall develop policies 
governing the management and maintenance of housing assisted with grant 
amounts under this title.

``SEC. 812. TYPES OF INVESTMENTS.

    ``(a) In General.--Subject to section 811 and an applicable housing 
plan approved under section 803, the Director shall have--
        ``(1) the discretion to use grant amounts for affordable 
    housing activities through the use of--
            ``(A) equity investments;
            ``(B) interest-bearing loans or advances;
            ``(C) noninterest-bearing loans or advances;
            ``(D) interest subsidies;
            ``(E) the leveraging of private investments; or
            ``(F) any other form of assistance that the Secretary 
        determines to be consistent with the purposes of this title; 
        and
        ``(2) the right to establish the terms of assistance provided 
    with funds referred to in paragraph (1).
    ``(b) Investments.--The Director may invest grant amounts for the 
purposes of carrying out affordable housing activities in investment 
securities and other obligations, as approved by the Secretary.

``SEC. 813. LOW-INCOME REQUIREMENT AND INCOME TARGETING.

    ``(a) In General.--Housing shall qualify for affordable housing for 
purposes of this title only if--
        ``(1) each dwelling unit in the housing--
            ``(A) in the case of rental housing, is made available for 
        occupancy only by a family that is a low-income family at the 
        time of the initial occupancy of that family of that unit; and
            ``(B) in the case of housing for homeownership, is made 
        available for purchase only by a family that is a low-income 
        family at the time of purchase; and
        ``(2) each dwelling unit in the housing will remain affordable, 
    according to binding commitments satisfactory to the Secretary, 
    for--
            ``(A) the remaining useful life of the property (as 
        determined by the Secretary) without regard to the term of the 
        mortgage or to transfer of ownership; or
            ``(B) such other period as the Secretary determines is the 
        longest feasible period of time consistent with sound economics 
        and the purposes of this title, except upon a foreclosure by a 
        lender (or upon other transfer in lieu of foreclosure) if that 
        action--
                ``(i) recognizes any contractual or legal rights of any 
            public agency, nonprofit sponsor, or other person or entity 
            to take an action that would--

                    ``(I) avoid termination of low-income 
                affordability, in the case of foreclosure; or
                    ``(II) transfer ownership in lieu of foreclosure; 
                and

                ``(ii) is not for the purpose of avoiding low-income 
            affordability restrictions, as determined by the Secretary.
    ``(b) Exception.--Notwithstanding subsection (a), housing 
assistance pursuant to section 809(a)(2)(B) shall be considered 
affordable housing for purposes of this title.

``SEC. 814. LEASE REQUIREMENTS AND TENANT SELECTION.

    ``(a) Leases.--Except to the extent otherwise provided by or 
inconsistent with the laws of the State of Hawaii, in renting dwelling 
units in affordable housing assisted with grant amounts provided under 
this title, the Director, owner, or manager shall use leases that--
        ``(1) do not contain unreasonable terms and conditions;
        ``(2) require the Director, owner, or manager to maintain the 
    housing in compliance with applicable housing codes and quality 
    standards;
        ``(3) require the Director, owner, or manager to give adequate 
    written notice of termination of the lease, which shall be the 
    period of time required under applicable State or local law;
        ``(4) specify that, with respect to any notice of eviction or 
    termination, notwithstanding any State or local law, a resident 
    shall be informed of the opportunity, before any hearing or trial, 
    to examine any relevant documents, record, or regulations directly 
    related to the eviction or termination;
        ``(5) require that the Director, owner, or manager may not 
    terminate the tenancy, during the term of the lease, except for 
    serious or repeated violation of the terms and conditions of the 
    lease, violation of applicable Federal, State, or local law, or for 
    other good cause; and
        ``(6) provide that the Director, owner, or manager may 
    terminate the tenancy of a resident for any activity, engaged in by 
    the resident, any member of the household of the resident, or any 
    guest or other person under the control of the resident, that--
            ``(A) threatens the health or safety of, or right to 
        peaceful enjoyment of the premises by, other residents or 
        employees of the Department, owner, or manager;
            ``(B) threatens the health or safety of, or right to 
        peaceful enjoyment of their premises by, persons residing in 
        the immediate vicinity of the premises; or
            ``(C) is criminal activity (including drug-related criminal 
        activity) on or off the premises.
    ``(b) Tenant or Homebuyer Selection.--As a condition to receiving 
grant amounts under this title, the Director shall adopt and use 
written tenant and homebuyer selection policies and criteria that--
        ``(1) are consistent with the purpose of providing housing for 
    low-income families;
        ``(2) are reasonably related to program eligibility and the 
    ability of the applicant to perform the obligations of the lease; 
    and
        ``(3) provide for--
            ``(A) the selection of tenants and homebuyers from a 
        written waiting list in accordance with the policies and goals 
        set forth in an applicable housing plan approved under section 
        803; and
            ``(B) the prompt notification in writing of any rejected 
        applicant of the grounds for that rejection.

``SEC. 815. REPAYMENT.

    ``If the Department of Hawaiian Home Lands uses grant amounts to 
provide affordable housing under activities under this title and, at 
any time during the useful life of the housing, the housing does not 
comply with the requirement under section 813(a)(2), the Secretary 
shall--
        ``(1) reduce future grant payments on behalf of the Department 
    by an amount equal to the grant amounts used for that housing 
    (under the authority of section 819(a)(2)); or
        ``(2) require repayment to the Secretary of any amount equal to 
    those grant amounts.

``SEC. 816. ANNUAL ALLOCATION.

    ``For each fiscal year, the Secretary shall allocate any amounts 
made available for assistance under this title for the fiscal year, in 
accordance with the formula established pursuant to section 817 to the 
Department of Hawaiian Home Lands if the Department complies with the 
requirements under this title for a grant under this title.

``SEC. 817. ALLOCATION FORMULA.

    ``(a) Establishment.--The Secretary shall, by regulation issued not 
later than the expiration of the 6-month period beginning on the date 
of the enactment of the American Homeownership and Economic Opportunity 
Act of 2000, in the manner provided under section 807, establish a 
formula to provide for the allocation of amounts available for a fiscal 
year for block grants under this title in accordance with the 
requirements of this section.
    ``(b) Factors for Determination of Need.--The formula under 
subsection (a) shall be based on factors that reflect the needs for 
assistance for affordable housing activities, including--
        ``(1) the number of low-income dwelling units owned or operated 
    at the time pursuant to a contract between the Director and the 
    Secretary;
        ``(2) the extent of poverty and economic distress and the 
    number of Native Hawaiian families eligible to reside on the 
    Hawaiian Home Lands; and
        ``(3) any other objectively measurable conditions that the 
    Secretary and the Director may specify.
    ``(c) Other Factors for Consideration.--In establishing the formula 
under subsection (a), the Secretary shall consider the relative 
administrative capacities of the Department of Hawaiian Home Lands and 
other challenges faced by the Department, including--
        ``(1) geographic distribution within Hawaiian Home Lands; and
        ``(2) technical capacity.
    ``(d) Effective Date.--This section shall take effect on the date 
of the enactment of the American Homeownership and Economic Opportunity 
Act of 2000.

``SEC. 818. REMEDIES FOR NONCOMPLIANCE.

    ``(a) Actions by Secretary Affecting Grant Amounts.--
        ``(1) In general.--Except as provided in subsection (b), if the 
    Secretary finds after reasonable notice and opportunity for a 
    hearing that the Department of Hawaiian Home Lands has failed to 
    comply substantially with any provision of this title, the 
    Secretary shall--
            ``(A) terminate payments under this title to the 
        Department;
            ``(B) reduce payments under this title to the Department by 
        an amount equal to the amount of such payments that were not 
        expended in accordance with this title; or
            ``(C) limit the availability of payments under this title 
        to programs, projects, or activities not affected by such 
        failure to comply.
        ``(2) Actions.--If the Secretary takes an action under 
    subparagraph (A), (B), or (C) of paragraph (1), the Secretary shall 
    continue that action until the Secretary determines that the 
    failure by the Department to comply with the provision has been 
    remedied by the Department and the Department is in compliance with 
    that provision.
    ``(b) Noncompliance Because of a Technical Incapacity.--The 
Secretary may provide technical assistance for the Department, either 
directly or indirectly, that is designed to increase the capability and 
capacity of the Director of the Department to administer assistance 
provided under this title in compliance with the requirements under 
this title if the Secretary makes a finding under subsection (a), but 
determines that the failure of the Department to comply substantially 
with the provisions of this title--
        ``(1) is not a pattern or practice of activities constituting 
    willful noncompliance; and
        ``(2) is a result of the limited capability or capacity of the 
    Department of Hawaiian Home Lands.
    ``(c) Referral for Civil Action.--
        ``(1) Authority.--In lieu of, or in addition to, any action 
    that the Secretary may take under subsection (a), if the Secretary 
    has reason to believe that the Department of Hawaiian Home Lands 
    has failed to comply substantially with any provision of this 
    title, the Secretary may refer the matter to the Attorney General 
    of the United States with a recommendation that an appropriate 
    civil action be instituted.
        ``(2) Civil action.--Upon receiving a referral under paragraph 
    (1), the Attorney General may bring a civil action in any United 
    States district court of appropriate jurisdiction for such relief 
    as may be appropriate, including an action--
            ``(A) to recover the amount of the assistance furnished 
        under this title that was not expended in accordance with this 
        title; or
            ``(B) for mandatory or injunctive relief.
    ``(d) Review.--
        ``(1) In general.--If the Director receives notice under 
    subsection (a) of the termination, reduction, or limitation of 
    payments under this Act, the Director--
            ``(A) may, not later than 60 days after receiving such 
        notice, file with the United States Court of Appeals for the 
        Ninth Circuit, or in the United States Court of Appeals for the 
        District of Columbia, a petition for review of the action of 
        the Secretary; and
            ``(B) upon the filing of any petition under subparagraph 
        (A), shall forthwith transmit copies of the petition to the 
        Secretary and the Attorney General of the United States, who 
        shall represent the Secretary in the litigation.
        ``(2) Procedure.--
            ``(A) In general.--The Secretary shall file in the court a 
        record of the proceeding on which the Secretary based the 
        action, as provided in section 2112 of title 28, United States 
        Code.
            ``(B) Objections.--No objection to the action of the 
        Secretary shall be considered by the court unless the 
        Department has registered the objection before the Secretary.
        ``(3) Disposition.--
            ``(A) Court proceedings.--
                ``(i) Jurisdiction of court.--The court shall have 
            jurisdiction to affirm or modify the action of the 
            Secretary or to set the action aside in whole or in part.
                ``(ii) Findings of fact.--If supported by substantial 
            evidence on the record considered as a whole, the findings 
            of fact by the Secretary shall be conclusive.
                ``(iii) Addition.--The court may order evidence, in 
            addition to the evidence submitted for review under this 
            subsection, to be taken by the Secretary, and to be made 
            part of the record.
            ``(B) Secretary.--
                ``(i) In general.--The Secretary, by reason of the 
            additional evidence referred to in subparagraph (A) and 
            filed with the court--

                    ``(I) may--

                        ``(aa) modify the findings of fact of the 
                    Secretary; or
                        ``(bb) make new findings; and

                    ``(II) shall file--

                        ``(aa) such modified or new findings; and
                        ``(bb) the recommendation of the Secretary, if 
                    any, for the modification or setting aside of the 
                    original action of the Secretary.
                ``(ii) Findings.--The findings referred to in clause 
            (i)(II)(bb) shall, with respect to a question of fact, be 
            considered to be conclusive if those findings are--

                    ``(I) supported by substantial evidence on the 
                record; and
                    ``(II) considered as a whole.

        ``(4) Finality.--
            ``(A) In general.--Except as provided in subparagraph (B), 
        upon the filing of the record under this subsection with the 
        court--
                ``(i) the jurisdiction of the court shall be exclusive; 
            and
                ``(ii) the judgment of the court shall be final.
            ``(B) Review by supreme court.--A judgment under 
        subparagraph (A) shall be subject to review by the Supreme 
        Court of the United States upon writ of certiorari or 
        certification, as provided in section 1254 of title 28, United 
        States Code.

``SEC. 819. MONITORING OF COMPLIANCE.

    ``(a) Enforceable Agreements.--
        ``(1) In general.--The Director, through binding contractual 
    agreements with owners or other authorized entities, shall ensure 
    long-term compliance with the provisions of this title.
        ``(2) Measures.--The measures referred to in paragraph (1) 
    shall provide for--
            ``(A) to the extent allowable by Federal and State law, the 
        enforcement of the provisions of this title by the Department 
        and the Secretary; and
            ``(B) remedies for breach of the provisions referred to in 
        paragraph (1).
    ``(b) Periodic Monitoring.--
        ``(1) In general.--Not less frequently than annually, the 
    Director shall review the activities conducted and housing assisted 
    under this title to assess compliance with the requirements of this 
    title.
        ``(2) Review.--Each review under paragraph (1) shall include 
    onsite inspection of housing to determine compliance with 
    applicable requirements.
        ``(3) Results.--The results of each review under paragraph (1) 
    shall be--
            ``(A) included in a performance report of the Director 
        submitted to the Secretary under section 820; and
            ``(B) made available to the public.
    ``(c) Performance Measures.--The Secretary shall establish such 
performance measures as may be necessary to assess compliance with the 
requirements of this title.

``SEC. 820. PERFORMANCE REPORTS.

    ``(a) Requirement.--For each fiscal year, the Director shall--
        ``(1) review the progress the Department has made during that 
    fiscal year in carrying out the housing plan submitted by the 
    Department under section 803; and
        ``(2) submit a report to the Secretary (in a form acceptable to 
    the Secretary) describing the conclusions of the review.
    ``(b) Content.--Each report submitted under this section for a 
fiscal year shall--
        ``(1) describe the use of grant amounts provided to the 
    Department of Hawaiian Home Lands for that fiscal year;
        ``(2) assess the relationship of the use referred to in 
    paragraph (1) to the goals identified in the housing plan;
        ``(3) indicate the programmatic accomplishments of the 
    Department; and
        ``(4) describe the manner in which the Department would change 
    its housing plan submitted under section 803 as a result of its 
    experiences.
    ``(c) Submissions.--The Secretary shall--
        ``(1) establish a date for submission of each report under this 
    section;
        ``(2) review each such report; and
        ``(3) with respect to each such report, make recommendations as 
    the Secretary considers appropriate to carry out the purposes of 
    this title.
    ``(d) Public Availability.--
        ``(1) Comments by beneficiaries.--In preparing a report under 
    this section, the Director shall make the report publicly available 
    to the beneficiaries of the Hawaiian Homes Commission Act, 1920 (42 
    Stat. 108 et seq.) and give a sufficient amount of time to permit 
    those beneficiaries to comment on that report before it is 
    submitted to the Secretary (in such manner and at such time as the 
    Director may determine).
        ``(2) Summary of comments.--The report shall include a summary 
    of any comments received by the Director from beneficiaries under 
    paragraph (1) regarding the program to carry out the housing plan.

``SEC. 821. REVIEW AND AUDIT BY SECRETARY.

    ``(a) Annual Review.--
        ``(1) In general.--The Secretary shall, not less frequently 
    than on an annual basis, make such reviews and audits as may be 
    necessary or appropriate to determine whether--
            ``(A) the Director has--
                ``(i) carried out eligible activities under this title 
            in a timely manner;
                ``(ii) carried out and made certifications in 
            accordance with the requirements and the primary objectives 
            of this title and with other applicable laws; and
                ``(iii) a continuing capacity to carry out the eligible 
            activities in a timely manner;
            ``(B) the Director has complied with the housing plan 
        submitted by the Director under section 803; and
            ``(C) the performance reports of the Department under 
        section 821 are accurate.
        ``(2) Onsite visits.--Each review conducted under this section 
    shall, to the extent practicable, include onsite visits by 
    employees of the Department of Housing and Urban Development.
    ``(b) Report by Secretary.--The Secretary shall give the Department 
of Hawaiian Home Lands not less than 30 days to review and comment on a 
report under this subsection. After taking into consideration the 
comments of the Department, the Secretary may revise the report and 
shall make the comments of the Department and the report with any 
revisions, readily available to the public not later than 30 days after 
receipt of the comments of the Department.
    ``(c) Effect of Reviews.--The Secretary may make appropriate 
adjustments in the amount of annual grants under this title in 
accordance with the findings of the Secretary pursuant to reviews and 
audits under this section. The Secretary may adjust, reduce, or 
withdraw grant amounts, or take other action as appropriate in 
accordance with the reviews and audits of the Secretary under this 
section, except that grant amounts already expended on affordable 
housing activities may not be recaptured or deducted from future 
assistance provided to the Department of Hawaiian Home Lands.

``SEC. 822. GENERAL ACCOUNTING OFFICE AUDITS.

    ``To the extent that the financial transactions of the Department 
of Hawaiian Home Lands involving grant amounts under this title relate 
to amounts provided under this title, those transactions may be audited 
by the Comptroller General of the United States under such regulations 
as may be prescribed by the Comptroller General. The Comptroller 
General of the United States shall have access to all books, accounts, 
records, reports, files, and other papers, things, or property 
belonging to or in use by the Department of Hawaiian Home Lands 
pertaining to such financial transactions and necessary to facilitate 
the audit.

``SEC. 823. REPORTS TO CONGRESS.

    ``(a) In General.--Not later than 90 days after the conclusion of 
each fiscal year in which assistance under this title is made 
available, the Secretary shall submit to Congress a report that 
contains--
        ``(1) a description of the progress made in accomplishing the 
    objectives of this title;
        ``(2) a summary of the use of funds available under this title 
    during the preceding fiscal year; and
        ``(3) a description of the aggregate outstanding loan 
    guarantees under section 184A of the Housing and Community 
    Development Act of 1992.
    ``(b) Related Reports.--The Secretary may require the Director to 
submit to the Secretary such reports and other information as may be 
necessary in order for the Secretary to prepare the report required 
under subsection (a).

