[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4462 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4462

 To require the Secretary of Housing and Urban Development to discount 
 FHA single-family mortgage insurance premium payments for first-time 
    homebuyers who complete a financial literacy housing counseling 
                                program.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 10, 2014

 Mrs. Beatty (for herself, Mr. Stivers, Mr. Hinojosa, Ms. Waters, Mrs. 
 Carolyn B. Maloney of New York, Mr. Clay, Mr. Meeks, Mr. Rangel, Ms. 
Fudge, Mr. Gutierrez, Ms. Linda T. Sanchez of California, Mr. Cardenas, 
   Ms. Sewell of Alabama, Mr. Connolly, Mr. Heck of Washington, Mr. 
  Swalwell of California, Ms. Lee of California, Ms. Jackson Lee, Ms. 
Eddie Bernice Johnson of Texas, Ms. Edwards, Mr. Ryan of Ohio, and Mr. 
 Johnson of Georgia) introduced the following bill; which was referred 
                 to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To require the Secretary of Housing and Urban Development to discount 
 FHA single-family mortgage insurance premium payments for first-time 
    homebuyers who complete a financial literacy housing counseling 
                                program.

    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 ``Housing Financial Literacy Act of 
2014''.

SEC. 2. DISCOUNT ON MORTGAGE INSURANCE PREMIUM PAYMENTS FOR FIRST-TIME 
              HOMEBUYERS WHO COMPLETE FINANCIAL LITERACY HOUSING 
              COUNSELING PROGRAMS.

    The second sentence of subparagraph (A) of section 203(c)(2) of the 
National Housing Act (12 U.S.C. 1709(c)(2)(A)) is amended by striking 
``not exceed 2.75 percent of the amount of the original insured 
principal obligation of the mortgage'' and inserting ``be 25 basis 
points lower than the premium payment amount established by the 
Secretary under the first sentence of this subparagraph''.
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