[Congressional Record (Bound Edition), Volume 146 (2000), Part 18]
[House]
[Pages 26201-26239]
[From the U.S. Government Publishing Office, www.gpo.gov]


[[Page 26201]]

      AMERICAN HOMEOWNERSHIP AND ECONOMIC OPPORTUNITY ACT OF 2000

  Mr. LEACH. Mr. Speaker, I move to suspend the rules and pass the bill 
(H.R. 5640) to expand homeownership in the United States, and for other 
purposes.
  The Clerk read as follows:




                               H.R. 5640

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,
       

     SEC. 1. SHORT TITLE AND TABLE OF CONTENTS.

       (a) Short Title.--This Act may be cited as the ``American 
     Homeownership and Economic Opportunity Act of 2000''.
       (b) Table of Contents.--The table of contents for this Act 
     is as follows:

Sec. 1. Short title and table of contents.

         TITLE I--REMOVAL OF BARRIERS TO HOUSING AFFORDABILITY

Sec. 101. Short title.
Sec. 102. Grants for regulatory barrier removal strategies.
Sec. 103. Regulatory barriers clearinghouse.

              TITLE II--HOMEOWNERSHIP FOR WORKING FAMILIES

Sec. 201. Home equity conversion mortgages.
Sec. 202. Assistance for self-help housing providers.

               TITLE III--SECTION 8 HOMEOWNERSHIP OPTION

Sec. 301. Downpayment assistance.
Sec. 302. Pilot program for homeownership assistance for disabled 
              families.
Sec. 303. Funding for pilot programs.

   TITLE IV--PRIVATE MORTGAGE INSURANCE CANCELLATION AND TERMINATION

Sec. 401. Short title.
Sec. 402. Changes in amortization schedule.
Sec. 403. Deletion of ambiguous references to residential mortgages.
Sec. 404. Cancellation rights after cancellation date.
Sec. 405. Clarification of cancellation and termination issues and 
              lender paid mortgage insurance disclosure requirements.
Sec. 406. Definitions.

                 TITLE V--NATIVE AMERICAN HOMEOWNERSHIP

                  Subtitle A--Native American Housing

Sec. 501. Lands title report commission.
Sec. 502. Loan guarantees.
Sec. 503. Native American housing assistance.

                  Subtitle B--Native Hawaiian Housing

Sec. 511. Short title.
Sec. 512. Findings.
Sec. 513. Housing assistance.
Sec. 514. Loan guarantees.

               TITLE VI--MANUFACTURED HOUSING IMPROVEMENT

Sec. 601. Short title; references.
Sec. 602. Findings and purposes.
Sec. 603. Definitions.
Sec. 604. Federal manufactured home construction and safety standards.
Sec. 605. Abolishment of National Manufactured Home Advisory Council; 
              manufactured home installation.
Sec. 606. Public information.
Sec. 607. Research, testing, development, and training.
Sec. 608. Prohibited acts.
Sec. 609. Fees.
Sec. 610. Dispute resolution.
Sec. 611. Elimination of annual reporting requirement.
Sec. 612. Effective date.
Sec. 613. Savings provisions.

                 TITLE VII--RURAL HOUSING HOMEOWNERSHIP

Sec. 701. Guarantees for refinancing of rural housing loans.
Sec. 702. Promissory note requirement under housing repair loan 
              program.
Sec. 703. Limited partnership eligibility for farm labor housing loans.
Sec. 704. Project accounting records and practices.
Sec. 705. Definition of rural area.
Sec. 706. Operating assistance for migrant farmworkers projects.
Sec. 707. Multifamily rental housing loan guarantee program.
Sec. 708. Enforcement provisions.
Sec. 709. Amendments to title 18 of United States Code.

         TITLE VIII--HOUSING FOR ELDERLY AND DISABLED FAMILIES

Sec. 801. Short title.
Sec. 802. Regulations.
Sec. 803. Effective date.

  Subtitle A--Refinancing for Section 202 Supportive Housing for the 
                                Elderly

Sec. 811. Prepayment and refinancing.

Subtitle B--Authorization of Appropriations for Supportive Housing for 
               the Elderly and Persons With Disabilities

Sec. 821. Supportive housing for elderly persons.
Sec. 822. Supportive housing for persons with disabilities.
Sec. 823. Service coordinators and congregate services for elderly and 
              disabled housing.

Subtitle C--Expanding Housing Opportunities for the Elderly and Persons 
                           With Disabilities

                    Part 1--Housing for the Elderly

Sec. 831. Eligibility of for-profit limited partnerships.
Sec. 832. Mixed funding sources.
Sec. 833. Authority to acquire structures.
Sec. 834. Use of project reserves.
Sec. 835. Commercial activities.

             Part 2--Housing for Persons With Disabilities

Sec. 841. Eligibility of for-profit limited partnerships.
Sec. 842. Mixed funding sources.
Sec. 843. Tenant-based assistance.
Sec. 844. Use of project reserves.
Sec. 845. Commercial activities.

                        Part 3--Other Provisions

Sec. 851. Service coordinators.

          Subtitle D--Preservation of Affordable Housing Stock

Sec. 861. Section 236 assistance.

               TITLE IX--OTHER RELATED HOUSING PROVISIONS

Sec. 901. Extension of loan term for manufactured home lots.
Sec. 902. Use of section 8 vouchers for opt-outs.
Sec. 903. Maximum payment standard for enhanced vouchers.
Sec. 904. Use of section 8 assistance by ``grand-families'' to rent 
              dwelling units in assisted projects.

               TITLE X--FEDERAL RESERVE BOARD PROVISIONS

Sec. 1001. Federal Reserve Board buildings.
Sec. 1002. Positions of Board of Governors of the Federal Reserve 
              System on the Executive schedule.
Sec. 1003. Amendments to the Federal Reserve Act.

              TITLE XI--BANKING AND HOUSING AGENCY REPORTS

Sec. 1101. Short title.
Sec. 1102. Preservation of certain reporting requirements.
Sec. 1103. Coordination of reporting requirements.
Sec. 1104. Elimination of certain reporting requirements.

                 TITLE XII--FINANCIAL REGULATORY RELIEF

Sec. 1200. Short title.

    Subtitle A--Improving Monetary Policy and Financial Institution 
                          Management Practices

Sec. 1201. Repeal of savings association liquidity provision.
Sec. 1202. Noncontrolling investments by savings association holding 
              companies.
Sec. 1203. Repeal of deposit broker notification and recordkeeping 
              requirement.
Sec. 1204. Expedited procedures for certain reorganizations.
Sec. 1205. National bank directors.
Sec. 1206. Amendment to National Bank Consolidation and Merger Act.
Sec. 1207. Loans on or purchases by institutions of their own stock; 
              affiliations.
Sec. 1208. Purchased mortgage servicing rights.

          Subtitle B--Streamlining Activities of Institutions

Sec. 1211. Call report simplification.

                Subtitle C--Streamlining Agency Actions

Sec. 1221. Elimination of duplicative disclosure of fair market value 
              of assets and liabilities.
Sec. 1222. Payment of interest in receiverships with surplus funds.
Sec. 1223. Repeal of reporting requirement on differences in accounting 
              standards.
Sec. 1224. Extension of time.

                   Subtitle D--Technical Corrections

Sec. 1231. Technical correction relating to deposit insurance funds.
Sec. 1232. Rules for continuation of deposit insurance for member banks 
              converting charters.
Sec. 1233. Amendments to the Revised Statutes of the United States.
Sec. 1234. Conforming change to the International Banking Act of 1978.

         TITLE I--REMOVAL OF BARRIERS TO HOUSING AFFORDABILITY

     SEC. 101. SHORT TITLE.

       This title may be cited as the ``Housing Affordability 
     Barrier Removal Act of 2000''.

     SEC. 102. GRANTS FOR REGULATORY BARRIER REMOVAL STRATEGIES.

       (a) Authorization of Appropriations.--Subsection (a) of 
     section 1204 of the Housing and Community Development Act of 
     1992 (42 U.S.C. 12705c(a)) is amended to read as follows:
       ``(a) Funding.--There is authorized to be appropriated for 
     grants under subsections (b) and (c) such sums as may be 
     necessary for each of fiscal years 2001, 2002, 2003, 2004, 
     and 2005.''.
       (b) Consolidation of State and Local Grants.--Subsection 
     (b) of section 1204 of the Housing and Community Development 
     Act of 1992 (42 U.S.C. 12705c(b)) is amended--
       (1) in the subsection heading, by striking ``State Grants'' 
     and inserting ``Grant Authority'';
       (2) in the matter preceding paragraph (1), by inserting 
     after ``States'' the following: ``and units of general local 
     government (including consortia of such governments)'';
       (3) in paragraph (3), by striking ``a State program to 
     reduce State and local'' and inserting ``State, local, or 
     regional programs to reduce'';

[[Page 26202]]

       (4) in paragraph (4), by inserting ``or local'' after 
     ``State''; and
       (5) in paragraph (5), by striking ``State''.
       (c) Repeal of Local Grants Provision.--Section 1204 of the 
     Housing and Community Development Act of 1992 (42 U.S.C. 
     12705c) is amended by striking subsection (c).
       (d) Application and Selection.--The last sentence of 
     section 1204(e) of the Housing and Community Development Act 
     of 1992 (42 U.S.C. 12705c(e)) is amended--
       (1) by striking ``and for the selection of units of general 
     local government to receive grants under subsection (f)(2)''; 
     and
       (2) by inserting before the period at the end the 
     following: ``and such criteria shall require that grant 
     amounts be used in a manner consistent with the strategy 
     contained in the comprehensive housing affordability strategy 
     for the jurisdiction pursuant to section 105(b)(4) of the 
     Cranston-Gonzalez National Affordable Housing Act''.
       (e) Selection of Grantees.--Subsection (f) of section 1204 
     of the Housing and Community Development Act of 1992 (42 
     U.S.C. 12705c(f)) is amended to read as follows:
       ``(f) Selection of Grantees.--To the extent amounts are 
     made available to carry out this section, the Secretary shall 
     provide grants on a competitive basis to eligible grantees 
     based on the proposed uses of such amounts, as provided in 
     applications under subsection (e).''.
       (f) Technical Amendments.--Section 107(a)(1) of the Housing 
     and Community Development Act of 1974 (42 U.S.C. 5307(a)(1)) 
     is amended--
       (1) in subparagraph (G), by inserting ``and'' after the 
     semicolon at the end;
       (2) by striking subparagraph (H); and
       (3) by redesignating subparagraph (I) as subparagraph (H).

     SEC. 103. REGULATORY BARRIERS CLEARINGHOUSE.

       Section 1205 of the Housing and Community Development Act 
     of 1992 (42 U.S.C. 12705d) is amended--
       (1) in subsection (a)--
       (A) in the matter preceding paragraph (1), by striking 
     ``receive, collect, process, and assemble'' and inserting 
     ``serve as a national repository to receive, collect, 
     process, assemble, and disseminate'';
       (B) in paragraph (1)--
       (i) by striking ``, including'' and inserting 
     ``(including''; and
       (ii) by inserting before the semicolon at the end the 
     following: ``), and the prevalence and effects on affordable 
     housing of such laws, regulations, and policies'';
       (C) in paragraph (2), by inserting before the semicolon the 
     following: ``, including particularly innovative or 
     successful activities, strategies, and plans''; and
       (D) in paragraph (3), by inserting before the period at the 
     end the following: ``, including particularly innovative or 
     successful strategies, activities, and plans'';
       (2) in subsection (b)--
       (A) in paragraph (1), by striking ``and'' at the end;
       (B) in paragraph (2), by striking the period at the end and 
     inserting ``; and''; and
       (C) by adding at the end the following new paragraph:
       ``(3) by making available through a World Wide Web site of 
     the Department, by electronic mail, or otherwise, provide to 
     each housing agency of a unit of general local government 
     that serves an area having a population greater than 100,000, 
     an index of all State and local strategies and plans 
     submitted under subsection (a) to the clearinghouse, which--
       ``(A) shall describe the types of barriers to affordable 
     housing that the strategy or plan was designed to ameliorate 
     or remove; and
       ``(B) shall, not later than 30 days after submission to the 
     clearinghouse of any new strategy or plan, be updated to 
     include the new strategy or plan submitted.''; and
       (3) by adding at the end the following new subsections:
       ``(c) Organization.--The clearinghouse under this section 
     shall be established within the Office of Policy Development 
     of the Department of Housing and Urban Development and shall 
     be under the direction of the Assistant Secretary for Policy 
     Development and Research.
       ``(d) Timing.--The clearinghouse under this section (as 
     amended by section 103 of the Housing Affordability Barrier 
     Removal Act of 2000) shall be established and commence 
     carrying out the functions of the clearinghouse under this 
     section not later than 1 year after the date of the enactment 
     of such Act. The Secretary of Housing and Urban Development 
     may comply with the requirements under this section by 
     reestablishing the clearinghouse that was originally 
     established to comply with this section and updating and 
     improving such clearinghouse to the extent necessary to 
     comply with the requirements of this section as in effect 
     pursuant to the enactment of such Act.''.

              TITLE II--HOMEOWNERSHIP FOR WORKING FAMILIES

     SEC. 201. HOME EQUITY CONVERSION MORTGAGES.

       (a) Insurance for Mortgages to Refinance Existing HECMs.--
       (1) In General.--Section 255 of the National Housing Act 
     (12 U.S.C. 1715z-20) is amended--
       (A) by redesignating subsection (k) as subsection (m); and
       (B) by inserting after subsection (j) the following new 
     subsection:
       ``(k) Insurance Authority for Refinancings.--
       ``(1) In general.--The Secretary may, upon application by a 
     mortgagee, insure under this subsection any mortgage given to 
     refinance an existing home equity conversion mortgage insured 
     under this section.
       ``(2) Anti-churning disclosure.--The Secretary shall, by 
     regulation, require that the mortgagee of a mortgage insured 
     under this subsection, provide to the mortgagor, within an 
     appropriate time period and in a manner established in such 
     regulations, a good faith estimate of: (A) the total cost of 
     the refinancing; and (B) the increase in the mortgagor's 
     principal limit as measured by the estimated initial 
     principal limit on the mortgage to be insured under this 
     subsection less the current principal limit on the home 
     equity conversion mortgage that is being refinanced and 
     insured under this subsection.
       ``(3) Waiver of counseling requirement.--The mortgagor 
     under a mortgage insured under this subsection may waive the 
     applicability, with respect to such mortgage, of the 
     requirements under subsection (d)(2)(B) (relating to third 
     party counseling), but only if--
       ``(A) the mortgagor has received the disclosure required 
     under paragraph (2);
       ``(B) the increase in the principal limit described in 
     paragraph (2) exceeds the amount of the total cost of 
     refinancing (as described in such paragraph) by an amount to 
     be determined by the Secretary; and
       ``(C) the time between the closing of the original home 
     equity conversion mortgage that is refinanced through the 
     mortgage insured under this subsection and the application 
     for a refinancing mortgage insured under this subsection does 
     not exceed 5 years.
       ``(4) Credit for premiums paid.--Notwithstanding section 
     203(c)(2)(A), the Secretary may reduce the amount of the 
     single premium payment otherwise collected under such section 
     at the time of the insurance of a mortgage refinanced and 
     insured under this subsection. The amount of the single 
     premium for mortgages refinanced under this subsection shall 
     be determined by the Secretary based on the actuarial study 
     required under paragraph (5).
       ``(5) Actuarial study.--Not later than 180 days after the 
     date of the enactment of the American Homeownership and 
     Economic Opportunity Act of 2000, the Secretary shall conduct 
     an actuarial analysis to determine the adequacy of the 
     insurance premiums collected under the program under this 
     subsection with respect to--
       ``(A) a reduction in the single premium payment collected 
     at the time of the insurance of a mortgage refinanced and 
     insured under this subsection;
       ``(B) the establishment of a single national limit on the 
     benefits of insurance under subsection (g) (relating to 
     limitation on insurance authority); and
       ``(C) the combined effect of reduced insurance premiums and 
     a single national limitation on insurance authority.
       ``(6) Fees.--The Secretary may establish a limit on the 
     origination fee that may be charged to a mortgagor under a 
     mortgage insured under this subsection, except that such 
     limitation shall provide that the origination fee may be 
     fully financed with the mortgage and shall include any fees 
     paid to correspondent mortgagees approved by the 
     Secretary.''.
       (2) Regulations.--The Secretary shall issue any final 
     regulations necessary to implement the amendments made by 
     paragraph (1) of this subsection, which shall take effect not 
     later than the expiration of the 180-day period beginning on 
     the date of the enactment of this Act. The regulations shall 
     be issued after notice and opportunity for public comment in 
     accordance with the procedure under section 553 of title 5, 
     United States Code, applicable to substantive rules 
     (notwithstanding subsections (a)(2), (b)(B), and (d)(3) of 
     such section).
       (b) Housing Cooperatives.--Section 255(b) of the National 
     Housing Act (12 U.S.C. 1715z-20(b)) is amended--
       (1) in paragraph (2), by striking `` `mortgage',''; and
       (2) by adding at the end the following new paragraphs:
       ``(4) Mortgage.--The term `mortgage' means a first mortgage 
     or first lien on real estate, in fee simple, on all stock 
     allocated to a dwelling in a residential cooperative housing 
     corporation, or on a leasehold--
       ``(A) under a lease for not less than 99 years that is 
     renewable; or
       ``(B) under a lease having a period of not less than 10 
     years to run beyond the maturity date of the mortgage.
       ``(5) First mortgage.--The term `first mortgage' means such 
     classes of first liens as are commonly given to secure 
     advances on, or the unpaid purchase price of, real estate or 
     all stock allocated to a dwelling unit in a residential 
     cooperative housing corporation, under the laws of the State 
     in which the real estate or dwelling unit is located, 
     together with the credit instruments, if any, secured 
     thereby.''.
       (c) Waiver of Up-Front Premiums for Mortgages Used to Fund 
     Long-Term Care Insurance.--

[[Page 26203]]

       (1) In general.--Section 255 of the National Housing Act 
     (12 U.S.C. 1715z-20) is amended by inserting after subsection 
     (k) (as added by subsection (a) of this section) the 
     following new subsection:
       ``(l) Waiver of Up-Front Premiums for Mortgages to Fund 
     Long-Term Care Insurance.--
       ``(1) In general.--In the case of any mortgage insured 
     under this section under which the total amount (except as 
     provided in paragraph (2)) of all future payments described 
     in subsection (b)(3) will be used only for costs of a 
     qualified long-term care insurance contract that covers the 
     mortgagor or members of the household residing in the 
     property that is subject to the mortgage, notwithstanding 
     section 203(c)(2), the Secretary shall not charge or collect 
     the single premium payment otherwise required under 
     subparagraph (A) of such section to be paid at the time of 
     insurance.
       ``(2) Authority to Refinance Existing Mortgage and Finance 
     Closing Costs.--A mortgage described in paragraph (1) may 
     provide financing of amounts that are used to satisfy 
     outstanding mortgage obligations (in accordance with such 
     limitations as the Secretary shall prescribe) and any amounts 
     used for initial service charges, appraisal, inspection, and 
     other fees (as approved by the Secretary) in connection with 
     such mortgage, and the amount of future payments described in 
     subsection (b)(3) under the mortgage shall be reduced 
     accordingly.
       ``(3) Definition.--For purposes of this subsection, the 
     term `qualified long-term care insurance contract' has the 
     meaning given such term in section 7702B of the Internal 
     Revenue Code of 1986 (26 U.S.C. 7702B)), except that such 
     contract shall also meet the requirements of--
       ``(A) sections 9 (relating to disclosure), 24 (relating to 
     suitability), and 26 (relating to contingent nonforfeiture) 
     of the long-term care insurance model regulation promulgated 
     by the National Association of Insurance Commissioners (as 
     adopted as of September 2000); and
       ``(B) section 8 (relating to contingent nonforfeiture) of 
     the long-term care insurance model Act promulgated by the 
     National Association of Insurance Commissioners (as adopted 
     as of September 2000).''.
       (2) Applicability.--The provisions of section 255(l) of the 
     National Housing Act (as added by paragraph (1) of this 
     subsection) shall apply only to mortgages closed on or after 
     April 1, 2001.
       (d) Study of Single National Mortgage Limit.--The Secretary 
     of Housing and Urban Development shall conduct an actuarially 
     based study of the effects of establishing, for mortgages 
     insured under section 255 of the National Housing Act (12 
     U.S.C. 1715z-20), a single maximum mortgage amount limitation 
     in lieu of applicability of section 203(b)(2) of such Act (12 
     U.S.C. 1709(b)(2)). The study shall--
       (1) examine the effects of establishing such limitation at 
     different dollar amounts; and
       (2) examine the effects of such various limitations on--
       (A) the risks to the General Insurance Fund established 
     under section 519 of such Act;
       (B) the mortgage insurance premiums that would be required 
     to be charged to mortgagors to ensure actuarial soundness of 
     such Fund; and
       (C) take into consideration the various approaches to 
     providing credit to borrowers who refinance home equity 
     conversion mortgages insured under section 255 of such Act.

