[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 1737 Introduced in Senate (IS)]






106th CONGRESS
  1st Session
                                S. 1737

To amend the National Housing Act with respect to the reverse mortgage 
                   program and housing cooperatives.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 15, 1999

 Mr. Torricelli (for himself and Mr. Schumer) introduced the following 
 bill; which was read twice and referred to the Committee on Banking, 
                       Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To amend the National Housing Act with respect to the reverse mortgage 
                   program and housing cooperatives.

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

SECTION 1. REVERSE MORTGAGE PROGRAM AND HOUSING COOPERATIVES.

    Section 255(d) of the National Housing Act (12 U.S.C. 1715z-20(d)) 
is amended--
            (1) in paragraph (2), by striking ```mortgage',''; and
            (2) by adding at the end the following:
            ``(4) Mortgage; first mortgage.--
                    ``(A) 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--
                            ``(i) under a lease for not less than 99 
                        years that is renewable; or
                            ``(ii) under a lease having a period of not 
                        less than 10 years to run beyond the maturity 
                        date of the mortgage.
                    ``(B) 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.''.
                                 <all>