``SEC. 824. AUTHORIZATION OF APPROPRIATIONS.

    ``There are authorized to be appropriated to the Department of 
Housing and Urban Development for grants under this title such sums as 
may be necessary for each of fiscal years 2001, 2002, 2003, 2004, and 
2005.''.

SEC. 514. LOAN GUARANTEES.

    Subtitle E of title I of the Housing and Community Development Act 
of 1992 is amended by inserting after section 184 (12 U.S.C. 1715z-13a) 
the following:

``SEC. 184A. LOAN GUARANTEES FOR NATIVE HAWAIIAN HOUSING.

    ``(a) Definitions.--In this section:
        ``(1) Department of hawaiian home lands.--The term `Department 
    of Hawaiian Home Lands' means the agency or department of the 
    government of the State of Hawaii that is responsible for the 
    administration of the Hawaiian Homes Commission Act, 1920 (42 Stat. 
    108 et seq.).
        ``(2) Eligible entity.--The term `eligible entity' means a 
    Native Hawaiian family, the Department of Hawaiian Home Lands, the 
    Office of Hawaiian Affairs, and private nonprofit or private for-
    profit organizations experienced in the planning and development of 
    affordable housing for Native Hawaiians.
        ``(3) Family.--The term `family' means one or more persons 
    maintaining a household, as the Secretary shall by regulation 
    provide.
        ``(4) Guarantee fund.--The term `Guarantee Fund' means the 
    Native Hawaiian Housing Loan Guarantee Fund established under 
    subsection (j).
        ``(5) Hawaiian home lands.--The term `Hawaiian Home Lands' 
    means lands that--
            ``(A) have the status of Hawaiian Home Lands under section 
        204 of the Hawaiian Homes Commission Act (42 Stat. 110); or
            ``(B) are acquired pursuant to that Act.
        ``(6) Native hawaiian.--The term `Native Hawaiian' means any 
    individual who is--
            ``(A) a citizen of the United States; and
            ``(B) a descendant of the aboriginal people, who, prior to 
        1778, occupied and exercised sovereignty in the area that 
        currently constitutes the State of Hawaii, as evidenced by--
                ``(i) genealogical records;
                ``(ii) verification by kupuna (elders) or kama'aina 
            (long-term community residents); or
                ``(iii) birth records of the State of Hawaii.
        ``(7) Office of hawaiian affairs.--The term `Office of Hawaiian 
    Affairs' means the entity of that name established under the 
    constitution of the State of Hawaii.
    ``(b) Authority.--To provide access to sources of private financing 
to Native Hawaiian families who otherwise could not acquire housing 
financing because of the unique legal status of the Hawaiian Home Lands 
or as a result of a lack of access to private financial markets, the 
Secretary may guarantee an amount not to exceed 100 percent of the 
unpaid principal and interest that is due on an eligible loan under 
subsection (c).
    ``(c) Eligible Loans.--Under this section, a loan is an eligible 
loan if that loan meets the following requirements:
        ``(1) Eligible borrowers.--The loan is made only to a borrower 
    who is--
            ``(A) a Native Hawaiian family;
            ``(B) the Department of Hawaiian Home Lands;
            ``(C) the Office of Hawaiian Affairs; or
            ``(D) a private nonprofit organization experienced in the 
        planning and development of affordable housing for Native 
        Hawaiians.
        ``(2) Eligible housing.--
            ``(A) In general.--The loan will be used to construct, 
        acquire, or rehabilitate not more than 4-family dwellings that 
        are standard housing and are located on Hawaiian Home Lands for 
        which a housing plan described in subparagraph (B) applies.
            ``(B) Housing plan.--A housing plan described in this 
        subparagraph is a housing plan that--
                ``(i) has been submitted and approved by the Secretary 
            under section 803 of the Native American Housing Assistance 
            and Self-Determination Act of 1996; and
                ``(ii) provides for the use of loan guarantees under 
            this section to provide affordable homeownership housing on 
            Hawaiian Home Lands.
        ``(3) Security.--The loan may be secured by any collateral 
    authorized under applicable Federal or State law.
        ``(4) Lenders.--
            ``(A) In general.--The loan shall be made only by a lender 
        approved by, and meeting qualifications established by, the 
        Secretary, including any lender described in subparagraph (B), 
        except that a loan otherwise insured or guaranteed by an agency 
        of the Federal Government or made by the Department of Hawaiian 
        Home Lands from amounts borrowed from the United States shall 
        not be eligible for a guarantee under this section.
            ``(B) Approval.--The following lenders shall be considered 
        to be lenders that have been approved by the Secretary:
                ``(i) Any mortgagee approved by the Secretary for 
            participation in the single family mortgage insurance 
            program under title II of the National Housing Act (12 
            U.S.C.A. 1707 et seq.).
                ``(ii) Any lender that makes housing loans under 
            chapter 37 of title 38, United States Code, that are 
            automatically guaranteed under section 3702(d) of title 38, 
            United States Code.
                ``(iii) Any lender approved by the Secretary of 
            Agriculture to make guaranteed loans for single family 
            housing under the Housing Act of 1949 (42 U.S.C.A. 1441 et 
            seq.).
                ``(iv) Any other lender that is supervised, approved, 
            regulated, or insured by any agency of the Federal 
            Government.
        ``(5) Terms.--The loan shall--
            ``(A) be made for a term not exceeding 30 years;
            ``(B) bear interest (exclusive of the guarantee fee under 
        subsection (e) and service charges, if any) at a rate agreed 
        upon by the borrower and the lender and determined by the 
        Secretary to be reasonable, but not to exceed the rate 
        generally charged in the area (as determined by the Secretary) 
        for home mortgage loans not guaranteed or insured by any agency 
        or instrumentality of the Federal Government;
            ``(C) involve a principal obligation not exceeding--
                ``(i) 97.75 percent of the appraised value of the 
            property as of the date the loan is accepted for guarantee 
            (or 98.75 percent if the value of the property is $50,000 
            or less); or
                ``(ii) the amount approved by the Secretary under this 
            section; and
            ``(D) involve a payment on account of the property--
                ``(i) in cash or its equivalent; or
                ``(ii) through the value of any improvements to the 
            property made through the skilled or unskilled labor of the 
            borrower, as the Secretary shall provide.
    ``(d) Certificate of Guarantee.--
        ``(1) Approval process.--
            ``(A) In general.--Before the Secretary approves any loan 
        for guarantee under this section, the lender shall submit the 
        application for the loan to the Secretary for examination.
            ``(B) Approval.--If the Secretary approves the application 
        submitted under subparagraph (A), the Secretary shall issue a 
        certificate under this subsection as evidence of the loan 
        guarantee approved.
        ``(2) Standard for approval.--The Secretary may approve a loan 
    for guarantee under this section and issue a certificate under this 
    subsection only if the Secretary determines that there is a 
    reasonable prospect of repayment of the loan.
        ``(3) Effect.--
            ``(A) In general.--A certificate of guarantee issued under 
        this subsection by the Secretary shall be conclusive evidence 
        of the eligibility of the loan for guarantee under this section 
        and the amount of that guarantee.
            ``(B) Evidence.--The evidence referred to in subparagraph 
        (A) shall be incontestable in the hands of the bearer.
            ``(C) Full faith and credit.--The full faith and credit of 
        the United States is pledged to the payment of all amounts 
        agreed to be paid by the Secretary as security for the 
        obligations made by the Secretary under this section.
        ``(4) Fraud and misrepresentation.--This subsection may not be 
    construed--
            ``(A) to preclude the Secretary from establishing defenses 
        against the original lender based on fraud or material 
        misrepresentation; or
            ``(B) to bar the Secretary from establishing by regulations 
        that are on the date of issuance or disbursement, whichever is 
        earlier, partial defenses to the amount payable on the 
        guarantee.
    ``(e) Guarantee Fee.--
        ``(1) In general.--The Secretary shall fix and collect a 
    guarantee fee for the guarantee of a loan under this section, which 
    may not exceed the amount equal to 1 percent of the principal 
    obligation of the loan.
        ``(2) Payment.--The fee under this subsection shall--
            ``(A) be paid by the lender at time of issuance of the 
        guarantee; and
            ``(B) be adequate, in the determination of the Secretary, 
        to cover expenses and probable losses.
        ``(3) Deposit.--The Secretary shall deposit any fees collected 
    under this subsection in the Native Hawaiian Housing Loan Guarantee 
    Fund established under subsection (j).
    ``(f) Liability Under Guarantee.--The liability under a guarantee 
provided under this section shall decrease or increase on a pro rata 
basis according to any decrease or increase in the amount of the unpaid 
obligation under the provisions of the loan agreement involved.
    ``(g) Transfer and Assumption.--Notwithstanding any other provision 
of law, any loan guaranteed under this section, including the security 
given for the loan, may be sold or assigned by the lender to any 
financial institution subject to examination and supervision by an 
agency of the Federal Government or of any State or the District of 
Columbia.
    ``(h) Disqualification of Lenders and Civil Money Penalties.--
        ``(1) In general.--
            ``(A) Grounds for action.--The Secretary may take action 
        under subparagraph (B) if the Secretary determines that any 
        lender or holder of a guarantee certificate under subsection 
        (d)--
                ``(i) has failed--

                    ``(I) to maintain adequate accounting records;
                    ``(II) to service adequately loans guaranteed under 
                this section; or
                    ``(III) to exercise proper credit or underwriting 
                judgment; or

                ``(ii) has engaged in practices otherwise detrimental 
            to the interest of a borrower or the United States.
            ``(B) Actions.--Upon a determination by the Secretary that 
        a holder of a guarantee certificate under subsection (d) has 
        failed to carry out an activity described in subparagraph 
        (A)(i) or has engaged in practices described in subparagraph 
        (A)(ii), the Secretary may--
                ``(i) refuse, either temporarily or permanently, to 
            guarantee any further loans made by such lender or holder;
                ``(ii) bar such lender or holder from acquiring 
            additional loans guaranteed under this section; and
                ``(iii) require that such lender or holder assume not 
            less than 10 percent of any loss on further loans made or 
            held by the lender or holder that are guaranteed under this 
            section.
        ``(2) Civil money penalties for intentional violations.--
            ``(A) In general.--The Secretary may impose a civil 
        monetary penalty on a lender or holder of a guarantee 
        certificate under subsection (d) if the Secretary determines 
        that the holder or lender has intentionally failed--
                ``(i) to maintain adequate accounting records;
                ``(ii) to adequately service loans guaranteed under 
            this section; or
                ``(iii) to exercise proper credit or underwriting 
            judgment.
            ``(B) Penalties.--A civil monetary penalty imposed under 
        this paragraph shall be imposed in the manner and be in an 
        amount provided under section 536 of the National Housing Act 
        (12 U.S.C.A. 1735f-1) with respect to mortgagees and lenders 
        under that Act.
        ``(3) Payment on loans made in good faith.--Notwithstanding 
    paragraphs (1) and (2), if a loan was made in good faith, the 
    Secretary may not refuse to pay a lender or holder of a valid 
    guarantee on that loan, without regard to whether the lender or 
    holder is barred under this subsection.
    ``(i) Payment Under Guarantee.--
        ``(1) Lender options.--
            ``(A) In general.--
                ``(i) Notification.--If a borrower on a loan guaranteed 
            under this section defaults on the loan, the holder of the 
            guarantee certificate shall provide written notice of the 
            default to the Secretary.
                ``(ii) Payment.--Upon providing the notice required 
            under clause (i), the holder of the guarantee certificate 
            shall be entitled to payment under the guarantee (subject 
            to the provisions of this section) and may proceed to 
            obtain payment in one of the following manners:

                    ``(I) Foreclosure.--

                        ``(aa) In general.--The holder of the 
                    certificate may initiate foreclosure proceedings 
                    (after providing written notice of that action to 
                    the Secretary).
                        ``(bb) Payment.--Upon a final order by the 
                    court authorizing foreclosure and submission to the 
                    Secretary of a claim for payment under the 
                    guarantee, the Secretary shall pay to the holder of 
                    the certificate the pro rata portion of the amount 
                    guaranteed (as determined pursuant to subsection 
                    (f)) plus reasonable fees and expenses as approved 
                    by the Secretary.
                        ``(cc) Subrogation.--The rights of the 
                    Secretary shall be subrogated to the rights of the 
                    holder of the guarantee. The holder shall assign 
                    the obligation and security to the Secretary.

                    ``(II) No foreclosure.--

                        ``(aa) In general.--Without seeking foreclosure 
                    (or in any case in which a foreclosure proceeding 
                    initiated under clause (i) continues for a period 
                    in excess of 1 year), the holder of the guarantee 
                    may submit to the Secretary a request to assign the 
                    obligation and security interest to the Secretary 
                    in return for payment of the claim under the 
                    guarantee. The Secretary may accept assignment of 
                    the loan if the Secretary determines that the 
                    assignment is in the best interest of the United 
                    States.
                        ``(bb) Payment.--Upon assignment, the Secretary 
                    shall pay to the holder of the guarantee the pro 
                    rata portion of the amount guaranteed (as 
                    determined under subsection (f)).
                        ``(cc) Subrogation.--The rights of the 
                    Secretary shall be subrogated to the rights of the 
                    holder of the guarantee. The holder shall assign 
                    the obligation and security to the Secretary.
            ``(B) Requirements.--Before any payment under a guarantee 
        is made under subparagraph (A), the holder of the guarantee 
        shall exhaust all reasonable possibilities of collection. Upon 
        payment, in whole or in part, to the holder, the note or 
        judgment evidencing the debt shall be assigned to the United 
        States and the holder shall have no further claim against the 
        borrower or the United States. The Secretary shall then take 
        such action to collect as the Secretary determines to be 
        appropriate.
        ``(2) Limitations on liquidation.--
            ``(A) In general.--If a borrower defaults on a loan 
        guaranteed under this section that involves a security interest 
        in restricted Hawaiian Home Land property, the mortgagee or the 
        Secretary shall only pursue liquidation after offering to 
        transfer the account to another eligible Hawaiian family or the 
        Department of Hawaiian Home Lands.
            ``(B) Limitation.--If, after action is taken under 
        subparagraph (A), the mortgagee or the Secretary subsequently 
        proceeds to liquidate the account, the mortgagee or the 
        Secretary shall not sell, transfer, or otherwise dispose of or 
        alienate the property described in subparagraph (A) except to 
        another eligible Hawaiian family or to the Department of 
        Hawaiian Home Lands.
    ``(j) Hawaiian Housing Loan Guarantee Fund.--
        ``(1) Establishment.--There is established in the Treasury of 
    the United States the Hawaiian Housing Loan Guarantee Fund for the 
    purpose of providing loan guarantees under this section.
        ``(2) Credits.--The Guarantee Fund shall be credited with--
            ``(A) any amount, claims, notes, mortgages, contracts, and 
        property acquired by the Secretary under this section, and any 
        collections and proceeds therefrom;
            ``(B) any amounts appropriated pursuant to paragraph (7);
            ``(C) any guarantee fees collected under subsection (e); 
        and
            ``(D) any interest or earnings on amounts invested under 
        paragraph (4).
        ``(3) Use.--Amounts in the Guarantee Fund shall be available, 
    to the extent provided in appropriations Acts, for--
            ``(A) fulfilling any obligations of the Secretary with 
        respect to loans guaranteed under this section, including the 
        costs (as that term is defined in section 502 of the Federal 
        Credit Reform Act of 1990 (2 U.S.C. 661a)) of such loans;
            ``(B) paying taxes, insurance, prior liens, expenses 
        necessary to make fiscal adjustment in connection with the 
        application and transmittal of collections, and other expenses 
        and advances to protect the Secretary for loans which are 
        guaranteed under this section or held by the Secretary;
            ``(C) acquiring such security property at foreclosure sales 
        or otherwise;
            ``(D) paying administrative expenses in connection with 
        this section; and
            ``(E) reasonable and necessary costs of rehabilitation and 
        repair to properties that the Secretary holds or owns pursuant 
        to this section.
        ``(4) Investment.--Any amounts in the Guarantee Fund determined 
    by the Secretary to be in excess of amounts currently required at 
    the time of the determination to carry out this section may be 
    invested in obligations of the United States.
        ``(5) Limitation on commitments to guarantee loans and 
    mortgages.--
            ``(A) Requirement of appropriations.--The authority of the 
        Secretary to enter into commitments to guarantee loans under 
        this section shall be effective for any fiscal year to the 
        extent, or in such amounts as are, or have been, provided in 
        appropriations Acts, without regard to the fiscal year for 
        which such amounts were appropriated.
            ``(B) Limitations on costs of guarantees.--The authority of 
        the Secretary to enter into commitments to guarantee loans 
        under this section shall be effective for any fiscal year only 
        to the extent that amounts in the Guarantee Fund are or have 
        been made available in appropriations Acts to cover the costs 
        (as that term is defined in section 502 of the Federal Credit 
        Reform Act of 1990 (2 U.S.C. 661a)) of such loan guarantees for 
        such fiscal year. Any amounts appropriated pursuant to this 
        subparagraph shall remain available until expended.
            ``(C) Limitation on outstanding aggregate principal 
        amount.--Subject to the limitations in subparagraphs (A) and 
        (B), the Secretary may enter into commitments to guarantee 
        loans under this section for each of fiscal years 2001, 2002, 
        2003, 2004, and 2005 with an aggregate outstanding principal 
        amount not exceeding $100,000,000 for each such fiscal year.
        ``(6) Liabilities.--All liabilities and obligations of the 
    assets credited to the Guarantee Fund under paragraph (2)(A) shall 
    be liabilities and obligations of the Guarantee Fund.
        ``(7) Authorization of appropriations.--There are authorized to 
    be appropriated to the Guarantee Fund to carry out this section 
    such sums as may be necessary for each of fiscal years 2001, 2002, 
    2003, 2004, and 2005.
    ``(k) Requirements for Standard Housing.--
        ``(1) In general.--The Secretary shall, by regulation, 
    establish housing safety and quality standards to be applied for 
    use under this section.
        ``(2) Standards.--The standards referred to in paragraph (1) 
    shall--
            ``(A) provide sufficient flexibility to permit the use of 
        various designs and materials in housing acquired with loans 
        guaranteed under this section; and
            ``(B) require each dwelling unit in any housing acquired in 
        the manner described in subparagraph (A) to--
                ``(i) be decent, safe, sanitary, and modest in size and 
            design;
                ``(ii) conform with applicable general construction 
            standards for the region in which the housing is located;
                ``(iii) contain a plumbing system that--

                    ``(I) uses a properly installed system of piping;
                    ``(II) includes a kitchen sink and a partitional 
                bathroom with lavatory, toilet, and bath or shower; and
                    ``(III) uses water supply, plumbing, and sewage 
                disposal systems that conform to any minimum standards 
                established by the applicable county or State;

                ``(iv) contain an electrical system using wiring and 
            equipment properly installed to safely supply electrical 
            energy for adequate lighting and for operation of 
            appliances that conforms to any appropriate county, State, 
            or national code;
                ``(v) be not less than the size provided under the 
            applicable locally adopted standards for size of dwelling 
            units, except that the Secretary, upon request of the 
            Department of Hawaiian Home Lands may waive the size 
            requirements under this paragraph; and
                ``(vi) conform with the energy performance requirements 
            for new construction established by the Secretary under 
            section 526(a) of the National Housing Act (12 U.S.C.A. 
            1735f-4), unless the Secretary determines that the 
            requirements are not applicable.
    ``(l) Applicability of Civil Rights Statutes.--To the extent that 
the requirements of title VI of the Civil Rights Act of 1964 (42 U.S.C. 
2000d et seq.) or of the Fair Housing Act (42 U.S.C.A. 3601 et seq.) 
apply to a guarantee provided under this subsection, nothing in the 
requirements concerning discrimination on the basis of race shall be 
construed to prevent the provision of the guarantee to an eligible 
entity on the basis that the entity serves Native Hawaiian families or 
is a Native Hawaiian family.''.