     Not later than 180 days after the date of the enactment of 
     this Act, the Secretary shall complete the study under this 
     subsection and submit a report describing the study and the 
     results of the study to the Committee on Banking and 
     Financial Services of the House of Representatives and to the 
     Committee on Banking, Housing, and Urban Affairs of the 
     Senate.

     SEC. 202. ASSISTANCE FOR SELF-HELP HOUSING PROVIDERS.

       (a) Reauthorization.--Subsection (p) of section 11 of the 
     Housing Opportunity Program Extension Act of 1996 (42 U.S.C. 
     12805 note) is amended to read as follows:
       ``(p) Authorization of Appropriations.--There are 
     authorized to be appropriated to carry out this section such 
     sums as may be necessary for fiscal year 2001.''.
       (b) Eligible Expenses.--Section 11(d)(2)(A) of the Housing 
     Opportunity Program Extension Act of 1996 (42 U.S.C. 12805 
     note) is amended by inserting before the period at the end 
     the following: ``, which may include reimbursing an 
     organization, consortium, or affiliate, upon approval of any 
     required environmental review, for nongrant amounts of the 
     organization, consortium, or affiliate advanced before such 
     review to acquire land''.
       (c) Deadline for Recapture of Funds.--Section 11 of the 
     Housing Opportunity Program Extension Act of 1996 (42 U.S.C. 
     12805 note) is amended--
       (1) in subsection (i)(5)--
       (A) by striking ``if the organization or consortia has not 
     used any grant amounts'' and inserting ``the Secretary shall 
     recapture any grant amounts provided to the organization or 
     consortia that are not used'';
       (B) by striking ``(or,'' and inserting ``, except that such 
     period shall be 36 months''; and
       (C) by striking ``within 36 months), the Secretary shall 
     recapture such unused amounts'' and inserting ``and in the 
     case of a grant amounts provided to a local affiliate of the 
     organization or consortia that is developing five or more 
     dwellings in connection with such grant amounts''; and
       (2) in subsection (j), by inserting after ``carry out this 
     section'' the following: ``and grant amounts provided to a 
     local affiliate of the organization or consortia that is 
     developing five or more dwellings in connection with such 
     grant amounts''.
       (d) Technical Corrections.--Section 11 of the Housing 
     Opportunity Program Extension Act of 1996 (42 U.S.C. 12805 
     note) is amended--
       (1) in subsection (b)(4), by striking ``Habitat for 
     Humanity International, its affiliates, and other''; and
       (2) in subsection (e)(2), by striking ``consoria'' and 
     inserting ``consortia''.

               TITLE III--SECTION 8 HOMEOWNERSHIP OPTION

     SEC. 301. DOWNPAYMENT ASSISTANCE.

       (a) Amendments.--Section 8(y) of the United States Housing 
     Act of 1937 (42 U.S.C. 1437f(y)) is amended--
       (1) by redesignating paragraph (7) as paragraph (8); and
       (2) by inserting after paragraph (6) the following new 
     paragraph:
       ``(7) Downpayment assistance.--
       ``(A) Authority.--A public housing agency may, in lieu of 
     providing monthly assistance payments under this subsection 
     on behalf of a family eligible for such assistance and at the 
     discretion of the public housing agency, provide assistance 
     for the family in the form of a single grant to be used only 
     as a contribution toward the downpayment required in 
     connection with the purchase of a dwelling for fiscal year 
     2000 and each fiscal year thereafter to the extent provided 
     in advance in appropriations Acts.
       ``(B) Amount.--The amount of a downpayment grant on behalf 
     of an assisted family may not exceed the amount that is equal 
     to the sum of the assistance payments that would be made 
     during the first year of assistance on behalf of the family, 
     based upon the income of the family at the time the grant is 
     to be made.''.
       (b) Effective Date.--The amendments made by subsection (a) 
     shall take effect immediately after the amendments made by 
     section 555(c) of the Quality Housing and Work Responsibility 
     Act of 1998 take effect pursuant to such section.

     SEC. 302. PILOT PROGRAM FOR HOMEOWNERSHIP ASSISTANCE FOR 
                   DISABLED FAMILIES.

       (a) In General.--A public housing agency providing tenant-
     based assistance on behalf of an eligible family under 
     section 8 of the United States Housing Act of 1937 (42 U.S.C. 
     1437f) may provide assistance for a disabled family that 
     purchases a dwelling unit (including a dwelling unit under a 
     lease-purchase agreement) that will be owned by one or more 
     members of the disabled family and will be occupied by the 
     disabled family, if the disabled family--
       (1) purchases the dwelling unit before the expiration of 
     the 3-year period beginning on the date that the Secretary 
     first implements the pilot program under this section;
       (2) demonstrates that the disabled family has income from 
     employment or other sources (including public assistance), as 
     determined in accordance with requirements of the Secretary, 
     that is not less than twice the payment standard established 
     by the public housing agency (or such other amount as may be 
     established by the Secretary);
       (3) except as provided by the Secretary, demonstrates at 
     the time the disabled family initially receives tenant-based 
     assistance under this section that one or more adult members 
     of the disabled family have achieved employment for the 
     period as the Secretary shall require;
       (4) participates in a homeownership and housing counseling 
     program provided by the agency; and
       (5) meets any other initial or continuing requirements 
     established by the public housing agency in accordance with 
     requirements established by the Secretary.
       (b) Determination of Amount of Assistance.--
       (1) In general.--
       (A) Monthly expenses not exceeding payment standard.--If 
     the monthly homeownership expenses, as determined in 
     accordance with requirements established by the Secretary, do 
     not exceed the payment standard, the monthly assistance 
     payment shall be the amount by which the homeownership 
     expenses exceed the highest of the following amounts, rounded 
     to the nearest dollar:
       (i) 30 percent of the monthly adjusted income of the 
     disabled family.
       (ii) 10 percent of the monthly income of the disabled 
     family.
       (iii) If the disabled family is receiving payments for 
     welfare assistance from a public agency, and a portion of 
     those payments, adjusted in accordance with the actual 
     housing costs of the disabled family, is specifically 
     designated by that agency to meet the housing costs of the 
     disabled family, the portion of those payments that is so 
     designated.
       (B) Monthly expenses exceed payment standard.--If the 
     monthly homeownership expenses, as determined in accordance 
     with requirements established by the Secretary,

[[Page 26204]]

     exceed the payment standard, the monthly assistance payment 
     shall be the amount by which the applicable payment standard 
     exceeds the highest of the amounts under clauses (i), (ii), 
     and (iii) of subparagraph (A).
       (2) Calculation of amount.--
       (A) Low-income families.--A disabled family that is a low-
     income family shall be eligible to receive 100 percent of the 
     amount calculated under paragraph (1).
       (B) Income between 81 and 89 percent of median.--A disabled 
     family whose income is between 81 and 89 percent of the 
     median for the area shall be eligible to receive 66 percent 
     of the amount calculated under paragraph (1).
       (C) Income between 90 and 99 percent of median.--A disabled 
     family whose income is between 90 and 99 percent of the 
     median for the area shall be eligible to receive 33 percent 
     of the amount calculated under paragraph (1).
       (D) Income more than 99 percent of median.--A disabled 
     family whose income is more than 99 percent of the median for 
     the area shall not be eligible to receive assistance under 
     this section.
       (c) Inspections and Contract Conditions.--
       (1) In general.--Each contract for the purchase of a 
     dwelling unit to be assisted under this section shall--
       (A) provide for pre-purchase inspection of the dwelling 
     unit by an independent professional; and
       (B) require that any cost of necessary repairs be paid by 
     the seller.
       (2) Annual inspections not required.--The requirement under 
     subsection (o)(8)(A)(ii) of section 8 of the United States 
     Housing Act of 1937 for annual inspections shall not apply to 
     dwelling units assisted under this section.
       (d) Other Authority of the Secretary.--The Secretary may--
       (1) limit the term of assistance for a disabled family 
     assisted under this section;
       (2) provide assistance for a disabled family for the entire 
     term of a mortgage for a dwelling unit if the disabled family 
     remains eligible for such assistance for such term; and
       (3) modify the requirements of this section as the 
     Secretary determines to be necessary to make appropriate 
     adaptations for lease-purchase agreements.
       (e) Assistance Payments Sent to Lender.--The Secretary 
     shall remit assistance payments under this section directly 
     to the mortgagee of the dwelling unit purchased by the 
     disabled family receiving such assistance payments.
       (f) Inapplicability of Certain Provisions.--Assistance 
     under this section shall not be subject to the requirements 
     of the following provisions:
       (1) Subsection (c)(3)(B) of section 8 of the United States 
     Housing Act of 1937.
       (2) Subsection (d)(1)(B)(i) of section 8 of the United 
     States Housing Act of 1937.
       (3) Any other provisions of section 8 of the United States 
     Housing Act of 1937 governing maximum amounts payable to 
     owners and amounts payable by assisted families.
       (4) Any other provisions of section 8 of the United States 
     Housing Act of 1937 concerning contracts between public 
     housing agencies and owners.
       (5) Any other provisions of the United States Housing Act 
     of 1937 that are inconsistent with the provisions of this 
     section.
       (g) Reversion to Rental Status.--
       (1) Non-fha mortgages.--If a disabled family receiving 
     assistance under this section defaults under a mortgage not 
     insured under the National Housing Act, the disabled family 
     may not continue to receive rental assistance under section 8 
     of the United States Housing Act of 1937 unless it complies 
     with requirements established by the Secretary.
       (2) All mortgages.--A disabled family receiving assistance 
     under this section that defaults under a mortgage may not 
     receive assistance under this section for occupancy of 
     another dwelling unit owned by 1 or more members of the 
     disabled family.
       (3) Exception.--This subsection shall not apply if the 
     Secretary determines that the disabled family receiving 
     assistance under this section defaulted under a mortgage due 
     to catastrophic medical reasons or due to the impact of a 
     federally declared major disaster or emergency.
       (h) Regulations.--Not later than 90 days after the date of 
     the enactment of this Act, the Secretary shall issue 
     regulations to implement this section. Such regulations may 
     not prohibit any public housing agency providing tenant-based 
     assistance on behalf of an eligible family under section 8 of 
     the United States Housing Act of 1937 from participating in 
     the pilot program under this section.
       (i) Definition of Disabled Family.--For the purposes of 
     this section, the term ``disabled family'' has the meaning 
     given the term ``person with disabilities'' in section 
     811(k)(2) of the Cranston-Gonzalez National Affordable 
     Housing Act (42 U.S.C. 8013(k)(2)).

     SEC. 303. FUNDING FOR PILOT PROGRAMS.

       (a) Authorization of Appropriations.--There is authorized 
     to be appropriated such sums as may be necessary for fiscal 
     year 2001 for assistance in connection with the existing 
     homeownership pilot programs carried out under the 
     demonstration program authorized under to section 555(b) of 
     the Quality Housing and Work Responsibility Act of 1998 
     (Public Law 105-276; 112 Stat. 2613).
       (b) Use.--Subject to subsection (c), amounts made available 
     pursuant to this section shall be used only through such 
     homeownership pilot programs to provide, on behalf of 
     families participating in such programs, amounts for 
     downpayments in connection with dwellings purchased by such 
     families using assistance made available under section 8(y) 
     of the United States Housing Act of 1937 (42 U.S.C. 
     1437f(y)). No such downpayment grant may exceed 20 percent of 
     the appraised value of the dwelling purchased with assistance 
     under such section 8(y).
       (c) Matching Requirement.--The amount of assistance made 
     available under this section for any existing homeownership 
     pilot program may not exceed twice the amount donated from 
     sources other than this section for use under the program for 
     assistance described in subsection (b). Amounts donated from 
     other sources may include amounts from State housing finance 
     agencies and Neighborhood Housing Services of America.

   TITLE IV--PRIVATE MORTGAGE INSURANCE CANCELLATION AND TERMINATION

     SEC. 401. SHORT TITLE.

       This title may be cited as the ``Private Mortgage Insurance 
     Technical Corrections and Clarification Act''.

     SEC. 402. CHANGES IN AMORTIZATION SCHEDULE.

       (a) Treatment of Adjustable Rate Mortgages.--The Homeowners 
     Protection Act of 1998 (12 U.S.C. 4901 et seq.) is amended--
       (1) in section 2--
       (A) in paragraph (2)(B)(i), by striking ``amortization 
     schedules'' and inserting ``the amortization schedule then in 
     effect'';
       (B) in paragraph (16)(B), by striking ``amortization 
     schedules'' and inserting ``the amortization schedule then in 
     effect'';
       (C) by redesignating paragraphs (6) through (16) (as 
     amended by the preceding provisions of this paragraph) as 
     paragraphs (8) through (18), respectively; and
       (D) by inserting after paragraph (5) the following new 
     paragraph:
       ``(6) Amortization schedule then in effect.--The term 
     `amortization schedule then in effect' means, with respect to 
     an adjustable rate mortgage, a schedule established at the 
     time at which the residential mortgage transaction is 
     consummated or, if such schedule has been changed or 
     recalculated, is the most recent schedule under the terms of 
     the note or mortgage, which shows--
       ``(A) the amount of principal and interest that is due at 
     regular intervals to retire the principal balance and accrued 
     interest over the remaining amortization period of the loan; 
     and
       ``(B) the unpaid balance of the loan after each such 
     scheduled payment is made.''; and
       (2) in section 3(f)(1)(B)(ii), by striking ``amortization 
     schedules'' and inserting ``the amortization schedule then in 
     effect''.
       (b) Treatment of Balloon Mortgages.--Paragraph (1) of 
     section 2 of the Homeowners Protection Act of 1998 (12 U.S.C. 
     4901(1)) is amended by adding at the end the following new 
     sentence: ``A residential mortgage that (A) does not fully 
     amortize over the term of the obligation, and (B) contains a 
     conditional right to refinance or modify the unamortized 
     principal at the maturity date of the term, shall be 
     considered to be an adjustable rate mortgage for purposes of 
     this Act.''.
       (c) Treatment of Loan Modifications.--
       (1) In general.--Section 3 of the Homeowners Protection Act 
     of 1998 (12 U.S.C. 4902) is amended--
       (A) by redesignating subsections (d) through (f) as 
     subsections (e) through (g), respectively; and
       (B) by inserting after subsection (c) the following new 
     subsection:
       ``(d) Treatment of Loan Modifications.--If a mortgagor and 
     mortgagee (or holder of the mortgage) agree to a modification 
     of the terms or conditions of a loan pursuant to a 
     residential mortgage transaction, the cancellation date, 
     termination date, or final termination shall be recalculated 
     to reflect the modified terms and conditions of such loan.''.
       (2) Conforming amendments.--Section 4(a) of the Homeowners 
     Protection Act of 1998 (12 U.S.C. 4903(a)) is amended--
       (A) in paragraph (1)--
       (i) in the matter preceding subparagraph (A), by striking 
     ``section 3(f)(1)'' and inserting ``section 3(g)(1)'';
       (ii) in subparagraph (A)(ii)(IV), by striking ``section 
     3(f)'' and inserting ``section 3(g)''; and
       (iii) in subparagraph (B)(iii), by striking ``section 
     3(f)'' and inserting ``section 3(g)''; and
       (B) in paragraph (2), by striking ``section 3(f)(1)'' and 
     inserting ``section 3(g)(1)''.

     SEC. 403. DELETION OF AMBIGUOUS REFERENCES TO RESIDENTIAL 
                   MORTGAGES.

       (a) Termination of Private Mortgage Insurance.--Section 3 
     of the Homeowners Protection Act of 1998 (12 U.S.C. 4902) is 
     amended--
       (1) in subsection (c), by inserting ``on residential 
     mortgage transactions'' after ``imposed''; and
       (2) in subsection (g) (as so redesignated by the preceding 
     provisions of this title)--

[[Page 26205]]

       (A) in paragraph (1), in the matter preceding subparagraph 
     (A), by striking ``mortgage or'';
       (B) in paragraph (2), by striking ``mortgage or''; and
       (C) in paragraph (3), by striking ``mortgage or'' and 
     inserting ``residential mortgage or residential''.
       (b) Disclosure Requirements.--Section 4 of the Homeowners 
     Protection Act of 1998 (12 U.S.C. 4903(a)) is amended--
       (1) in subsection (a)--
       (A) in paragraph (1)--
       (i) by striking ``mortgage or'' the first place it appears; 
     and
       (ii) by striking ``mortgage or'' the second place it 
     appears and inserting ``residential''; and
       (B) in paragraph (2), by striking ``mortgage or'' and 
     inserting ``residential'';
       (2) in subsection (c), by striking ``paragraphs (1)(B) and 
     (3) of subsection (a)'' and inserting ``subsection (a)(3)''; 
     and
       (3) in subsection (d), by inserting before the period at 
     the end the following: ``, which disclosures shall relate to 
     the mortgagor's rights under this Act''.
       (c) Disclosure Requirements for Lender-Paid Mortgage 
     Insurance.--Section 6 of the Homeowners Protection Act of 
     1998 (12 U.S.C. 4905) is amended--
       (1) in subsection (c)--
       (A) in the matter preceding paragraph (1), by striking ``a 
     residential mortgage or''; and
       (B) in paragraph (2), by inserting ``transaction'' after 
     ``residential mortgage''; and
       (2) in subsection (d), by inserting ``transaction'' after 
     ``residential mortgage''.

     SEC. 404. CANCELLATION RIGHTS AFTER CANCELLATION DATE.

       Section 3 of the Homeowners Protection Act of 1998 (12 
     U.S.C. 4902) is amended--
       (1) in subsection (a)--
       (A) in the matter preceding paragraph (1), by inserting 
     after ``cancellation date'' the following: ``or any later 
     date that the mortgagor fulfills all of the requirements 
     under paragraphs (1) through (4)'';
       (B) in paragraph (2), by striking ``and'' at the end;
       (C) by redesignating paragraph (3) as paragraph (4); and
       (D) by inserting after paragraph (2) the following new 
     paragraph:
       ``(3) is current on the payments required by the terms of 
     the residential mortgage transaction; and''; and
       (2) in subsection (e)(1)(B) (as so redesignated by the 
     preceding provisions of this title), by striking ``subsection 
     (a)(3)'' and inserting ``subsection (a)(4)''.

     SEC. 405. CLARIFICATION OF CANCELLATION AND TERMINATION 
                   ISSUES AND LENDER PAID MORTGAGE INSURANCE 
                   DISCLOSURE REQUIREMENTS.

       (a) Good Payment History.--Section 2(4) of the Homeowners 
     Protection Act of 1998 (12 U.S.C. 4901(4)) is amended--
       (1) in subparagraph (A)--
       (A) by inserting ``the later of (i)'' before ``the date''; 
     and
       (B) by inserting ``, or (ii) the date that the mortgagor 
     submits a request for cancellation under section 3(a)(1)'' 
     before the semicolon; and
       (2) in subparagraph (B)--
       (A) by inserting ``the later of (i)'' before ``the date''; 
     and
       (B) by inserting ``, or (ii) the date that the mortgagor 
     submits a request for cancellation under section 3(a)(1)'' 
     before the period at the end.
       (b) Automatic Termination.--Paragraph (2) of section 3(b) 
     of the Homeowners Protection Act of 1998 (12 U.S.C. 
     4902(b)(2)) is amended to read as follows:
       ``(2) if the mortgagor is not current on the termination 
     date, on the first day of the first month beginning after the 
     date that the mortgagor becomes current on the payments 
     required by the terms of the residential mortgage 
     transaction.''
       (c) Premium Payments.--Section 3 of the Homeowners 
     Protection Act of 1998 (12 U.S.C. 4902) is amended by adding 
     at the end the following new subsection:
       ``(h) Accrued Obligation for Premium Payments.--The 
     cancellation or termination under this section of the private 
     mortgage insurance of a mortgagor shall not affect the rights 
     of any mortgagee, servicer, or mortgage insurer to enforce 
     any obligation of such mortgagor for premium payments accrued 
     prior to the date on which such cancellation or termination 
     occurred.''.

