[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6079 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 6079

 To facilitate affordable workforce homeownership in, and develop the 
    full-time resident communities of, resort areas, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 9, 2010

Mr. Polis of Colorado introduced the following bill; which was referred 
                 to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To facilitate affordable workforce homeownership in, and develop the 
    full-time resident communities of, resort areas, and for other 
                               purposes.

    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 ``Workforce Housing Opportunity 
Simplification Act of 2010''.

SEC. 2. INAPPLICABILITY OF CERTAIN FANNIE MAE AND FREDDIE MAC 
              GUIDELINES TO AFFORDABLE WORKFORCE HOUSING MORTGAGES.

    (a) Fannie Mae.--Subsection (b) of section 302 of the Federal 
National Mortgage Association Charter Act (12 U.S.C. 1717(b)) is 
amended by adding at the end the following new paragraph:
    ``(7) Mortgages for Affordable Workforce Housing.--
            ``(A) Exemptions from guidelines.--Notwithstanding any 
        other provision of law--
                    ``(i) the corporation may purchase, service, sell, 
                lend on the security of, and otherwise deal in any 
                affordable workforce housing mortgage;
                    ``(ii) any requirements and guidelines of the 
                corporation that are inconsistent with the authority 
                under clause (i) and with the duty of the corporation 
                under section 1335(a)(1)(D) of the Housing and 
                Community Development Act of 1992 to serve the market 
                for affordable workforce housing mortgages shall not 
                apply to any affordable workforce housing mortgage; and
                    ``(iii) the corporation may not establish or 
                utilize, with respect to any affordable workforce 
                housing mortgage, any limitation on the maximum amount 
                of the principal obligation of the mortgage that is 
                based upon the appraised value of the property subject 
                to the mortgage unless such limitation is based on such 
                appraised value without consideration of the resale 
                restrictions on the property described in subparagraph 
                (B)(i)(III).
            ``(B) Affordable workforce housing mortgages.--For purposes 
        of this paragraph, the term `affordable workforce housing 
        mortgage' means a mortgage that meets the following 
        requirements:
                    ``(i) Property.--The mortgage shall be made for the 
                purchase of, and secured by, a one-family residence 
                that--
                            ``(I) shall be used as the residence of the 
                        mortgagor for not less than 8 of any 12 months 
                        and 240 days of any 365 days;
                            ``(II) is located within or is part of a 
                        multifamily housing development consisting of 5 
                        or more dwelling units or a mixed-use 
                        development that is not less than 50 percent 
                        residential, as defined in the legal 
                        description of the property in the purchase 
                        contract or mortgage or title documents 
                        relating to such purchase;
                            ``(III) is subject to resale restrictions 
                        that--
                                    ``(aa) are recorded with the 
                                appropriate public registry for 
                                recording of titles and interests in 
                                real estate; and
                                    ``(bb) terminate upon foreclosure 
                                or execution of any deed-in-lieu-of-
                                foreclosure; and
                            ``(IV) is located in a resort county.
                    ``(ii) Mortgagor income.--The household of the 
                mortgagor shall have a gross household income--
                            ``(I) that does not exceed 160 percent of 
                        the area median income, as determined and 
                        updated by the Secretary of Housing and Urban 
                        Development or the Director of the Federal 
                        Housing Finance Agency on an annual basis; and
                            ``(II) not less than 75 percent of which is 
                        earned from positions the discharge of whose 
                        duties involved physical presence in one or 
                        more resort counties.
                    ``(iii) Employment.--The mortgagor or another 
                member of the mortgagor's household--
                            ``(I) has been employed, during the 6-month 
                        period ending upon execution of the mortgage, 
                        in a position or multiple positions the 
                        discharge of whose duties involved physical 
                        presence in one or more resort counties, in the 
                        aggregate, for an average of not less than 30 
                        hours per weeks;
                            ``(II) is employed at the time of the 
                        execution of the mortgage in a position or 
                        multiple positions the discharge of whose 
                        duties involve physical presence in one or more 
                        resort counties, in the aggregate, for an 
                        average of not less than 30 hours per week and 
                        the duration of such employment in such 
                        position is expected to last at least 6 months;
                            ``(III) is 60 years of age or older and, 
                        during the 5-year period ending up the 
                        mortgagor's retirement from employment was 
                        employed in a position or positions the 
                        discharge of whose duties involved physical 
                        presence in one or more resort counties for--
                                    ``(aa) an average of not less than 
                                30 hours per week; and
                                    ``(bb) for not less than 8 months 
                                per year;
                            ``(IV) is a person with disabilities (as 
                        such term is defined in section 811(k) of the 
                        Cranston-Gonzalez National Affordable Housing 
                        Act (42 U.S.C. 8013)) who--
                                    ``(aa) was employed, during the 2-
                                year period ending upon becoming 
                                disabled, in a position or positions 
                                described in subclause (I) or (II); or
                                    ``(bb) is employed in a position or 
                                positions described in subclause (I) or 
                                (II), except that the 30-hour 
                                requirement under such subclauses shall 
                                not apply to such person if--
                                            ``(AA) compliance with such 
                                        requirement would make such 
                                        person ineligible for benefits 
                                        made available for persons with 
                                        disabilities through a program 
                                        of any State agency for 
                                        developmental disabilities or 
                                        through the supplemental 
                                        security income program under 
                                        title XVI of the Social 
                                        Security Act; and
                                            ``(BB) such person works 
                                        the maximum number of hours per 
                                        week allowable for eligibility 
                                        for benefits under such 
                                        program; or
                            ``(V) is the head of household in a 
                        household that includes one or more dependents, 
                        at least one of whom is at the time of the 
                        execution of the mortgage 5 years of age or 
                        younger or is enrolled full-time in a school in 
                        a resort county.
