[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8824 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 8824

   To require the continuation of the FHA affordable rental housing 
 financing partnership with the Federal Financing Bank, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 27, 2020

Ms. Velazquez introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To require the continuation of the FHA affordable rental housing 
 financing partnership with the Federal Financing Bank, 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 ``Federal Financing Bank Risk-Sharing 
Act of 2020''.

SEC. 2. CONTINUATION OF FHA-FFB AFFORDABLE RENTAL HOUSING FINANCING 
              PARTNERSHIP.

    (a) Requirement.--The Secretary of Housing and Urban Development 
and the Secretary of the Treasury shall continue to carry out the FHA 
affordable rental housing financing partnership with the Federal 
Financing Bank, under which such Bank provides financing for loans 
insured under the FHA Multifamily Risk-Sharing Program under section 
542 of the Housing and Community Development Act of 1992 (12 U.S.C. 
1715z-22), and may enter into such new commitments under such program 
during each fiscal year, subject to the overall limitations provided in 
this Act on new commitments to guarantee loans insured under the 
General and Special Risk Insurance Funds, as authorized by sections 238 
and 519 of the National Housing Act (12 U.S.C. 1715z-3 and 1735c).
    (b) Rural Populations.--In complying with subsection (a), the 
Secretary of Housing and Urban Development shall make any changes to 
the Risk-Sharing Program that the Secretary determines are necessary or 
appropriate to enhance the scope and effectiveness of the Program for 
rural populations.
    (c) Community Development Financial Institutions.--Pursuant to 
section 542(b) of Housing and Community Development Act of 1992 (12 
U.S.C. 1715z-22), the Secretary of Housing and Urban Development shall 
enter into risk-sharing agreements with community development financial 
institutions, as such term is defined in section 103 of the Riegle 
Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 
4702).
    (d) Affordable Housing.--Section 542 of the Housing and Community 
Development Act of 1992 (12 U.S.C. 1715z-22) is amended--
            (1) in subsection (b), by striking paragraph (9) and 
        inserting the following new paragraph:
            ``(9) Affordable housing.--Multifamily housing securing 
        loans insured or reinsured under this subsection shall qualify 
        as affordable only if the housing bears rents not greater than 
        the gross rent for rent-restricted residential units as 
        determined under section 42(g) of the Internal Revenue Code of 
        1986 (26 U.S.C. 42(g)).''; and
            (2) in subsection (c), by striking paragraph (7) and 
        inserting the following new paragraph:
            ``(7) Affordable housing.--Multifamily housing securing 
        loans insured or reinsured under this subsection shall qualify 
        as affordable only if the housing bears rents not greater than 
        the gross rent for rent-restricted residential units as 
        determined under section 42(g) of the Internal Revenue Code of 
        1986 (26 U.S.C. 42(g)).''.
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