     SEC. 406. DEFINITIONS.

       (a) Refinanced.--Section 6(c)(1)(B)(ii) of the Homeowners 
     Protection Act of 1998 (12 U.S.C. 4905(c)(1)(B)(ii)) is 
     amended by inserting after ``refinanced'' the following: 
     ``(under the meaning given such term in the regulations 
     issued by the Board of Governors of the Federal Reserve 
     System to carry out the Truth in Lending Act (15 U.S.C. 1601 
     et seq.))''.
       (b) Midpoint of the Amortization Period.--Section 2 of the 
     Homeowners Protection Act of 1998 (12 U.S.C. 4901) is amended 
     by inserting after paragraph (6) (as added by the preceding 
     provisions of this title) the following new paragraph:
       ``(7) Midpoint of the amortization period.--The term 
     `midpoint of the amortization period' means, with respect to 
     a residential mortgage transaction, the point in time that is 
     halfway through the period that begins upon the first day of 
     the amortization period established at the time a residential 
     mortgage transaction is consummated and ends upon the 
     completion of the entire period over which the mortgage is 
     scheduled to be amortized.''.
       (c) Original Value.--Section 2(12) of the Homeowners 
     Protection Act of 1998 (12 U.S.C. 4901(10)) (as so 
     redesignated by the preceding provisions of this title) is 
     amended--
       (1) by inserting ``transaction'' after ``a residential 
     mortgage''; and
       (2) by adding at the end the following new sentence: ``In 
     the case of a residential mortgage transaction for 
     refinancing the principal residence of the mortgagor, such 
     term means only the appraised value relied upon by the 
     mortgagee to approve the refinance transaction.''.
       (d) Principal Residence.--Section 2 of the Homeowners 
     Protection Act of 1998 (12 U.S.C. 4901) is amended--
       (1) in paragraph (14) (as so redesignated by the preceding 
     provisions of this title) by striking ``primary'' and 
     inserting ``principal''; and
       (2) in paragraph (15) (as so redesignated by the preceding 
     provisions of this title) by striking ``primary'' and 
     inserting ``principal''.

                 TITLE V--NATIVE AMERICAN HOMEOWNERSHIP

                  Subtitle A--Native American Housing

     SEC. 501. LANDS TITLE REPORT COMMISSION.

       (a) Establishment.--Subject to sums being provided in 
     advance in appropriations Acts, there is established a 
     Commission to be known as the Lands Title Report Commission 
     (hereafter in this section referred to as the ``Commission'') 
     to facilitate home loan mortgages on Indian trust lands. The 
     Commission will be subject to oversight by the Committee on 
     Banking and Financial Services of the House of 
     Representatives and the Committee on Banking, Housing, and 
     Urban Affairs of the Senate.
       (b) Membership.--
       (1) Appointment.--The Commission shall be composed of 12 
     members, appointed not later than 90 days after the date of 
     the enactment of this Act as follows:
       (A) Four members shall be appointed by the President.
       (B) Four members shall be appointed by the Chairperson of 
     the Committee on Banking and Financial Services of the House 
     of Representatives.
       (C) Four members shall be appointed by the Chairperson of 
     the Committee on Banking, Housing, and Urban Affairs of the 
     Senate.
       (2) Qualifications.--
       (A) Members of tribes.--At all times, not less than eight 
     of the members of the Commission shall be members of 
     federally recognized Indian tribes.
       (B) Experience in land title matters.--All members of the 
     Commission shall have experience in and knowledge of land 
     title matters relating to Indian trust lands.
       (3) Chairperson.--The Chairperson of the Commission shall 
     be one of the members of the Commission appointed under 
     paragraph (1)(C), as elected by the members of the 
     Commission.
       (4) Vacancies.--Any vacancy on the Commission shall not 
     affect its powers, but shall be filled in the manner in which 
     the original appointment was made.
       (5) Travel expenses.--Members of the Commission shall serve 
     without pay, but each member shall receive travel expenses, 
     including per diem in lieu of subsistence, in accordance with 
     sections 5702 and 5703 of title 5, United States Code.
       (c) Initial Meeting.--The Chairperson of the Commission 
     shall call the initial meeting of the Commission. Such 
     meeting shall be held within 30 days after the Chairperson of 
     the Commission determines that sums sufficient for the 
     Commission to carry out its duties under this Act have been 
     appropriated for such purpose.
       (d) Duties.--The Commission shall analyze the system of the 
     Bureau of Indian Affairs of the Department of the Interior 
     for maintaining land ownership records and title documents 
     and issuing certified title status reports relating to Indian 
     trust lands and, pursuant to such analysis, determine how 
     best to improve or replace the system--
       (1) to ensure prompt and accurate responses to requests for 
     title status reports;
       (2) to eliminate any backlog of requests for title status 
     reports; and
       (3) to ensure that the administration of the system will 
     not in any way impair or restrict the ability of Native 
     Americans to obtain conventional loans for purchase of 
     residences located on Indian trust lands, including any 
     actions necessary to ensure that the system will promptly be 
     able to meet future demands for certified title status 
     reports, taking into account the anticipated complexity and 
     volume of such requests.
       (e) Report.--Not later than the date of the termination of 
     the Commission under subsection (h), the Commission shall 
     submit a report to the Committee on Banking and Financial 
     Services of the House of Representatives and the Committee on 
     Banking, Housing, and Urban Affairs of the Senate describing 
     the analysis and determinations made pursuant to subsection 
     (d).
       (f) Powers.--

[[Page 26206]]

       (1) Hearings and sessions.--The Commission may, for the 
     purpose of carrying out this section, hold hearings, sit and 
     act at times and places, take testimony, and receive evidence 
     as the Commission considers appropriate.
       (2) Staff of federal agencies.--Upon request of the 
     Commission, the head of any Federal department or agency may 
     detail, on a reimbursable basis, any of the personnel of that 
     department or agency to the Commission to assist it in 
     carrying out its duties under this section.
       (3) Obtaining official data.--The Commission may secure 
     directly from any department or agency of the United States 
     information necessary to enable it to carry out this section. 
     Upon request of the Chairperson of the Commission, the head 
     of that department or agency shall furnish that information 
     to the Commission.
       (4) Mails.--The Commission may use the United States mails 
     in the same manner and under the same conditions as other 
     departments and agencies of the United States.
       (5) Administrative support services.--Upon the request of 
     the Commission, the Administrator of General Services shall 
     provide to the Commission, on a reimbursable basis, the 
     administrative support services necessary for the Commission 
     to carry out its duties under this section.
       (6) Staff.--The Commission may appoint personnel as it 
     considers appropriate, subject to the provisions of title 5, 
     United States Code, governing appointments in the competitive 
     service, and shall pay such personnel in accordance with the 
     provisions of chapter 51 and subchapter III of chapter 53 of 
     that title relating to classification and General Schedule 
     pay rates.
       (g) Authorization of Appropriations.--There is authorized 
     to be appropriated to carry out this section such sums as may 
     be necessary, and any amounts appropriated pursuant to this 
     subsection shall remain available until expended.
       (h) Termination.--The Commission shall terminate 1 year 
     after the date of the initial meeting of the Commission.

     SEC. 502. LOAN GUARANTEES.

       Section 184(i) of the Housing and Community Development Act 
     of 1992 (12 U.S.C. 1715z-13a(i)) is amended--
       (1) in paragraph (5), by striking subparagraph (C) and 
     inserting the following new subparagraph:
       ``(C) Limitation on outstanding aggregate principal 
     amount.--Subject to the limitations in subparagraphs (A) and 
     (B), the Secretary may enter into commitments to guarantee 
     loans under this section in each fiscal year with an 
     aggregate outstanding principal amount not exceeding such 
     amount as may be provided in appropriation Acts for such 
     fiscal year.''; and
       (2) in paragraph (7), by striking ``each of fiscal years 
     1997, 1998, 1999, 2000, and 2001'' and inserting ``each 
     fiscal year''.

     SEC. 503. NATIVE AMERICAN HOUSING ASSISTANCE.

       (a) Restriction on Waiver Authority.--
       (1) In general.--Section 101(b)(2) of the Native American 
     Housing Assistance and Self-Determination Act of 1996 (25 
     U.S.C. 4111(b)(2)) is amended by striking ``if the 
     Secretary'' and all that follows through the period at the 
     end and inserting the following: ``for a period of not more 
     than 90 days, if the Secretary determines that an Indian 
     tribe has not complied with, or is unable to comply with, 
     those requirements due to exigent circumstances beyond the 
     control of the Indian tribe.''.
       (2) Local cooperation agreement.--Section 101(c) of the 
     Native American Housing Assistance and Self-Determination Act 
     of 1996 (25 U.S.C. 4111(c)) is amended by adding at the end 
     the following: ``The Secretary may waive the requirements of 
     this subsection and subsection (d) if the recipient has made 
     a good faith effort to fulfill the requirements of this 
     subsection and subsection (d) and agrees to make payments in 
     lieu of taxes to the appropriate taxing authority in an 
     amount consistent with the requirements of subsection (d)(2) 
     until such time as the matter of making such payments has 
     been resolved in accordance with subsection (d).''.
       (b) Assistance to Families That Are Not Low-Income.--
     Section 102(c) of the Native American Housing Assistance and 
     Self-Determination Act of 1996 (25 U.S.C. 4112(c)) is amended 
     by adding at the end the following:
       ``(6) Certain families.--With respect to assistance 
     provided under section 201(b)(2) by a recipient to Indian 
     families that are not low-income families, evidence that 
     there is a need for housing for each such family during that 
     period that cannot reasonably be met without such 
     assistance.''.
       (c) Elimination of Waiver Authority for Small Tribes.--
     Section 102 of the Native American Housing Assistance and 
     Self-Determination Act of 1996 (25 U.S.C. 4112) is amended--
       (1) by striking subsection (f); and
       (2) by redesignating subsection (g) as subsection (f).
       (d) Environmental Compliance.--Section 105 of the Native 
     American Housing Assistance and Self-Determination Act of 
     1996 (25 U.S.C. 4115) is amended by adding at the end the 
     following:
       ``(d) Environmental Compliance.--The Secretary may waive 
     the requirements under this section if the Secretary 
     determines that a failure on the part of a recipient to 
     comply with provisions of this section--
       ``(1) will not frustrate the goals of the National 
     Environmental Policy Act of 1969 (42 U.S.C. 4331 et seq.) or 
     any other provision of law that furthers the goals of that 
     Act;
       ``(2) does not threaten the health or safety of the 
     community involved by posing an immediate or long-term hazard 
     to residents of that community;
       ``(3) is a result of inadvertent error, including an 
     incorrect or incomplete certification provided under 
     subsection (c)(1); and
       ``(4) may be corrected through the sole action of the 
     recipient.''.
       (e) Oversight.--
       (1) Repayment.--Section 209 of the Native American Housing 
     Assistance and Self-Determination Act of 1996 (25 U.S.C. 
     4139) is amended to read as follows:

     ``SEC. 209. NONCOMPLIANCE WITH AFFORDABLE HOUSING 
                   REQUIREMENT.

       ``If a recipient uses grant amounts to provide affordable 
     housing under this title, and at any time during the useful 
     life of the housing the recipient does not comply with the 
     requirement under section 205(a)(2), the Secretary shall take 
     appropriate action under section 401(a).''.
       (2) Audits and reviews.--Section 405 of the Native American 
     Housing Assistance and Self-Determination Act of 1996 (25 
     U.S.C. 4165) is amended to read as follows:

     ``SEC. 405. REVIEW AND AUDIT BY SECRETARY.

       ``(a) Requirements Under Chapter 75 of Title 31, United 
     States Code.--An entity designated by an Indian tribe as a 
     housing entity shall be treated, for purposes of chapter 75 
     of title 31, United States Code, as a non-Federal entity that 
     is subject to the audit requirements that apply to non-
     Federal entities under that chapter.
       ``(b) Additional Reviews and Audits.--
       ``(1) In general.--In addition to any audit or review under 
     subsection (a), to the extent the Secretary determines such 
     action to be appropriate, the Secretary may conduct an audit 
     or review of a recipient in order to--
       ``(A) determine whether the recipient--
       ``(i) has carried out--

       ``(I) eligible activities in a timely manner; and
       ``(II) eligible activities and certification in accordance 
     with this Act and other applicable law;

       ``(ii) has a continuing capacity to carry out eligible 
     activities in a timely manner; and
       ``(iii) is in compliance with the Indian housing plan of 
     the recipient; and
       ``(B) verify the accuracy of information contained in any 
     performance report submitted by the recipient under section 
     404.
       ``(2) On-site visits.--To the extent practicable, the 
     reviews and audits conducted under this subsection shall 
     include on-site visits by the appropriate official of the 
     Department of Housing and Urban Development.
       ``(c) Review of Reports.--
       ``(1) In general.--The Secretary shall provide each 
     recipient that is the subject of a report made by the 
     Secretary under this section notice that the recipient may 
     review and comment on the report during a period of not less 
     than 30 days after the date on which notice is issued under 
     this paragraph.
       ``(2) Public availability.--After taking into consideration 
     any comments of the recipient under paragraph (1), the 
     Secretary--
       ``(A) may revise the report; and
       ``(B) not later than 30 days after the date on which those 
     comments are received, shall make the comments and the report 
     (with any revisions made under subparagraph (A)) readily 
     available to the public.
       ``(d) Effect of Reviews.--Subject to section 401(a), after 
     reviewing the reports and audits relating to a recipient that 
     are submitted to the Secretary under this section, the 
     Secretary may adjust the amount of a grant made to a 
     recipient under this Act in accordance with the findings of 
     the Secretary with respect to those reports and audits.''.
       (f) Allocation Formula.--Section 302(d)(1) of the Native 
     American Housing Assistance and Self-Determination Act of 
     1996 (25 U.S.C. 4152(d)(1)) is amended--
       (1) by striking ``The formula,'' and inserting the 
     following:
       ``(A) In general.--Except with respect to an Indian tribe 
     described in subparagraph (B), the formula''; and
       (2) by adding at the end the following:
       ``(B) Certain indian tribes.--With respect to fiscal year 
     2001 and each fiscal year thereafter, for any Indian tribe 
     with an Indian housing authority that owns or operates fewer 
     than 250 public housing units, the formula shall provide that 
     if the amount provided for a fiscal year in which the total 
     amount made available for assistance under this Act is equal 
     to or greater than the amount made available for fiscal year 
     1996 for assistance for the operation and modernization of 
     the public housing referred to in subparagraph (A), then the 
     amount provided to that Indian tribe as modernization 
     assistance shall be equal to the average annual amount of 
     funds provided to the Indian tribe (other than funds provided 
     as emergency assistance) under the assistance program under 
     section 14 of the United States Housing Act of 1937 (42 
     U.S.C. 1437l) for the period beginning with fiscal year 1992 
     and ending with fiscal year 1997.''.

[[Page 26207]]

       (g) Hearing Requirement.--Section 401(a) of the Native 
     American Housing Assistance and Self-Determination Act of 
     1996 (25 U.S.C. 4161(a)) is amended--
       (1) by redesignating paragraphs (1) through (4) as 
     subparagraphs (A) through (D), respectively, and realigning 
     such subparagraphs (as so redesignated) so as to be indented 
     4 ems from the left margin;
       (2) by striking ``Except as provided'' and inserting the 
     following:
       ``(1) In general.--Except as provided'';
       (3) by striking ``If the Secretary takes an action under 
     paragraph (1), (2), or (3)'' and inserting the following:
       ``(2) Continuance of actions.--If the Secretary takes an 
     action under subparagraph (A), (B), or (C) of paragraph 
     (1)''; and
       (4) by adding at the end the following:
       ``(3) Exception for certain actions.--
       ``(A) In general.--Notwithstanding any other provision of 
     this subsection, if the Secretary makes a determination that 
     the failure of a recipient of assistance under this Act to 
     comply substantially with any material provision (as that 
     term is defined by the Secretary) of this Act is resulting, 
     and would continue to result, in a continuing expenditure of 
     Federal funds in a manner that is not authorized by law, the 
     Secretary may take an action described in paragraph (1)(C) 
     before conducting a hearing.
       ``(B) Procedural requirement.--If the Secretary takes an 
     action described in subparagraph (A), the Secretary shall--
       ``(i) provide notice to the recipient at the time that the 
     Secretary takes that action; and
       ``(ii) conduct a hearing not later than 60 days after the 
     date on which the Secretary provides notice under clause (i).
       ``(C) Determination.--Upon completion of a hearing under 
     this paragraph, the Secretary shall make a determination 
     regarding whether to continue taking the action that is the 
     subject of the hearing, or take another action under this 
     subsection.''.
       (h) Performance Agreement Time Limit.--Section 401(b) of 
     the Native American Housing Assistance and Self-Determination 
     Act of 1996 (25 U.S.C. 4161(b)) is amended--
       (1) by striking ``If the Secretary'' and inserting the 
     following:
       ``(1) In general.--If the Secretary'';
       (2) by striking ``(1) is not'' and inserting the following:
       ``(A) is not'';
       (3) by striking ``(2) is a result'' and inserting the 
     following:
       ``(B) is a result'';
       (4) in the flush material following paragraph (1)(B), as 
     redesignated by paragraph (3) of this subsection--
       (A) by realigning such material so as to be indented 2 ems 
     from the left margin; and
       (B) by inserting before the period at the end the 
     following: ``, if the recipient enters into a performance 
     agreement with the Secretary that specifies the compliance 
     objectives that the recipient will be required to achieve by 
     the termination date of the performance agreement''; and
       (5) by adding at the end the following:
       ``(2) Performance agreement.--The period of a performance 
     agreement described in paragraph (1) shall be for 1 year.
       ``(3) Review.--Upon the termination of a performance 
     agreement entered into under paragraph (1), the Secretary 
     shall review the performance of the recipient that is a party 
     to the agreement.
       ``(4) Effect of review.--If, on the basis of a review under 
     paragraph (3), the Secretary determines that the recipient--
       ``(A) has made a good faith effort to meet the compliance 
     objectives specified in the agreement, the Secretary may 
     enter into an additional performance agreement for the period 
     specified in paragraph (2); and
       ``(B) has failed to make a good faith effort to meet 
     applicable compliance objectives, the Secretary shall 
     determine the recipient to have failed to comply 
     substantially with this Act, and the recipient shall be 
     subject to an action under subsection (a).''.
       (i) Labor Standards.--Section 104(b) of the Native American 
     Housing Assistance and Self-Determination Act of 1996 (25 
     U.S.C. 4114(b) is amended--
       (1) in paragraph (1), by striking ``Davis-Bacon Act (40 
     U.S.C. 276a-276a-5)'' and inserting ``Act of March 3, 1931 
     (commonly known as the Davis-Bacon Act; chapter 411; 46 Stat. 
     1494; 40 U.S.C 276a et seq.)''; and
       (2) by adding at the end the following new paragraph:
       ``(3) Application of tribal laws.--Paragraph (1) shall not 
     apply to any contract or agreement for assistance, sale, or 
     lease pursuant to this Act, if such contract or agreement is 
     otherwise covered by one or more laws or regulations adopted 
     by an Indian tribe that requires the payment of not less than 
     prevailing wages, as determined by the Indian tribe.''.
       (j) Technical and Conforming Amendments.--
       (1) Table of contents.--Section 1(b) of the Native American 
     Housing Assistance and Self-Determination Act of 1996 (25 
     U.S.C. 4101 note) is amended in the table of contents--
       (A) by striking the item relating to section 206; and
       (B) by striking the item relating to section 209 and 
     inserting the following:

``209. Noncompliance with affordable housing requirement.''.

       (2) Certification of compliance with subsidy layering 
     requirements.--Section 206 of the Native American Housing 
     Assistance and Self-Determination Act of 1996 (25 U.S.C. 
     4136) is repealed.
       (3) Terminations.--Section 502(a) of the Native American 
     Housing Assistance and Self-Determination Act of 1996 (25 
     U.S.C. 4181(a)) is amended by adding at the end the 
     following: ``Any housing that is the subject of a contract 
     for tenant-based assistance between the Secretary and an 
     Indian housing authority that is terminated under this 
     section shall, for the following fiscal year and each fiscal 
     year thereafter, be considered to be a dwelling unit under 
     section 302(b)(1).''.

