[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6394 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 6394

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 13, 2012

 Mr. Polis (for himself, Mr. Hinojosa, and Mr. Quigley) introduced the 
   following bill; which was referred to the Committee on Financial 
Services, and in addition to the Committee on Energy and Commerce, for 
a period to be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the 
                          committee concerned

_______________________________________________________________________

                                 A BILL


 
 To facilitate affordable workforce homeownership in, and develop the 
 full-time resident communities of, high tourism 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 ``Affordable Housing Regulation 
Simplification Act of 2012''.

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; and
                    ``(ii) any requirements and guidelines of the 
                corporation that are inconsistent with the authority 
                under clause (i) shall not apply to any affordable 
                workforce housing mortgage.
            ``(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--
                                    ``(aa) that consists 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;
                                    ``(bb) of which not less than 25 
                                percent of the dwelling units in the 
                                development are owner-occupied; except 
                                that the requirement under this item 
                                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;
                                    ``(cc) that provides individual, 
                                centralized, or any other method of 
                                metering for energy use of the 
                                constituent dwelling units; and
                                    ``(dd) that may include dwelling 
                                units that are used for the sole 
                                purpose of short-term rentals and 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;
                        and any multifamily housing development that 
                        otherwise complies with the requirements under 
                        this subclause may not be considered ineligible 
                        because the development or any portion of the 
                        development is called or referred to as a 
                        `condotel', `condo-hotel', `lodge', or any 
                        other title;
                            ``(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 an area that, at the 
                        time of the origination of the mortgage, is a 
                        high tourism area.
                    ``(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 high tourism areas.
                    ``(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 high tourism areas, in 
                        the aggregate, for an average of not less than 
                        30 hours per week;
                            ``(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 
                        high tourism areas, 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 high tourism areas 
                        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 high tourism area.
                    ``(iv) Conforming loan.--The original principal 
                obligation of the mortgage shall comply with the 
                applicable dollar amount limitations established 
                pursuant to paragraph (2).
            ``(C) High tourism area.--For purposes of this paragraph, 
        the term `high tourism area' means a county that is designated 
        as a high tourism county pursuant to section 5 of the 
        Affordable Housing Regulation Simplification Act of 2012.''.
    (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; and
                    ``(ii) any requirements and guidelines of the 
                Corporation that are inconsistent with the authority 
                under clause (i) shall not apply to any affordable 
                workforce housing mortgage.
            ``(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--
                                    ``(aa) that consists 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;
                                    ``(bb) of which not less than 25 
                                percent of the dwelling units in the 
                                development are owner-occupied; except 
                                that the requirement under this item 
                                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;
                                    ``(cc) that provides individual, 
                                centralized, or any other method of 
                                metering for energy use of the 
                                constituent dwelling units; and
                                    ``(dd) that may include dwelling 
                                units that are used for the sole 
                                purpose of short-term rentals and 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;
                        and any multifamily housing development that 
                        otherwise complies with the requirements under 
                        this subclause may not be considered ineligible 
                        because the development or any portion of the 
                        development is called or referred to as a 
                        `condotel', `condo-hotel', `lodge', or any 
                        other title;
                            ``(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 an area that, at the 
                        time of the origination of the mortgage, is a 
                        high tourism area.
                    ``(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 high tourism areas.
                    ``(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 high tourism areas, in 
                        the aggregate, for an average of not less than 
                        30 hours per week;
                            ``(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 
                        high tourism areas, 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 high tourism areas 
                        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 high tourism area.
                    ``(iv) Conforming loan.--The original principal 
                obligation of the mortgage shall comply with the 
                applicable dollar amount limitations established 
                pursuant to paragraph (2).
            ``(C) High tourism area.--For purposes of this paragraph, 
        the term `high tourism area' means any county that is 
        designated as a high tourism county pursuant to section 5 of 
        the Affordable Housing Regulation Simplification Act of 
        2012.''.

SEC. 3. INSURANCE OF AFFORDABLE WORKFORCE HOUSING MORTGAGES BY FHA.

