[Congressional Record Volume 170, Number 119 (Tuesday, July 23, 2024)]
[Senate]
[Pages S5316-S5317]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 3048. Mr. RUBIO (for himself and Mr. Ossoff) submitted an 
amendment intended to be proposed by him to the bill S. 4638, to 
authorize appropriations for fiscal year 2025 for military activities 
of the Department of Defense, for military construction, and for 
defense activities of the Department of Energy, to prescribe military 
personnel strengths for such fiscal year, and for other purposes; which 
was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. FHA MORTGAGE INSURANCE PROGRAM FOR MORTGAGES FOR 
                   FIRST RESPONDERS.

       Section 203 of the National Housing Act (12 U.S.C. 1709) is 
     amended by adding at the end the following:
       ``(z) FHA Mortgage Insurance Program for Mortgages for 
     First Responders.--
       ``(1) Definitions.--In this subsection:
       ``(A) First responder.--The term `first responder' means an 
     individual who is, as attested by the individual--
       ``(i)(I) employed full-time by a law enforcement agency of 
     the Federal Government, a State, a Tribal government, or a 
     unit of general local government; and
       ``(II) in carrying out such full-time employment, sworn to 
     uphold, and make arrests for violations of, Federal, State, 
     county, township, municipal, or Tribal laws, or authorized by 
     law to supervise sentenced criminal offenders or individuals 
     with pending criminal charges;
       ``(ii) employed full-time as a firefighter, paramedic, or 
     emergency medical technician by a fire department or 
     emergency medical services responder unit of the Federal 
     Government, a State, a Tribal government, or a unit of 
     general local government; or
       ``(iii) employed as a full-time teacher by a State-
     accredited public school or private school that provides 
     direct services to students in grades pre-kindergarten 
     through 12.
       ``(B) First-time homebuyer.--The term `first-time 
     homebuyer' has the meaning given the term in section 104 of 
     the Cranston-Gonzalez National Affordable Housing Act (42 
     U.S.C. 12704).
       ``(C) State.--The term `State' has the meaning given the 
     term in section 201.
       ``(D) Tribal government.--The term `Tribal government' 
     means the recognized governing body of any Indian or Alaska 
     Native tribe, band, nation, pueblo, village, community, 
     component band, or component reservation, individually 
     identified (including parenthetically) in the list published 
     most recently pursuant to section 104 of the Federally 
     Recognized Indian Tribe List Act of 1994 (25 U.S.C. 5131).

[[Page S5317]]

       ``(2) Authority.--The Secretary may, upon application by a 
     mortgagee, insure any mortgage eligible for insurance under 
     this subsection to an eligible mortgagor and, upon such terms 
     and conditions as the Secretary may prescribe, make 
     commitments for the insurance of such mortgages prior to the 
     date of their execution or disbursement.
       ``(3) Mortgage terms; mortgage insurance premium.--
       ``(A) Terms.--
       ``(i) In general.--A mortgage insured under this subsection 
     shall--

       ``(I) be made to an eligible mortgagor;
       ``(II) comply with the requirements established under 
     paragraphs (1) through (7) of subsection (b); and
       ``(III) be used only to--

       ``(aa) purchase or repair a 1-family residence, including a 
     1-family dwelling unit in a condominium project, to serve as 
     a principal residence of the mortgagor, as attested by the 
     mortgagor; or
       ``(bb) purchase a principal residence of the mortgagor, as 
     attested by the mortgagor, which is--
       ``(AA) a manufactured home to be permanently affixed to a 
     lot that is owned by the mortgagor and titled as real 
     property; or
       ``(BB) a manufactured home and a lot to which the home will 
     be permanently affixed that is titled as real property.
       ``(ii) No down payment.--Notwithstanding any provision to 
     the contrary in the matter following subsection (b)(2)(B) 
     with respect to first-time homebuyers--

       ``(I) the Secretary may insure any mortgage that involves 
     an original principal obligation (including allowable charges 
     and fees and the premium pursuant to subparagraph (B) of this 
     paragraph) in an amount not to exceed 100 percent of the 
     appraised value of the property involved; and
       ``(II) the mortgagor of a mortgage described in subclause 
     (I) shall not be required to pay any amount, in cash or its 
     equivalent, on account of the property.

       ``(B) Mortgage insurance premium.--
       ``(i) Up-front premium.--The Secretary shall establish and 
     collect an insurance premium in connection with mortgages 
     insured under this subsection that is a percentage of the 
     original insured principal obligation of the mortgage amount, 
     which shall be collected at the time and in the manner 
     provided under subsection (c)(2)(A), except that the premiums 
     collected under this subparagraph--

       ``(I) may be in an amount that exceeds 3 percent of the 
     amount of the original insured principal obligation of the 
     mortgage; and
       ``(II) may be adjusted by the Secretary from time to time 
     by increasing or decreasing such percentages as the Secretary 
     considers necessary, based on the performance of mortgages 
     insured under this subsection and market conditions.

       ``(ii) Prohibition of monthly premiums.--A mortgage insured 
     under this subsection shall not be subject to a monthly 
     insurance premium, including a premium under subsection 
     (c)(2)(B).
       ``(4) Eligible mortgagors.--The mortgagor for a mortgage 
     insured under this subsection shall, at the time the mortgage 
     is executed--
       ``(A) be a first-time homebuyer;
       ``(B) have completed a program of housing counseling 
     provided through a housing counseling agency approved by the 
     Secretary;
       ``(C) as attested by the mortgagor--
       ``(i) be employed as a first responder;
       ``(ii) have been--

       ``(I) employed as a first responder for not less than 4 of 
     the 5 years preceding the date on which the mortgagor 
     submitted an application to insure the mortgage under this 
     section; or
       ``(II) released from employment as a first responder due to 
     an occupation-connected disability resulting from such duty 
     or employment;

       ``(iii) be in good standing as a first responder and not on 
     probation or under investigation for conduct that, if 
     determined to have occurred, is grounds for termination of 
     employment;
       ``(iv) in good faith intend to continue as a first 
     responder for not less than 1 year following the date of 
     closing on the mortgage; and
       ``(v) have previously never been the mortgagor under a 
     mortgage insured under this subsection;
       ``(D) meet such requirements as the Secretary shall 
     establish to ensure that insurance of the mortgage represents 
     an acceptable risk to the Mutual Mortgage Insurance Fund; and
       ``(E) meet such underwriting requirements as the Secretary 
     shall establish to meet actuarial objectives identified by 
     the Secretary, which may include avoiding a positive subsidy 
     rate or complying with the capital ratio requirement under 
     section 205(f)(2).
       ``(5) Authorization of appropriations.--There is authorized 
     to be appropriated to carry out the program under this 
     subsection--
       ``(A) $660,000 for fiscal year 2024, to remain available 
     until expended; and
       ``(B) $160,000 for each of fiscal years 2025 through 2030, 
     to remain available until expended.
       ``(6) Reauthorization required.--The authority to enter 
     into new commitments to insure mortgages under this 
     subsection shall expire on the date that is 5 years after the 
     date on which the Secretary first makes available insurance 
     for mortgages under this subsection.''.
                                 ______