               TITLE VI--MANUFACTURED HOUSING IMPROVEMENT

SEC. 601. SHORT TITLE; REFERENCES.

    (a) Short Title.--This title may be cited as the ``Manufactured 
Housing Improvement Act of 2000''.
    (b) References.--Whenever in this title an amendment is expressed 
in terms of an amendment to, or repeal of, a section or other 
provision, the reference shall be considered to be made to that section 
or other provision of the National Manufactured Housing Construction 
and Safety Standards Act of 1974 (42 U.S.C. 5401 et seq.).

SEC. 602. FINDINGS AND PURPOSES.

    Section 602 (42 U.S.C. 5401) is amended to read as follows:

``SEC. 602. FINDINGS AND PURPOSES.

    ``(a) Findings.--Congress finds that--
        ``(1) manufactured housing plays a vital role in meeting the 
    housing needs of the Nation; and
        ``(2) manufactured homes provide a significant resource for 
    affordable homeownership and rental housing accessible to all 
    Americans.
    ``(b) Purposes.--The purposes of this title are--
        ``(1) to protect the quality, durability, safety, and 
    affordability of manufactured homes;
        ``(2) to facilitate the availability of affordable manufactured 
    homes and to increase homeownership for all Americans;
        ``(3) to provide for the establishment of practical, uniform, 
    and, to the extent possible, performance-based Federal construction 
    standards for manufactured homes;
        ``(4) to encourage innovative and cost-effective construction 
    techniques for manufactured homes;
        ``(5) to protect residents of manufactured homes with respect 
    to personal injuries and the amount of insurance costs and property 
    damages in manufactured housing, consistent with the other purposes 
    of this section;
        ``(6) to establish a balanced consensus process for the 
    development, revision, and interpretation of Federal construction 
    and safety standards for manufactured homes and related regulations 
    for the enforcement of such standards;
        ``(7) to ensure uniform and effective enforcement of Federal 
    construction and safety standards for manufactured homes; and
        ``(8) to ensure that the public interest in, and need for, 
    affordable manufactured housing is duly considered in all 
    determinations relating to the Federal standards and their 
    enforcement.''.

SEC. 603. DEFINITIONS.

    (a) In General.--Section 603 (42 U.S.C. 5402) is amended--
        (1) in paragraph (2), by striking ``dealer'' and inserting 
    ``retailer'';
        (2) in paragraph (12), by striking ``and'' at the end;
        (3) in paragraph (13), by striking the period at the end and 
    inserting a semicolon; and
        (4) by adding at the end the following:
        ``(14) `administering organization' means the recognized, 
    voluntary, private sector, consensus standards body with specific 
    experience in developing model residential building codes and 
    standards involving all disciplines regarding construction and 
    safety that administers the consensus standards through a 
    development process;
        ``(15) `consensus committee' means the committee established 
    under section 604(a)(3);
        ``(16) `consensus standards development process' means the 
    process by which additions, revisions, and interpretations to the 
    Federal manufactured home construction and safety standards and 
    enforcement regulations shall be developed and recommended to the 
    Secretary by the consensus committee;
        ``(17) `primary inspection agency' means a State agency or 
    private organization that has been approved by the Secretary to act 
    as a design approval primary inspection agency or a production 
    inspection primary inspection agency, or both;
        ``(18) `design approval primary inspection agency' means a 
    State agency or private organization that has been approved by the 
    Secretary to evaluate and either approve or disapprove manufactured 
    home designs and quality control procedures;
        ``(19) `installation standards' means reasonable specifications 
    for the installation of a manufactured home, at the place of 
    occupancy, to ensure proper siting, the joining of all sections of 
    the home, and the installation of stabilization, support, or 
    anchoring systems;
        ``(20) `monitoring' means the process of periodic review of the 
    primary inspection agencies, by the Secretary or by a State agency 
    under an approved State plan pursuant to section 623, in accordance 
    with regulations promulgated under this title, giving due 
    consideration to the recommendations of the consensus committee 
    under section 604(b), which process shall be for the purpose of 
    ensuring that the primary inspection agencies are discharging their 
    duties under this title; and
        ``(21) `production inspection primary inspection agency' means 
    a State agency or private organization that has been approved by 
    the Secretary to evaluate the ability of manufactured home 
    manufacturing plants to comply with approved quality control 
    procedures and with the Federal manufactured home construction and 
    safety standards promulgated hereunder, including the inspection of 
    homes in the plant.''.
    (b) Conforming Amendments.--The National Manufactured Housing 
Construction and Safety Standards Act of 1974 (42 U.S.C. 5401 et seq.) 
is amended--
        (1) in section 613 (42 U.S.C. 5412), by striking ``dealer'' 
    each place it appears and inserting ``retailer'';
        (2) in section 614(f) (42 U.S.C. 5413(f)), by striking 
    ``dealer'' each place it appears and inserting ``retailer'';
        (3) in section 615 (42 U.S.C. 5414)--
            (A) in subsection (b)(1), by striking ``dealer'' and 
        inserting ``retailer'';
            (B) in subsection (b)(3), by striking ``dealer or dealers'' 
        and inserting ``retailer or retailers''; and
            (C) in subsections (d) and (f), by striking ``dealers'' 
        each place it appears and inserting ``retailers'';
        (4) in section 616 (42 U.S.C. 5415), by striking ``dealer'' and 
    inserting ``retailer''; and
        (5) in section 623(c)(9), by striking ``dealers'' and inserting 
    ``retailers''.

SEC. 604. FEDERAL MANUFACTURED HOME CONSTRUCTION AND SAFETY STANDARDS.

    Section 604 (42 U.S.C. 5403) is amended--
        (1) by striking subsections (a) and (b) and inserting the 
    following:
    ``(a) Establishment.--
        ``(1) Authority.--The Secretary shall establish, by order, 
    appropriate Federal manufactured home construction and safety 
    standards, each of which--
            ``(A) shall--
                ``(i) be reasonable and practical;
                ``(ii) meet high standards of protection consistent 
            with the purposes of this title; and
                ``(iii) be performance-based and objectively stated, 
            unless clearly inappropriate; and
            ``(B) except as provided in subsection (b), shall be 
        established in accordance with the consensus standards 
        development process.
        ``(2) Consensus standards and regulatory development process.--
            ``(A) Initial agreement.--Not later than 180 days after the 
        date of the enactment of the Manufactured Housing Improvement 
        Act of 2000, the Secretary shall enter into a contract with an 
        administering organization. The contractual agreement shall--
                ``(i) terminate on the date on which a contract is 
            entered into under subparagraph (B); and
                ``(ii) require the administering organization to--

                    ``(I) recommend the initial members of the 
                consensus committee under paragraph (3);
                    ``(II) administer the consensus standards 
                development process until the termination of that 
                agreement; and
                    ``(III) administer the consensus development and 
                interpretation process for procedural and enforcement 
                regulations and regulations specifying the permissible 
                scope and conduct of monitoring until the termination 
                of that agreement.

            ``(B) Competitively procured contract.--Upon the expiration 
        of the 4-year period beginning on the date on which all members 
        of the consensus committee are appointed under paragraph (3), 
        the Secretary shall, using competitive procedures (as such term 
        is defined in section 4 of the Office of Federal Procurement 
        Policy Act), enter into a competitively awarded contract with 
        an administering organization. The administering organization 
        shall administer the consensus process for the development and 
        interpretation of the Federal standards, the procedural and 
        enforcement regulations, and regulations specifying the 
        permissible scope and conduct of monitoring, in accordance with 
        this title.
            ``(C) Performance review.--The Secretary--
                ``(i) shall periodically review the performance of the 
            administering organization; and
                ``(ii) may replace the administering organization with 
            another qualified technical or building code organization, 
            pursuant to competitive procedures, if the Secretary 
            determines in writing that the administering organization 
            is not fulfilling the terms of the agreement or contract to 
            which the administering organization is subject or upon the 
            expiration of the agreement or contract.
        ``(3) Consensus committee.--
            ``(A) Purpose.--There is established a committee to be 
        known as the `consensus committee', which shall, in accordance 
        with this title--
                ``(i) provide periodic recommendations to the Secretary 
            to adopt, revise, and interpret the Federal manufactured 
            housing construction and safety standards in accordance 
            with this subsection;
                ``(ii) provide periodic recommendations to the 
            Secretary to adopt, revise, and interpret the procedural 
            and enforcement regulations, including regulations 
            specifying the permissible scope and conduct of monitoring 
            in accordance with subsection (b);
                ``(iii) be organized and carry out its business in a 
            manner that guarantees a fair opportunity for the 
            expression and consideration of various positions and for 
            public participation; and
                ``(iv) be deemed to be an advisory committee not 
            composed of Federal employees.
            ``(B) Membership.--The consensus committee shall be 
        composed of--
                ``(i) twenty-one voting members appointed by the 
            Secretary, after consideration of the recommendations of 
            the administering organization, from among individuals who 
            are qualified by background and experience to participate 
            in the work of the consensus committee; and
                ``(ii) one nonvoting member appointed by the Secretary 
            to represent the Secretary on the consensus committee.
            ``(C) Disapproval.--The Secretary shall state, in writing, 
        the reasons for failing to appoint any individual recommended 
        under paragraph (2)(A)(ii)(I).
            ``(D) Selection procedures and requirements.--Each member 
        of the consensus committee shall be appointed in accordance 
        with selection procedures, which shall be based on the 
        procedures for consensus committees promulgated by the American 
        National Standards Institute (or successor organization), 
        except that the American National Standards Institute interest 
        categories shall be modified for purposes of this paragraph to 
        ensure equal representation on the consensus committee of the 
        following interest categories:
                ``(i) Producers.--Seven producers or retailers of 
            manufactured housing.
                ``(ii) Users.--Seven persons representing consumer 
            interests, such as consumer organizations, recognized 
            consumer leaders, and owners who are residents of 
            manufactured homes.
                ``(iii) General interest and public officials.--Seven 
            general interest and public official members.
            ``(E) Balancing of interests.--
                ``(i) In general.--In order to achieve a proper balance 
            of interests on the consensus committee, the Secretary, in 
            appointing the members of the consensus committee--

                    ``(I) shall ensure that all directly and materially 
                affected interests have the opportunity for fair and 
                equitable participation without dominance by any single 
                interest; and
                    ``(II) may reject the appointment of any one or 
                more individuals in order to ensure that there is not 
                dominance by any single interest.

                ``(ii) Dominance defined.--In this subparagraph, the 
            term `dominance' means a position or exercise of dominant 
            authority, leadership, or influence by reason of superior 
            leverage, strength, or representation.
            ``(F) Additional qualifications.--
                ``(i) Financial independence.--No individual appointed 
            under subparagraph (D)(ii) shall have, and three of the 
            individuals appointed under subparagraph (D)(iii) shall not 
            have--

                    ``(I) a significant financial interest in any 
                segment of the manufactured housing industry; or
                    ``(II) a significant relationship to any person 
                engaged in the manufactured housing industry.

                ``(ii) Post-employment ban.--Each individual described 
            in clause (i) shall be subject to a ban disallowing 
            compensation from the manufactured housing industry during 
            the period of, and during the 1-year following, the 
            membership of the individual on the consensus committee.
            ``(G) Meetings.--
                ``(i) Notice; open to public.--The consensus committee 
            shall provide advance notice of each meeting of the 
            consensus committee to the Secretary and cause to be 
            published in the Federal Register advance notice of each 
            such meeting. All meetings of the consensus committee shall 
            be open to the public.
                ``(ii) Reimbursement.--Members of the consensus 
            committee in attendance at meetings of the consensus 
            committee shall be reimbursed for their actual expenses as 
            authorized by section 5703 of title 5, United States Code, 
            for persons employed intermittently in Government service.
            ``(H) Administration.--The consensus committee and the 
        administering organization shall--
                ``(i) operate in conformance with the procedures 
            established by the American National Standards Institute 
            for the development and coordination of American National 
            Standards; and
                ``(ii) apply to the American National Standards 
            Institute and take such other actions as may be necessary 
            to obtain accreditation from the American National 
            Standards Institute.
            ``(I) Staff and technical support.--The administering 
        organization shall, upon the request of the consensus 
        committee--
                ``(i) provide reasonable staff resources to the 
            consensus committee; and
                ``(ii) furnish technical support in a timely manner to 
            any of the interest categories described in subparagraph 
            (D) represented on the consensus committee, if--

                    ``(I) the support is necessary to ensure the 
                informed participation of the consensus committee 
                members; and
                    ``(II) the costs of providing the support are 
                reasonable.

            ``(J) Date of initial appointments.--The initial 
        appointments of all the members of the consensus committee 
        shall be completed not later than 90 days after the date on 
        which a contractual agreement under paragraph (2)(A) is entered 
        into with the administering organization.
        ``(4) Revisions of standards.--
            ``(A) In general.--Beginning on the date on which all 
        members of the consensus committee are appointed under 
        paragraph (3), the consensus committee shall, not less than 
        once during each 2-year period--
                ``(i) consider revisions to the Federal manufactured 
            home construction and safety standards; and
                ``(ii) submit proposed revised standards, if approved 
            in a vote of the consensus committee by two-thirds of the 
            members, to the Secretary in the form of a proposed rule, 
            including an economic analysis.
            ``(B) Publication of proposed revised standards.--
                ``(i) Publication by the secretary.--The consensus 
            committee shall provide a proposed revised standard under 
            subparagraph (A)(ii) to the Secretary who shall, not later 
            than 30 days after receipt, cause such proposed revised 
            standard to be published in the Federal Register for notice 
            and comment in accordance with section 553 of title 5, 
            United States Code. Unless clause (ii) applies, the 
            Secretary shall provide an opportunity for public comment 
            on such proposed revised standard in accordance with such 
            section 553 and any such comments shall be submitted 
            directly to the consensus committee, without delay.
                ``(ii) Publication of rejected proposed revised 
            standards.--If the Secretary rejects the proposed revised 
            standard, the Secretary shall cause to be published in the 
            Federal Register the rejected proposed revised standard, 
            the reasons for rejection, and any recommended 
            modifications set forth.
            ``(C) Presentation of public comments; publication of 
        recommended revisions.--
                ``(i) Presentation.--Any public comments, views, and 
            objections to a proposed revised standard published under 
            subparagraph (B) shall be presented by the Secretary to the 
            consensus committee upon their receipt and in the manner 
            received, in accordance with procedures established by the 
            American National Standards Institute.
                ``(ii) Publication by the secretary.--The consensus 
            committee shall provide to the Secretary any revision 
            proposed by the consensus committee, which the Secretary 
            shall, not later than 30 calendar days after receipt, cause 
            to be published in the Federal Register a notice of the 
            recommended revisions of the consensus committee to the 
            standards, a notice of the submission of the recommended 
            revisions to the Secretary, and a description of the 
            circumstances under which the proposed revised standards 
            could become effective.
                ``(iii) Publication of rejected proposed revised 
            standards.--If the Secretary rejects the proposed revised 
            standard, the Secretary shall cause to be published in the 
            Federal Register the rejected proposed revised standard, 
            the reasons for rejection, and any recommended 
            modifications set forth.
        ``(5) Review by the secretary.--
            ``(A) In general.--The Secretary shall either adopt, 
        modify, or reject a standard, as submitted by the consensus 
        committee under paragraph (4)(A).
            ``(B) Timing.--Not later than 12 months after the date on 
        which a standard is submitted to the Secretary by the consensus 
        committee, the Secretary shall take action regarding such 
        standard under subparagraph (C).
            ``(C) Procedures.--If the Secretary--
                ``(i) adopts a standard recommended by the consensus 
            committee, the Secretary shall--

                    ``(I) issue a final order without further 
                rulemaking; and
                    ``(II) cause the final order to be published in the 
                Federal Register;

                ``(ii) determines that any standard should be rejected, 
            the Secretary shall--

                    ``(I) reject the standard; and
                    ``(II) cause to be published in the Federal 
                Register a notice to that effect, together with the 
                reason or reasons for rejecting the proposed standard; 
                or

                ``(iii) determines that a standard recommended by the 
            consensus committee should be modified, the Secretary 
            shall--

                    ``(I) cause to be published in the Federal Register 
                the proposed modified standard, together with an 
                explanation of the reason or reasons for the 
                determination of the Secretary; and
                    ``(II) provide an opportunity for public comment in 
                accordance with section 553 of title 5, United States 
                Code.

