[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1989 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1989

 To provide for subsidies for interest on loans for rural multifamily 
 housing guaranteed by the Rural Housing Service of the Department of 
                              Agriculture.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 21, 2009

 Mrs. Capito introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To provide for subsidies for interest on loans for rural multifamily 
 housing guaranteed by the Rural Housing Service of the Department of 
                              Agriculture.

    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 ``Section 538 Improvement Act of 
2009''.

SEC. 2. SUBSIDIES FOR INTEREST ON GUARANTEED LOANS FOR RURAL 
              MULTIFAMILY HOUSING.

    The item relating to ``Rural Housing Service--Rural Housing 
Insurance Fund Program Account'' in title III of division A of the 
Omnibus Appropriations Act, 2009 (Public Law 111-8) is amended by 
striking ``That, for applications received under the 2009 notice of 
funding availability, section 538 multi-family housing guaranteed loans 
funded pursuant to this paragraph shall not be subject to a guarantee 
fee and the interest on such loans may not be subsidized'' and 
inserting the following: ``That the Secretary may reduce the funding 
for section 538 multi-family housing guaranteed loans by up to 
$29,090,000, and  use such amounts as equivalent funds to subsidize the 
interest on  538 multi-family housing guaranteed loans for which 
applications are received under the 2009 notice of funding 
availability''.
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