[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4159 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 4159

 To limit the collection of annual premiums under the FHA program for 
 mortgage insurance for single family housing, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 26, 2017

 Ms. Maxine Waters of California introduced the following bill; which 
          was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To limit the collection of annual premiums under the FHA program for 
 mortgage insurance for single family housing, 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 ``Making FHA More Affordable Act of 
2017''.

SEC. 2. ANNUAL PREMIUMS.

    Paragraph (2) of section 203(c) of the National Housing Act (12 
U.S.C. 1709(c)(2)) is amended--
            (1) in subparagraph (B)--
                    (A) in clause (i), by striking ``For any'' and 
                inserting ``Subject to subparagraph (D), for any''; and
                    (B) in clause (ii), by striking ``For any'' and 
                inserting ``Subject to subparagraph (D), for any'';
            (2) in subparagraph (C)(i), by striking ``In addition'' and 
        inserting ``Subject to subparagraph (D), in addition''; and
            (3) by adding at the end the following new subparagraph:
                    ``(D) The Secretary may not collect any annual 
                premiums under this paragraph with respect to a 
                mortgage at any time that the remaining insured 
                principal balance (excluding the portion of the 
                remaining balance attributable to the premium collected 
                under subparagraph (A)) is 78 percent or less than the 
                lower of (i) the sales price of the dwelling at the 
                sale in connection with which the mortgage was made, or 
                (ii) the appraised value of the dwelling at the time of 
                the origination of the mortgage.''.
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