            ``(D) Final order.--Any final standard under this paragraph 
        shall become effective pursuant to subsection (c).
        ``(6) Failure to act.--If the Secretary fails to take final 
    action under paragraph (5) and to cause notice of the action to be 
    published in the Federal Register before the expiration of the 12-
    month period beginning on the date on which the proposed revised 
    standard is submitted to the Secretary under paragraph (4)(A)--
            ``(A) the Secretary shall appear in person before the 
        appropriate housing and appropriations subcommittees and 
        committees of the House of Representatives and the Senate 
        (referred to in this paragraph as the `committees') on a date 
        or dates to be specified by the committees, but in no event 
        later than 30 days after the expiration of that 12-month 
        period, and shall state before the committees the reasons for 
        failing to take final action as required under paragraph (5); 
        and
            ``(B) if the Secretary does not appear in person as 
        required under subparagraph (A), the Secretary shall 
        thereafter, and until such time as the Secretary does appear as 
        required under subparagraph (A), be prohibited from expending 
        any funds collected under authority of this title in an amount 
        greater than that collected and expended in the fiscal year 
        immediately preceding the date of the enactment of the 
        Manufactured Housing Improvement Act of 2000, indexed for 
        inflation as determined by the Congressional Budget Office.
    ``(b) Other Orders.--
        ``(1) Regulations.--The Secretary may issue procedural and 
    enforcement regulations and revisions to existing regulations as 
    necessary to implement the provisions of this title. The consensus 
    committee may submit to the Secretary proposed procedural and 
    enforcement regulations and recommendations for the revision of 
    such regulations.
        ``(2) Interpretative bulletins.--The Secretary may issue 
    interpretative bulletins to clarify the meaning of any Federal 
    manufactured home construction and safety standard or procedural 
    and enforcement regulation. The consensus committee may submit to 
    the Secretary proposed interpretative bulletins to clarify the 
    meaning of any Federal manufactured home construction and safety 
    standard or procedural and enforcement regulation.
        ``(3) Review by consensus committee.--Before issuing a 
    procedural or enforcement regulation or an interpretative 
    bulletin--
            ``(A) the Secretary shall--
                ``(i) submit the proposed procedural or enforcement 
            regulation or interpretative bulletin to the consensus 
            committee; and
                ``(ii) provide the consensus committee with a period of 
            120 days to submit written comments to the Secretary on the 
            proposed procedural or enforcement regulation or the 
            interpretative bulletin; and
            ``(B) if the Secretary rejects any significant comment 
        provided by the consensus committee under subparagraph (A), the 
        Secretary shall provide a written explanation of the reasons 
        for the rejection to the consensus committee; and
            ``(C) following compliance with subparagraphs (A) and (B), 
        the Secretary shall--
                ``(i) cause the proposed regulation or interpretative 
            bulletin and the consensus committee's written comments, 
            along with the Secretary's response thereto, to be 
            published in the Federal Register; and
                ``(ii) provide an opportunity for public comment in 
            accordance with section 553 of title 5, United States Code.
        ``(4) Required action.--Not later than 120 days after the date 
    on which the Secretary receives a proposed regulation or 
    interpretative bulletin submitted by the consensus committee, the 
    Secretary shall--
            ``(A) approve the proposal and cause the proposed 
        regulation or interpretative bulletin to be published for 
        public comment in accordance with section 553 of title 5, 
        United States Code; or
            ``(B) reject the proposed regulation or interpretative 
        bulletin and--
                ``(i) provide to the consensus committee a written 
            explanation of the reasons for rejection; and
                ``(ii) cause to be published in the Federal Register 
            the rejected proposed regulation or interpretive bulletin, 
            the reasons for rejection, and any recommended 
            modifications set forth.
        ``(5) Authority to act and emergency.--If the Secretary 
    determines, in writing, that such action is necessary to address an 
    issue on which the Secretary determines that the consensus 
    committee has not made a timely recommendation following a request 
    by the Secretary, or in order to respond to an emergency that 
    jeopardizes the public health or safety, the Secretary may issue an 
    order that is not developed under the procedures set forth in 
    subsection (a) or in this subsection, if the Secretary--
            ``(A) provides to the consensus committee a written 
        description and sets forth the reasons why action is necessary 
        and all supporting documentation; and
            ``(B) issues the order after notice and an opportunity for 
        public comment in accordance with section 553 of title 5, 
        United States Code, and causes the order to be published in the 
        Federal Register.
        ``(6) Changes.--Any statement of policies, practices, or 
    procedures relating to construction and safety standards, 
    regulations, inspections, monitoring, or other enforcement 
    activities that constitutes a statement of general or particular 
    applicability to implement, interpret, or prescribe law or policy 
    by the Secretary is subject to subsection (a) or this subsection. 
    Any change adopted in violation of subsection (a) or this 
    subsection is void.
        ``(7) Transition.--Until the date on which the consensus 
    committee is appointed pursuant to section 604(a)(3), the Secretary 
    may issue proposed orders, pursuant to notice and comment in 
    accordance with section 553 of title 5, United States Code, that 
    are not developed under the procedures set forth in this section 
    for new and revised standards.'';
        (2) in subsection (d), by adding at the end the following: 
    ``Federal preemption under this subsection shall be broadly and 
    liberally construed to ensure that disparate State or local 
    requirements or standards do not affect the uniformity and 
    comprehensiveness of the standards promulgated under this section 
    nor the Federal superintendence of the manufactured housing 
    industry as established by this title. Subject to section 605, 
    there is reserved to each State the right to establish standards 
    for the stabilizing and support systems of manufactured homes sited 
    within that State, and for the foundations on which manufactured 
    homes sited within that State are installed, and the right to 
    enforce compliance with such standards, except that such standards 
    shall be consistent with the purposes of this title and shall be 
    consistent with the design of the manufacturer.'';
        (3) by striking subsection (e);
        (4) in subsection (f), by striking the subsection designation 
    and all of the matter that precedes paragraph (1) and inserting the 
    following:
    ``(e) Considerations in Establishing and Interpreting Standards and 
Regulations.--The consensus committee, in recommending standards, 
regulations, and interpretations, and the Secretary, in establishing 
standards or regulations or issuing interpretations under this section, 
shall--'';
        (5) by striking subsection (g);
        (6) in the first sentence of subsection (j), by striking 
    ``subsection (f)'' and inserting ``subsection (e)''; and
        (7) by redesignating subsections (h), (i), and (j), as 
    subsections (f), (g), and (h), respectively.

SEC. 605. ABOLISHMENT OF NATIONAL MANUFACTURED HOME ADVISORY COUNCIL; 
              MANUFACTURED HOME INSTALLATION.

    (a) In General.--Section 605 (42 U.S.C. 5404) is amended to read as 
follows:

``SEC. 605. MANUFACTURED HOME INSTALLATION.

    ``(a) Provision of Installation Design and Instructions.--A 
manufacturer shall provide with each manufactured home, design and 
instructions for the installation of the manufactured home that have 
been approved by a design approval primary inspection agency. After 
establishment of model standards under subsection (b)(2), a design 
approval primary inspection agency may not give such approval unless a 
design and instruction provides equal or greater protection than the 
protection provided under such model standards.
    ``(b) Model Manufactured Home Installation Standards.--
        ``(1) Proposed model standards.--Not later than 18 months after 
    the date on which the initial appointments of all the members of 
    the consensus committee are completed, the consensus committee 
    shall develop and submit to the Secretary proposed model 
    manufactured home installation standards, which shall, to the 
    maximum extent practicable, taking into account the factors 
    described in section 604(e), be consistent with--
            ``(A) the manufactured home designs that have been approved 
        by a design approval primary inspection agency; and
            ``(B) the designs and instructions for the installation of 
        manufactured homes provided by manufacturers under subsection 
        (a).
        ``(2) Establishment of model standards.--Not later than 12 
    months after receiving the proposed model standards submitted under 
    paragraph (1), the Secretary shall develop and establish model 
    manufactured home installation standards, which shall, to the 
    maximum extent practicable, taking into account the factors 
    described in section 604(e), be consistent with--
            ``(A) the manufactured home designs that have been approved 
        by a design approval primary inspection agency; and
            ``(B) the designs and instructions for the installation of 
        manufactured homes provided by manufacturers under subsection 
        (a).
        ``(3) Factors for consideration.--
            ``(A) Consensus committee.--In developing the proposed 
        model standards under paragraph (1), the consensus committee 
        shall consider the factors described in section 604(e).
            ``(B) Secretary.--In developing and establishing the model 
        standards under paragraph (2), the Secretary shall consider the 
        factors described in section 604(e).
        ``(4) Issuance.--The model manufactured home installation 
    standards shall be issued after notice and an opportunity for 
    public comment in accordance with section 553 of title 5, United 
    States Code.
    ``(c) Manufactured Home Installation Programs.--
        ``(1) Protection of manufactured housing residents during 
    initial period.--During the 5-year period beginning on the date of 
    the enactment of the Manufactured Housing Improvement Act of 2000, 
    no State or manufacturer may establish or implement any 
    installation standards that, in the determination of the Secretary, 
    provide less protection to the residents of manufactured homes than 
    the protection provided by the installation standards in effect 
    with respect to the State or manufacturer, as applicable, on the 
    date of the enactment of the Manufactured Housing Improvement Act 
    of 2000.
        ``(2) Installation standards.--
            ``(A) Establishment of installation program.--Not later 
        than the expiration of the 5-year period described in paragraph 
        (1), the Secretary shall establish an installation program that 
        meets the requirements of paragraph (3) for the enforcement of 
        installation standards in each State described in subparagraph 
        (B) of this paragraph.
            ``(B) Implementation of installation program.--Beginning on 
        the expiration of the 5-year period described in paragraph (1), 
        the Secretary shall implement the installation program 
        established under subparagraph (A) in each State that does not 
        have an installation program established by State law that 
        meets the requirements of paragraph (3).
            ``(C) Contracting out of implementation.--In carrying out 
        subparagraph (B), the Secretary may contract with an 
        appropriate agent to implement the installation program 
        established under that subparagraph, except that such agent 
        shall not be a person or entity other than a government, nor an 
        affiliate or subsidiary of such a person or entity, that has 
        entered into a contract with the Secretary to implement any 
        other regulatory program under this title.
        ``(3) Requirements.--An installation program meets the 
    requirements of this paragraph if it is a program regulating the 
    installation of manufactured homes that includes--
            ``(A) installation standards that, in the determination of 
        the Secretary, provide protection to the residents of 
        manufactured homes that equals or exceeds the protection 
        provided to those residents by--
                ``(i) the model manufactured home installation 
            standards established by the Secretary under subsection 
            (b)(2); or
                ``(ii) the designs and instructions provided by 
            manufacturers under subsection (a), if the Secretary 
            determines that such designs and instructions provide 
            protection to the residents of manufactured homes that 
            equals or exceeds the protection provided by the model 
            manufactured home installation standards established by the 
            Secretary under subsection (b)(2);
            ``(B) the training and licensing of manufactured home 
        installers; and
            ``(C) inspection of the installation of manufactured 
        homes.''.
    (b) Conforming Amendments.--Section 623(c) (42 U.S.C. 5422(c)) is 
amended--
        (1) in paragraph (10), by striking ``and'' at the end;
        (2) by redesignating paragraph (11) as paragraph (13); and
        (3) by inserting after paragraph (10) the following:
        ``(11) with respect to any State plan submitted on or after the 
    expiration of the 5-year period beginning on the date of the 
    enactment of the Manufactured Housing Improvement Act of 2000, 
    provides for an installation program established by State law that 
    meets the requirements of section 605(c)(3);''.

SEC. 606. PUBLIC INFORMATION.

    Section 607 (42 U.S.C. 5406) is amended--
        (1) in subsection (a)--
            (A) by inserting ``to the Secretary'' after ``submit''; and
            (B) by adding at the end the following: ``The Secretary 
        shall submit such cost and other information to the consensus 
        committee for evaluation.'';
        (2) in subsection (d), by inserting ``, the consensus 
    committee,'' after ``public''; and
        (3) by striking subsection (c) and redesignating subsections 
    (d) and (e) as subsections (c) and (d), respectively.

SEC. 607. RESEARCH, TESTING, DEVELOPMENT, AND TRAINING.

    (a) In General.--Section 608(a) (42 U.S.C. 5407(a)) is amended--
        (1) in paragraph (2), by striking ``and'' at the end;
        (2) in paragraph (3), by striking the period at the end and 
    inserting a semicolon; and
        (3) by adding at the end the following:
        ``(4) encouraging the government-sponsored housing entities to 
    actively develop and implement secondary market securitization 
    programs for the FHA manufactured home loans and those of other 
    loan programs, as appropriate, thereby promoting the availability 
    of affordable manufactured homes to increase homeownership for all 
    people in the United States; and
        ``(5) reviewing the programs for FHA manufactured home loans 
    and developing any changes to such programs to promote the 
    affordability of manufactured homes, including changes in loan 
    terms, amortization periods, regulations, and procedures.''.
    (b) Definitions.--Section 608 (42 U.S.C. 5407) is amended by adding 
at the end the following:
    ``(c) Definitions.--For purposes of this section, the following 
definitions shall apply:
        ``(1) Government-sponsored housing entities.--The term 
    `government-sponsored housing entities' means the Government 
    National Mortgage Association of the Department of Housing and 
    Urban Development, the Federal National Mortgage Association, and 
    the Federal Home Loan Mortgage Corporation.
        ``(2) FHA manufactured home loan.--The term `FHA manufactured 
    home loan' means a loan that--
            ``(A) is insured under title I of the National Housing Act 
        and is made for the purpose of financing alterations, repairs, 
        or improvements on or in connection with an existing 
        manufactured home, the purchase of a manufactured home, the 
        purchase of a manufactured home and a lot on which to place the 
        home, or the purchase only of a lot on which to place a 
        manufactured home; or
            ``(B) is otherwise insured under the National Housing Act 
        and made for or in connection with a manufactured home.''.

SEC. 608. PROHIBITED ACTS.

    Section 610(a) (42 U.S.C. 5409(a)) is amended--
        (1) in paragraph (5), by striking ``or'' at the end;
        (2) in paragraph (6), by striking the period at the end and 
    inserting ``; or''; and
        (3) by adding at the end the following new paragraph:
        ``(7) after the expiration of the period specified in section 
    605(c)(2)(B), fail to comply with the requirements for the 
    installation program required by section 605 in any State that has 
    not adopted and implemented a State installation program.''.

SEC. 609. FEES.

    Section 620 (42 U.S.C. 5419) is amended to read as follows:

``SEC. 620. AUTHORITY TO COLLECT FEE.

