[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 989 Introduced in House (IH)]
107th CONGRESS
1st Session
H. R. 989
To direct the Secretary of Housing and Urban Development to carry out a
3 year pilot program to assist law enforcement officers purchasing
homes in locally-designated at-risk areas.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 13, 2001
Mr. Green of Wisconsin (for himself, Mr. Greenwood, Mrs. McCarthy of
New York, Mr. Gutknecht, Mr. McGovern, Mr. Rush, Mr. Davis of Illinois,
Mrs. Jo Ann Davis of Virginia, Mr. Payne, Mr. Horn, Mr. Rogers of
Michigan, Mr. Pascrell, Mr. Houghton, Mrs. Myrick, Mr. Hall of Texas,
and Ms. Hooley of Oregon) introduced the following bill; which was
referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To direct the Secretary of Housing and Urban Development to carry out a
3 year pilot program to assist law enforcement officers purchasing
homes in locally-designated at-risk areas.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. LAW ENFORCEMENT OFFICER HOMEOWNERSHIP PILOT PROGRAM.
(a) Assistance for Law Enforcement Officers.--For the 3 years
following the date of the enactment of this Act, the Secretary of
Housing and Urban Development shall carry out a pilot program to assist
Federal, State, and local law enforcement officers purchasing homes in
locally-designated at-risk areas in accordance with this Act.
(b) Eligibility.--To be eligible for assistance under this Act, a
law enforcement officer shall--
(1) have completed not less than 6 months of service as a
law enforcement officer as of the date that the law enforcement
officer applies for such assistance; and
(2) agree, in writing, to use the residence purchased with
such assistance as the primary residence of the law enforcement
officer for not less than 3 years after the date of purchase.
(c) Mortgage Assistance.--If a law enforcement officer purchases a
home in locally-designated at-risk area and finances such purchase
through a mortgage insured under title II of the National Housing Act
(12 U.S.C. 1707 et seq.), notwithstanding any provision of section 203
or any other provision of the National Housing Act, the following shall
apply:
(1) Downpayment.--
(A) In general.--There shall be no downpayment
required if the purchase price of the property is not
more than the reasonable value of the property, as
determined by the Secretary.
(B) Purchase price exceeds value.--If the purchase
price of the property exceeds the reasonable value of
the property, as determined by the Secretary, the
required downpayment shall be the difference between
such reasonable value and the purchase price.
(2) Closing costs.--The closing costs and origination fee
for such mortgage may be included in the loan amount.
(3) Insurance premium payment.--There shall be 1 insurance
premium payment due on the mortgage. Such insurance premium
payment--
(A) shall be equal to 1 percent of the loan amount;
(B) shall be due and considered earned by the
Secretary at the time of the loan closing; and
(C) may be included in the loan amount and paid
from the loan proceeds.
(d) Locally-Designated At-Risk Area.--
(1) In general.--Any unit of local government may request
that the Secretary designate any area within the jurisdiction
of that unit of local government as a locally-designated at-
risk area for purposes of this Act if the proposed area--
(A) has a crime rate that is significantly higher
than the crime rate of the non-designated area that is
within the jurisdiction of the unit of local
government; and
(B) has a population that is not more than 25
percent of the total population of area within the
jurisdiction of the unit of local government.
(2) Deadline for consideration of request.--Not later than
60 days after receiving a request under paragraph (1), the
Secretary shall approve or disapprove the request.
(e) Sunset.--The Secretary shall not approve any application for
assistance under this Act that is received by the Secretary more than 3
years after the date of the enactment of this Act.
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