                  Subtitle B--Native Hawaiian Housing

     SEC. 511. SHORT TITLE.

       This subtitle may be cited as the ``Hawaiian Homelands 
     Homeownership Act of 2000''.

     SEC. 512. FINDINGS.

       The Congress finds that--
       (1) the United States has undertaken a responsibility to 
     promote the general welfare of the United States by--
       (A) employing its resources to remedy the unsafe and 
     unsanitary housing conditions and the acute shortage of 
     decent, safe, and sanitary dwellings for families of lower 
     income; and
       (B) developing effective partnerships with governmental and 
     private entities to accomplish the objectives referred to in 
     subparagraph (A);
       (2) the United States has a special responsibility for the 
     welfare of the Native peoples of the United States, including 
     Native Hawaiians;
       (3) pursuant to the provisions of the Hawaiian Homes 
     Commission Act, 1920 (42 Stat. 108 et seq.), the United 
     States set aside 200,000 acres of land in the Federal 
     territory that later became the State of Hawaii in order to 
     establish a homeland for the native people of Hawaii--Native 
     Hawaiians;
       (4) despite the intent of Congress in 1920 to address the 
     housing needs of Native Hawaiians through the enactment of 
     the Hawaiian Homes Commission Act, 1920 (42 Stat. 108 et 
     seq.), Native Hawaiians eligible to reside on the Hawaiian 
     home lands have been foreclosed from participating in Federal 
     housing assistance programs available to all other eligible 
     families in the United States;
       (5) although Federal housing assistance programs have been 
     administered on a racially neutral basis in the State of 
     Hawaii, Native Hawaiians continue to have the greatest unmet 
     need for housing and the highest rates of overcrowding in the 
     United States;
       (6) among the Native American population of the United 
     States, Native Hawaiians experience the highest percentage of 
     housing problems in the United States, as the percentage--
       (A) of housing problems in the Native Hawaiian population 
     is 49 percent, as compared to--
       (i) 44 percent for American Indian and Alaska Native 
     households in Indian country; and
       (ii) 27 percent for all other households in the United 
     States; and
       (B) overcrowding in the Native Hawaiian population is 36 
     percent as compared to 3 percent for all other households in 
     the United States;
       (7) among the Native Hawaiian population, the needs of 
     Native Hawaiians, as that term is defined in section 801 of 
     the Native American Housing Assistance and Self-Determination 
     Act of 1996 (as added by this subtitle), eligible to reside 
     on the Hawaiian Home Lands are the most severe, as--
       (A) the percentage of overcrowding in Native Hawaiian 
     households on the Hawaiian Home Lands is 36 percent; and
       (B) approximately 13,000 Native Hawaiians, which constitute 
     95 percent of the Native Hawaiians who are eligible to reside 
     on the Hawaiian Home Lands, are in need of housing;
       (8) applying the Department of Housing and Urban 
     Development guidelines--
       (A) 70.8 percent of Native Hawaiians who either reside or 
     who are eligible to reside on the Hawaiian Home Lands have 
     incomes that fall below the median family income; and
       (B) 50 percent of Native Hawaiians who either reside or who 
     are eligible to reside on the Hawaiian Home Lands have 
     incomes below 30 percent of the median family income;
       (9) \1/3\ of those Native Hawaiians who are eligible to 
     reside on the Hawaiian Home Lands pay more than 30 percent of 
     their income for shelter, and \1/2\ of those Native Hawaiians 
     face overcrowding;
       (10) the extraordinarily severe housing needs of Native 
     Hawaiians demonstrate that Native Hawaiians who either reside 
     on, or are eligible to reside on, Hawaiian Home Lands have 
     been denied equal access to Federal low-income housing 
     assistance programs available to other qualified residents of 
     the United States, and that a more effective means of 
     addressing their housing needs must be authorized;
       (11) consistent with the recommendations of the National 
     Commission on American Indian, Alaska Native, and Native 
     Hawaiian Housing, and in order to address the continuing 
     prevalence of extraordinarily severe housing needs among 
     Native Hawaiians who

[[Page 26208]]

     either reside or are eligible to reside on the Hawaiian Home 
     Lands, Congress finds it necessary to extend the Federal low-
     income housing assistance available to American Indians and 
     Alaska Natives under the Native American Housing Assistance 
     and Self-Determination Act of 1996 (25 U.S.C. 4101 et seq.) 
     to those Native Hawaiians;
       (12) under the treatymaking power of the United States, 
     Congress had the constitutional authority to confirm a treaty 
     between the United States and the government that represented 
     the Hawaiian people, and from 1826 until 1893, the United 
     States recognized the independence of the Kingdom of Hawaii, 
     extended full diplomatic recognition to the Hawaiian 
     Government, and entered into treaties and conventions with 
     the Hawaiian monarchs to govern commerce and navigation in 
     1826, 1842, 1849, 1875, and 1887;
       (13) the United States has recognized and reaffirmed that--
       (A) Native Hawaiians have a cultural, historic, and land-
     based link to the indigenous people who exercised sovereignty 
     over the Hawaiian Islands, and that group has never 
     relinquished its claims to sovereignty or its sovereign 
     lands;
       (B) Congress does not extend services to Native Hawaiians 
     because of their race, but because of their unique status as 
     the indigenous people of a once sovereign nation as to whom 
     the United States has established a trust relationship;
       (C) Congress has also delegated broad authority to 
     administer a portion of the Federal trust responsibility to 
     the State of Hawaii;
       (D) the political status of Native Hawaiians is comparable 
     to that of American Indians and Alaska Natives; and
       (E) the aboriginal, indigenous people of the United States 
     have--
       (i) a continuing right to autonomy in their internal 
     affairs; and
       (ii) an ongoing right of self-determination and self-
     governance that has never been extinguished;
       (14) the political relationship between the United States 
     and the Native Hawaiian people has been recognized and 
     reaffirmed by the United States as evidenced by the inclusion 
     of Native Hawaiians in--
       (A) the Native American Programs Act of 1974 (42 U.S.C. 
     2291 et seq.);
       (B) the American Indian Religious Freedom Act (42 U.S.C. 
     1996 et seq.);
       (C) the National Museum of the American Indian Act (20 
     U.S.C. 80q et seq.);
       (D) the Native American Graves Protection and Repatriation 
     Act (25 U.S.C. 3001 et seq.);
       (E) the National Historic Preservation Act (16 U.S.C. 470 
     et seq.);
       (F) the Native American Languages Act of 1992 (106 Stat. 
     3434);
       (G) the American Indian, Alaska Native and Native Hawaiian 
     Culture and Arts Development Act (20 U.S.C. 4401 et seq.);
       (H) the Job Training Partnership Act (29 U.S.C. 1501 et 
     seq.); and
       (I) the Older Americans Act of 1965 (42 U.S.C. 3001 et 
     seq.); and
       (15) in the area of housing, the United States has 
     recognized and reaffirmed the political relationship with the 
     Native Hawaiian people through--
       (A) the enactment of the Hawaiian Homes Commission Act, 
     1920 (42 Stat. 108 et seq.), which set aside approximately 
     200,000 acres of public lands that became known as Hawaiian 
     Home Lands in the Territory of Hawaii that had been ceded to 
     the United States for homesteading by Native Hawaiians in 
     order to rehabilitate a landless and dying people;
       (B) the enactment of the Act entitled ``An Act to provide 
     for the admission of the State of Hawaii into the Union'', 
     approved March 18, 1959 (73 Stat. 4)--
       (i) by ceding to the State of Hawaii title to the public 
     lands formerly held by the United States, and mandating that 
     those lands be held in public trust, for the betterment of 
     the conditions of Native Hawaiians, as that term is defined 
     in section 201 of the Hawaiian Homes Commission Act, 1920 (42 
     Stat. 108 et seq.); and
       (ii) by transferring the United States responsibility for 
     the administration of Hawaiian Home Lands to the State of 
     Hawaii, but retaining the authority to enforce the trust, 
     including the exclusive right of the United States to consent 
     to any actions affecting the lands which comprise the corpus 
     of the trust and any amendments to the Hawaiian Homes 
     Commission Act, 1920 (42 Stat. 108 et seq.), enacted by the 
     legislature of the State of Hawaii affecting the rights of 
     beneficiaries under the Act;
       (C) the authorization of mortgage loans insured by the 
     Federal Housing Administration for the purchase, 
     construction, or refinancing of homes on Hawaiian Home Lands 
     under the National Housing Act (Public Law 479; 73d Congress; 
     12 U.S.C. 1701 et seq.);
       (D) authorizing Native Hawaiian representation on the 
     National Commission on American Indian, Alaska Native, and 
     Native Hawaiian Housing under Public Law 101-235;
       (E) the inclusion of Native Hawaiians in the definition 
     under section 3764 of title 38, United States Code, 
     applicable to subchapter V of chapter 37 of title 38, United 
     States Code (relating to a housing loan program for Native 
     American veterans); and
       (F) the enactment of the Hawaiian Home Lands Recovery Act 
     (109 Stat. 357; 48 U.S.C. 491, note prec.) which establishes 
     a process for the conveyance of Federal lands to the 
     Department of Hawaiian Homes Lands that are equivalent in 
     value to lands acquired by the United States from the 
     Hawaiian Home Lands inventory.

     SEC. 513. HOUSING ASSISTANCE.

       The Native American Housing Assistance and Self-
     Determination Act of 1996 (25 U.S.C. 4101 et seq.) is amended 
     by adding at the end the following:

         ``TITLE VIII--HOUSING ASSISTANCE FOR NATIVE HAWAIIANS

     ``SEC. 801. DEFINITIONS.

       ``In this title:
       ``(1) Department of hawaiian home lands; department.--The 
     term `Department of Hawaiian Home Lands' or `Department' 
     means the agency or department of the government of the State 
     of Hawaii that is responsible for the administration of the 
     Hawaiian Homes Commission Act, 1920 (42 Stat. 108 et seq.).
       ``(2) Director.--The term `Director' means the Director of 
     the Department of Hawaiian Home Lands.
       ``(3) Elderly families; near-elderly families.--
       ``(A) In general.--The term `elderly family' or `near-
     elderly family' means a family whose head (or his or her 
     spouse), or whose sole member, is--
       ``(i) for an elderly family, an elderly person; or
       ``(ii) for a near-elderly family, a near-elderly person.
       ``(B) Certain families included.--The term `elderly family' 
     or `near-elderly family' includes--
       ``(i) two or more elderly persons or near-elderly persons, 
     as the case may be, living together; and
       ``(ii) one or more persons described in clause (i) living 
     with one or more persons determined under the housing plan to 
     be essential to their care or well-being.
       ``(4) Hawaiian home lands.--The term `Hawaiian Home Lands' 
     means lands that--
       ``(A) have the status as Hawaiian home lands under section 
     204 of the Hawaiian Homes Commission Act, 1920(42 Stat. 110); 
     or
       ``(B) are acquired pursuant to that Act.
       ``(5) Housing area.--The term `housing area' means an area 
     of Hawaiian Home Lands with respect to which the Department 
     of Hawaiian Home Lands is authorized to provide assistance 
     for affordable housing under this Act.
       ``(6) Housing entity.--The term `housing entity' means the 
     Department of Hawaiian Home Lands.
       ``(7) Housing plan.--The term `housing plan' means a plan 
     developed by the Department of Hawaiian Home Lands.
       ``(8) Median income.--The term `median income' means, with 
     respect to an area that is a Hawaiian housing area, the 
     greater of--
       ``(A) the median income for the Hawaiian housing area, 
     which shall be determined by the Secretary; or
       ``(B) the median income for the State of Hawaii.
       ``(9) Native hawaiian.--The term `Native Hawaiian' means 
     any individual who is--
       ``(A) a citizen of the United States; and
       ``(B) a descendant of the aboriginal people, who, prior to 
     1778, occupied and exercised sovereignty in the area that 
     currently constitutes the State of Hawaii, as evidenced by--
       ``(i) genealogical records;
       ``(ii) verification by kupuna (elders) or kama'aina (long-
     term community residents); or
       ``(iii) birth records of the State of Hawaii.

     ``SEC. 802. BLOCK GRANTS FOR AFFORDABLE HOUSING ACTIVITIES.

       ``(a) Grant Authority.--For each fiscal year, the Secretary 
     shall (to the extent amounts are made available to carry out 
     this title) make a grant under this title to the Department 
     of Hawaiian Home Lands to carry out affordable housing 
     activities for Native Hawaiian families who are eligible to 
     reside on the Hawaiian Home Lands.
       ``(b) Plan Requirement.--
       ``(1) In general.--The Secretary may make a grant under 
     this title to the Department of Hawaiian Home Lands for a 
     fiscal year only if--
       ``(A) the Director has submitted to the Secretary a housing 
     plan for that fiscal year; and
       ``(B) the Secretary has determined under section 804 that 
     the housing plan complies with the requirements of section 
     803.
       ``(2) Waiver.--The Secretary may waive the applicability of 
     the requirements under paragraph (1), in part, if the 
     Secretary finds that the Department of Hawaiian Home Lands 
     has not complied or cannot comply with those requirements due 
     to circumstances beyond the control of the Department of 
     Hawaiian Home Lands.
       ``(c) Use of Affordable Housing Activities Under Plan.--
     Except as provided in subsection (e), amounts provided under 
     a grant under this section may be used only for affordable 
     housing activities under this title that are consistent with 
     a housing plan approved under section 804.
       ``(d) Administrative Expenses.--
       ``(1) In general.--The Secretary shall, by regulation, 
     authorize the Department of Hawaiian Home Lands to use a 
     percentage of

[[Page 26209]]

     any grant amounts received under this title for any 
     reasonable administrative and planning expenses of the 
     Department relating to carrying out this title and activities 
     assisted with those amounts.
       ``(2) Administrative and planning expenses.--The 
     administrative and planning expenses referred to in paragraph 
     (1) include--
       ``(A) costs for salaries of individuals engaged in 
     administering and managing affordable housing activities 
     assisted with grant amounts provided under this title; and
       ``(B) expenses incurred in preparing a housing plan under 
     section 803.
       ``(e) Public-Private Partnerships.--The Director shall make 
     all reasonable efforts, consistent with the purposes of this 
     title, to maximize participation by the private sector, 
     including nonprofit organizations and for-profit entities, in 
     implementing a housing plan that has been approved by the 
     Secretary under section 803.

     ``SEC. 803. HOUSING PLAN.

       ``(a) Plan Submission.--The Secretary shall--
       ``(1) require the Director to submit a housing plan under 
     this section for each fiscal year; and
       ``(2) provide for the review of each plan submitted under 
     paragraph (1).
       ``(b) Five-Year Plan.--Each housing plan under this section 
     shall--
       ``(1) be in a form prescribed by the Secretary; and
       ``(2) contain, with respect to the 5-year period beginning 
     with the fiscal year for which the plan is submitted, the 
     following information:
       ``(A) Mission statement.--A general statement of the 
     mission of the Department of Hawaiian Home Lands to serve the 
     needs of the low-income families to be served by the 
     Department.
       ``(B) Goal and objectives.--A statement of the goals and 
     objectives of the Department of Hawaiian Home Lands to enable 
     the Department to serve the needs identified in subparagraph 
     (A) during the period.
       ``(C) Activities plans.--An overview of the activities 
     planned during the period including an analysis of the manner 
     in which the activities will enable the Department to meet 
     its mission, goals, and objectives.
       ``(c) One-Year Plan.--A housing plan under this section 
     shall--
       ``(1) be in a form prescribed by the Secretary; and
       ``(2) contain the following information relating to the 
     fiscal year for which the assistance under this title is to 
     be made available:
       ``(A) Goals and objectives.--A statement of the goals and 
     objectives to be accomplished during the period covered by 
     the plan.
       ``(B) Statement of needs.--A statement of the housing needs 
     of the low-income families served by the Department and the 
     means by which those needs will be addressed during the 
     period covered by the plan, including--
       ``(i) a description of the estimated housing needs and the 
     need for assistance for the low-income families to be served 
     by the Department, including a description of the manner in 
     which the geographical distribution of assistance is 
     consistent with--

       ``(I) the geographical needs of those families; and
       ``(II) needs for various categories of housing assistance; 
     and

       ``(ii) a description of the estimated housing needs for all 
     families to be served by the Department.
       ``(C) Financial resources.--An operating budget for the 
     Department of Hawaiian Home Lands, in a form prescribed by 
     the Secretary, that includes--
       ``(i) an identification and a description of the financial 
     resources reasonably available to the Department to carry out 
     the purposes of this title, including an explanation of the 
     manner in which amounts made available will be used to 
     leverage additional resources; and
       ``(ii) the uses to which the resources described in clause 
     (i) will be committed, including--

       ``(I) eligible and required affordable housing activities; 
     and
       ``(II) administrative expenses.

       ``(D) Affordable housing resources.--A statement of the 
     affordable housing resources currently available at the time 
     of the submittal of the plan and to be made available during 
     the period covered by the plan, including--
       ``(i) a description of the significant characteristics of 
     the housing market in the State of Hawaii, including the 
     availability of housing from other public sources, private 
     market housing;
       ``(ii) the manner in which the characteristics referred to 
     in clause (i) influence the decision of the Department of 
     Hawaiian Home Lands to use grant amounts to be provided under 
     this title for--

       ``(I) rental assistance;
       ``(II) the production of new units;
       ``(III) the acquisition of existing units; or
       ``(IV) the rehabilitation of units;

       ``(iii) a description of the structure, coordination, and 
     means of cooperation between the Department of Hawaiian Home 
     Lands and any other governmental entities in the development, 
     submission, or implementation of housing plans, including a 
     description of--

       ``(I) the involvement of private, public, and nonprofit 
     organizations and institutions;
       ``(II) the use of loan guarantees under section 184A of the 
     Housing and Community Development Act of 1992; and
       ``(III) other housing assistance provided by the United 
     States, including loans, grants, and mortgage insurance;

       ``(iv) a description of the manner in which the plan will 
     address the needs identified pursuant to subparagraph (C);
       ``(v) a description of--

       ``(I) any existing or anticipated homeownership programs 
     and rental programs to be carried out during the period 
     covered by the plan; and
       ``(II) the requirements and assistance available under the 
     programs referred to in subclause (I);

       ``(vi) a description of--

       ``(I) any existing or anticipated housing rehabilitation 
     programs necessary to ensure the long-term viability of the 
     housing to be carried out during the period covered by the 
     plan; and
       ``(II) the requirements and assistance available under the 
     programs referred to in subclause (I);

       ``(vii) a description of--

       ``(I) all other existing or anticipated housing assistance 
     provided by the Department of Hawaiian Home Lands during the 
     period covered by the plan, including--

       ``(aa) transitional housing;
       ``(bb) homeless housing;
       ``(cc) college housing; and
       ``(dd) supportive services housing; and

       ``(II) the requirements and assistance available under such 
     programs;

       ``(viii)(I) a description of any housing to be demolished 
     or disposed of;
       ``(II) a timetable for that demolition or disposition; and
       ``(III) any other information required by the Secretary 
     with respect to that demolition or disposition;
       ``(ix) a description of the manner in which the Department 
     of Hawaiian Home Lands will coordinate with welfare agencies 
     in the State of Hawaii to ensure that residents of the 
     affordable housing will be provided with access to resources 
     to assist in obtaining employment and achieving self-
     sufficiency;
       ``(x) a description of the requirements established by the 
     Department of Hawaiian Home Lands to--

       ``(I) promote the safety of residents of the affordable 
     housing;
       ``(II) facilitate the undertaking of crime prevention 
     measures;
       ``(III) allow resident input and involvement, including the 
     establishment of resident organizations; and
       ``(IV) allow for the coordination of crime prevention 
     activities between the Department and local law enforcement 
     officials; and

       ``(xi) a description of the entities that will carry out 
     the activities under the plan, including the organizational 
     capacity and key personnel of the entities.
       ``(E) Certification of compliance.--Evidence of compliance 
     that shall include, as appropriate--
       ``(i) a certification that the Department of Hawaiian Home 
     Lands will comply with--

       ``(I) title VI of the Civil Rights Act of 1964 (42 U.S.C. 
     2000d et seq.) or with the Fair Housing Act (42 U.S.C. 3601 
     et seq.) in carrying out this title, to the extent that such 
     title is applicable; and
       ``(II) other applicable Federal statutes;

       ``(ii) a certification that the Department will require 
     adequate insurance coverage for housing units that are owned 
     and operated or assisted with grant amounts provided under 
     this title, in compliance with such requirements as may be 
     established by the Secretary;
       ``(iii) a certification that policies are in effect and are 
     available for review by the Secretary and the public 
     governing the eligibility, admission, and occupancy of 
     families for housing assisted with grant amounts provided 
     under this title;
       ``(iv) a certification that policies are in effect and are 
     available for review by the Secretary and the public 
     governing rents charged, including the methods by which such 
     rents or homebuyer payments are determined, for housing 
     assisted with grant amounts provided under this title; and
       ``(v) a certification that policies are in effect and are 
     available for review by the Secretary and the public 
     governing the management and maintenance of housing assisted 
     with grant amounts provided under this title.
       ``(d) Applicability of Civil Rights Statutes.--
       ``(1) In general.--To the extent that the requirements of 
     title VI of the Civil Rights Act of 1964 (42 U.S.C. 2000d et 
     seq.) or of the Fair Housing Act (42 U.S.C. 3601 et seq.) 
     apply to assistance provided under this title, nothing in the 
     requirements concerning discrimination on the basis of race 
     shall be construed to prevent the provision of assistance 
     under this title--
       ``(A) to the Department of Hawaiian Home Lands on the basis 
     that the Department served Native Hawaiians; or
       ``(B) to an eligible family on the basis that the family is 
     a Native Hawaiian family.
       ``(2) Civil rights.--Program eligibility under this title 
     may be restricted to Native Hawaiians. Subject to the 
     preceding sentence, no person may be discriminated

[[Page 26210]]

     against on the basis of race, color, national origin, 
     religion, sex, familial status, or disability.
       ``(e) Use of Nonprofit Organizations.--As a condition of 
     receiving grant amounts under this title, the Department of 
     Hawaiian Home Lands shall, to the extent practicable, provide 
     for private nonprofit organizations experienced in the 
     planning and development of affordable housing for Native 
     Hawaiians to carry out affordable housing activities with 
     those grant amounts.