    ``(a) In General.--In carrying out inspections under this title, in 
developing standards and regulations pursuant to section 604, and in 
facilitating the acceptance of the affordability and availability of 
manufactured housing within the Department, the Secretary may--
        ``(1) establish and collect from manufactured home 
    manufacturers a reasonable fee, as may be necessary to offset the 
    expenses incurred by the Secretary in connection with carrying out 
    the responsibilities of the Secretary under this title, including--
            ``(A) conducting inspections and monitoring;
            ``(B) providing funding to States for the administration 
        and implementation of approved State plans under section 623, 
        including reasonable funding for cooperative educational and 
        training programs designed to facilitate uniform enforcement 
        under this title, which funds may be paid directly to the 
        States or may be paid or provided to any person or entity 
        designated to receive and disburse such funds by cooperative 
        agreements among participating States, provided that such 
        person or entity is not otherwise an agent of the Secretary 
        under this title;
            ``(C) providing the funding for a noncareer administrator 
        within the Department to administer the manufactured housing 
        program;
            ``(D) providing the funding for salaries and expenses of 
        employees of the Department to carry out the manufactured 
        housing program;
            ``(E) administering the consensus committee as set forth in 
        section 604;
            ``(F) facilitating the acceptance of the quality, 
        durability, safety, and affordability of manufactured housing 
        within the Department; and
            ``(G) the administration and enforcement of the 
        installation standards authorized by section 605 in States in 
        which the Secretary is required to implement an installation 
        program after the expiration of the 5-year period set forth in 
        section 605(c)(2)(B), and the administration and enforcement of 
        a dispute resolution program described in section 623(c)(12) in 
        States in which the Secretary is required to implement such a 
        program after the expiration of the 5-year period set forth in 
        section 623(g)(2); and
        ``(2) subject to subsection (e), use amounts from any fee 
    collected under paragraph (1) of this subsection to pay expenses 
    referred to in that paragraph, which shall be exempt and separate 
    from any limitations on the Department regarding full-time 
    equivalent positions and travel.
    ``(b) Contractors.--In using amounts from any fee collected under 
this section, the Secretary shall ensure that separate and independent 
contractors are retained to carry out monitoring and inspection work 
and any other work that may be delegated to a contractor under this 
title.
    ``(c) Prohibited Use.--No amount from any fee collected under this 
section may be used for any purpose or activity not specifically 
authorized by this title, unless such activity was already engaged in 
by the Secretary prior to the date of the enactment of the Manufactured 
Housing Improvement Act of 2000.
    ``(d) Modification.--Beginning on the date of the enactment of the 
Manufactured Housing Improvement Act of 2000, the amount of any fee 
collected under this section may only be modified--
        ``(1) as specifically authorized in advance in an annual 
    appropriations Act; and
        ``(2) pursuant to rulemaking in accordance with section 553 of 
    title 5, United States Code.
    ``(e) Appropriation and Deposit of Fees.--
        ``(1) In general.--There is established in the Treasury of the 
    United States a fund to be known as the `Manufactured Housing Fees 
    Trust Fund' for deposit of amounts from any fee collected under 
    this section. Such amounts shall be held in trust for use only as 
    provided in this title.
        ``(2) Appropriation.--Amounts from any fee collected under this 
    section shall be available for expenditure only to the extent 
    approved in advance in an annual appropriations Act. Any change in 
    the expenditure of such amounts shall be specifically authorized in 
    advance in an annual appropriations Act.
        ``(3) Payments to states.--On and after the effective date of 
    the Manufactured Housing Improvement Act of 2000, the Secretary 
    shall continue to fund the States having approved State plans in 
    the amounts which are not less than the allocated amounts, based on 
    the fee distribution system in effect on the day before such 
    effective date.''.

SEC. 610. DISPUTE RESOLUTION.

    Section 623(c) (42 U.S.C. 5422(c)) is amended--
        (1) by inserting after paragraph (11) (as added by the 
    preceding provisions of this title) the following:
        ``(12) with respect to any State plan submitted on or after the 
    expiration of the 5-year period beginning on the date of the 
    enactment of the Manufactured Housing Improvement Act of 2000, 
    provides for a dispute resolution program for the timely resolution 
    of disputes between manufacturers, retailers, and installers of 
    manufactured homes regarding responsibility, and for the issuance 
    of appropriate orders, for the correction or repair of defects in 
    manufactured homes that are reported during the 1-year period 
    beginning on the date of installation; and''; and
        (2) by adding at the end the following:
    ``(g) Enforcement of Dispute Resolution Standards.--
        ``(1) Establishment of dispute resolution program.--Not later 
    than the expiration of the 5-year period beginning on the date of 
    the enactment of the Manufactured Housing Improvement Act of 2000, 
    the Secretary shall establish a dispute resolution program that 
    meets the requirements of subsection (c)(12) for dispute resolution 
    in each State described in paragraph (2) of this subsection. The 
    order establishing the dispute resolution program shall be issued 
    after notice and opportunity for public comment in accordance with 
    section 553 of title 5, United States Code.
        ``(2) Implementation of dispute resolution program.--Beginning 
    on the expiration of the 5-year period described in paragraph (1), 
    the Secretary shall implement the dispute resolution program 
    established under paragraph (1) in each State that has not 
    established a dispute resolution program that meets the 
    requirements of subsection (c)(12).
        ``(3) Contracting out of implementation.--In carrying out 
    paragraph (2), the Secretary may contract with an appropriate agent 
    to implement the dispute resolution program established under 
    paragraph (2), except that such agent shall not be a person or 
    entity other than a government, nor an affiliate or subsidiary of 
    such a person or entity, that has entered into a contract with the 
    Secretary to implement any other regulatory program under this 
    title.''.

SEC. 611. ELIMINATION OF ANNUAL REPORTING REQUIREMENT.

    The National Manufactured Housing Construction and Safety Standards 
Act of 1974 (42 U.S.C. 5401 et seq.) is amended--
        (1) by striking section 626 (42 U.S.C. 5425); and
        (2) by redesignating sections 627 and 628 (42 U.S.C. 5426, 5401 
    note) as sections 626 and 627, respectively.

SEC. 612. EFFECTIVE DATE.

    The amendments made by this title shall take effect on the date of 
the enactment of this Act, except that the amendments shall have no 
effect on any order or interpretative bulletin that is issued under the 
National Manufactured Housing Construction and Safety Standards Act of 
1974 (42 U.S.C. 5401 et seq.) and published as a proposed rule pursuant 
to section 553 of title 5, United States Code, on or before that date 
of the enactment.

SEC. 613. SAVINGS PROVISIONS.

    (a) Standards and Regulations.--The Federal manufactured home 
construction and safety standards (as such term is defined in section 
603 of the National Manufactured Housing Construction and Safety 
Standards Act of 1974) and all regulations pertaining thereto in effect 
on the day before the date of the enactment of this Act shall apply 
until the effective date of a standard or regulation modifying or 
superseding the existing standard or regulation that is promulgated 
under subsection (a) or (b) of section 604 of the National Manufactured 
Housing Construction and Safety Standards Act of 1974, as amended by 
this title.
    (b) Contracts.--Any contract awarded pursuant to a Request for 
Proposal issued before the date of the enactment of this Act shall 
remain in effect until the earlier of--
        (1) the expiration of the 2-year period beginning on the date 
    of the enactment of this Act; or
        (2) the expiration of the contract term.

                 TITLE VII--RURAL HOUSING HOMEOWNERSHIP

SEC. 701. GUARANTEES FOR REFINANCING OF RURAL HOUSING LOANS.

    Section 502(h) of the Housing Act of 1949 (42 U.S.C. 1472(h)) is 
amended by adding at the end the following new paragraph:
        ``(13) Guarantees for refinancing loans.--
            ``(A) In General.--Upon the request of the borrower, the 
        Secretary shall, to the extent provided in appropriation Acts 
        and subject to subparagraph (F), guarantee a loan that is made 
        to refinance an existing loan that is made under this section 
        or guaranteed under this subsection, and that the Secretary 
        determines complies with the requirements of this paragraph.
            ``(B) Interest rate.--To be eligible for a guarantee under 
        this paragraph, the refinancing loan shall have a rate of 
        interest that is fixed over the term of the loan and does not 
        exceed the interest rate of the loan being refinanced.
            ``(C) Security.--To be eligible for a guarantee under this 
        paragraph, the refinancing loan shall be secured by the same 
        single-family residence as was the loan being refinanced, which 
        shall be owned by the borrower and occupied by the borrower as 
        the principal residence of the borrower.
            ``(D) Amount.--To be eligible for a guarantee under this 
        paragraph, the principal obligation under the refinancing loan 
        shall not exceed an amount equal to the sum of the balance of 
        the loan being refinanced and such closing costs as may be 
        authorized by the Secretary, which shall include a discount not 
        exceeding 200 basis points and an origination fee not exceeding 
        such amount as the Secretary shall prescribe.
            ``(E) Other requirements.--The provisions of the last 
        sentence of paragraph (1) and paragraphs (2), (5), (6)(A), (7), 
        and (9) shall apply to loans guaranteed under this paragraph, 
        and no other provisions of paragraphs (1) through (12) shall 
        apply to such loans.
            ``(F) Authority to establish limitation.--The Secretary may 
        establish limitations on the number of loans guaranteed under 
        this paragraph, which shall be based on market conditions and 
        other factors as the Secretary considers appropriate.''.

SEC. 702. PROMISSORY NOTE REQUIREMENT UNDER HOUSING REPAIR LOAN 
              PROGRAM.

    The fourth sentence of section 504(a) of the Housing Act of 1949 
(42 U.S.C. 1474(a)) is amended by striking ``$2,500'' and inserting 
``$7,500''.

SEC. 703. LIMITED PARTNERSHIP ELIGIBILITY FOR FARM LABOR HOUSING LOANS.

    The first sentence of section 514(a) of the Housing Act of 1949 (42 
U.S.C. 1484(a)) is amended by striking ``nonprofit limited 
partnership'' and inserting ``limited partnership''.

SEC. 704. PROJECT ACCOUNTING RECORDS AND PRACTICES.

    Section 515 of the Housing Act of 1949 (42 U.S.C. 1485) is amended 
by striking subsection (z) and inserting the following new subsections:
    ``(z) Accounting and Recordkeeping Requirements.--
        ``(1) Accounting standards.--The Secretary shall require that 
    borrowers in programs authorized by this section maintain 
    accounting records in accordance with generally accepted accounting 
    principles for all projects that receive funds from loans made or 
    guaranteed by the Secretary under this section.
        ``(2) Record retention requirements.--The Secretary shall 
    require that borrowers in programs authorized by this section 
    retain for a period of not less than 6 years and make available to 
    the Secretary in a manner determined by the Secretary, all records 
    required to be maintained under this subsection and other records 
    identified by the Secretary in applicable regulations.
    ``(aa) Double Damages for Unauthorized Use of Housing Projects 
Assets and Income.--
        ``(1) Action to recover assets or income.--
            ``(A) In general.--The Secretary may request the Attorney 
        General to bring an action in a United States district court to 
        recover any assets or income used by any person in violation of 
        the provisions of a loan made or guaranteed by the Secretary 
        under this section or in violation of any applicable statute or 
        regulation.
            ``(B) Improper documentation.--For purposes of this 
        subsection, a use of assets or income in violation of the 
        applicable loan, loan guarantee, statute, or regulation shall 
        include any use for which the documentation in the books and 
        accounts does not establish that the use was made for a 
        reasonable operating expense or necessary repair of the project 
        or for which the documentation has not been maintained in 
        accordance with the requirements of the Secretary and in 
        reasonable condition for proper audit.
            ``(C) Definition.--For the purposes of this subsection, the 
        term `person' means--
                ``(i) any individual or entity that borrows funds in 
            accordance with programs authorized by this section;
                ``(ii) any individual or entity holding 25 percent or 
            more interest of any entity that borrows funds in 
            accordance with programs authorized by this section; and
                ``(iii) any officer, director, or partner of an entity 
            that borrows funds in accordance with programs authorized 
            by this section.
        ``(2) Amount recoverable.--
            ``(A) In general.--In any judgment favorable to the United 
        States entered under this subsection, the Attorney General may 
        recover double the value of the assets and income of the 
        project that the court determines to have been used in 
        violation of the provisions of a loan made or guaranteed by the 
        Secretary under this section or any applicable statute or 
        regulation, plus all costs related to the action, including 
        reasonable attorney and auditing fees.
            ``(B) Application of recovered funds.--Notwithstanding any 
        other provision of law, the Secretary may use amounts recovered 
        under this subsection for activities authorized under this 
        section and such funds shall remain available for such use 
        until expended.
        ``(3) Time limitation.--Notwithstanding any other provision of 
    law, an action under this subsection may be commenced at any time 
    during the 6-year period beginning on the date that the Secretary 
    discovered or should have discovered the violation of the 
    provisions of this section or any related statutes or regulations.
        ``(4) Continued availability of other remedies.--The remedy 
    provided in this subsection is in addition to and not in 
    substitution of any other remedies available to the Secretary or 
    the United States.''.

SEC. 705. DEFINITION OF RURAL AREA.

    The second sentence of section 520 of the Housing Act of 1949 (42 
U.S.C. 1490) is amended--
        (1) by striking ``1990 decennial census'' and inserting ``1990 
    or 2000 decennial census''; and
        (2) by striking ``year 2000'' and inserting ``year 2010''.

SEC. 706. OPERATING ASSISTANCE FOR MIGRANT FARMWORKERS PROJECTS.

    The last sentence of section 521(a)(5)(A) of the Housing Act of 
1949 (42 U.S.C. 1490a(a)(5)(A)) is amended by striking ``project'' and 
inserting ``tenant or unit''.

SEC. 707. MULTIFAMILY RENTAL HOUSING LOAN GUARANTEE PROGRAM.

    Section 538 of the Housing Act of 1949 (42 U.S.C. 1490p-2) is 
amended--
        (1) in subsection (c), by inserting ``an Indian tribe,'' after 
    ``thereof,'';
        (2) in subsection (f), by striking paragraph (1) and inserting 
    the following new paragraph:
        ``(1) be made for a period of not less than 25 nor greater than 
    40 years from the date the loan was made and may provide for 
    amortization of the loan over a period of not to exceed 40 years 
    with a final payment of the balance due at the end of the loan 
    term;'';
        (3) in subsection (i)(2), by striking ``(A) conveyance to the 
    Secretary'' and all that follows through ``(C) assignment'' and 
    inserting ``(A) submission to the Secretary of a claim for payment 
    under the guarantee, and (B) assignment'';
        (4) in subsection (s), by adding at the end the following new 
    subsection:
        ``(4) Indian tribe.--The term `Indian tribe' means--
            ``(A) any Indian tribe, band, nation, or other organized 
        group or community of Indians, including any Alaska Native 
        village or regional or village corporation, as defined by or 
        established pursuant to the Alaska Native Claims Settlement Act 
        (43 U.S.C. 1601 et seq.), that is recognized as eligible for 
        the special programs and services provided by the United States 
        to Indians because of their status as Indians pursuant to the 
        Indian Self-Determination and Education Assistance Act of 1975 
        (25 U.S.C. 450 et seq.); or
            ``(B) any entity established by the governing body of an 
        Indian tribe described in subparagraph (A) for the purpose of 
        financing economic development.'';
        (5) in subsection (t), by inserting before the period at the 
    end the following: ``to provide guarantees under this section for 
    eligible loans having an aggregate principal amount of 
    $500,000,000'';
        (6) by striking subsection (l);
        (7) by redesignating subsections (m) through (u) as subsections 
    (l) through (t), respectively; and
        (8) by adding at the end the following new subsections:
    ``(u) Fee Authority.--Any amounts collected by the Secretary 
pursuant to the fees charged to lenders for loan guarantees issued 
under this section shall be used to offset costs (as defined by section 
502 of the Congressional Budget Act of 1974 (2 U.S.C. 661a)) of loan 
guarantees made under this section.
    ``(v) Defaults of Loans Secured by Reservation Lands.--In the event 
of a default involving a loan to an Indian tribe or tribal corporation 
made under this section which is secured by an interest in land within 
such tribe's reservation (as determined by the Secretary of the 
Interior), including a community in Alaska incorporated by the 
Secretary of the Interior pursuant to the Indian Reorganization Act (25 
U.S.C. 461 et seq.), the lender shall only pursue liquidation after 
offering to transfer the account to an eligible tribal member, the 
tribe, or the Indian housing authority serving the tribe. If the lender 
subsequently proceeds to liquidate the account, the lender shall not 
sell, transfer, or otherwise dispose of or alienate the property except 
to one of the entities described in the preceding sentence.''.

SEC. 708. ENFORCEMENT PROVISIONS.

    (a) In General.--Title V of the Housing Act of 1949 (42 U.S.C. 1471 
et seq.) is amended by adding after section 542 the following:

``SEC. 543. ENFORCEMENT PROVISIONS.

    ``(a) Equity Skimming.--
        ``(1) Criminal penalty.--Whoever, as an owner, agent, employee, 
    or manager, or is otherwise in custody, control, or possession of 
    property that is security for a loan made or guaranteed under this 
    title, willfully uses, or authorizes the use, of any part of the 
    rents, assets, proceeds, income, or other funds derived from such 
    property, for any purpose other than to meet actual, reasonable, 
    and necessary expenses of the property, or for any other purpose 
    not authorized by this title or the regulations adopted pursuant to 
    this title, shall be fined under title 18, United States Code, or 
    imprisoned not more than 5 years, or both.
        ``(2) Civil sanctions.--An entity or individual who as an 
    owner, operator, employee, or manager, or who acts as an agent for 
    a property that is security for a loan made or guaranteed under 
    this title where any part of the rents, assets, proceeds, income, 
    or other funds derived from such property are used for any purpose 
    other than to meet actual, reasonable, and necessary expenses of 
    the property, or for any other purpose not authorized by this title 
    or the regulations adopted pursuant to this title, shall be subject 
    to a fine of not more than $25,000 per violation. The sanctions 
    provided in this paragraph may be imposed in addition to any other 
    civil sanctions or civil monetary penalties authorized by law.
    ``(b) Civil Monetary Penalties.--
        ``(1) In general.--The Secretary may, after notice and 
    opportunity for a hearing, impose a civil monetary penalty in 
    accordance with this subsection against any individual or entity, 
    including its owners, officers, directors, general partners, 
    limited partners, or employees, who knowingly and materially 
    violate, or participate in the violation of, the provisions of this 
    title, the regulations issued by the Secretary pursuant to this 
    title, or agreements made in accordance with this title, by--
            ``(A) submitting information to the Secretary that is 
        false;
            ``(B) providing the Secretary with false certifications;
            ``(C) failing to submit information requested by the 
        Secretary in a timely manner;
            ``(D) failing to maintain the property subject to loans 
        made or guaranteed under this title in good repair and 
        condition, as determined by the Secretary;
            ``(E) failing to provide management for a project which 
        received a loan made or guaranteed under this title that is 
        acceptable to the Secretary; or
            ``(F) failing to comply with the provisions of applicable 
        civil rights statutes and regulations.
        ``(2) Conditions for renewal or extension.--The Secretary may 
    require that expiring loan or assistance agreements entered into 
    under this title shall not be renewed or extended unless the owner 
    executes an agreement to comply with additional conditions 
    prescribed by the Secretary, or executes a new loan or assistance 
    agreement in the form prescribed by the Secretary.
        ``(3) Amount.--
            ``(A) In general.--The amount of a civil monetary penalty 
        imposed under this subsection shall not exceed the greater of--
                ``(i) twice the damages the Department of Agriculture, 
            the guaranteed lender, or the project that is secured for a 
            loan under this section suffered or would have suffered as 
            a result of the violation; or
                ``(ii) $50,000 per violation.
            ``(B) Determination.--In determining the amount of a civil 
        monetary penalty under this subsection, the Secretary shall 
        take into consideration--
                ``(i) the gravity of the offense;
                ``(ii) any history of prior offenses by the violator 
            (including offenses occurring prior to the enactment of 
            this section);
                ``(iii) the ability of the violator to pay the penalty;
                ``(iv) any injury to tenants;
                ``(v) any injury to the public;
                ``(vi) any benefits received by the violator as a 
            result of the violation;
                ``(vii) deterrence of future violations; and
                ``(viii) such other factors as the Secretary may 
            establish by regulation.
        ``(4) Payment of penalties.--No payment of a penalty assessed 
    under this section may be made from funds provided under this title 
    or from funds of a project which serve as security for a loan made 
    or guaranteed under this title.
        ``(5) Remedies for noncompliance.--
            ``(A) Judicial intervention.--If a person or entity fails 
        to comply with a final determination by the Secretary imposing 
        a civil monetary penalty under this subsection, the Secretary 
        may request the Attorney General of the United States to bring 
        an action in an appropriate United States district court to 
        obtain a monetary judgment against such individual or entity 
        and such other relief as may be available. The monetary 
        judgment may, in the court's discretion, include the attorney's 
        fees and other expenses incurred by the United States in 
        connection with the action.
            ``(B) Reviewability of determination.--In an action under 
        this paragraph, the validity and appropriateness of a 
        determination by the Secretary imposing the penalty shall not 
        be subject to review.''.
    (b) Conforming Amendment.--Section 514 of the Housing Act of 1949 
(42 U.S.C. 1484) is amended by striking subsection (j).

