1.This Act may be cited as the
21st Century Housing
Act
.
2.Investment in FHA
infrastructure
(a)Human resources
and fundingSection 502(a) of
the Housing Act of 1948 (12 U.S.C. 1701c(a)) is amended—
(1)by striking The Secretary of Housing
and Urban Development
and inserting the following:
(1)Except as provided in
paragraph (2), the Secretary of Housing and Urban
Development
;
and
(2)by adding at the end the following:
(2)Administration
of FHA programs
(A)
(i)In carrying out any program through the
Federal Housing Administration (in this section referred to as the
Administration
), the Secretary may appoint and fix the
compensation of such officers and employees of the Administration as the
Secretary considers necessary.
(ii)Any officer or employee appointed under
clause (i) may be paid without regard to the provisions of chapter 51 and
subchapter III of chapter 53 of title 5, United States Code, relating to
classification and General Schedule pay rates.
(B)Comparability
of compensation with Federal Banking agenciesIn fixing and directing compensation under
subparagraph (A), the Secretary shall consult with, and maintain comparability
with the compensation of officers and employees of the Federal Deposit
Insurance Corporation.
(C)Personnel of
other Federal agenciesIn
carrying out the duties of the Administration, the Secretary may use
information, services, staff, and facilities of any Federal executive agency,
independent agency, or department on a reimbursable basis, with the consent of
such agency or department.
(D)Outside experts
and consultantIn carrying
out the duties of the Administration, the Secretary may procure temporary and
intermittent services under section 3109(b) of title 5, United States
Code.
(E)Use of
premium-generated incomeTo
the extent that income derived in any fiscal year from premium fees charged
under section 203(c) of the National Housing Act (12 U.S.C. 1709(c)) are in
excess of the level of income estimated for that fiscal year for such premium
fees and assumed in the baseline projection prepared by the Director of the
Office of Management and Budget for inclusion in the President's annual budget
request, not more than $82,000,000 of such excess amounts may be used from such
amounts for the purpose of carrying out this
paragraph.
.
(b)Information
technology investmentSection
502(a) of the Housing Act of 1948 (12 U.S.C. 1701c(a)), as amended by
subsection (a), is amended by adding at the end the following:
(3)
(A)In carrying out any
program through the Administration, the Secretary may utilize such funds as are
available under subparagraph (B) to ensure that an appropriate level of
investment in information technology is maintained in order for the Secretary
to upgrade its technology systems.
(B)Use of
premium-generated incomeTo
the extent that income derived from premium fees charged under section 203(c)
of the National Housing Act (12 U.S.C. 1709(c)) are in excess of the level of
income estimated for that fiscal year for such premium fees and assumed in the
baseline projection prepared by the Director of the Office of Management and
Budget for inclusion in the President's annual budget request, not more than
$72,000,000 of such excess amounts may be used from such amounts for the
purpose of carrying out this
paragraph.
.
3.Extension of mortgage
term authoritySection
203(b)(3) of the National Housing Act
(12 U.S.C. 1709(b)(3)) is amended—
(1)by striking thirty-five
years
and inserting 50 years
; and
(2)by striking (or thirty years if such
mortgage is not approved for insurance prior to construction)
.
4.Section 203(b)(9)
of the National Housing Act (12 U.S.C.
1709(b)(9)) is amended by striking (9)
and all that follows
through “Provided further, That for” and inserting
the following:
(9)Be executed by a mortgagor who shall have
paid on account of the property, in cash or its equivalent, an amount, if any,
as the Secretary may determine, based on factors determined by the Secretary
and commensurate with the likelihood of default.
For
.
5.Mortgage insurance
flexibilitySection 203(c)(2)
of the National Housing Act (12 U.S.C.
1709(c)(2)) is amended—
(1)in subparagraph (A)—
(A)by striking the first sentence and
inserting The Secretary shall establish and collect, at the time of
insurance, a single premium payment, in such amount as the Secretary may
determine, based on factors determined by the Secretary and commensurate with
the likelihood of default of the homebuyer. Such premium payment shall be in an
amount not to exceed 3 percent of the amount of the original insured principal
obligation of the mortgage.
; and
(B)by striking the second sentence; and
(2)in subparagraph (B), by striking
0.50 percent
and inserting 1 percent
.
6.Innovation for new
projectsSection 203 of the
National Housing Act (12 U.S.C. 1709)
is amended by adding at the end the following:
(y)Waiver for new
product initiatives
(1)Notwithstanding any
other provision of law, and subject to the limitation under paragraph (2), the
Secretary may waive such requirements of this section as the Secretary
determines appropriate for any new product initiative.
(2)For all new product initiatives in any
fiscal year, the Secretary may allocate an amount equal to not more than 10
percent of the amount necessary to carry out the insurance of mortgages under
this section for the prior fiscal
year.
.
7.Maximum mortgage
amount limit for multifamily housing in high-cost areasSections 207(c)(3), 213(b)(2)(B)(i),
220(d)(3)(B)(iii)(III), 221(d)(3)(ii)(II), 221(d)(4)(ii)(II), 231(c)(2)(B), and
234(e)(3)(B) of the National Housing
Act (12 U.S.C. 1713(c)(3),
1715e(b)(2)(B)(i), 1715k(d)(3)(B)(iii)(III),
1715l(d)(3)(ii)(II), 1715l(d)(4)(ii)(II),
1715v(c)(2)(B)), and 1715y(e)(3)(B)) are each amended—
(1)by striking 140 percent
each
place that term appears and inserting 170 percent
; and
(2)by striking 170 percent
each
place that term appears and inserting 215 percent
.
8.Increase in FHA
financial integritySection
205(f)(2) of the National Housing Act
(12 U.S.C. 1711(f)(2)) is amended by striking 2.0 percent
and
inserting 3.0 percent
.