[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4521 Introduced in House (IH)]






108th CONGRESS
  2d Session
                                H. R. 4521

  To amend section 502 of the Housing Act of 1949 to allow borrowers 
   under the rural single family housing guaranteed loan program to 
                finance the amount of the guarantee fee.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              June 8, 2004

    Mr. Renzi (for himself and Mr. Davis of Alabama) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
  To amend section 502 of the Housing Act of 1949 to allow borrowers 
   under the rural single family housing guaranteed loan program to 
                finance the amount of the guarantee fee.

    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 ``Financing Homes for Rural Americans 
Act''.

SEC. 2. AUTHORITY TO FINANCE OF GUARANTEE FEE.

    Subparagraph (C) of section 502(h)(6) of the Housing Act of 1949 
(42 U.S.C. 1472(h)(6)(C)) is amended by adding after and below clause 
(ii) the following:
                ``The limitation on the maximum amount of the principal 
                obligation of a loan guaranteed pursuant to this 
                subsection that is otherwise applicable to a loan 
                pursuant to clause (i) or (ii) may be increased by the 
                amount of the fee collected by the Secretary in 
                connection with guarantee of the loan.''.
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