SEC. 709. AMENDMENTS TO TITLE 18 OF UNITED STATES CODE.

    (a) Money Laundering.--Section 1956(c)(7)(D) of title 18, United 
States Code, is amended by inserting ``any violation of section 
543(a)(1) of the Housing Act of 1949 (relating to equity skimming),'' 
after ``coupons having a value of not less than $5,000,''.
    (b) Obstruction of Federal Audits.--Section 1516(a) of title 18, 
United States Code, is amended by inserting ``or relating to any 
property that is security for a loan that is made or guaranteed under 
title V of the Housing Act of 1949,'' before ``shall be fined under 
this title''.

         TITLE VIII--HOUSING FOR ELDERLY AND DISABLED FAMILIES

SEC. 801. SHORT TITLE.

    This title may be cited as the ``Affordable Housing for Seniors and 
Families Act''.

SEC. 802. REGULATIONS.

    The Secretary of Housing and Urban Development (referred to in this 
title as the ``Secretary'') shall issue any regulations to carry out 
this title and the amendments made by this title that the Secretary 
determines may or will affect tenants of federally assisted housing 
only after notice and opportunity for public comment in accordance with 
the procedure under section 553 of title 5, United States Code, 
applicable to substantive rules (notwithstanding subsections (a)(2), 
(b)(B), and (d)(3) of such section). Notice of such proposed rulemaking 
shall be provided by publication in the Federal Register. In issuing 
such regulations, the Secretary shall take such actions as may be 
necessary to ensure that such tenants are notified of, and provided an 
opportunity to participate in, the rulemaking, as required by such 
section 553.

SEC. 803. EFFECTIVE DATE.

    (a) In General.--The provisions of this title and the amendments 
made by this title are effective as of the date of the enactment of 
this Act, unless such provisions or amendments specifically provide for 
effectiveness or applicability upon another date certain.
    (b) Effect of Regulatory Authority.--Any authority in this title or 
the amendments made by this title to issue regulations, and any 
specific requirement to issue regulations by a date certain, may not be 
construed to affect the effectiveness or applicability of the 
provisions of this title or the amendments made by this title under 
such provisions and amendments and subsection (a) of this section.

  Subtitle A--Refinancing for Section 202 Supportive Housing for the 
                                Elderly

SEC. 811. PREPAYMENT AND REFINANCING.

    (a) Approval of Prepayment of Debt.--Upon request of the project 
sponsor of a project assisted with a loan under section 202 of the 
Housing Act of 1959 (as in effect before the enactment of the Cranston-
Gonzalez National Affordable Housing Act), the Secretary shall approve 
the prepayment of any indebtedness to the Secretary relating to any 
remaining principal and interest under the loan as part of a prepayment 
plan under which--
        (1) the project sponsor agrees to operate the project until the 
    maturity date of the original loan under terms at least as 
    advantageous to existing and future tenants as the terms required 
    by the original loan agreement or any rental assistance payments 
    contract under section 8 of the United States Housing Act of 1937 
    (or any other rental housing assistance programs of the Department 
    of Housing and Urban Development, including the rent supplement 
    program under section 101 of the Housing and Urban Development Act 
    of 1965 (12 U.S.C. 1701s)) relating to the project; and
        (2) the prepayment may involve refinancing of the loan if such 
    refinancing results in a lower interest rate on the principal of 
    the loan for the project and in reductions in debt service related 
    to such loan.
    (b) Sources of Refinancing.--In the case of prepayment under this 
section involving refinancing, the project sponsor may refinance the 
project through any third party source, including financing by State 
and local housing finance agencies, use of tax-exempt bonds, multi-
family mortgage insurance under the National Housing Act, reinsurance, 
or other credit enhancements, including risk sharing as provided under 
section 542 of the Housing and Community Development Act of 1992 (12 
U.S.C. 1707 note). For purposes of underwriting a loan insured under 
the National Housing Act, the Secretary may assume that any section 8 
rental assistance contract relating to a project will be renewed for 
the term of such loan.
    (c) Use of Unexpended Amounts.--Upon execution of the refinancing 
for a project pursuant to this section, the Secretary shall make 
available at least 50 percent of the annual savings resulting from 
reduced section 8 or other rental housing assistance contracts in a 
manner that is advantageous to the tenants, including--
        (1) not more than 15 percent of the cost of increasing the 
    availability or provision of supportive services, which may include 
    the financing of service coordinators and congregate services;
        (2) rehabilitation, modernization, or retrofitting of 
    structures, common areas, or individual dwelling units;
        (3) construction of an addition or other facility in the 
    project, including assisted living facilities (or, upon the 
    approval of the Secretary, facilities located in the community 
    where the project sponsor refinances a project under this section, 
    or pools shared resources from more than one such project); or
        (4) rent reduction of unassisted tenants residing in the 
    project according to a pro rata allocation of shared savings 
    resulting from the refinancing.
    (d) Use of Certain Project Funds.--The Secretary shall allow a 
project sponsor that is prepaying and refinancing a project under this 
section--
        (1) to use any residual receipts held for that project in 
    excess of $500 per individual dwelling unit for not more than 15 
    percent of the cost of activities designed to increase the 
    availability or provision of supportive services; and
        (2) to use any reserves for replacement in excess of $1,000 per 
    individual dwelling unit for activities described in paragraphs (2) 
    and (3) of subsection (c).
    (e) Budget Act Compliance.--This section shall be effective only to 
extent or in such amounts that are provided in advance in appropriation 
Acts.

Subtitle B--Authorization of Appropriations for Supportive Housing for 
               the Elderly and Persons With Disabilities

SEC. 821. SUPPORTIVE HOUSING FOR ELDERLY PERSONS.

    Section 202 of the Housing Act of 1959 (12 U.S.C. 1701q) is amended 
by adding at the end the following:
    ``(m) Authorization of Appropriations.--There are authorized to be 
appropriated for providing assistance under this section such sums as 
may be necessary for each of fiscal years 2001, 2002, and 2003.''.

SEC. 822. SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES.

    Section 811 of the Cranston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 8013) is amended by striking subsection (m) and 
inserting the following:
    ``(m) Authorization of Appropriations.--There are authorized to be 
appropriated for providing assistance under this section such sums as 
may be necessary for each of fiscal years 2001, 2002, and 2003.''.

SEC. 823. SERVICE COORDINATORS AND CONGREGATE SERVICES FOR ELDERLY AND 
              DISABLED HOUSING.

    There are authorized to be appropriated to the Secretary such sums 
as may be necessary for each of fiscal years 2001, 2002, and 2003, for 
the following purposes:
        (1) Grants for service coordinators for certain federally 
    assisted multifamily housing.--For grants under section 676 of the 
    Housing and Community Development Act of 1992 (42 U.S.C. 13632) for 
    providing service coordinators.
        (2) Congregate services for federally assisted housing.--For 
    contracts under section 802 of the Cranston-Gonzalez National 
    Affordable Housing Act (42 U.S.C. 8011) to provide congregate 
    services programs for eligible residents of eligible housing 
    projects under subparagraphs (B) through (D) of subsection (k)(6) 
    of such section.

Subtitle C--Expanding Housing Opportunities for the Elderly and Persons 
                           With Disabilities

                    PART 1--HOUSING FOR THE ELDERLY

SEC. 831. ELIGIBILITY OF FOR-PROFIT LIMITED PARTNERSHIPS.

    Section 202(k)(4) of the Housing Act of 1959 (12 U.S.C. 
1701q(k)(4)) is amended by inserting after subparagraph (C) the 
following:
    ``Such term includes a for-profit limited partnership the sole 
    general partner of which is an organization meeting the 
    requirements under subparagraphs (A), (B), and (C), or a 
    corporation wholly owned and controlled by an organization meeting 
    the requirements under subparagraphs (A), (B), and (C).''.

SEC. 832. MIXED FUNDING SOURCES.

    Section 202(h)(6) of the Housing Act of 1959 (12 U.S.C. 
1701q(h)(6)) is amended--
        (1) by striking ``non-Federal sources'' and inserting ``sources 
    other than this section''; and
        (2) by adding at the end the following new sentence: 
    ``Notwithstanding any other provision of law, assistance amounts 
    provided under this section may be treated as amounts not derived 
    from a Federal grant.''.

SEC. 833. AUTHORITY TO ACQUIRE STRUCTURES.

    Section 202 of the Housing Act of 1959 (12 U.S.C. 1701q) is 
amended--
        (1) in subsection (b), by striking ``from the Resolution Trust 
    Corporation''; and
        (2) in subsection (h)(2)--
            (A) in the paragraph heading, by striking ``RTC 
        properties'' and inserting ``Acquisition''; and
            (B) by striking ``from the Resolution'' and all that 
        follows through ``Insurance Act''.

SEC. 834. USE OF PROJECT RESERVES.

    Section 202(j) of the Housing Act of 1959 (12 U.S.C. 1701q(j)) is 
amended by adding at the end the following:
        ``(8) Use of project reserves.--Amounts for project reserves 
    for a project assisted under this section may be used for costs, 
    subject to reasonable limitations as the Secretary determines 
    appropriate, for reducing the number of dwelling units in the 
    project. Such use shall be subject to the approval of the Secretary 
    to ensure that the use is designed to retrofit units that are 
    currently obsolete or unmarketable.''.

SEC. 835. COMMERCIAL ACTIVITIES.

    Section 202(h)(1) of the Housing Act of 1959 (12 U.S.C. 
1701q(h)(1)) is amended by adding at the end the following: ``Neither 
this section nor any other provision of law may be construed as 
prohibiting or preventing the location and operation, in a project 
assisted under this section, of commercial facilities for the benefit 
of residents of the project and the community in which the project is 
located, except that assistance made available under this section may 
not be used to subsidize any such commercial facility.''.

             PART 2--HOUSING FOR PERSONS WITH DISABILITIES

SEC. 841. ELIGIBILITY OF FOR-PROFIT LIMITED PARTNERSHIPS.

    Section 811(k)(6) of the Housing Act of 1959 (42 U.S.C. 8013(k)(6)) 
is amended by inserting after subparagraph (D) the following:
    ``Such term includes a for-profit limited partnership the sole 
    general partner of which is an organization meeting the 
    requirements under subparagraphs (A), (B), (C), and (D) or a 
    corporation wholly owned and controlled by an organization meeting 
    the requirements under subparagraphs (A), (B), (C), and (D).''.

SEC. 842. MIXED FUNDING SOURCES.

    Section 811(h)(5) of the Cranston-Gonzalez National Affordable 
Housing Act (42 U.S.C. 8013(h)(5)) is amended--
        (1) by striking ``non-Federal sources'' and inserting ``sources 
    other than this section''; and
        (2) by adding at the end the following new sentence: 
    ``Notwithstanding any other provision of law, assistance amounts 
    provided under this section may be treated as amounts not derived 
    from a Federal grant.''.

SEC. 843. TENANT-BASED ASSISTANCE.

    Section 811 of the Cranston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 8013) is amended--
        (1) in subsection (d), by striking paragraph (4) and inserting 
    the following:
        ``(4) Tenant-based rental assistance.--
            ``(A) Administering entities.--Tenant-based rental 
        assistance provided under subsection (b)(1) may be provided 
        only through a public housing agency that has submitted and had 
        approved a plan under section 7(d) of the United States Housing 
        Act of 1937 (42 U.S.C. 1437e(d)) that provides for such 
        assistance, or through a private nonprofit organization. A 
        public housing agency shall be eligible to apply under this 
        section only for the purposes of providing such tenant-based 
        rental assistance.
            ``(B) Program rules.--Tenant-based rental assistance under 
        subsection (b)(1) shall be made available to eligible persons 
        with disabilities and administered under the same rules that 
        govern tenant-based rental assistance made available under 
        section 8 of the United States Housing Act of 1937, except that 
        the Secretary may waive or modify such rules, but only to the 
        extent necessary to provide for administering such assistance 
        under subsection (b)(1) through private nonprofit organizations 
        rather than through public housing agencies.
            ``(C) Allocation of assistance.--In determining the amount 
        of assistance provided under subsection (b)(1) for a private 
        nonprofit organization or public housing agency, the Secretary 
        shall consider the needs and capabilities of the organization 
        or agency, in the case of a public housing agency, as described 
        in the plan for the agency under section 7 of the United States 
        Housing Act of 1937.''; and
        (2) in subsection (l)(1)--
            (A) by striking ``subsection (b)'' and inserting 
        ``subsection (b)(2)''; and
            (B) by striking the last comma and all that follows through 
        ``subsection (n)''.

SEC. 844. USE OF PROJECT RESERVES.

    Section 811(j) of the Cranston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 8013(j)) is amended by adding at the end the following:
        ``(7) Use of project reserves.--Amounts for project reserves 
    for a project assisted under this section may be used for costs, 
    subject to reasonable limitations as the Secretary determines 
    appropriate, for reducing the number of dwelling units in the 
    project. Such use shall be subject to the approval of the Secretary 
    to ensure that the use is designed to retrofit units that are 
    currently obsolete or unmarketable.''.

SEC. 845. COMMERCIAL ACTIVITIES.

    Section 811(h)(1) of the Cranston-Gonzalez National Affordable 
Housing Act (42 U.S.C. 8013(h)(1)) is amended by adding at the end the 
following: ``Neither this section nor any other provision of law may be 
construed as prohibiting or preventing the location and operation, in a 
project assisted under this section, of commercial facilities for the 
benefit of residents of the project and the community in which the 
project is located, except that assistance made available under this 
section may not be used to subsidize any such commercial facility.''.

                        PART 3--OTHER PROVISIONS

SEC. 851. SERVICE COORDINATORS.