                    ``(iv) Conforming loan.--The original principal 
                obligation of the mortgage shall comply with the 
                applicable dollar amount limitations established 
                pursuant to paragraph (2).
            ``(C) Resort county.--For purposes of this paragraph, the 
        term `resort county' means Eagle County, Grand County, and 
        Summit County, in the State of Colorado.''.
    (b) Freddie Mac.--Subsection (a) of section 305 of the Federal Home 
Loan Mortgage Corporation Act (12 U.S.C. 1454(a)) is amended by adding 
at the end the following new paragraph:
    ``(6) Mortgages for Affordable Workforce Housing.--
            ``(A) Exemptions from guidelines.--Notwithstanding any 
        other provision of law--
                    ``(i) the Corporation may purchase, service, sell, 
                lend on the security of, and otherwise deal in any 
                affordable workforce housing mortgage;
                    ``(ii) any requirements and guidelines of the 
                Corporation that are inconsistent with the authority 
                under clause (i) and with the duty of the Corporation 
                under section 1335(a)(1)(D) of the Housing and 
                Community Development Act of 1992 to serve the market 
                for affordable workforce housing mortgages shall not 
                apply to any affordable workforce housing mortgage; and
                    ``(iii) the Corporation may not establish or 
                utilize, with respect to any affordable workforce 
                housing mortgage, any limitation on the maximum amount 
                of the principal obligation of the mortgage that is 
                based upon the appraised value of the property subject 
                to the mortgage unless such limitation is based on such 
                appraised value without consideration of the resale 
                restrictions on the property described in subparagraph 
                (B)(i)(III).
            ``(B) Affordable workforce housing mortgages.--For purposes 
        of this paragraph, the term `affordable workforce housing 
        mortgage' means a mortgage that meets the following 
        requirements:
                    ``(i) Property.--The mortgage shall be made for the 
                purchase of, and secured by, a one-family residence 
                that--
                            ``(I) shall be used as the residence of the 
                        mortgagor for not less than 8 of any 12 months 
                        and 240 days of any 365 days;
                            ``(II) is located within or is part of a 
                        multifamily housing development consisting of 5 
                        or more dwelling units or a mixed-use 
                        development that is not less than 50 percent 
                        residential, as defined in the legal 
                        description of the property in the purchase 
                        contract or mortgage or title documents 
                        relating to such purchase;
                            ``(III) is subject to resale restrictions 
                        that--
                                    ``(aa) are recorded with the 
                                appropriate public registry for 
                                recording of titles and interests in 
                                real estate; and
                                    ``(bb) terminate upon foreclosure 
                                or execution of any deed-in-lieu-of-
                                foreclosure; and
                            ``(IV) is located in a resort county.
                    ``(ii) Mortgagor income.--The household of the 
                mortgagor shall have a gross household income--
                            ``(I) that does not exceed 160 percent of 
                        the area median income, as determined and 
                        updated by the Secretary of Housing and Urban 
                        Development or the Director of the Federal 
                        Housing Finance Agency on an annual basis; and
                            ``(II) not less than 75 percent of which is 
                        earned from positions the discharge of whose 
                        duties involved physical presence in one or 
                        more resort counties.
                    ``(iii) Employment.--The mortgagor or another 
                member of the mortgagor's household--
                            ``(I) has been employed, during the 6-month 
                        period ending upon execution of the mortgage, 
                        in a position or multiple positions the 
                        discharge of whose duties involved physical 
                        presence in one or more resort counties, in the 
                        aggregate, for an average of not less than 30 
                        hours per weeks;
                            ``(II) is employed at the time of the 
                        execution of the mortgage in a position or 
                        multiple positions the discharge of whose 
                        duties involve physical presence in one or more 
                        resort counties, in the aggregate, for an 
                        average of not less than 30 hours per week and 
                        the duration of such employment in such 
                        position is expected to last at least 6 months;
                            ``(III) is 60 years of age or older and, 
                        during the 5-year period ending up the 
                        mortgagor's retirement from employment was 
                        employed in a position or positions the 
                        discharge of whose duties involved physical 
                        presence in one or more resort counties for--
                                    ``(aa) an average of not less than 
                                30 hours per week; and
                                    ``(bb) for not less than 8 months 
                                per year;
                            ``(IV) is a person with disabilities (as 
                        such term is defined in section 811(k) of the 
                        Cranston-Gonzalez National Affordable Housing 
                        Act (42 U.S.C. 8013)) who--
                                    ``(aa) was employed, during the 2-
                                year period ending upon becoming 
                                disabled, in a position or positions 
                                described in subclause (I) or (II); or
                                    ``(bb) is employed in a position or 
                                positions described in subclause (I) or 
                                (II), except that the 30-hour 
                                requirement under such subclauses shall 
                                not apply to such person if--
                                            ``(AA) compliance with such 
                                        requirement would make such 
                                        person ineligible for benefits 
                                        made available for persons with 
                                        disabilities through a program 
                                        of any State agency for 
                                        developmental disabilities or 
                                        through the supplemental 
                                        security income program under 
                                        title XVI of the Social 
                                        Security Act; and
                                            ``(BB) such person works 
                                        the maximum number of hours per 
                                        week allowable for eligibility 
                                        for benefits under such 
                                        program; or
                            ``(V) is the head of household in a 
                        household that includes one or more dependents, 
                        at least one of whom is at the time of the 
                        execution of the mortgage 5 years of age or 
                        younger or is enrolled full-time in a school in 
                        a resort county.
                    ``(iv) Conforming loan.--The original principal 
                obligation of the mortgage shall comply with the 
                applicable dollar amount limitations established 
                pursuant to paragraph (2).
            ``(C) Resort county.--For purposes of this paragraph, the 
        term `resort county' means Eagle County, Grand County, and 
        Summit County, in the State of Colorado.''.