     ``SEC. 804. REVIEW OF PLANS.

       ``(a) Review and Notice.--
       ``(1) Review.--
       ``(A) In general.--The Secretary shall conduct a review of 
     a housing plan submitted to the Secretary under section 803 
     to ensure that the plan complies with the requirements of 
     that section.
       ``(B) Limitation.--The Secretary shall have the discretion 
     to review a plan referred to in subparagraph (A) only to the 
     extent that the Secretary considers that the review is 
     necessary.
       ``(2) Notice.--
       ``(A) In general.--Not later than 60 days after receiving a 
     plan under section 803, the Secretary shall notify the 
     Director of the Department of Hawaiian Home Lands whether the 
     plan complies with the requirements under that section.
       ``(B) Effect of failure of secretary to take action.--For 
     purposes of this title, if the Secretary does not notify the 
     Director, as required under this subsection and subsection 
     (b), upon the expiration of the 60-day period described in 
     subparagraph (A)--
       ``(i) the plan shall be considered to have been determined 
     to comply with the requirements under section 803; and
       ``(ii) the Director shall be considered to have been 
     notified of compliance.
       ``(b) Notice of Reasons for Determination of 
     Noncompliance.--If the Secretary determines that a plan 
     submitted under section 803 does not comply with the 
     requirements of that section, the Secretary shall specify in 
     the notice under subsection (a)--
       ``(1) the reasons for noncompliance; and
       ``(2) any modifications necessary for the plan to meet the 
     requirements of section 803.
       ``(c) Review.--
       ``(1) In general.--After the Director of the Department of 
     Hawaiian Home Lands submits a housing plan under section 803, 
     or any amendment or modification to the plan to the 
     Secretary, to the extent that the Secretary considers such 
     action to be necessary to make a determination under this 
     subsection, the Secretary shall review the plan (including 
     any amendments or modifications thereto) to determine whether 
     the contents of the plan--
       ``(A) set forth the information required by section 803 to 
     be contained in the housing plan;
       ``(B) are consistent with information and data available to 
     the Secretary; and
       ``(C) are not prohibited by or inconsistent with any 
     provision of this Act or any other applicable law.
       ``(2) Incomplete plans.--If the Secretary determines under 
     this subsection that any of the appropriate certifications 
     required under section 803(c)(2)(E) are not included in a 
     plan, the plan shall be considered to be incomplete.
       ``(d) Updates to Plan.--
       ``(1) In general.--Subject to paragraph (2), after a plan 
     under section 803 has been submitted for a fiscal year, the 
     Director of the Department of Hawaiian Home Lands may comply 
     with the provisions of that section for any succeeding fiscal 
     year (with respect to information included for the 5-year 
     period under section 803(b) or for the 1-year period under 
     section 803(c)) by submitting only such information regarding 
     such changes as may be necessary to update the plan 
     previously submitted.
       ``(2) Complete plans.--The Director shall submit a complete 
     plan under section 803 not later than 4 years after 
     submitting an initial plan under that section, and not less 
     frequently than every 4 years thereafter.
       ``(e) Effective Date.--This section and section 803 shall 
     take effect on the date provided by the Secretary pursuant to 
     section 807(a) to provide for timely submission and review of 
     the housing plan as necessary for the provision of assistance 
     under this title for fiscal year 2001.

     ``SEC. 805. TREATMENT OF PROGRAM INCOME AND LABOR STANDARDS.

       ``(a) Program Income.--
       ``(1) Authority to retain.--The Department of Hawaiian Home 
     Lands may retain any program income that is realized from any 
     grant amounts received by the Department under this title 
     if--
       ``(A) that income was realized after the initial 
     disbursement of the grant amounts received by the Department; 
     and
       ``(B) the Director agrees to use the program income for 
     affordable housing activities in accordance with the 
     provisions of this title.
       ``(2) Prohibition of reduction of grant.--The Secretary may 
     not reduce the grant amount for the Department of Hawaiian 
     Home Lands based solely on--
       ``(A) whether the Department retains program income under 
     paragraph (1); or
       ``(B) the amount of any such program income retained.
       ``(3) Exclusion of amounts.--The Secretary may, by 
     regulation, exclude from consideration as program income any 
     amounts determined to be so small that compliance with the 
     requirements of this subsection would create an unreasonable 
     administrative burden on the Department.
       ``(b) Labor Standards.--
       ``(1) In general.--Any contract or agreement for 
     assistance, sale, or lease pursuant to this title shall 
     contain--
       ``(A) a provision requiring that an amount not less than 
     the wages prevailing in the locality, as determined or 
     adopted (subsequent to a determination under applicable State 
     or local law) by the Secretary, shall be paid to all 
     architects, technical engineers, draftsmen, technicians 
     employed in the development and all maintenance, and laborers 
     and mechanics employed in the operation, of the affordable 
     housing project involved; and
       ``(B) a provision that an amount not less than the wages 
     prevailing in the locality, as predetermined by the Secretary 
     of Labor pursuant to the Act commonly known as the `Davis-
     Bacon Act' (46 Stat. 1494; chapter 411; 40 U.S.C. 276a et 
     seq.) shall be paid to all laborers and mechanics employed in 
     the development of the affordable housing involved.
       ``(2) Exceptions.--Paragraph (1) and provisions relating to 
     wages required under paragraph (1) in any contract or 
     agreement for assistance, sale, or lease under this title, 
     shall not apply to any individual who performs the services 
     for which the individual volunteered and who is not otherwise 
     employed at any time in the construction work and received no 
     compensation or is paid expenses, reasonable benefits, or a 
     nominal fee for those services.

     ``SEC. 806. ENVIRONMENTAL REVIEW.

       ``(a) In General.--
       ``(1) Release of funds.--
       ``(A) In general.--The Secretary may carry out the 
     alternative environmental protection procedures described in 
     subparagraph (B) in order to ensure--
       ``(i) that the policies of the National Environmental 
     Policy Act of 1969 (42 U.S.C. 4321 et seq.) and other 
     provisions of law that further the purposes of such Act (as 
     specified in regulations issued by the Secretary) are most 
     effectively implemented in connection with the expenditure of 
     grant amounts provided under this title; and
       ``(ii) to the public undiminished protection of the 
     environment.
       ``(B) Alternative environmental protection procedure.--In 
     lieu of applying environmental protection procedures 
     otherwise applicable, the Secretary may by regulation provide 
     for the release of funds for specific projects to the 
     Department of Hawaiian Home Lands if the Director of the 
     Department assumes all of the responsibilities for 
     environmental review, decisionmaking, and action under the 
     National Environmental Policy Act of 1969 (42 U.S.C. 4321 et 
     seq.), and such other provisions of law as the regulations of 
     the Secretary specify, that would apply to the Secretary were 
     the Secretary to undertake those projects as Federal 
     projects.
       ``(2) Regulations.--
       ``(A) In general.--The Secretary shall issue regulations to 
     carry out this section only after consultation with the 
     Council on Environmental Quality.
       ``(B) Contents.--The regulations issued under this 
     paragraph shall--
       ``(i) provide for the monitoring of the environmental 
     reviews performed under this section;
       ``(ii) in the discretion of the Secretary, facilitate 
     training for the performance of such reviews; and
       ``(iii) provide for the suspension or termination of the 
     assumption of responsibilities under this section.
       ``(3) Effect on assumed responsibility.--The duty of the 
     Secretary under paragraph (2)(B) shall not be construed to 
     limit or reduce any responsibility assumed by the Department 
     of Hawaiian Home Lands for grant amounts with respect to any 
     specific release of funds.
       ``(b) Procedure.--
       ``(1) In general.--The Secretary shall authorize the 
     release of funds subject to the procedures under this section 
     only if, not less than 15 days before that approval and 
     before any commitment of funds to such projects, the Director 
     of the Department of Hawaiian Home Lands submits to the 
     Secretary a request for such release accompanied by a 
     certification that meets the requirements of subsection (c).
       ``(2) Effect of approval.--The approval of the Secretary of 
     a certification described in paragraph (1) shall be deemed to 
     satisfy the responsibilities of the Secretary under the 
     National Environmental Policy Act of 1969 (42 U.S.C. 4321 et 
     seq.) and such other provisions of law as the regulations of 
     the Secretary specify to the extent that those 
     responsibilities relate to the releases of funds for projects 
     that are covered by that certification.
       ``(c) Certification.--A certification under the procedures 
     under this section shall--
       ``(1) be in a form acceptable to the Secretary;
       ``(2) be executed by the Director of the Department of 
     Hawaiian Home Lands;
       ``(3) specify that the Department of Hawaiian Home Lands 
     has fully carried out its responsibilities as described under 
     subsection (a); and

[[Page 26211]]

       ``(4) specify that the Director--
       ``(A) consents to assume the status of a responsible 
     Federal official under the National Environmental Policy Act 
     of 1969 (42 U.S.C. 4321 et seq.) and each provision of law 
     specified in regulations issued by the Secretary to the 
     extent that those laws apply by reason of subsection (a); and
       ``(B) is authorized and consents on behalf of the 
     Department of Hawaiian Home Lands and the Director to accept 
     the jurisdiction of the Federal courts for the purpose of 
     enforcement of the responsibilities of the Director of the 
     Department of Hawaiian Home Lands as such an official.

     ``SEC. 807. REGULATIONS.

       ``The Secretary shall issue final regulations necessary to 
     carry out this title not later than October 1, 2001.

     ``SEC. 808. EFFECTIVE DATE.

       ``Except as otherwise expressly provided in this title, 
     this title shall take effect on the date of the enactment of 
     the American Homeownership and Economic Opportunity Act of 
     2000.

     ``SEC. 809. AFFORDABLE HOUSING ACTIVITIES.

       ``(a) National Objectives and Eligible Families.--
       ``(1) Primary objective.--The national objectives of this 
     title are--
       ``(A) to assist and promote affordable housing activities 
     to develop, maintain, and operate affordable housing in safe 
     and healthy environments for occupancy by low-income Native 
     Hawaiian families;
       ``(B) to ensure better access to private mortgage markets 
     and to promote self-sufficiency of low-income Native Hawaiian 
     families;
       ``(C) to coordinate activities to provide housing for low-
     income Native Hawaiian families with Federal, State and local 
     activities to further economic and community development;
       ``(D) to plan for and integrate infrastructure resources on 
     the Hawaiian Home Lands with housing development; and
       ``(E) to--
       ``(i) promote the development of private capital markets; 
     and
       ``(ii) allow the markets referred to in clause (i) to 
     operate and grow, thereby benefiting Native Hawaiian 
     communities.
       ``(2) Eligible families.--
       ``(A) In general.--Except as provided under subparagraph 
     (B), assistance for eligible housing activities under this 
     title shall be limited to low-income Native Hawaiian 
     families.
       ``(B) Exception to low-income requirement.--
       ``(i) In general.--The Director may provide assistance for 
     homeownership activities under--

       ``(I) section 810(b);
       ``(II) model activities under section 810(f); or
       ``(III) loan guarantee activities under section 184A of the 
     Housing and Community Development Act of 1992 to Native 
     Hawaiian families who are not low-income families, to the 
     extent that the Secretary approves the activities under that 
     section to address a need for housing for those families that 
     cannot be reasonably met without that assistance.

       ``(ii) Limitations.--The Secretary shall establish 
     limitations on the amount of assistance that may be provided 
     under this title for activities for families that are not 
     low-income families.
       ``(C) Other families.--Notwithstanding paragraph (1), the 
     Director may provide housing or housing assistance provided 
     through affordable housing activities assisted with grant 
     amounts under this title to a family that is not composed of 
     Native Hawaiians if--
       ``(i) the Department determines that the presence of the 
     family in the housing involved is essential to the well-being 
     of Native Hawaiian families; and
       ``(ii) the need for housing for the family cannot be 
     reasonably met without the assistance.
       ``(D) Preference.--
       ``(i) In general.--A housing plan submitted under section 
     803 may authorize a preference, for housing or housing 
     assistance provided through affordable housing activities 
     assisted with grant amounts provided under this title to be 
     provided, to the extent practicable, to families that are 
     eligible to reside on the Hawaiian Home Lands.
       ``(ii) Application.--In any case in which a housing plan 
     provides for preference described in clause (i), the Director 
     shall ensure that housing activities that are assisted with 
     grant amounts under this title are subject to that 
     preference.
       ``(E) Use of nonprofit organizations.--As a condition of 
     receiving grant amounts under this title, the Department of 
     Hawaiian Home Lands, shall to the extent practicable, provide 
     for private nonprofit organizations experienced in the 
     planning and development of affordable housing for Native 
     Hawaiians to carry out affordable housing activities with 
     those grant amounts.

     ``SEC. 810. ELIGIBLE AFFORDABLE HOUSING ACTIVITIES.

       ``(a) In General.--Affordable housing activities under this 
     section are activities conducted in accordance with the 
     requirements of section 811 to--
       ``(1) develop or to support affordable housing for rental 
     or homeownership; or
       ``(2) provide housing services with respect to affordable 
     housing, through the activities described in subsection (b).
       ``(b) Activities.--The activities described in this 
     subsection are the following:
       ``(1) Development.--The acquisition, new construction, 
     reconstruction, or moderate or substantial rehabilitation of 
     affordable housing, which may include--
       ``(A) real property acquisition;
       ``(B) site improvement;
       ``(C) the development of utilities and utility services;
       ``(D) conversion;
       ``(E) demolition;
       ``(F) financing;
       ``(G) administration and planning; and
       ``(H) other related activities.
       ``(2) Housing services.--The provision of housing-related 
     services for affordable housing, including--
       ``(A) housing counseling in connection with rental or 
     homeownership assistance;
       ``(B) the establishment and support of resident 
     organizations and resident management corporations;
       ``(C) energy auditing;
       ``(D) activities related to the provisions of self-
     sufficiency and other services; and
       ``(E) other services related to assisting owners, tenants, 
     contractors, and other entities participating or seeking to 
     participate in other housing activities assisted pursuant to 
     this section.
       ``(3) Housing management services.--The provision of 
     management services for affordable housing, including--
       ``(A) the preparation of work specifications;
       ``(B) loan processing;
       ``(C) inspections;
       ``(D) tenant selection;
       ``(E) management of tenant-based rental assistance; and
       ``(F) management of affordable housing projects.
       ``(4) Crime prevention and safety activities.--The 
     provision of safety, security, and law enforcement measures 
     and activities appropriate to protect residents of affordable 
     housing from crime.
       ``(5) Model activities.--Housing activities under model 
     programs that are--
       ``(A) designed to carry out the purposes of this title; and
       ``(B) specifically approved by the Secretary as appropriate 
     for the purpose referred to in subparagraph (A).

     ``SEC. 811. PROGRAM REQUIREMENTS.

       ``(a) Rents.--
       ``(1) Establishment.--Subject to paragraph (2), as a 
     condition to receiving grant amounts under this title, the 
     Director shall develop written policies governing rents and 
     homebuyer payments charged for dwelling units assisted under 
     this title, including methods by which such rents and 
     homebuyer payments are determined.
       ``(2) Maximum rent.--In the case of any low-income family 
     residing in a dwelling unit assisted with grant amounts under 
     this title, the monthly rent or homebuyer payment (as 
     applicable) for that dwelling unit may not exceed 30 percent 
     of the monthly adjusted income of that family.
       ``(b) Maintenance and Efficient Operation.--
       ``(1) In general.--The Director shall, using amounts of any 
     grants received under this title, reserve and use for 
     operating under section 810 such amounts as may be necessary 
     to provide for the continued maintenance and efficient 
     operation of such housing.
       ``(2) Disposal of certain housing.--This subsection may not 
     be construed to prevent the Director, or any entity funded by 
     the Department, from demolishing or disposing of housing, 
     pursuant to regulations established by the Secretary.
       ``(c) Insurance Coverage.--As a condition to receiving 
     grant amounts under this title, the Director shall require 
     adequate insurance coverage for housing units that are owned 
     or operated or assisted with grant amounts provided under 
     this title.
       ``(d) Eligibility for Admission.--As a condition to 
     receiving grant amounts under this title, the Director shall 
     develop written policies governing the eligibility, 
     admission, and occupancy of families for housing assisted 
     with grant amounts provided under this title.
       ``(e) Management and Maintenance.--As a condition to 
     receiving grant amounts under this title, the Director shall 
     develop policies governing the management and maintenance of 
     housing assisted with grant amounts under this title.

     ``SEC. 812. TYPES OF INVESTMENTS.

       ``(a) In General.--Subject to section 811 and an applicable 
     housing plan approved under section 803, the Director shall 
     have--
       ``(1) the discretion to use grant amounts for affordable 
     housing activities through the use of--
       ``(A) equity investments;
       ``(B) interest-bearing loans or advances;
       ``(C) noninterest-bearing loans or advances;
       ``(D) interest subsidies;
       ``(E) the leveraging of private investments; or
       ``(F) any other form of assistance that the Secretary 
     determines to be consistent with the purposes of this title; 
     and

[[Page 26212]]

       ``(2) the right to establish the terms of assistance 
     provided with funds referred to in paragraph (1).
       ``(b) Investments.--The Director may invest grant amounts 
     for the purposes of carrying out affordable housing 
     activities in investment securities and other obligations, as 
     approved by the Secretary.

     ``SEC. 813. LOW-INCOME REQUIREMENT AND INCOME TARGETING.

       ``(a) In General.--Housing shall qualify for affordable 
     housing for purposes of this title only if--
       ``(1) each dwelling unit in the housing--
       ``(A) in the case of rental housing, is made available for 
     occupancy only by a family that is a low-income family at the 
     time of the initial occupancy of that family of that unit; 
     and
       ``(B) in the case of housing for homeownership, is made 
     available for purchase only by a family that is a low-income 
     family at the time of purchase; and
       ``(2) each dwelling unit in the housing will remain 
     affordable, according to binding commitments satisfactory to 
     the Secretary, for--
       ``(A) the remaining useful life of the property (as 
     determined by the Secretary) without regard to the term of 
     the mortgage or to transfer of ownership; or
       ``(B) such other period as the Secretary determines is the 
     longest feasible period of time consistent with sound 
     economics and the purposes of this title, except upon a 
     foreclosure by a lender (or upon other transfer in lieu of 
     foreclosure) if that action--
       ``(i) recognizes any contractual or legal rights of any 
     public agency, nonprofit sponsor, or other person or entity 
     to take an action that would--

       ``(I) avoid termination of low-income affordability, in the 
     case of foreclosure; or
       ``(II) transfer ownership in lieu of foreclosure; and

       ``(ii) is not for the purpose of avoiding low-income 
     affordability restrictions, as determined by the Secretary.
       ``(b) Exception.--Notwithstanding subsection (a), housing 
     assisted pursuant to section 809(a)(2)(B) shall be considered 
     affordable housing for purposes of this title.