    (a) Increased Flexibility for Use of Service Coordinators in 
Certain Federally Assisted Housing.--Section 676 of the Housing and 
Community Development Act of 1992 (42 U.S.C. 13632) is amended--
        (1) in the section heading, by striking ``multifamily housing 
    assisted under national housing act'' and inserting ``certain 
    federally assisted housing'';
        (2) in subsection (a)--
            (A) in the first sentence, by striking ``(E) and (F)'' and 
        inserting ``(B), (C), (D), (E), (F), and (G)''; and
            (B) in the last sentence--
                (i) by striking ``section 661'' and inserting ``section 
            671''; and
                (ii) by adding at the end the following: ``A service 
            coordinator funded with a grant under this section for a 
            project may provide services to low-income elderly or 
            disabled families living in the vicinity of such 
            project.'';
        (3) in subsection (d)--
            (A) by striking ``(E) or (F)'' and inserting ``(B), (C), 
        (D), (E), (F), or (G)''; and
            (B) by striking ``section 661'' and inserting ``section 
        671''; and
        (4) by striking subsection (c) and redesignating subsection (d) 
    (as amended by paragraph (3) of this subsection) as subsection (c).
    (b) Requirement To Provide Service Coordinators.--Section 671 of 
the Housing and Community Development Act of 1992 (42 U.S.C. 13631) is 
amended--
        (1) in the first sentence of subsection (a), by striking ``to 
    carry out this subtitle pursuant to the amendments made by this 
    subtitle'' and inserting the following: ``for providing service 
    coordinators under this section'';
        (2) in subsection (d), by inserting ``)'' after ``section 
    683(2)''; and
        (3) by adding at the end following:
    ``(e) Services for Low-Income Elderly or Disabled Families Residing 
in Vicinity of Certain Projects.--To the extent only that this section 
applies to service coordinators for covered federally assisted housing 
described in subparagraphs (B), (C), (D), (E), (F), and (G) of section 
683(2), any reference in this section to elderly or disabled residents 
of a project shall be construed to include low-income elderly or 
disabled families living in the vicinity of such project.''.
    (c) Protection Against Telemarketing Fraud.--
        (1) Supportive housing for the elderly.--The first sentence of 
    section 202(g)(1) of the Housing Act of 1959 (12 U.S.C. 
    1701q(g)(1)) is amended by striking ``and (F)'' and inserting the 
    following: ``(F) providing education and outreach regarding 
    telemarketing fraud, in accordance with the standards issued under 
    section 671(f) of the Housing and Community Development Act of 1992 
    (42 U.S.C. 13631(f)); and (G)''.
        (2) Other federally assisted housing.--Section 671 of the 
    Housing and Community Development Act of 1992 (42 U.S.C. 13631), as 
    amended by subsection (b) of this section, is further amended--
            (A) in the first sentence of subsection (c), by inserting 
        after ``response,'' the following: ``education and outreach 
        regarding telemarketing fraud in accordance with the standards 
        issued under subsection (f),''; and
            (B) by adding at the end the following:
    ``(f) Protection Against Telemarketing Fraud.--
        ``(1) In general.--The Secretary, in coordination with the 
    Secretary of Health and Human Services, shall establish standards 
    for service coordinators in federally assisted housing who are 
    providing education and outreach to elderly persons residing in 
    such housing regarding telemarketing fraud. The standards shall be 
    designed to ensure that such education and outreach informs such 
    elderly persons of the dangers of telemarketing fraud and 
    facilitates the investigation and prosecution of telemarketers 
    engaging in fraud against such residents.
        ``(2) Contents.--The standards established under this 
    subsection shall require that any such education and outreach be 
    provided in a manner that--
            ``(A) informs such residents of--
                ``(i) the prevalence of telemarketing fraud targeted 
            against elderly persons;
                ``(ii) how telemarketing fraud works;
                ``(iii) how to identify telemarketing fraud;
                ``(iv) how to protect themselves against telemarketing 
            fraud, including an explanation of the dangers of providing 
            bank account, credit card, or other financial or personal 
            information over the telephone to unsolicited callers;
                ``(v) how to report suspected attempts at telemarketing 
            fraud; and
                ``(vi) their consumer protection rights under Federal 
            law;
            ``(B) provides such other information as the Secretary 
        considers necessary to protect such residents against 
        fraudulent telemarketing; and
            ``(C) disseminates the information provided by appropriate 
        means, and in determining such appropriate means, the Secretary 
        shall consider on-site presentations at federally assisted 
        housing, public service announcements, a printed manual or 
        pamphlet, an Internet website, and telephone outreach to 
        residents whose names appear on `mooch lists' confiscated from 
        fraudulent telemarketers.''.

          Subtitle D--Preservation of Affordable Housing Stock

SEC. 861. SECTION 236 ASSISTANCE.

    (a) Extension of Authority to Retain Excess Charges.--Section 
236(g) of the National Housing Act (12 U.S.C. 1715z-1(g)), as amended 
by the Departments of Veterans Affairs and Housing and Urban 
Development, and Independent Agencies Appropriations Act, 2001, is 
amended--
        (1) in paragraph (2), by striking ``Subject to paragraph (3) 
    and notwithstanding'' and inserting ``Notwithstanding''; and
        (2) by striking paragraph (3) and redesignating paragraph (4) 
    as paragraph (3).
    (b) Treatment of Excess Charges Previously Collected.--Any excess 
charges that a project owner may retain pursuant to the amendments made 
by subsections (b) and (c) of section 532 of the Departments of 
Veterans Affairs and Housing and Urban Development, and Independent 
Agencies Appropriations Act, 2000 (Public Law 106-74; 113 Stat. 1116) 
that have been collected by such owner since the date of the enactment 
of such appropriations Act and that such owner has not remitted to the 
Secretary of Housing and Urban Development may be retained by such 
owner unless such Secretary otherwise provides. To the extent that a 
project owner has remitted such excess charges to the Secretary since 
such date of the enactment, the Secretary may return to the relevant 
project owner any such excess charges remitted. Notwithstanding any 
other provision of law, amounts in the Rental Housing Assistance Fund, 
or heretofore or subsequently transferred from the Rental Housing 
Assistance Fund to the Flexible Subsidy Fund, shall be available to 
make such return of excess charges previously remitted to the 
Secretary, including the return of excess charges referred to in 
section 532(e) of such appropriations Act.

               TITLE IX--OTHER RELATED HOUSING PROVISIONS

SEC. 901. EXTENSION OF LOAN TERM FOR MANUFACTURED HOME LOTS.

    Section 2(b)(3)(E) of the National Housing Act (12 U.S.C. 
1703(b)(3)(E)) is amended by striking ``fifteen'' and inserting 
``twenty''.

SEC. 902. USE OF SECTION 8 VOUCHERS FOR OPT-OUTS.

    (a) In General.--Section 8(t)(2) of the United States Housing Act 
of 1937 (42 U.S.C. 1437f(t)(2)), as amended by the Departments of 
Veterans Affairs and Housing and Urban Development, and Independent 
Agencies Appropriations Act, 2001, is amended by striking ``fiscal year 
1996'' and inserting ``fiscal year 1994''.
    (b) Effective Date.--The amendment under subsection (a) shall be 
made and shall apply--
        (1) upon the enactment of this Act, if the Departments of 
    Veterans Affairs and Housing and Urban Development, and Independent 
    Agencies Appropriations Act, 2001, is enacted before the enactment 
    of this Act; and
        (2) immediately after the enactment of such appropriations Act, 
    if such appropriations Act is enacted after the enactment of this 
    Act.

SEC. 903. MAXIMUM PAYMENT STANDARD FOR ENHANCED VOUCHERS.

    (a) In General.--Section 8(t)(1)(B) of the United States Housing 
Act of 1937 (42 U.S.C. 1437f(t)(1)(B)), as amended by the Departments 
of Veterans Affairs and Housing and Urban Development, and Independent 
Agencies Appropriations Act, 2001, is amended by inserting before the 
semicolon at the end the following: ``, except that a limit shall not 
be considered reasonable for purposes of this subparagraph if it 
adversely affects such assisted families''.
    (b) Effective Date.--The amendment under subsection (a) shall be 
made and shall apply--
        (1) upon the enactment of this Act, if the Departments of 
    Veterans Affairs and Housing and Urban Development, and Independent 
    Agencies Appropriations Act, 2001, is enacted before the enactment 
    of this Act; and
        (2) immediately after the enactment of such appropriations Act, 
    if such appropriations Act is enacted after the enactment of this 
    Act.

SEC. 904. USE OF SECTION 8 ASSISTANCE BY ``GRAND-FAMILIES'' TO RENT 
              DWELLING UNITS IN ASSISTED PROJECTS.

    Section 215(a) of the Cranston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 12745(a)) is amended by adding at the end the following 
new paragraph:
        ``(6) Waiver of qualifying rent.--
            ``(A) In general.--For the purpose of providing affordable 
        housing appropriate for families described in subparagraph (B), 
        the Secretary may, upon the application of the project owner, 
        waive the applicability of subparagraph (A) of paragraph (1) 
        with respect to a dwelling unit if--
                ``(i) the unit is occupied by such a family, on whose 
            behalf tenant-based assistance is provided under section 8 
            of the United States Housing Act of 1937 (42 U.S.C. 1437f);
                ``(ii) the rent for the unit is not greater than the 
            existing fair market rent for comparable units in the area, 
            as established by the Secretary under section 8 of the 
            United States Housing Act of 1937; and
                ``(iii) the Secretary determines that the waiver, 
            together with waivers under this paragraph for other 
            dwelling units in the project, will result in the use of 
            amounts described in clause (iii) in an effective manner 
            that will improve the provision of affordable housing for 
            such families.
            ``(B) Eligible families.--A family described in this 
        subparagraph is a family that consists of at least one elderly 
        person (who is the head of household) and one or more of such 
        person's grand children, great grandchildren, great nieces, 
        great nephews, or great great grandchildren (as defined by the 
        Secretary), but does not include any parent of such 
        grandchildren, great grandchildren, great nieces, great 
        nephews, or great great grandchildren. Such term includes any 
        such grandchildren, great grandchildren, great nieces, great 
        nephews, or great great grandchildren who have been legally 
        adopted by such elderly person.''.

               TITLE X--FEDERAL RESERVE BOARD PROVISIONS

SEC. 1001. FEDERAL RESERVE BOARD BUILDINGS.

    The third undesignated paragraph of section 10 of the Federal 
Reserve Act (12 U.S.C. 243) is amended--
        (1) by inserting after the first sentence the following new 
    sentence: ``After September 1, 2000, the Board may also use such 
    assessments to acquire, in its own name, a site or building (in 
    addition to the facilities existing on such date) to provide for 
    the performance of the functions of the Board.''; and
        (2) in the sentences following the sentence added by the 
    amendment made by paragraph (1) of this section--
            (A) by striking ``the site'' and inserting ``any site''; 
        and
            (B) by inserting ``or buildings'' after ``building'' each 
        place such term appears.

SEC. 1002. POSITIONS OF BOARD OF GOVERNORS OF THE FEDERAL RESERVE 
              SYSTEM ON THE EXECUTIVE SCHEDULE.

    (a) In General.--
        (1) Positions at level i of the executive schedule.--Section 
    5312 of title 5, United States Code, is amended by adding at the 
    end the following:
        ``Chairman, Board of Governors of the Federal Reserve 
    System.''.
        (2) Positions at level ii of the executive schedule.--Section 
    5313 of title 5, United States Code, is amended--
            (A) by striking ``Chairman, Board of Governors of the 
        Federal Reserve System.''; and
            (B) by adding at the end the following:
        ``Members, Board of Governors of the Federal Reserve System.''.
        (3) Positions at level iii of the executive schedule.--Section 
    5314 of title 5, United States Code, is amended by striking 
    ``Members, Board of Governors of the Federal Reserve System.''.
    (b) Effective Date.--This section and the amendments made by this 
section shall take effect on the first day of the first pay period for 
the Chairman and Members of the Board of Governors of the Federal 
Reserve System beginning on or after the date of the enactment of this 
Act.

SEC. 1003. AMENDMENTS TO THE FEDERAL RESERVE ACT.

    (a) Repeal.--Section 2A of the Federal Reserve Act (12 U.S.C. 225a) 
is amended by striking all after the first sentence.
    (b) Appearances Before and Reports to the Congress.--
        (1) In general.--The Federal Reserve Act (12 U.S.C. 221 et 
    seq.) is amended by inserting after section 2A the following new 
    section:

``SEC. 2B. APPEARANCES BEFORE AND REPORTS TO THE CONGRESS.

    ``(a) Appearances Before the Congress.--
        (1) In general.--The Chairman of the Board shall appear before 
    the Congress at semi-annual hearings, as specified in paragraph 
    (2), regarding--
            ``(A) the efforts, activities, objectives and plans of the 
        Board and the Federal Open Market Committee with respect to the 
        conduct of monetary policy; and
            ``(B) economic developments and prospects for the future 
        described in the report required in subsection (b).
        ``(2) Schedule.--The Chairman of the Board shall appear--
            ``(A) before the Committee on Banking and Financial 
        Services of the House of Representatives on or about February 
        20 of even numbered calendar years and on or about July 20 of 
        odd numbered calendar years;
            ``(B) before the Committee on Banking, Housing, and Urban 
        Affairs of the Senate on or about July 20 of even numbered 
        calendar years and on or about February 20 of odd numbered 
        calendar years; and
            ``(C) before either Committee referred to in subparagraph 
        (A) or (B), upon request, following the scheduled appearance of 
        the Chairman before the other Committee under subparagraph (A) 
        or (B).
    ``(b) Congressional Report.--The Board shall, concurrent with each 
semi-annual hearing required by this section, submit a written report 
to the Committee on Banking, Housing, and Urban Affairs of the Senate 
and the Committee on Banking and Financial Services of the House of 
Representatives, containing a discussion of the conduct of monetary 
policy and economic developments and prospects for the future, taking 
into account past and prospective developments in employment, 
unemployment, production, investment, real income, productivity, 
exchange rates, international trade and payments, and prices.''.

              TITLE XI--BANKING AND HOUSING AGENCY REPORTS

SEC. 1101. SHORT TITLE.

    This title may be cited as the ``Federal Reporting Act of 2000''.

SEC. 1102. PRESERVATION OF CERTAIN REPORTING REQUIREMENTS.

    Section 3003(a)(1) of the Federal Reports Elimination and Sunset 
Act of 1995 (31 U.S.C. 1113 note) shall not apply to any report 
required to be submitted under any of the following provisions of law:
        (1) Section 3 of the Employment Act of 1946 (15 U.S.C. 1022).
        (2) Section 309 of the Defense Production Act of 1950 (50 
    U.S.C. App. 2099).
        (3) Section 603 of the Public Works and Economic Development 
    Act of 1965 (42 U.S.C. 3213).
        (4) Section 7(o)(1) of the Department of Housing and Urban 
    Development Act (42 U.S.C. 3535(o)(1)).
        (5) Section 540(c) of the National Housing Act (12 U.S.C. 
    1735f-18(c)).
        (6) Paragraphs (2) and (6) of section 808(e) of the Civil 
    Rights Act of 1968 (42 U.S.C. 3608(e)).
        (7) Section 1061 of the Housing and Community Development Act 
    of 1992 (42 U.S.C. 4856).
        (8) Section 203(v) of the National Housing Act (12 U.S.C. 
    1709(v)), as added by section 504 of the Housing and Community 
    Development Act of 1992 (Public Law 102-550; 106 Stat. 3780).
        (9) Section 802 of the Housing Act of 1954 (12 U.S.C. 1701o).
        (10) Section 8 of the Department of Housing and Urban 
    Development Act (42 U.S.C. 3536).
        (11) Section 1320 of the National Flood Insurance Act of 1968 
    (42 U.S.C. 4027).
        (12) Section 4(e)(2) of the Department of Housing and Urban 
    Development Act (42 U.S.C. 3533(e)(2)).
        (13) Section 205(g) of the National Housing Act (12 U.S.C. 
    1711(g)).
        (14) Section 701(c)(1) of the International Financial 
    Institutions Act (22 U.S.C. 262d(c)(1)).
        (15) Paragraphs (1) and (2) of section 5302(c) of title 31, 
    United States Code.
        (16) Section 18(f)(7) of the Federal Trade Commission Act (15 
    U.S.C. 57a(f)(7)).
        (17) Section 333 of the Revised Statutes of the United States 
    (12 U.S.C. 14).
        (18) Section 3(g) of the Home Owners' Loan Act (12 U.S.C. 
    1462a(g)).
        (19) Section 304 of the Appalachian Regional Development Act of 
    1965 (40 U.S.C. App. 304).
        (20) Sections 2(b)(1)(A), 8(a), 8(c), 10(g)(1), and 11(c) of 
    the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(1)(A), 
    635g(a), 635g(c), 635i-3(g), and 635i-5(c)).
        (21) Section 17(a) of the Federal Deposit Insurance Act (12 
    U.S.C. 1827(a)).
        (22) Section 13 of the Federal Financing Bank Act of 1973 (12 
    U.S.C. 2292).
        (23) Section 2B(d) of the Federal Home Loan Bank Act (12 U.S.C. 
    1422b(d)).
        (24) Section 1002(b) of the Financial Institutions Reform, 
    Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 note).
        (25) Section 8 of the Fair Credit and Charge Card Disclosure 
    Act of 1988 (15 U.S.C. 1637 note).
        (26) Section 136(b)(4)(B) of the Truth in Lending Act (15 
    U.S.C. 1646(b)(4)(B)).
        (27) Section 707 of the Equal Credit Opportunity Act (15 U.S.C. 
    1691f).
        (28) Section 114 of the Truth in Lending Act (15 U.S.C. 1613).
        (29) The seventh undesignated paragraph of section 10 of the 
    Federal Reserve Act (12 U.S.C. 247).
        (30) The tenth undesignated paragraph of section 10 of the 
    Federal Reserve Act (12 U.S.C. 247a).
        (31) Section 815 of the Fair Debt Collection Practices Act (15 
    U.S.C. 1692m).
        (32) Section 102(d) of the Federal Credit Union Act (12 U.S.C. 
    1752a(d)).
        (33) Section 21B(i) of the Federal Home Loan Bank Act (12 
    U.S.C. 1441b(i)).
        (34) Section 607(a) of the Housing and Community Development 
    Amendments of 1978 (42 U.S.C. 8106(a)).
        (35) Section 708(l) of the Defense Production Act of 1950 (50 
    U.S.C. App. 2158(l)).
        (36) Section 2546 of the Comprehensive Thrift and Bank Fraud 
    Prosecution and Taxpayer Recovery Act of 1990 (28 U.S.C. 522 note).
        (37) Section 202(b)(8) of the National Housing Act (12 U.S.C. 
    1708(b)(8)).

SEC. 1103. COORDINATION OF REPORTING REQUIREMENTS.

