[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1481 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 1481

  To prevent the premature shutdown of certain FHA mortgage insurance 
                               programs.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 4, 2001

Mr. LaFalce (for himself and Mr. Frank) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To prevent the premature shutdown of certain FHA mortgage insurance 
                               programs.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``FHA Shutdown Prevention Act''.

SEC. 2. USE OF NEGATIVE CREDIT SUBSIDY FROM GENERAL AND SPECIAL RISK 
              INSURANCE FUND PROGRAMS.

    (a) General Insurance Fund.--Section 519 of the National Housing 
Act (12 U.S.C. 1735c) is amended--
            (1) by redesignating subsections (e) and (f) as subsections 
        (f) and (g), respectively; and
            (2) by inserting after subsection (d) the following new 
        subsection:
    ``(e) Use of Negative Credit Subsidy.--
            ``(1) In general.--In the case of any program for insuring 
        mortgages or loans which are obligations of the General 
        Insurance Fund that is determined for any fiscal year, for 
        purposes of title V of the Congressional Budget Act of 1974 (2 
        U.S.C. 661 et seq.), to have costs (as defined in such title) 
        of a negative amount, subject to paragraph (2), the amount of 
        such negative credit subsidy shall be considered to be new 
        budget authority provided in advance in an appropriations Act 
        for such fiscal year and shall be available for covering the 
        costs of making insurance commitments under any program for 
        insurance for mortgages or loans under which such insurance is 
        an obligation of the General Insurance Fund or the Special Risk 
        Insurance Fund.
            ``(2) Applicability.--Paragraph (1) shall apply with 
        respect to a fiscal year only if and beginning at such time 
        that, during such fiscal year, all amounts of budget authority 
        appropriated for such fiscal year to cover the costs of 
        programs for insuring mortgages or loans which are obligations 
        of the General Insurance Fund or the Special Risk Insurance 
        Fund have been used to enter into commitments for such 
        insurance.''.
    (b) Special Risk Insurance Fund.--Section 238 of the National 
Housing Act (12 U.S.C. 1715z-3) is amended--
            (1) by redesignating subsection (c) as subsection (d); and
            (2) by inserting after subsection (b) the following new 
        subsection:
    ``(c) Use of Negative Credit Subsidy.--
            ``(1) In general.--In the case of any program for insuring 
        mortgages or loans which are obligations of the Special Risk 
        Insurance Fund that is determined for any fiscal year, for 
        purposes of title V of the Congressional Budget Act of 1974 (2 
        U.S.C. 661 et seq.), to have costs (as defined in such title) 
        of a negative amount, subject to paragraph (2), the amount of 
        such negative credit subsidy shall be considered to be new 
        budget authority provided in advance in an appropriations Act 
        for such fiscal year and shall be available for covering the 
        costs of making insurance commitments under any program for 
        insurance for mortgages or loans under which such insurance is 
        an obligation of the General Insurance Fund or the Special Risk 
        Insurance Fund.
            ``(2) Applicability.--Paragraph (1) shall apply with 
        respect to a fiscal year only if and beginning at such time 
        that, during such fiscal year, all amounts of budget authority 
        appropriated for such fiscal year to cover the costs of 
        programs for insuring mortgages or loans which are obligations 
        of the General Insurance Fund or the Special Risk Insurance 
        Fund have been used to enter into commitments for such 
        insurance.''.
                                 <all>