     ``SEC. 814. LEASE REQUIREMENTS AND TENANT SELECTION.

       ``(a) Leases.--Except to the extent otherwise provided by 
     or inconsistent with the laws of the State of Hawaii, in 
     renting dwelling units in affordable housing assisted with 
     grant amounts provided under this title, the Director, owner, 
     or manager shall use leases that--
       ``(1) do not contain unreasonable terms and conditions;
       ``(2) require the Director, owner, or manager to maintain 
     the housing in compliance with applicable housing codes and 
     quality standards;
       ``(3) require the Director, owner, or manager to give 
     adequate written notice of termination of the lease, which 
     shall be the period of time required under applicable State 
     or local law;
       ``(4) specify that, with respect to any notice of eviction 
     or termination, notwithstanding any State or local law, a 
     resident shall be informed of the opportunity, before any 
     hearing or trial, to examine any relevant documents, record, 
     or regulations directly related to the eviction or 
     termination;
       ``(5) require that the Director, owner, or manager may not 
     terminate the tenancy, during the term of the lease, except 
     for serious or repeated violation of the terms and conditions 
     of the lease, violation of applicable Federal, State, or 
     local law, or for other good cause; and
       ``(6) provide that the Director, owner, or manager may 
     terminate the tenancy of a resident for any activity, engaged 
     in by the resident, any member of the household of the 
     resident, or any guest or other person under the control of 
     the resident, that--
       ``(A) threatens the health or safety of, or right to 
     peaceful enjoyment of the premises by, other residents or 
     employees of the Department, owner, or manager;
       ``(B) threatens the health or safety of, or right to 
     peaceful enjoyment of their premises by, persons residing in 
     the immediate vicinity of the premises; or
       ``(C) is criminal activity (including drug-related criminal 
     activity) on or off the premises.
       ``(b) Tenant or Homebuyer Selection.--As a condition to 
     receiving grant amounts under this title, the Director shall 
     adopt and use written tenant and homebuyer selection policies 
     and criteria that--
       ``(1) are consistent with the purpose of providing housing 
     for low-income families;
       ``(2) are reasonably related to program eligibility and the 
     ability of the applicant to perform the obligations of the 
     lease; and
       ``(3) provide for--
       ``(A) the selection of tenants and homebuyers from a 
     written waiting list in accordance with the policies and 
     goals set forth in an applicable housing plan approved under 
     section 803; and
       ``(B) the prompt notification in writing of any rejected 
     applicant of the grounds for that rejection.

     ``SEC. 815. REPAYMENT.

       ``If the Department of Hawaiian Home Lands uses grant 
     amounts to provide affordable housing under activities under 
     this title and, at any time during the useful life of the 
     housing, the housing does not comply with the requirement 
     under section 813(a)(2), the Secretary shall--
       ``(1) reduce future grant payments on behalf of the 
     Department by an amount equal to the grant amounts used for 
     that housing (under the authority of section 819(a)(2)); or
       ``(2) require repayment to the Secretary of any amount 
     equal to those grant amounts.

     ``SEC. 816. ANNUAL ALLOCATION.

       ``For each fiscal year, the Secretary shall allocate any 
     amounts made available for assistance under this title for 
     the fiscal year, in accordance with the formula established 
     pursuant to section 817 to the Department of Hawaiian Home 
     Lands if the Department complies with the requirements under 
     this title for a grant under this title.

     ``SEC. 817. ALLOCATION FORMULA.

       ``(a) Establishment.--The Secretary shall, by regulation 
     issued not later than the expiration of the 6-month period 
     beginning on the date of the enactment of the American 
     Homeownership and Economic Opportunity Act of 2000, in the 
     manner provided under section 807, establish a formula to 
     provide for the allocation of amounts available for a fiscal 
     year for block grants under this title in accordance with the 
     requirements of this section.
       ``(b) Factors for Determination of Need.--The formula under 
     subsection (a) shall be based on factors that reflect the 
     needs for assistance for affordable housing activities, 
     including--
       ``(1) the number of low-income dwelling units owned or 
     operated at the time pursuant to a contract between the 
     Director and the Secretary;
       ``(2) the extent of poverty and economic distress and the 
     number of Native Hawaiian families eligible to reside on the 
     Hawaiian Home Lands; and
       ``(3) any other objectively measurable conditions that the 
     Secretary and the Director may specify.
       ``(c) Other Factors for Consideration.--In establishing the 
     formula under subsection (a), the Secretary shall consider 
     the relative administrative capacities of the Department of 
     Hawaiian Home Lands and other challenges faced by the 
     Department, including--
       ``(1) geographic distribution within Hawaiian Home Lands; 
     and
       ``(2) technical capacity.
       ``(d) Effective Date.--This section shall take effect on 
     the date of the enactment of the American Homeownership and 
     Economic Opportunity Act of 2000.

     ``SEC. 818. REMEDIES FOR NONCOMPLIANCE.

       ``(a) Actions by Secretary Affecting Grant Amounts.--
       ``(1) In general.--Except as provided in subsection (b), if 
     the Secretary finds after reasonable notice and opportunity 
     for a hearing that the Department of Hawaiian Home Lands has 
     failed to comply substantially with any provision of this 
     title, the Secretary shall--
       ``(A) terminate payments under this title to the 
     Department;
       ``(B) reduce payments under this title to the Department by 
     an amount equal to the amount of such payments that were not 
     expended in accordance with this title; or
       ``(C) limit the availability of payments under this title 
     to programs, projects, or activities not affected by such 
     failure to comply.
       ``(2) Actions.--If the Secretary takes an action under 
     subparagraph (A), (B), or (C) of paragraph (1), the Secretary 
     shall continue that action until the Secretary determines 
     that the failure by the Department to comply with the 
     provision has been remedied by the Department and the 
     Department is in compliance with that provision.
       ``(b) Noncompliance Because of a Technical Incapacity.--The 
     Secretary may provide technical assistance for the 
     Department, either directly or indirectly, that is designed 
     to increase the capability and capacity of the Director of 
     the Department to administer assistance provided under this 
     title in compliance with the requirements under this title if 
     the Secretary makes a finding under subsection (a), but 
     determines that the failure of the Department to comply 
     substantially with the provisions of this title--
       ``(1) is not a pattern or practice of activities 
     constituting willful noncompliance; and
       ``(2) is a result of the limited capability or capacity of 
     the Department of Hawaiian Home Lands.
       ``(c) Referral for Civil Action.--
       ``(1) Authority.--In lieu of, or in addition to, any action 
     that the Secretary may take under subsection (a), if the 
     Secretary has reason to believe that the Department of 
     Hawaiian Home Lands has failed to comply substantially with 
     any provision of this title, the Secretary may refer the 
     matter to the Attorney General of the United States with a 
     recommendation that an appropriate civil action be 
     instituted.
       ``(2) Civil action.--Upon receiving a referral under 
     paragraph (1), the Attorney General may bring a civil action 
     in any United States district court of appropriate 
     jurisdiction for such relief as may be appropriate, including 
     an action--
       ``(A) to recover the amount of the assistance furnished 
     under this title that was not expended in accordance with 
     this title; or

[[Page 26213]]

       ``(B) for mandatory or injunctive relief.
       ``(d) Review.--
       ``(1) In general.--If the Director receives notice under 
     subsection (a) of the termination, reduction, or limitation 
     of payments under this Act, the Director--
       ``(A) may, not later than 60 days after receiving such 
     notice, file with the United States Court of Appeals for the 
     Ninth Circuit, or in the United States Court of Appeals for 
     the District of Columbia, a petition for review of the action 
     of the Secretary; and
       ``(B) upon the filing of any petition under subparagraph 
     (A), shall forthwith transmit copies of the petition to the 
     Secretary and the Attorney General of the United States, who 
     shall represent the Secretary in the litigation.
       ``(2) Procedure.--
       ``(A) In general.--The Secretary shall file in the court a 
     record of the proceeding on which the Secretary based the 
     action, as provided in section 2112 of title 28, United 
     States Code.
       ``(B) Objections.--No objection to the action of the 
     Secretary shall be considered by the court unless the 
     Department has registered the objection before the Secretary.
       ``(3) Disposition.--
       ``(A) Court proceedings.--
       ``(i) Jurisdiction of court.--The court shall have 
     jurisdiction to affirm or modify the action of the Secretary 
     or to set the action aside in whole or in part.
       ``(ii) Findings of fact.--If supported by substantial 
     evidence on the record considered as a whole, the findings of 
     fact by the Secretary shall be conclusive.
       ``(iii) Addition.--The court may order evidence, in 
     addition to the evidence submitted for review under this 
     subsection, to be taken by the Secretary, and to be made part 
     of the record.
       ``(B) Secretary.--
       ``(i) In general.--The Secretary, by reason of the 
     additional evidence referred to in subparagraph (A) and filed 
     with the court--

       ``(I) may--

       ``(aa) modify the findings of fact of the Secretary; or
       ``(bb) make new findings; and

       ``(II) shall file--

       ``(aa) such modified or new findings; and
       ``(bb) the recommendation of the Secretary, if any, for the 
     modification or setting aside of the original action of the 
     Secretary.
       ``(ii) Findings.--The findings referred to in clause 
     (i)(II)(bb) shall, with respect to a question of fact, be 
     considered to be conclusive if those findings are--

       ``(I) supported by substantial evidence on the record; and
       ``(II) considered as a whole.

       ``(4) Finality.--
       ``(A) In general.--Except as provided in subparagraph (B), 
     upon the filing of the record under this subsection with the 
     court--
       ``(i) the jurisdiction of the court shall be exclusive; and
       ``(ii) the judgment of the court shall be final.
       ``(B) Review by supreme court.--A judgment under 
     subparagraph (A) shall be subject to review by the Supreme 
     Court of the United States upon writ of certiorari or 
     certification, as provided in section 1254 of title 28, 
     United States Code.

     ``SEC. 819. MONITORING OF COMPLIANCE.

       ``(a) Enforceable Agreements.--
       ``(1) In general.--The Director, through binding 
     contractual agreements with owners or other authorized 
     entities, shall ensure long-term compliance with the 
     provisions of this title.
       ``(2) Measures.--The measures referred to in paragraph (1) 
     shall provide for--
       ``(A) to the extent allowable by Federal and State law, the 
     enforcement of the provisions of this title by the Department 
     and the Secretary; and
       ``(B) remedies for breach of the provisions referred to in 
     paragraph (1).
       ``(b) Periodic Monitoring.--
       ``(1) In general.--Not less frequently than annually, the 
     Director shall review the activities conducted and housing 
     assisted under this title to assess compliance with the 
     requirements of this title.
       ``(2) Review.--Each review under paragraph (1) shall 
     include onsite inspection of housing to determine compliance 
     with applicable requirements.
       ``(3) Results.--The results of each review under paragraph 
     (1) shall be--
       ``(A) included in a performance report of the Director 
     submitted to the Secretary under section 820; and
       ``(B) made available to the public.
       ``(c) Performance Measures.--The Secretary shall establish 
     such performance measures as may be necessary to assess 
     compliance with the requirements of this title.

     ``SEC. 820. PERFORMANCE REPORTS.

       ``(a) Requirement.--For each fiscal year, the Director 
     shall--
       ``(1) review the progress the Department has made during 
     that fiscal year in carrying out the housing plan submitted 
     by the Department under section 803; and
       ``(2) submit a report to the Secretary (in a form 
     acceptable to the Secretary) describing the conclusions of 
     the review.
       ``(b) Content.--Each report submitted under this section 
     for a fiscal year shall--
       ``(1) describe the use of grant amounts provided to the 
     Department of Hawaiian Home Lands for that fiscal year;
       ``(2) assess the relationship of the use referred to in 
     paragraph (1) to the goals identified in the housing plan;
       ``(3) indicate the programmatic accomplishments of the 
     Department; and
       ``(4) describe the manner in which the Department would 
     change its housing plan submitted under section 803 as a 
     result of its experiences.
       ``(c) Submissions.--The Secretary shall--
       ``(1) establish a date for submission of each report under 
     this section;
       ``(2) review each such report; and
       ``(3) with respect to each such report, make 
     recommendations as the Secretary considers appropriate to 
     carry out the purposes of this title.
       ``(d) Public Availability.--
       ``(1) Comments by beneficiaries.--In preparing a report 
     under this section, the Director shall make the report 
     publicly available to the beneficiaries of the Hawaiian Homes 
     Commission Act, 1920 (42 Stat. 108 et seq.) and give a 
     sufficient amount of time to permit those beneficiaries to 
     comment on that report before it is submitted to the 
     Secretary (in such manner and at such time as the Director 
     may determine).
       ``(2) Summary of comments.--The report shall include a 
     summary of any comments received by the Director from 
     beneficiaries under paragraph (1) regarding the program to 
     carry out the housing plan.

     ``SEC. 821. REVIEW AND AUDIT BY SECRETARY.

       ``(a) Annual Review.--
       ``(1) In general.--The Secretary shall, not less frequently 
     than on an annual basis, make such reviews and audits as may 
     be necessary or appropriate to determine whether--
       ``(A) the Director has--
       ``(i) carried out eligible activities under this title in a 
     timely manner;
       ``(ii) carried out and made certifications in accordance 
     with the requirements and the primary objectives of this 
     title and with other applicable laws; and
       ``(iii) a continuing capacity to carry out the eligible 
     activities in a timely manner;
       ``(B) the Director has complied with the housing plan 
     submitted by the Director under section 803; and
       ``(C) the performance reports of the Department under 
     section 821 are accurate.
       ``(2) Onsite visits.--Each review conducted under this 
     section shall, to the extent practicable, include onsite 
     visits by employees of the Department of Housing and Urban 
     Development.
       ``(b) Report by Secretary.--The Secretary shall give the 
     Department of Hawaiian Home Lands not less than 30 days to 
     review and comment on a report under this subsection. After 
     taking into consideration the comments of the Department, the 
     Secretary may revise the report and shall make the comments 
     of the Department and the report with any revisions, readily 
     available to the public not later than 30 days after receipt 
     of the comments of the Department.
       ``(c) Effect of Reviews.--The Secretary may make 
     appropriate adjustments in the amount of annual grants under 
     this title in accordance with the findings of the Secretary 
     pursuant to reviews and audits under this section. The 
     Secretary may adjust, reduce, or withdraw grant amounts, or 
     take other action as appropriate in accordance with the 
     reviews and audits of the Secretary under this section, 
     except that grant amounts already expended on affordable 
     housing activities may not be recaptured or deducted from 
     future assistance provided to the Department of Hawaiian Home 
     Lands.

     ``SEC. 822. GENERAL ACCOUNTING OFFICE AUDITS.

       ``To the extent that the financial transactions of the 
     Department of Hawaiian Home Lands involving grant amounts 
     under this title relate to amounts provided under this title, 
     those transactions may be audited by the Comptroller General 
     of the United States under such regulations as may be 
     prescribed by the Comptroller General. The Comptroller 
     General of the United States shall have access to all books, 
     accounts, records, reports, files, and other papers, things, 
     or property belonging to or in use by the Department of 
     Hawaiian Home Lands pertaining to such financial transactions 
     and necessary to facilitate the audit.

     ``SEC. 823. REPORTS TO CONGRESS.

       ``(a) In General.--Not later than 90 days after the 
     conclusion of each fiscal year in which assistance under this 
     title is made available, the Secretary shall submit to 
     Congress a report that contains--
       ``(1) a description of the progress made in accomplishing 
     the objectives of this title;
       ``(2) a summary of the use of funds available under this 
     title during the preceding fiscal year; and
       ``(3) a description of the aggregate outstanding loan 
     guarantees under section 184A of the Housing and Community 
     Development Act of 1992.
       ``(b) Related Reports.--The Secretary may require the 
     Director to submit to the Secretary such reports and other 
     information as may be necessary in order for the Secretary to 
     prepare the report required under subsection (a).

     ``SEC. 824. AUTHORIZATION OF APPROPRIATIONS.

       ``There are authorized to be appropriated to the Department 
     of Housing and Urban Development for grants under this title 
     such

[[Page 26214]]

     sums as may be necessary for each of fiscal years 2001, 2002, 
     2003, 2004, and 2005.''.

     SEC. 514. LOAN GUARANTEES.

       Subtitle E of title I of the Housing and Community 
     Development Act of 1992 is amended by inserting after section 
     184 (12 U.S.C. 1715z-13a) the following:

     ``SEC. 184A. LOAN GUARANTEES FOR NATIVE HAWAIIAN HOUSING.