    Section 203 of the National Housing Act (12 U.S.C. 1709) is amended 
by adding at the end the following new subsection:
    ``(y) Mortgages for Affordable Workforce Housing.--
            ``(1) Insurance authority.--The Secretary may insure under 
        this section any affordable workforce housing mortgage meeting 
        the requirements of subsection (b) of this section, except as 
        modified by this subsection.
            ``(2) Exemptions.--Notwithstanding any other provision of 
        law, any requirements and guidelines of the Secretary that are 
        inconsistent with the authority under paragraph (1) shall not 
        apply to any affordable workforce housing mortgage.
            ``(3) Affordable workforce housing mortgages.--For purposes 
        of this subsection, the term `affordable workforce housing 
        mortgage' means a mortgage that meets the following 
        requirements:
                    ``(A) 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--
                                    ``(I) that consists 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;
                                    ``(II) of which not less than 25 
                                percent of the dwelling units in the 
                                development are owner-occupied; except 
                                that the requirement under this item 
                                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;
                                    ``(III) that provides individual, 
                                centralized, or any other method of 
                                metering for energy use of the 
                                constituent dwelling units; and
                                    ``(IV) that may include dwelling 
                                units that are used for the sole 
                                purpose of short-term rentals and 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;
                        and any multifamily housing development that 
                        otherwise complies with the requirements under 
                        this clause may not be considered ineligible 
                        because the development or any portion of the 
                        development is called or referred to as a 
                        `condotel', `condo-hotel', `lodge', or any 
                        other title;
                            ``(iii) is subject to resale restrictions 
                        that--
                                    ``(I) are recorded with the 
                                appropriate public registry for 
                                recording of titles and interests in 
                                real estate; and
                                    ``(II) terminate upon foreclosure 
                                or execution of any deed-in-lieu-of-
                                foreclosure; and
                            ``(iv) is located in an area that, at the 
                        time of the origination of the mortgage, is a 
                        high tourism area.
                    ``(B) 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 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 high tourism areas.
                    ``(C) 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 high tourism areas, in 
                        the aggregate, for an average of not less than 
                        30 hours per week;
                            ``(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 
                        high tourism areas, 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 high tourism areas 
                        for--
                                    ``(I) an average of not less than 
                                30 hours per week; and
                                    ``(II) 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--
                                    ``(I) was employed, during the 2-
                                year period ending upon becoming 
                                disabled, in a position or positions 
                                described in clause (i) or (ii); or
                                    ``(II) is employed in a position or 
                                positions described in clause (i) or 
                                (ii), except that the 30-hour 
                                requirement under such clauses 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 high tourism area.
                    ``(D) Loan limit.--The original principal 
                obligation of the mortgage shall comply with the 
                applicable dollar amount limitations under subsection 
                (b)(2).
            ``(4) High tourism area.--For purposes of this paragraph, 
        the term `high tourism area' means any a county that is 
        designated as a high tourism county pursuant to section 5 of 
        the Affordable Housing Regulation Simplification Act of 
        2012.''.

SEC. 4. FHA AUTHORITY FOR SPOT APPROVAL OF MORTGAGES FOR CONDOMINIUM 
              UNITS.

    Section 234 of the National Housing Act (12 U.S.C. 1715y) is 
amended by adding at the end the following new subsection:
    ``(l) Authority for Spot Approvals.--In the case of individual 
mortgages for one-family units in a multifamily project and an 
undivided interest in the common areas and facilities that serve the 
project and affordable workforce housing mortgages (as such term is 
defined in section 203(y)), the Secretary shall provide an approval 
process for insurance of such mortgages that does not require prior 
approval of the entire project or of the homeowners association for the 
entire project.''.

SEC. 5. DETERMINATION OF HIGH TOURISM AREAS.

    The Secretary of Commerce shall, by notice issued not later than 
December 31, 2013--
            (1) establish a procedure and metric for assessing, for 
        counties in all States throughout the United States, the 
        economic impact of tourism on such counties;
            (2) establish a minimum threshold for such economic 
        activity for use for designating counties as high tourism 
        counties; and
            (3) pursuant to such procedure, metric, and threshold, 
        designate the counties in the United States that are high 
        tourism counties at the time of such designation.
The Secretary of Commerce shall reassess and update such designations 
on a biennial basis.
                                 <all>