    (a) Federal Deposit Insurance Corporation.--Section 17(a) of the 
Federal Deposit Insurance Act (12 U.S.C. 1827(a)) is amended by adding 
at the end the following new paragraph:
        ``(3) Coordination with other report requirements.--The report 
    required under this subsection shall include the report required 
    under section 18(f)(7) of the Federal Trade Commission Act.''.
    (b) Board of Governors of the Federal Reserve System.--The seventh 
undesignated paragraph of section 10 of the Federal Reserve Act (12 
U.S.C. 247) is amended by adding at the end the following new sentence: 
``The report required under this paragraph shall include the reports 
required under section 707 of the Equal Credit Opportunity Act, section 
18(f)(7) of the Federal Trade Commission Act, section 114 of the Truth 
in Lending Act, and the tenth undesignated paragraph of this 
section.''.
    (c) Comptroller of the Currency.--Section 333 of the Revised 
Statutes of the United States (12 U.S.C. 14) is amended by adding at 
the end the following new sentence: ``The report required under this 
section shall include the report required under section 18(f)(7) of the 
Federal Trade Commission Act.''.
    (d) Export-Import Bank.--
        (1) In general.--Section 2(b)(1)(A) of the Export-Import Bank 
    Act of 1945 (12 U.S.C. 635(b)(1)(A)) is amended--
            (A) by striking ``a annual'' and inserting ``an annual''; 
        and
            (B) by adding at the end the following new sentence: ``The 
        annual report required under this subparagraph shall include 
        the report required under section 10(g).''.
        (2) Technical and conforming amendment.--Section 10(g)(1) of 
    the Export-Import Bank Act of 1945 (12 U.S.C. 635i-3(g)(1)) is 
    amended--
            (A) by striking ``On or'' and all that follows through 
        ``the Bank'' and inserting ``The Bank''; and
            (B) by striking ``a report'' and inserting ``an annual 
        report''.
    (e) Department of Housing and Urban Development.--Section 8 of the 
Department of Housing and Urban Development Act (42 U.S.C. 3536) is 
amended by adding at the end the following new sentence: ``The report 
required under this section shall include the reports required under 
paragraphs (2) and (6) of section 808(e) of the Civil Rights Act of 
1968, the reports required under subsections (a) and (b) of section 
1061 of the Housing and Community Development Act of 1992, the report 
required under section 802 of the Housing Act of 1954, and the report 
required under section 4(e)(2) of this Act.''.
    (f) Federal Housing Administration.--Section 203(v) of the National 
Housing Act (12 U.S.C. 1709(v)), as added by section 504 of the Housing 
and Community Development Act of 1992, is amended by adding at the end 
the following new sentence:
``The report required under this subsection shall include the report 
required under section 540(c) and the report required under section 
205(g).''.
    (g) International Financial Institutions Act.--Section 701(c)(1) of 
the International Financial Institutions Act (22 U.S.C. 262d(c)(1)) is 
amended by striking ``Not later'' and all that follows through 
``quarterly'' and inserting ``The Secretary of the Treasury shall 
report annually''.

SEC. 1104. ELIMINATION OF CERTAIN REPORTING REQUIREMENTS.

    (a) Export-Import Bank.--The Export-Import Bank Act of 1945 (12 
U.S.C. 635 et seq.) is amended--
        (1) in section 2(b)(1)(D)--
            (A) by striking ``(i)''; and
            (B) by striking clause (ii);
        (2) in section 2(b)(8), by striking the last sentence;
        (3) in section 6(b), by striking paragraph (2) and 
    redesignating paragraph (3) as paragraph (2); and
        (4) in section 8, by striking subsections (b) and (d) and 
    redesignating subsections (c) and (e) as subsections (b) and (c), 
    respectively.
    (b) Federal Deposit Insurance Corporation.--Section 17 of the 
Federal Deposit Insurance Act (12 U.S.C. 1827) is amended by striking 
subsection (h).

                 TITLE XII--FINANCIAL REGULATORY RELIEF

SEC. 1200. SHORT TITLE.

    This title may be cited as the ``Financial Regulatory Relief and 
Economic Efficiency Act of 2000''.

    Subtitle A--Improving Monetary Policy and Financial Institution 
                          Management Practices

SEC. 1201. REPEAL OF SAVINGS ASSOCIATION LIQUIDITY PROVISION.

    (a) Repeal of Liquidity Provision.--Section 6 of the Home Owners' 
Loan Act (12 U.S.C. 1465) is hereby repealed.
    (b) Conforming Amendments.--
        (1) Section 5.--Section 5(c)(1)(M) of the Home Owners' Loan Act 
    (12 U.S.C. 1464(c)(1)(M)) is amended to read as follows:
            ``(M) Liquidity investments.--Investments (other than 
        equity investments), identified by the Director, for liquidity 
        purposes, including cash, funds on deposit at a Federal reserve 
        bank or a Federal home loan bank, or bankers' acceptances.''.
        (2) Section 10.--Section 10(m)(4)(B)(iii) of the Home Owners' 
    Loan Act (12 U.S.C. 1467a(m)(4)(B)(iii)) is amended by inserting 
    ``as in effect on the day before the date of the enactment of the 
    Financial Regulatory Relief and Economic Efficiency Act of 2000,'' 
    after ``Loan Act,''.

SEC. 1202. NONCONTROLLING INVESTMENTS BY SAVINGS ASSOCIATION HOLDING 
              COMPANIES.

    Section 10(e)(1)(A)(iii) of the Home Owners' Loan Act (12 U.S.C. 
1467a(e)(1)(A)(iii)) is amended--
        (1) by inserting ``, except with the prior written approval of 
    the Director,'' after ``or to retain''; and
        (2) by striking ``so acquire or retain'' and inserting 
    ``acquire or retain, and the Director may not authorize acquisition 
    or retention of,''.

SEC. 1203. REPEAL OF DEPOSIT BROKER NOTIFICATION AND RECORDKEEPING 
              REQUIREMENT.

    Section 29A of the Federal Deposit Insurance Act (12 U.S.C. 1831f-
1) is hereby repealed.

SEC. 1204. EXPEDITED PROCEDURES FOR CERTAIN REORGANIZATIONS.

    The National Bank Consolidation and Merger Act (12 U.S.C. 215 et 
seq.) is amended--
        (1) by redesignating section 5 as section 7; and
        (2) by inserting after section 4 the following new section:

``SEC. 5. EXPEDITED PROCEDURES FOR CERTAIN REORGANIZATIONS.

    ``(a) In General.--A national bank may, with the approval of the 
Comptroller, pursuant to rules and regulations promulgated by the 
Comptroller, and upon the affirmative vote of the shareholders of such 
bank owning at least two-thirds of its capital stock outstanding, 
reorganize so as to become a subsidiary of a bank holding company or of 
a company that will, upon consummation of such reorganization, become a 
bank holding company.
    ``(b) Reorganization Plan.--A reorganization authorized under 
subsection (a) shall be carried out in accordance with a reorganization 
plan that--
        ``(1) specifies the manner in which the reorganization shall be 
    carried out;
        ``(2) is approved by a majority of the entire board of 
    directors of the national bank;
        ``(3) specifies--
            ``(A) the amount of cash or securities of the bank holding 
        company, or both, or other consideration to be paid to the 
        shareholders of the reorganizing bank in exchange for their 
        shares of stock of the bank;
            ``(B) the date as of which the rights of each shareholder 
        to participate in such exchange will be determined; and
            ``(C) the manner in which the exchange will be carried out; 
        and
        ``(4) is submitted to the shareholders of the reorganizing bank 
    at a meeting to be held on the call of the directors in accordance 
    with the procedures prescribed in connection with a merger of a 
    national bank under section 3.
    ``(c) Rights of Dissenting Shareholders.--If, pursuant to this 
section, a reorganization plan has been approved by the shareholders 
and the Comptroller, any shareholder of the bank who has voted against 
the reorganization at the meeting referred to in subsection (b)(4), or 
has given notice in writing at or prior to that meeting to the 
presiding officer that the shareholder dissents from the reorganization 
plan, shall be entitled to receive the value of his or her shares, as 
provided by section 3 for the merger of a national bank.
    ``(d) Effect of Reorganization.--The corporate existence of a 
national bank that reorganizes in accordance with this section shall 
not be deemed to have been affected in any way by reason of such 
reorganization.
    ``(e) Approval Under the Bank Holding Company Act.--This section 
does not affect in any way the applicability of the Bank Holding 
Company Act of 1956 to a transaction described in subsection (a).''.

SEC. 1205. NATIONAL BANK DIRECTORS.

    (a) Amendments to the Revised Statutes.--Section 5145 of the 
Revised Statutes of the United States (12 U.S.C. 71) is amended--
        (1) by striking ``for one year'' and inserting ``for a period 
    of not more than 3 years''; and
        (2) by adding at the end the following: ``In accordance with 
    regulations issued by the Comptroller of the Currency, a national 
    bank may adopt bylaws that provide for staggering the terms of its 
    directors.''.
    (b) Amendment to the Banking Act of 1933.--Section 31 of the 
Banking Act of 1933 (12 U.S.C. 71a) is amended in the first sentence, 
by inserting before the period ``, except that the Comptroller of the 
Currency may, by regulation or order, exempt a national bank from the 
25-member limit established by this section''.

SEC. 1206. AMENDMENT TO NATIONAL BANK CONSOLIDATION AND MERGER ACT.

    The National Bank Consolidation and Merger Act (12 U.S.C. 215 et 
seq.) is amended by inserting after section 5, as added by this title, 
the following new section:

``SEC. 6. MERGERS AND CONSOLIDATIONS WITH SUBSIDIARIES AND NONBANK 
              AFFILIATES.

    ``(a) In General.--Upon the approval of the Comptroller, a national 
bank may merge with one or more of its nonbank subsidiaries or 
affiliates.
    ``(b) Scope.--Nothing in this section shall be construed--
        ``(1) to affect the applicability of section 18(c) of the 
    Federal Deposit Insurance Act; or
        ``(2) to grant a national bank any power or authority that is 
    not permissible for a national bank under other applicable 
    provisions of law.
    ``(c) Regulations.--The Comptroller shall promulgate regulations to 
implement this section.''.

SEC. 1207. LOANS ON OR PURCHASES BY INSTITUTIONS OF THEIR OWN STOCK; 
              AFFILIATIONS.

    (a) Amendment to the Revised Statutes.--Section 5201 of the Revised 
Statutes of the United States (12 U.S.C. 83) is amended to read as 
follows:

``SEC. 5201. LOANS BY BANK ON ITS OWN STOCK.

    ``(a) General Prohibition.--No national bank shall make any loan or 
discount on the security of the shares of its own capital stock.
    ``(b) Exclusion.--For purposes of this section, a national bank 
shall not be deemed to be making a loan or discount on the security of 
the shares of its own capital stock if it acquires the stock to prevent 
loss upon a debt previously contracted for in good faith.''.
    (b) Amendments to the Federal Deposit Insurance Act.--Section 18 of 
the Federal Deposit Insurance Act (12 U.S.C. 1828) is amended--
        (1) by redesignating subsection (t), as added by section 730 of 
    the Gramm-Leach-Bliley Act (Public Law 106-102; 113 Stat. 1476), as 
    subsection (u); and
        (2) by adding at the end the following new subsection:
    ``(v) Loans by Insured Institutions on Their Own Stock.--
        ``(1) General prohibition.--No insured depository institution 
    may make any loan or discount on the security of the shares of its 
    own capital stock.
        ``(2) Exclusion.--For purposes of this subsection, an insured 
    depository institution shall not be deemed to be making a loan or 
    discount on the security of the shares of its own capital stock if 
    it acquires the stock to prevent loss upon a debt previously 
    contracted for in good faith.''.

SEC. 1208. PURCHASED MORTGAGE SERVICING RIGHTS.

    Section 475 of the Federal Deposit Insurance Corporation 
Improvement Act of 1991 (12 U.S.C. 1828 note) is amended--
        (1) in subsection (a)(1), by inserting ``(or such other 
    percentage exceeding 90 percent but not exceeding 100 percent, as 
    may be determined under subsection (b))'' after ``90 percent'';
        (2) by redesignating subsections (b) and (c) as subsections (c) 
    and (d), respectively, and by inserting after subsection (a) the 
    following new subsection:
    ``(b) Authority To Determine Percentage by Which To Discount Value 
of Servicing Rights.--The appropriate Federal banking agencies may 
allow readily marketable purchased mortgage servicing rights to be 
valued at more than 90 percent of their fair market value but at not 
more than 100 percent of such value, if such agencies jointly make a 
finding that such valuation would not have an adverse effect on the 
deposit insurance funds or the safety and soundness of insured 
depository institutions.''; and
        (3) in subsection (c), by striking ``and'' and inserting ``, 
    `deposit insurance fund', and''.

          Subtitle B--Streamlining Activities of Institutions

SEC. 1211. CALL REPORT SIMPLIFICATION.

    (a) Modernization of Call Report Filing and Disclosure System.--In 
order to reduce the administrative requirements pertaining to bank 
reports of condition, savings association financial reports, and bank 
holding company consolidated and parent-only financial statements, and 
to improve the timeliness of such reports and statements, the Federal 
banking agencies shall--
        (1) work jointly to develop a system under which--
            (A) insured depository institutions and their affiliates 
        may file such reports and statements electronically; and
            (B) the Federal banking agencies may make such reports and 
        statements available to the public electronically; and
        (2) not later than 1 year after the date of the enactment of 
    this Act, report to the Congress and make recommendations for 
    legislation that would enhance efficiency for filers and users of 
    such reports and statements.
    (b) Uniform Reports and Simplification of Instructions.--The 
Federal banking agencies shall, consistent with the principles of 
safety and soundness, work jointly--
        (1) to adopt a single form for the filing of core information 
    required to be submitted under Federal law to all such agencies in 
    the reports and statements referred to in subsection (a); and
        (2) to simplify instructions accompanying such reports and 
    statements and to provide an index to the instructions that is 
    adequate to meet the needs of both filers and users.
    (c) Review of Call Report Schedule.--Each Federal banking agency 
shall--
        (1) review the information required by schedules supplementing 
    the core information referred to in subsection (b); and
        (2) eliminate requirements that are not warranted for reasons 
    of safety and soundness or other public purposes.
    (d) Definition.--In this section, the term ``Federal banking 
agency'' has the same meaning as in section 3 of the Federal Deposit 
Insurance Act (12 U.S.C. 1813).

                Subtitle C--Streamlining Agency Actions

SEC. 1221. ELIMINATION OF DUPLICATIVE DISCLOSURE OF FAIR MARKET VALUE 
              OF ASSETS AND LIABILITIES.

    Section 37(a)(3) of the Federal Deposit Insurance Act (12 U.S.C. 
1831n(a)(3)) is amended by striking subparagraph (D).

SEC. 1222. PAYMENT OF INTEREST IN RECEIVERSHIPS WITH SURPLUS FUNDS.

    Section 11(d)(10) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(d)(10)) is amended by adding at the end the following new 
subparagraph:
            ``(C) Rulemaking authority of corporation.--The Corporation 
        may prescribe such rules, including definitions of terms, as it 
        deems appropriate to establish a single uniform interest rate 
        for or to make payments of post insolvency interest to 
        creditors holding proven claims against the receivership 
        estates of insured Federal or State depository institutions 
        following satisfaction by the receiver of the principal amount 
        of all creditor claims.''.

SEC. 1223. REPEAL OF REPORTING REQUIREMENT ON DIFFERENCES IN ACCOUNTING 
              STANDARDS.

    Section 37(c) of the Federal Deposit Insurance Act (12 U.S.C. 
1831n(c)) is amended--
        (1) in paragraph (1), by striking ``Each'' and all that follows 
    through ``a report'' and inserting ``The Federal banking agencies 
    shall jointly submit an annual report''; and
        (2) by inserting ``any'' before ``such agency'' each place that 
    term appears.

SEC. 1224. EXTENSION OF TIME.

    Section 6(a)(1) of the Federal Home Loan Bank Act (12 U.S.C. 
1426(a)(1)) is amended by striking ``1 year'' and inserting ``18 
months''.

                   Subtitle D--Technical Corrections

SEC. 1231. TECHNICAL CORRECTION RELATING TO DEPOSIT INSURANCE FUNDS.

    (a) In General.--Section 2707 of the Deposit Insurance Funds Act of 
1996 (Public Law 104-208; 110 Stat. 3009-496) is amended--
        (1) by striking ``7(b)(2)(C)'' and inserting ``7(b)(2)(E)''; 
    and
        (2) by striking ``, as redesignated by section 2704(d)(6) of 
    this subtitle''.
    (b) Effective Date.--The amendments made by subsection (a) shall be 
deemed to have the same effective date as section 2707 of the Deposit 
Insurance Funds Act of 1996 (Public Law 104-208; 110 Stat. 3009-496).

SEC. 1232. RULES FOR CONTINUATION OF DEPOSIT INSURANCE FOR MEMBER BANKS 
              CONVERTING CHARTERS.

    Section 8(o) of the Federal Deposit Insurance Act (12 U.S.C. 
1818(o)) is amended in the second sentence, by striking ``subsection 
(d) of section 4'' and inserting ``subsection (c) or (d) of section 
4''.

SEC. 1233. AMENDMENTS TO THE REVISED STATUTES OF THE UNITED STATES.

    (a) Waiver of Citizenship Requirement for National Bank 
Directors.--Section 5146 of the Revised Statutes of the United States 
(12 U.S.C. 72) is amended in the first sentence, by inserting before 
the period ``, and waive the requirement of citizenship in the case of 
not more than a minority of the total number of directors''.
    (b) Technical Amendment to the Revised Statutes.--Section 329 of 
the Revised Statutes of the United States (12 U.S.C. 11) is amended by 
striking ``to be interested in any association issuing national 
currency under the laws of the United States'' and inserting ``to hold 
an interest in any national bank''.
    (c) Repeal of Unnecessary Capital and Surplus Requirement.--Section 
5138 of the Revised Statutes of the United States (12 U.S.C. 51) is 
hereby repealed.

SEC. 1234. CONFORMING CHANGE TO THE INTERNATIONAL BANKING ACT OF 1978.

    Section 4(b) of the International Banking Act of 1978 (12 U.S.C. 
3102(b)) is amended in the second sentence, by striking paragraph (1) 
and by redesignating paragraphs (2) through (4) as paragraphs (1) 
through (3), respectively.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.