       ``(a) Definitions.--In this section:
       ``(1) Department of hawaiian home lands.--The term 
     `Department of Hawaiian Home Lands' means the agency or 
     department of the government of the State of Hawaii that is 
     responsible for the administration of the Hawaiian Homes 
     Commission Act, 1920 (42 Stat. 108 et seq.).
       ``(2) Eligible entity.--The term `eligible entity' means a 
     Native Hawaiian family, the Department of Hawaiian Home 
     Lands, the Office of Hawaiian Affairs, and private nonprofit 
     or private for-profit organizations experienced in the 
     planning and development of affordable housing for Native 
     Hawaiians.
       ``(3) Family.--The term `family' means one or more persons 
     maintaining a household, as the Secretary shall by regulation 
     provide.
       ``(4) Guarantee fund.--The term `Guarantee Fund' means the 
     Native Hawaiian Housing Loan Guarantee Fund established under 
     subsection (i).
       ``(5) Hawaiian home lands.--The term `Hawaiian Home Lands' 
     means lands that--
       ``(A) have the status of Hawaiian Home Lands under section 
     204 of the Hawaiian Homes Commission Act (42 Stat. 110); or
       ``(B) are acquired pursuant to that Act.
       ``(6) Native hawaiian.--The term `Native Hawaiian' means 
     any individual who is--
       ``(A) a citizen of the United States; and
       ``(B) a descendant of the aboriginal people, who, prior to 
     1778, occupied and exercised sovereignty in the area that 
     currently constitutes the State of Hawaii, as evidenced by--
       ``(i) genealogical records;
       ``(ii) verification by kupuna (elders) or kama'aina (long-
     term community residents); or
       ``(iii) birth records of the State of Hawaii.
       ``(7) Office of hawaiian affairs.--The term `Office of 
     Hawaiian Affairs' means the entity of that name established 
     under the constitution of the State of Hawaii.
       ``(b) Authority.--To provide access to sources of private 
     financing to Native Hawaiian families who otherwise could not 
     acquire housing financing because of the unique legal status 
     of the Hawaiian Home Lands or as a result of a lack of access 
     to private financial markets, the Secretary may guarantee an 
     amount not to exceed 100 percent of the unpaid principal and 
     interest that is due on an eligible loan under subsection 
     (b).
       ``(c) Eligible Loans.--Under this section, a loan is an 
     eligible loan if that loan meets the following requirements:
       ``(1) Eligible borrowers.--The loan is made only to a 
     borrower who is--
       ``(A) a Native Hawaiian family;
       ``(B) the Department of Hawaiian Home Lands;
       ``(C) the Office of Hawaiian Affairs; or
       ``(D) a private nonprofit organization experienced in the 
     planning and development of affordable housing for Native 
     Hawaiians.
       ``(2) Eligible housing.--
       ``(A) In general.--The loan will be used to construct, 
     acquire, or rehabilitate not more than 4-family dwellings 
     that are standard housing and are located on Hawaiian Home 
     Lands for which a housing plan described in subparagraph (B) 
     applies.
       ``(B) Housing plan.--A housing plan described in this 
     subparagraph is a housing plan that--
       ``(i) has been submitted and approved by the Secretary 
     under section 803 of the Native American Housing Assistance 
     and Self-Determination Act of 1996; and
       ``(ii) provides for the use of loan guarantees under this 
     section to provide affordable homeownership housing on 
     Hawaiian Home Lands.
       ``(3) Security.--The loan may be secured by any collateral 
     authorized under applicable Federal or State law.
       ``(4) Lenders.--
       ``(A) In general.--The loan shall be made only by a lender 
     approved by, and meeting qualifications established by, the 
     Secretary, including any lender described in subparagraph 
     (B), except that a loan otherwise insured or guaranteed by an 
     agency of the Federal Government or made by the Department of 
     Hawaiian Home Lands from amounts borrowed from the United 
     States shall not be eligible for a guarantee under this 
     section.
       ``(B) Approval.--The following lenders shall be considered 
     to be lenders that have been approved by the Secretary:
       ``(i) Any mortgagee approved by the Secretary for 
     participation in the single family mortgage insurance program 
     under title II of the National Housing Act (12 U.S.C.A. 1707 
     et seq.).
       ``(ii) Any lender that makes housing loans under chapter 37 
     of title 38, United States Code, that are automatically 
     guaranteed under section 3702(d) of title 38, United States 
     Code.
       ``(iii) Any lender approved by the Secretary of Agriculture 
     to make guaranteed loans for single family housing under the 
     Housing Act of 1949 (42 U.S.C.A. 1441 et seq.).
       ``(iv) Any other lender that is supervised, approved, 
     regulated, or insured by any agency of the Federal 
     Government.
       ``(5) Terms.--The loan shall--
       ``(A) be made for a term not exceeding 30 years;
       ``(B) bear interest (exclusive of the guarantee fee under 
     subsection (d) and service charges, if any) at a rate agreed 
     upon by the borrower and the lender and determined by the 
     Secretary to be reasonable, but not to exceed the rate 
     generally charged in the area (as determined by the 
     Secretary) for home mortgage loans not guaranteed or insured 
     by any agency or instrumentality of the Federal Government;
       ``(C) involve a principal obligation not exceeding--
       ``(i) 97.75 percent of the appraised value of the property 
     as of the date the loan is accepted for guarantee (or 98.75 
     percent if the value of the property is $50,000 or less); or
       ``(ii) the amount approved by the Secretary under this 
     section; and
       ``(D) involve a payment on account of the property--
       ``(i) in cash or its equivalent; or
       ``(ii) through the value of any improvements to the 
     property made through the skilled or unskilled labor of the 
     borrower, as the Secretary shall provide.
       ``(d) Certificate of Guarantee.--
       ``(1) Approval process.--
       ``(A) In general.--Before the Secretary approves any loan 
     for guarantee under this section, the lender shall submit the 
     application for the loan to the Secretary for examination.
       ``(B) Approval.--If the Secretary approves the application 
     submitted under subparagraph (A), the Secretary shall issue a 
     certificate under this subsection as evidence of the loan 
     guarantee approved.
       ``(2) Standard for approval.--The Secretary may approve a 
     loan for guarantee under this section and issue a certificate 
     under this subsection only if the Secretary determines that 
     there is a reasonable prospect of repayment of the loan.
       ``(3) Effect.--
       ``(A) In general.--A certificate of guarantee issued under 
     this subsection by the Secretary shall be conclusive evidence 
     of the eligibility of the loan for guarantee under this 
     section and the amount of that guarantee.
       ``(B) Evidence.--The evidence referred to in subparagraph 
     (A) shall be incontestable in the hands of the bearer.
       ``(C) Full faith and credit.--The full faith and credit of 
     the United States is pledged to the payment of all amounts 
     agreed to be paid by the Secretary as security for the 
     obligations made by the Secretary under this section.
       ``(4) Fraud and misrepresentation.--This subsection may not 
     be construed--
       ``(A) to preclude the Secretary from establishing defenses 
     against the original lender based on fraud or material 
     misrepresentation; or
       ``(B) to bar the Secretary from establishing by regulations 
     that are on the date of issuance or disbursement, whichever 
     is earlier, partial defenses to the amount payable on the 
     guarantee.
       ``(e) Guarantee Fee.--
       ``(1) In general.--The Secretary shall fix and collect a 
     guarantee fee for the guarantee of a loan under this section, 
     which may not exceed the amount equal to 1 percent of the 
     principal obligation of the loan.
       ``(2) Payment.--The fee under this subsection shall--
       ``(A) be paid by the lender at time of issuance of the 
     guarantee; and
       ``(B) be adequate, in the determination of the Secretary, 
     to cover expenses and probable losses.
       ``(3) Deposit.--The Secretary shall deposit any fees 
     collected under this subsection in the Native Hawaiian 
     Housing Loan Guarantee Fund established under subsection (j).
       ``(f) Liability Under Guarantee.--The liability under a 
     guarantee provided under this section shall decrease or 
     increase on a pro rata basis according to any decrease or 
     increase in the amount of the unpaid obligation under the 
     provisions of the loan agreement involved.
       ``(g) Transfer and Assumption.--Notwithstanding any other 
     provision of law, any loan guaranteed under this section, 
     including the security given for the loan, may be sold or 
     assigned by the lender to any financial institution subject 
     to examination and supervision by an agency of the Federal 
     Government or of any State or the District of Columbia.
       ``(h) Disqualification of Lenders and Civil Money 
     Penalties.--
       ``(1) In general.--
       ``(A) Grounds for action.--The Secretary may take action 
     under subparagraph (B) if the Secretary determines that any 
     lender or holder of a guarantee certificate under subsection 
     (c)--
       ``(i) has failed--

       ``(I) to maintain adequate accounting records;
       ``(II) to service adequately loans guaranteed under this 
     section; or
       ``(III) to exercise proper credit or underwriting judgment; 
     or

       ``(ii) has engaged in practices otherwise detrimental to 
     the interest of a borrower or the United States.

[[Page 26215]]

       ``(B) Actions.--Upon a determination by the Secretary that 
     a holder of a guarantee certificate under subsection (c) has 
     failed to carry out an activity described in subparagraph 
     (A)(i) or has engaged in practices described in subparagraph 
     (A)(ii), the Secretary may--
       ``(i) refuse, either temporarily or permanently, to 
     guarantee any further loans made by such lender or holder;
       ``(ii) bar such lender or holder from acquiring additional 
     loans guaranteed under this section; and
       ``(iii) require that such lender or holder assume not less 
     than 10 percent of any loss on further loans made or held by 
     the lender or holder that are guaranteed under this section.
       ``(2) Civil money penalties for intentional violations.--
       ``(A) In general.--The Secretary may impose a civil 
     monetary penalty on a lender or holder of a guarantee 
     certificate under subsection (d) if the Secretary determines 
     that the holder or lender has intentionally failed--
       ``(i) to maintain adequate accounting records;
       ``(ii) to adequately service loans guaranteed under this 
     section; or
       ``(iii) to exercise proper credit or underwriting judgment.
       ``(B) Penalties.--A civil monetary penalty imposed under 
     this paragraph shall be imposed in the manner and be in an 
     amount provided under section 536 of the National Housing Act 
     (12 U.S.C.A. 1735f-1) with respect to mortgagees and lenders 
     under that Act.
       ``(3) Payment on loans made in good faith.--Notwithstanding 
     paragraphs (1) and (2), if a loan was made in good faith, the 
     Secretary may not refuse to pay a lender or holder of a valid 
     guarantee on that loan, without regard to whether the lender 
     or holder is barred under this subsection.
       ``(i) Payment Under Guarantee.--
       ``(1) Lender options.--
       ``(A) In general.--
       ``(i) Notification.--If a borrower on a loan guaranteed 
     under this section defaults on the loan, the holder of the 
     guarantee certificate shall provide written notice of the 
     default to the Secretary.
       ``(ii) Payment.--Upon providing the notice required under 
     clause (i), the holder of the guarantee certificate shall be 
     entitled to payment under the guarantee (subject to the 
     provisions of this section) and may proceed to obtain payment 
     in one of the following manners:

       ``(I) Foreclosure.--

       ``(aa) In general.--The holder of the certificate may 
     initiate foreclosure proceedings (after providing written 
     notice of that action to the Secretary).
       ``(bb) Payment.--Upon a final order by the court 
     authorizing foreclosure and submission to the Secretary of a 
     claim for payment under the guarantee, the Secretary shall 
     pay to the holder of the certificate the pro rata portion of 
     the amount guaranteed (as determined pursuant to subsection 
     (f)) plus reasonable fees and expenses as approved by the 
     Secretary.
       ``(cc) Subrogation.--The rights of the Secretary shall be 
     subrogated to the rights of the holder of the guarantee. The 
     holder shall assign the obligation and security to the 
     Secretary.

       ``(II) No foreclosure.--

       ``(aa) In general.--Without seeking foreclosure (or in any 
     case in which a foreclosure proceeding initiated under clause 
     (i) continues for a period in excess of 1 year), the holder 
     of the guarantee may submit to the Secretary a request to 
     assign the obligation and security interest to the Secretary 
     in return for payment of the claim under the guarantee. The 
     Secretary may accept assignment of the loan if the Secretary 
     determines that the assignment is in the best interest of the 
     United States.
       ``(bb) Payment.--Upon assignment, the Secretary shall pay 
     to the holder of the guarantee the pro rata portion of the 
     amount guaranteed (as determined under subsection (f)).
       ``(cc) Subrogation.--The rights of the Secretary shall be 
     subrogated to the rights of the holder of the guarantee. The 
     holder shall assign the obligation and security to the 
     Secretary.
       ``(B) Requirements.--Before any payment under a guarantee 
     is made under subparagraph (A), the holder of the guarantee 
     shall exhaust all reasonable possibilities of collection. 
     Upon payment, in whole or in part, to the holder, the note or 
     judgment evidencing the debt shall be assigned to the United 
     States and the holder shall have no further claim against the 
     borrower or the United States. The Secretary shall then take 
     such action to collect as the Secretary determines to be 
     appropriate.
       ``(2) Limitations on liquidation.--
       ``(A) In general.--If a borrower defaults on a loan 
     guaranteed under this section that involves a security 
     interest in restricted Hawaiian Home Land property, the 
     mortgagee or the Secretary shall only pursue liquidation 
     after offering to transfer the account to another eligible 
     Hawaiian family or the Department of Hawaiian Home Lands.
       ``(B) Limitation.--If, after action is taken under 
     subparagraph (A), the mortgagee or the Secretary subsequently 
     proceeds to liquidate the account, the mortgagee or the 
     Secretary shall not sell, transfer, or otherwise dispose of 
     or alienate the property described in subparagraph (A) except 
     to another eligible Hawaiian family or to the Department of 
     Hawaiian Home Lands.
       ``(j) Hawaiian Housing Loan Guarantee Fund.--
       ``(1) Establishment.--There is established in the Treasury 
     of the United States the Hawaiian Housing Loan Guarantee Fund 
     for the purpose of providing loan guarantees under this 
     section.
       ``(2) Credits.--The Guarantee Fund shall be credited with--
       ``(A) any amount, claims, notes, mortgages, contracts, and 
     property acquired by the Secretary under this section, and 
     any collections and proceeds therefrom;
       ``(B) any amounts appropriated pursuant to paragraph (7);
       ``(C) any guarantee fees collected under subsection (d); 
     and
       ``(D) any interest or earnings on amounts invested under 
     paragraph (4).
       ``(3) Use.--Amounts in the Guarantee Fund shall be 
     available, to the extent provided in appropriations Acts, 
     for--
       ``(A) fulfilling any obligations of the Secretary with 
     respect to loans guaranteed under this section, including the 
     costs (as that term is defined in section 502 of the Federal 
     Credit Reform Act of 1990 (2 U.S.C. 661a)) of such loans;
       ``(B) paying taxes, insurance, prior liens, expenses 
     necessary to make fiscal adjustment in connection with the 
     application and transmittal of collections, and other 
     expenses and advances to protect the Secretary for loans 
     which are guaranteed under this section or held by the 
     Secretary;
       ``(C) acquiring such security property at foreclosure sales 
     or otherwise;
       ``(D) paying administrative expenses in connection with 
     this section; and
       ``(E) reasonable and necessary costs of rehabilitation and 
     repair to properties that the Secretary holds or owns 
     pursuant to this section.
       ``(4) Investment.--Any amounts in the Guarantee Fund 
     determined by the Secretary to be in excess of amounts 
     currently required at the time of the determination to carry 
     out this section may be invested in obligations of the United 
     States.
       ``(5) Limitation on commitments to guarantee loans and 
     mortgages.--
       ``(A) Requirement of appropriations.--The authority of the 
     Secretary to enter into commitments to guarantee loans under 
     this section shall be effective for any fiscal year to the 
     extent, or in such amounts as are, or have been, provided in 
     appropriations Acts, without regard to the fiscal year for 
     which such amounts were appropriated.
       ``(B) Limitations on costs of guarantees.--The authority of 
     the Secretary to enter into commitments to guarantee loans 
     under this section shall be effective for any fiscal year 
     only to the extent that amounts in the Guarantee Fund are or 
     have been made available in appropriations Acts to cover the 
     costs (as that term is defined in section 502 of the Federal 
     Credit Reform Act of 1990 (2 U.S.C. 661a)) of such loan 
     guarantees for such fiscal year. Any amounts appropriated 
     pursuant to this subparagraph shall remain available until 
     expended.
       ``(C) Limitation on outstanding aggregate principal 
     amount.--Subject to the limitations in subparagraphs (A) and 
     (B), the Secretary may enter into commitments to guarantee 
     loans under this section for each of fiscal years 2001, 2002, 
     2003, 2004, and 2005 with an aggregate outstanding principal 
     amount not exceeding $100,000,000 for each such fiscal year.
       ``(6) Liabilities.--All liabilities and obligations of the 
     assets credited to the Guarantee Fund under paragraph (2)(A) 
     shall be liabilities and obligations of the Guarantee Fund.
       ``(7) Authorization of appropriations.--There are 
     authorized to be appropriated to the Guarantee Fund to carry 
     out this section such sums as may be necessary for each of 
     fiscal years 2001, 2002, 2003, 2004, and 2005.
       ``(k) Requirements for Standard Housing.--
       ``(1) In general.--The Secretary shall, by regulation, 
     establish housing safety and quality standards to be applied 
     for use under this section.
       ``(2) Standards.--The standards referred to in paragraph 
     (1) shall--
       ``(A) provide sufficient flexibility to permit the use of 
     various designs and materials in housing acquired with loans 
     guaranteed under this section; and
       ``(B) require each dwelling unit in any housing acquired in 
     the manner described in subparagraph (A) to--
       ``(i) be decent, safe, sanitary, and modest in size and 
     design;
       ``(ii) conform with applicable general construction 
     standards for the region in which the housing is located;
       ``(iii) contain a plumbing system that--

       ``(I) uses a properly installed system of piping;
       ``(II) includes a kitchen sink and a partitional bathroom 
     with lavatory, toilet, and bath or shower; and
       ``(III) uses water supply, plumbing, and sewage disposal 
     systems that conform to any minimum standards established by 
     the applicable county or State;

       ``(iv) contain an electrical system using wiring and 
     equipment properly installed to

[[Page 26216]]

     safely supply electrical energy for adequate lighting and for 
     operation of appliances that conforms to any appropriate 
     county, State, or national code;
       ``(v) be not less than the size provided under the 
     applicable locally adopted standards for size of dwelling 
     units, except that the Secretary, upon request of the 
     Department of Hawaiian Home Lands may waive the size 
     requirements under this paragraph; and
       ``(vi) conform with the energy performance requirements for 
     new construction established by the Secretary under section 
     526(a) of the National Housing Act (12 U.S.C.A. 1735f-4), 
     unless the Secretary determines that the requirements are not 
     applicable.
       ``(l) Applicability of Civil Rights Statutes.--To the 
     extent that the requirements of title VI of the Civil Rights 
     Act of 1964 (42 U.S.C. 2000d et seq.) or of the Fair Housing 
     Act (42 U.S.C.A. 3601 et seq.) apply to a guarantee provided 
     under this subsection, nothing in the requirements concerning 
     discrimination on the basis of race shall be construed to 
     prevent the provision of the guarantee to an eligible entity 
     on the basis that the entity serves Native Hawaiian families 
     or is a Native Hawaiian family.''.

               TITLE VI--MANUFACTURED HOUSING IMPROVEMENT

     SEC. 601. SHORT TITLE; REFERENCES.

       (a) Short Title.--This title may be cited as the 
     ``Manufactured Housing Improvement Act of 2000''.
       (b) References.--Whenever in this title an amendment is 
     expressed in terms of an amendment to, or repeal of, a 
     section or other provision, the reference shall be considered 
     to be made to that section or other provision of the National 
     Manufactured Housing Construction and Safety Standards Act of 
     1974 (42 U.S.C. 5401 et seq.).

     SEC. 602. FINDINGS AND PURPOSES.

       Section 602 (42 U.S.C. 5401) is amended to read as follows:

     ``SEC. 602. FINDINGS AND PURPOSES.

       ``(a) Findings.--Congress finds that--
       ``(1) manufactured housing plays a vital role in meeting 
     the housing needs of the Nation; and
       ``(2) manufactured homes provide a significant resource for 
     affordable homeownership and rental housing accessible to all 
     Americans.
       ``(b) Purposes.--The purposes of this title are--
       ``(1) to protect the quality, durability, safety, and 
     affordability of manufactured homes;
       ``(2) to facilitate the availability of affordable 
     manufactured homes and to increase homeownership for all 
     Americans;
       ``(3) to provide for the establishment of practical, 
     uniform, and, to the extent possible, performance-based 
     Federal construction standards for manufactured homes;
       ``(4) to encourage innovative and cost-effective 
     construction techniques for manufactured homes;
       ``(5) to protect residents of manufactured homes with 
     respect to personal injuries and the amount of insurance 
     costs and property damages in manufactured housing, 
     consistent with the other purposes of this section;
       ``(6) to establish a balanced consensus process for the 
     development, revision, and interpretation of Federal 
     construction and safety standards for manufactured homes and 
     related regulations for the enforcement of such standards;
       ``(7) to ensure uniform and effective enforcement of 
     Federal construction and safety standards for manufactured 
     homes; and
       ``(8) to ensure that the public interest in, and need for, 
     affordable manufactured housing is duly considered in all 
     determinations relating to the Federal standards and their 
     enforcement.''.

     SEC. 603. DEFINITIONS.

       (a) In General.--Section 603 (42 U.S.C. 5402) is amended--
       (1) in paragraph (2), by striking ``dealer'' and inserting 
     ``retailer'';
       (2) in paragraph (12), by striking ``and'' at the end;
       (3) in paragraph (13), by striking the period at the end 
     and inserting a semicolon; and
       (4) by adding at the end the following:
       ``(14) `administering organization' means the recognized, 
     voluntary, private sector, consensus standards body with 
     specific experience in developing model residential building 
     codes and standards involving all disciplines regarding 
     construction and safety that administers the consensus 
     standards through a development process;
       ``(15) `consensus committee' means the committee 
     established under section 604(a)(3);
       ``(16) `consensus standards development process' means the 
     process by which additions, revisions, and interpretations to 
     the Federal manufactured home construction and safety 
     standards and enforcement regulations shall be developed and 
     recommended to the Secretary by the consensus committee;
       ``(17) `primary inspection agency' means a State agency or 
     private organization that has been approved by the Secretary 
     to act as a design approval primary inspection agency or a 
     production inspection primary inspection agency, or both;
       ``(18) `design approval primary inspection agency' means a 
     State agency or private organization that has been approved 
     by the Secretary to evaluate and either approve or disapprove 
     manufactured home designs and quality control procedures;
       ``(19) `installation standards' means reasonable 
     specifications for the installation of a manufactured home, 
     at the place of occupancy, to ensure proper siting, the 
     joining of all sections of the home, and the installation of 
     stabilization, support, or anchoring systems;
       ``(20) `monitoring' means the process of periodic review of 
     the primary inspection agencies, by the Secretary or by a 
     State agency under an approved State plan pursuant to section 
     623, in accordance with regulations promulgated under this 
     title, giving due consideration to the recommendations of the 
     consensus committee under section 604(b), which process shall 
     be for the purpose of ensuring that the primary inspection 
     agencies are discharging their duties under this title; and
       ``(21) `production inspection primary inspection agency' 
     means a State agency or private organization that has been 
     approved by the Secretary to evaluate the ability of 
     manufactured home manufacturing plants to comply with 
     approved quality control procedures and with the Federal 
     manufactured home construction and safety standards 
     promulgated hereunder, including the inspection of homes in 
     the plant.''.
       (b) Conforming Amendments.--The National Manufactured 
     Housing Construction and Safety Standards Act of 1974 (42 
     U.S.C. 5401 et seq.) is amended--
       (1) in section 613 (42 U.S.C. 5412), by striking ``dealer'' 
     each place it appears and inserting ``retailer'';
       (2) in section 614(f) (42 U.S.C. 5413(f)), by striking 
     ``dealer'' each place it appears and inserting ``retailer'';
       (3) in section 615 (42 U.S.C. 5414)--
       (A) in subsection (b)(1), by striking ``dealer'' and 
     inserting ``retailer'';
       (B) in subsection (b)(3), by striking ``dealer or dealers'' 
     and inserting ``retailer or retailers''; and
       (C) in subsections (d) and (f), by striking ``dealers'' 
     each place it appears and inserting ``retailers'';
       (4) in section 616 (42 U.S.C. 5415), by striking ``dealer'' 
     and inserting ``retailer''; and
       (5) in section 623(c)(9), by striking ``dealers'' and 
     inserting ``retailers''.

