[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 1128 Introduced in Senate (IS)]
107th CONGRESS
1st Session
S. 1128
To provide grants for FHA-insured hospitals.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 28, 2001
Mrs. Clinton introduced the following bill; which was read twice and
referred to the Committee on Banking, Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To provide grants for FHA-insured hospitals.
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-Insured Hospital Conversion and
Reinvestment Act of 2001''.
SEC. 2. GRANTS FOR FHA-INSURED HOSPITALS.
Section 242 of the National Housing Act (12 U.S.C. 1715z-7) is
amended by adding at the end the following:
``(i) Grants for FHA-Insured Hospitals.--
``(1) Authority and use.--To the extent that amounts for
use under this subsection are made available pursuant to
section 519(g), the Secretary may make grants to eligible FHA-
insured hospitals for use only for purposes that the Secretary
determines will reduce the risk of default and loss on
mortgages for those hospitals, which purposes shall include--
``(A) carrying out activities to convert the excess
capacity of an eligible FHA-insured hospital to
facilities that provide health care and supportive
housing for elderly persons and families, including
assisted living facilities, nursing homes, and
supportive housing for the elderly; and
``(B) assisting in paying debt service for an
eligible FHA-insured hospital, including service on
debt insured under this section.
``(2) Treatment of mortgage insurance.--
``(A) In general.--Notwithstanding any provision of
this section or of any contract for mortgage insurance
provided pursuant to this section, an eligible FHA-
insured hospital (or a portion of an eligible FHA-
insured hospital) may be converted in accordance with
paragraph (1)(A), using grant amounts under this
subsection.
``(B) Continuing coverage.--The Secretary shall
provide for the uninterrupted continuation of the
mortgage insurance coverage for a hospital that is
converted in accordance with paragraph (1)(A), for the
duration of the original term of the mortgage insurance
contract.
``(3) Definitions.--As used in this subsection:
``(A) Assisted living facility; nursing home.--The
terms `assisted living facility' and `nursing home'
have the same meanings as in section 232 (12 U.S.C.
1715w).
``(B) Elderly person.--The term `elderly person'
has the same meaning as in section 202(k) of the
Housing Act of 1959 (12 U.S.C. 1701q(k)).
``(C) Eligible fha-insured hospitals.--The term
`eligible FHA-insured hospital' means a hospital that--
``(i) is subject to a mortgage that is
insured under this section;
``(ii) would, in the determination of the
Secretary, after consultation with the
Secretary of Health and Human Services, improve
its financial soundness as a result of the
proposed activities or costs to be funded with
grant amounts under this subsection; and
``(iii) has submitted an application to the
Secretary for a grant under this subsection, in
accordance with such requirements as the
Secretary shall establish.
``(D) Supportive housing for the elderly.--The term
`supportive housing for the elderly' has the same
meaning as in section 202(k) of the Housing Act of 1959
(12 U.S.C. 1701q(k)).
``(4) Funding.--In addition to any amounts made available
under section 519(g), there are authorized to be appropriated
for grants under this subsection, such sums as may be necessary
for each of fiscal years 2002 through 2006.''.
SEC. 3. FUNDING OF GRANTS FROM SURPLUS AMOUNTS IN FHA INSURANCE FUNDS.
(a) General Insurance Fund Surplus.--Section 519 of the National
Housing Act (12 U.S.C. 1735c) is amended by adding at the end the
following:
``(g) Availability of Surplus Amounts for Grants for FHA-Insured
Hospitals.--
``(1) In general.--The amount of any negative credit
subsidy 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.), and is attributable to the programs referred to in
paragraph (2) shall be considered to be new budget authority
and shall be available, without fiscal year limitation, for
grants under section 242(i).
``(2) Covered programs.--The programs referred to in this
paragraph are the programs under this Act for insurance of
mortgages and loans that are classified under budget account
number 86-0200-0-1-371 and are referred to as `FHA Full
Insurance for Health Care Facilities (plus 241/232)', `Health
Care Refinances', and `Hospitals' on page 515 of the Appendix
to the Budget of the United States Government, Fiscal Year 2001
(H. Doc. 106-162, Vol. II), in the table entitled `Summary of
Loan Levels, Subsidy Budget Authority and Outlays by
Program'.''.
SEC. 4. REGULATIONS.
Not later than 120 days after the date of enactment of this Act,
pursuant to the authority in section 211 of the National Housing Act
(12 U.S.C. 1715b), the Secretary shall issue such rules and regulations
as may be necessary to carry out the amendments made by this Act.
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