SEC. 3. DUTY OF FANNIE MAE AND FREDDIE MAC TO SERVE MARKET FOR 
              AFFORDABLE WORKFORCE HOUSING.

    (a) Establishment.--Paragraph (1) of section 1335(a) of the Housing 
and Community Development Act of 1992 (12 U.S.C. 4565(a)(1)) is amended 
by adding at the end the following new subparagraph:
                    ``(D) Affordable workforce housing.--The 
                enterprises shall develop loan products and flexible 
                underwriting guidelines to facilitate a secondary 
                market for affordable workforce housing mortgages (as 
                such term is defined in section 305(a)(6) of the 
                Federal Home Loan Mortgage Corporation Act (12 U.S.C. 
                1454(a)(6))). Such underwriting guidelines shall 
                include the following considerations:
                            ``(i) Owner-occupancy requirement.--The 
                        guidelines shall require that not less than 25 
                        percent of the dwelling units in the 
                        multifamily housing development in which the 
                        one-family residence securing an affordable 
                        workforce housing mortgage is located shall be 
                        owner-occupied. The requirement under this 
                        clause shall be considered to be complied with, 
                        with respect to a development, unless 
                        verifiable public records indicate an owner-
                        occupancy rate for the development of less than 
                        25 percent.
                            ``(ii) Short-term rentals.--The guidelines 
                        shall provide that the multifamily housing 
                        development in which the one-family residence 
                        securing an affordable workforce housing 
                        mortgage is located may include dwelling units 
                        that are used for the sole purpose of short-
                        term rentals.
                            ``(iii) Amenities.--The guidelines shall 
                        provide that the multifamily housing 
                        development in which the one-family residence 
                        securing an affordable workforce housing 
                        mortgage is located may provide such services 
                        as a staffed front desk, a concierge, or other 
                        amenities consistent with providing customer 
                        service for non-owner occupied or short-term 
                        rental units in the development, including 
                        marketing that describes the property as a 
                        lodge, resort, or other similar facility.
                            ``(iv) Energy metering.--The guidelines 
                        shall provide that the enterprises may not 
                        consider whether the multifamily housing 
                        development in which the one-family residence 
                        securing an affordable workforce housing 
                        mortgage is located provides individual or 
                        centralized metering for energy use of the 
                        constituent dwelling units.''.
    (b) Transition.--The amendment made by subsection (a) shall apply 
with respect to the first calendar year beginning more than 180 days 
after the date of the enactment of this Act.
    (c) Regulations.--The Director of the Federal Housing Finance 
Agency shall, not later than the expiration of the 180-day period 
beginning on the date of the enactment of this Act, amend and revise 
the regulations issued under section 1335(d)(1) of the Housing and 
Community Development Act of 1992 as necessary to establish a manner 
for evaluating whether, and the extent to which, the enterprises have 
complied with the duty under section 1335(a)(1)(D) of such Act (as 
added by subsection (a) of this section) and for rating the extent of 
such compliance.
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