     SEC. 604. FEDERAL MANUFACTURED HOME CONSTRUCTION AND SAFETY 
                   STANDARDS.

       Section 604 (42 U.S.C. 5403) is amended--
       (1) by striking subsections (a) and (b) and inserting the 
     following:
       ``(a) Establishment.--
       ``(1) Authority.--The Secretary shall establish, by order, 
     appropriate Federal manufactured home construction and safety 
     standards, each of which--
       ``(A) shall--
       ``(i) be reasonable and practical;
       ``(ii) meet high standards of protection consistent with 
     the purposes of this title; and
       ``(iii) be performance-based and objectively stated, unless 
     clearly inappropriate; and
       ``(B) except as provided in subsection (b), shall be 
     established in accordance with the consensus standards 
     development process.
       ``(2) Consensus standards and regulatory development 
     process.--
       ``(A) Initial agreement.--Not later than 180 days after the 
     date of enactment of the Manufactured Housing Improvement Act 
     of 2000, the Secretary shall enter into a contract with an 
     administering organization. The contractual agreement shall--
       ``(i) terminate on the date on which a contract is entered 
     into under subparagraph (B); and
       ``(ii) require the administering organization to--

       ``(I) recommend the initial members of the consensus 
     committee under paragraph (3);
       ``(II) administer the consensus standards development 
     process until the termination of that agreement; and
       ``(III) administer the consensus development and 
     interpretation process for procedural and enforcement 
     regulations and regulations specifying the permissible scope 
     and conduct of monitoring until the termination of that 
     agreement.

       ``(B) Competitively procured contract.--Upon the expiration 
     of the 4-year period beginning on the date on which all 
     members of the consensus committee are appointed under 
     paragraph (3), the Secretary shall, using competitive 
     procedures (as such term is defined in section 4 of the 
     Office of Federal Procurement Policy Act), enter into a 
     competitively awarded contract with an administering 
     organization. The administering organization shall administer 
     the consensus process for the development and interpretation 
     of the Federal standards, the procedural and enforcement 
     regulations, and regulations specifying the permissible scope 
     and conduct of monitoring, in accordance with this title.
       ``(C) Performance review.--The Secretary--
       ``(i) shall periodically review the performance of the 
     administering organization; and
       ``(ii) may replace the administering organization with 
     another qualified technical or building code organization, 
     pursuant to competitive procedures, if the Secretary 
     determines in writing that the administering organization is 
     not fulfilling the terms of the

[[Page 26217]]

     agreement or contract to which the administering organization 
     is subject or upon the expiration of the agreement or 
     contract.
       ``(3) Consensus committee.--
       ``(A) Purpose.--There is established a committee to be 
     known as the `consensus committee', which shall, in 
     accordance with this title--
       ``(i) provide periodic recommendations to the Secretary to 
     adopt, revise, and interpret the Federal manufactured housing 
     construction and safety standards in accordance with this 
     subsection;
       ``(ii) provide periodic recommendations to the Secretary to 
     adopt, revise, and interpret the procedural and enforcement 
     regulations, including regulations specifying the permissible 
     scope and conduct of monitoring in accordance with subsection 
     (b);
       ``(iii) be organized and carry out its business in a manner 
     that guarantees a fair opportunity for the expression and 
     consideration of various positions and for public 
     participation; and
       ``(iv) be deemed to be an advisory committee not composed 
     of Federal employees.
       ``(B) Membership.--The consensus committee shall be 
     composed of--
       ``(i) 21 voting members appointed by the Secretary, after 
     consideration of the recommendations of the administering 
     organization, from among individuals who are qualified by 
     background and experience to participate in the work of the 
     consensus committee; and
       ``(ii) 1 nonvoting member appointed by the Secretary to 
     represent the Secretary on the consensus committee.
       ``(C) Disapproval.--The Secretary shall state, in writing, 
     the reasons for failing to appoint any individual recommended 
     under paragraph (2)(A)(ii)(I).
       ``(D) Selection procedures and requirements.--Each member 
     of the consensus committee shall be appointed in accordance 
     with selection procedures, which shall be based on the 
     procedures for consensus committees promulgated by the 
     American National Standards Institute (or successor 
     organization), except that the American National Standards 
     Institute interest categories shall be modified for purposes 
     of this paragraph to ensure equal representation on the 
     consensus committee of the following interest categories:
       ``(i) Producers.--Seven producers or retailers of 
     manufactured housing.
       ``(ii) Users.--Seven persons representing consumer 
     interests, such as consumer organizations, recognized 
     consumer leaders, and owners who are residents of 
     manufactured homes.
       ``(iii) General interest and public officials.--Seven 
     general interest and public official members.
       ``(E) Balancing of interests.--
       ``(i) In general.--In order to achieve a proper balance of 
     interests on the consensus committee, the Secretary, in 
     appointing the members of the consensus committee--

       ``(I) shall ensure that all directly and materially 
     affected interests have the opportunity for fair and 
     equitable participation without dominance by any single 
     interest; and
       ``(II) may reject the appointment of any 1 or more 
     individuals in order to ensure that there is not dominance by 
     any single interest.

       ``(ii) Dominance defined.--In this subparagraph, the term 
     `dominance' means a position or exercise of dominant 
     authority, leadership, or influence by reason of superior 
     leverage, strength, or representation.
       ``(F) Additional qualifications.--
       ``(i) Financial independence.--No individual appointed 
     under subparagraph (D)(ii) shall have, and 3 of the 
     individuals appointed under subparagraph (D)(iii) shall not 
     have--

       ``(I) a significant financial interest in any segment of 
     the manufactured housing industry; or
       ``(II) a significant relationship to any person engaged in 
     the manufactured housing industry.

       ``(ii) Post-employment ban.--Each individual described in 
     clause (i) shall be subject to a ban disallowing compensation 
     from the manufactured housing industry during the period of, 
     and during the 1-year following, the membership of the 
     individual on the consensus committee.
       ``(G) Meetings.--
       ``(i) Notice; open to public.--The consensus committee 
     shall provide advance notice of each meeting of the consensus 
     committee to the Secretary and cause to be published in the 
     Federal Register advance notice of each such meeting. All 
     meetings of the consensus committee shall be open to the 
     public.
       ``(ii) Reimbursement.--Members of the consensus committee 
     in attendance at meetings of the consensus committee shall be 
     reimbursed for their actual expenses as authorized by section 
     5703 of title 5, United States Code, for persons employed 
     intermittently in Government service.
       ``(H) Administration.--The consensus committee and the 
     administering organization shall--
       ``(i) operate in conformance with the procedures 
     established by the American National Standards Institute for 
     the development and coordination of American National 
     Standards; and
       ``(ii) apply to the American National Standards Institute 
     and take such other actions as may be necessary to obtain 
     accreditation from the American National Standards Institute.
       ``(I) Staff and technical support.--The administering 
     organization shall, upon the request of the consensus 
     committee--
       ``(i) provide reasonable staff resources to the consensus 
     committee; and
       ``(ii) furnish technical support in a timely manner to any 
     of the interest categories described in subparagraph (D) 
     represented on the consensus committee, if--

       ``(I) the support is necessary to ensure the informed 
     participation of the consensus committee members; and
       ``(II) the costs of providing the support are reasonable.

       ``(J) Date of initial appointments.--The initial 
     appointments of all of the members of the consensus committee 
     shall be completed not later than 90 days after the date on 
     which a contractual agreement under paragraph (2)(A) is 
     entered into with the administering organization.
       ``(4) Revisions of standards.--
       ``(A) In general.--Beginning on the date on which all 
     members of the consensus committee are appointed under 
     paragraph (3), the consensus committee shall, not less than 
     once during each 2-year period--
       ``(i) consider revisions to the Federal manufactured home 
     construction and safety standards; and
       ``(ii) submit proposed revised standards, if approved in a 
     vote of the consensus committee by \2/3\ of the members, to 
     the Secretary in the form of a proposed rule, including an 
     economic analysis.
       ``(B) Publication of proposed revised standards.--
       ``(i) Publication by secretary.--The consensus committee 
     shall provide a proposed revised standard under subparagraph 
     (A)(ii) to the Secretary who shall, not later than 30 days 
     after receipt, cause such proposed revised standard to be 
     published in the Federal Register for notice and comment in 
     accordance with section 553 of title 5, United States Code. 
     Unless clause (ii) applies, the Secretary shall provide an 
     opportunity for public comment on such proposed revised 
     standard in accordance with such section 553 and any such 
     comments shall be submitted directly to the consensus 
     committee, without delay.
       ``(ii) Publication of rejected proposed revised 
     standards.--If the Secretary rejects the proposed revised 
     standard, the Secretary shall cause to be published in the 
     Federal Register the rejected proposed revised standard, the 
     reasons for rejection, and any recommended modifications set 
     forth.
       ``(C) Presentation of public comments; publication of 
     recommended revisions.--
       ``(i) Presentation.--Any public comments, views, and 
     objections to a proposed revised standard published under 
     subparagraph (B) shall be presented by the Secretary to the 
     consensus committee upon their receipt and in the manner 
     received, in accordance with procedures established by the 
     American National Standards Institute.
       ``(ii) Publication by the secretary.--The consensus 
     committee shall provide to the Secretary any revision 
     proposed by the consensus committee, which the Secretary 
     shall, not later than 30 calendar days after receipt, cause 
     to be published in the Federal Register a notice of the 
     recommended revisions of the consensus committee to the 
     standards, a notice of the submission of the recommended 
     revisions to the Secretary, and a description of the 
     circumstances under which the proposed revised standards 
     could become effective.
       ``(iii) Publication of rejected proposed revised 
     standards.--If the Secretary rejects the proposed revised 
     standard, the Secretary shall cause to be published in the 
     Federal Register the rejected proposed revised standard, the 
     reasons for rejection, and any recommended modifications set 
     forth.
       ``(5) Review by the secretary.--
       ``(A) In general.--The Secretary shall either adopt, 
     modify, or reject a standard, as submitted by the consensus 
     committee under paragraph (4)(A).
       ``(B) Timing.--Not later than 12 months after the date on 
     which a standard is submitted to the Secretary by the 
     consensus committee, the Secretary shall take action 
     regarding such standard under subparagraph (C).
       ``(C) Procedures.--If the Secretary--
       ``(i) adopts a standard recommended by the consensus 
     committee, the Secretary shall--

       ``(I) issue a final order without further rulemaking; and
       ``(II) cause the final order to be published in the Federal 
     Register;

       ``(ii) determines that any standard should be rejected, the 
     Secretary shall--

       ``(I) reject the standard; and
       ``(II) cause to be published in the Federal Register a 
     notice to that effect, together with the reason or reasons 
     for rejecting the proposed standard; or

       ``(iii) determines that a standard recommended by the 
     consensus committee should be modified, the Secretary shall--

       ``(I) cause to be published in the Federal Register the 
     proposed modified standard, together with an explanation of 
     the reason or reasons for the determination of the Secretary; 
     and

[[Page 26218]]

       ``(II) provide an opportunity for public comment in 
     accordance with section 553 of title 5, United States Code.

       ``(D) Final order.--Any final standard under this paragraph 
     shall become effective pursuant to subsection (c).
       ``(6) Failure to act.--If the Secretary fails to take final 
     action under paragraph (5) and to cause notice of the action 
     to be published in the Federal Register before the expiration 
     of the 12-month period beginning on the date on which the 
     proposed revised standard is submitted to the Secretary under 
     paragraph (4)(A)--
       ``(A) the Secretary shall appear in person before the 
     appropriate housing and appropriations subcommittees and 
     committees of the House of Representatives and the Senate 
     (referred to in this paragraph as the `committees') on a date 
     or dates to be specified by the committees, but in no event 
     later than 30 days after the expiration of that 12-month 
     period, and shall state before the committees the reasons for 
     failing to take final action as required under paragraph (5); 
     and
       ``(B) if the Secretary does not appear in person as 
     required under subparagraph (A), the Secretary shall 
     thereafter, and until such time as the Secretary does appear 
     as required under subparagraph (A), be prohibited from 
     expending any funds collected under authority of this title 
     in an amount greater than that collected and expended in the 
     fiscal year immediately preceding the date of enactment of 
     the Manufactured Housing Improvement Act of 2000, indexed for 
     inflation as determined by the Congressional Budget Office.
       ``(b) Other Orders.--
       ``(1) Regulations.--The Secretary may issue procedural and 
     enforcement regulations and revisions to existing regulations 
     as necessary to implement the provisions of this title. The 
     consensus committee may submit to the Secretary proposed 
     procedural and enforcement regulations and recommendations 
     for the revision of such regulations.
       ``(2) Interpretative bulletins.--The Secretary may issue 
     interpretative bulletins to clarify the meaning of any 
     Federal manufactured home construction and safety standard or 
     procedural and enforcement regulation. The consensus 
     committee may submit to the Secretary proposed interpretative 
     bulletins to clarify the meaning of any Federal manufactured 
     home construction and safety standard or procedural and 
     enforcement regulation.
       ``(3) Review by consensus committee.--Before issuing a 
     procedural or enforcement regulation or an interpretative 
     bulletin--
       ``(A) the Secretary shall--
       ``(i) submit the proposed procedural or enforcement 
     regulation or interpretative bulletin to the consensus 
     committee; and
       ``(ii) provide the consensus committee with a period of 120 
     days to submit written comments to the Secretary on the 
     proposed procedural or enforcement regulation or the 
     interpretative bulletin; and
       ``(B) if the Secretary rejects any significant comment 
     provided by the consensus committee under subparagraph (A), 
     the Secretary shall provide a written explanation of the 
     reasons for the rejection to the consensus committee; and
       ``(C) following compliance with subparagraphs (A) and (B), 
     the Secretary shall--
       ``(i) cause the proposed regulation or interpretative 
     bulletin and the consensus committee's written comments, 
     along with the Secretary's response thereto, to be published 
     in the Federal Register; and
       ``(ii) provide an opportunity for public comment in 
     accordance with section 553 of title 5, United States Code.
       ``(4) Required action.--Not later than 120 days after the 
     date on which the Secretary receives a proposed regulation or 
     interpretative bulletin submitted by the consensus committee, 
     the Secretary shall--
       ``(A) approve the proposal and cause the proposed 
     regulation or interpretative bulletin to be published for 
     public comment in accordance with section 553 of title 5, 
     United States Code; or
       ``(B) reject the proposed regulation or interpretative 
     bulletin and--
       ``(i) provide to the consensus committee a written 
     explanation of the reasons for rejection; and
       ``(ii) cause to be published in the Federal Register the 
     rejected proposed regulation or interpretive bulletin, the 
     reasons for rejection, and any recommended modifications set 
     forth.
       ``(5) Authority to act and emergency.--If the Secretary 
     determines, in writing, that such action is necessary to 
     address an issue on which the Secretary determines that the 
     consensus committee has not made a timely recommendation 
     following a request by the Secretary, or in order to respond 
     to an emergency that jeopardizes the public health or safety, 
     the Secretary may issue an order that is not developed under 
     the procedures set forth in subsection (a) or in this 
     subsection, if the Secretary--
       ``(A) provides to the consensus committee a written 
     description and sets forth the reasons why action is 
     necessary and all supporting documentation; and
       ``(B) issues the order after notice and an opportunity for 
     public comment in accordance with section 553 of title 5, 
     United States Code, and causes the order to be published in 
     the Federal Register.
       ``(6) Changes.--Any statement of policies, practices, or 
     procedures relating to construction and safety standards, 
     regulations, inspections, monitoring, or other enforcement 
     activities that constitutes a statement of general or 
     particular applicability to implement, interpret, or 
     prescribe law or policy by the Secretary is subject to 
     subsection (a) or this subsection. Any change adopted in 
     violation of subsection (a) or this subsection is void.
       ``(7) Transition.--Until the date on which the consensus 
     committee is appointed pursuant to section 604(a)(3), the 
     Secretary may issue proposed orders, pursuant to notice and 
     comment in accordance with section 553 of title 5, United 
     States Code, that are not developed under the procedures set 
     forth in this section for new and revised standards.'';
       (2) in subsection (d), by adding at the end the following: 
     ``Federal preemption under this subsection shall be broadly 
     and liberally construed to ensure that disparate State or 
     local requirements or standards do not affect the uniformity 
     and comprehensiveness of the standards promulgated under this 
     section nor the Federal superintendence of the manufactured 
     housing industry as established by this title. Subject to 
     section 605, there is reserved to each State the right to 
     establish standards for the stabilizing and support systems 
     of manufactured homes sited within that State, and for the 
     foundations on which manufactured homes sited within that 
     State are installed, and the right to enforce compliance with 
     such standards, except that such standards shall be 
     consistent with the purposes of this title and shall be 
     consistent with the design of the manufacturer.'';
       (3) by striking subsection (e);
       (4) in subsection (f), by striking the subsection 
     designation and all of the matter that precedes paragraph (1) 
     and inserting the following:
       ``(e) Considerations in Establishing and Interpreting 
     Standards and Regulations.--The consensus committee, in 
     recommending standards, regulations, and interpretations, and 
     the Secretary, in establishing standards or regulations or 
     issuing interpretations under this section, shall--'';
       (5) by striking subsection (g);
       (6) in the first sentence of subsection (j), by striking 
     ``subsection (f)'' and inserting ``subsection (e)''; and
       (7) by redesignating subsections (h), (i), and (j), as 
     subsections (f), (g), and (h), respectively.

     SEC. 605. ABOLISHMENT OF NATIONAL MANUFACTURED HOME ADVISORY 
                   COUNCIL; MANUFACTURED HOME INSTALLATION.

       (a) In General.--Section 605 (42 U.S.C. 5404) is amended to 
     read as follows:

     ``SEC. 605. MANUFACTURED HOME INSTALLATION.

       ``(a) Provision of Installation Design and Instructions.--A 
     manufacturer shall provide with each manufactured home, 
     design and instructions for the installation of the 
     manufactured home that have been approved by a design 
     approval primary inspection agency. After establishment of 
     model standards under subsection (b)(2), a design approval 
     primary inspection agency may not give such approval unless a 
     design and instruction provides equal or greater protection 
     than the protection provided under such model standards.
       ``(b) Model Manufactured Home Installation Standards.--
       ``(1) Proposed model standards.--Not later than 18 months 
     after the date on which the initial appointments of all of 
     the members of the consensus committee are completed, the 
     consensus committee shall develop and submit to the Secretary 
     proposed model manufactured home installation standards, 
     which shall, to the maximum extent practicable, taking into 
     account the factors described in section 604(e), be 
     consistent with--
       ``(A) the manufactured home designs that have been approved 
     by a design approval primary inspection agency; and
       ``(B) the designs and instructions for the installation of 
     manufactured homes provided by manufacturers under subsection 
     (a).
       ``(2) Establishment of model standards.--Not later than 12 
     months after receiving the proposed model standards submitted 
     under paragraph (1), the Secretary shall develop and 
     establish model manufactured home installation standards, 
     which shall, to the maximum extent practicable, taking into 
     account the factors described in section 604(e), be 
     consistent with--
       ``(A) the manufactured home designs that have been approved 
     by a design approval primary inspection agency; and
       ``(B) the designs and instructions for the installation of 
     manufactured homes provided by manufacturers under subsection 
     (a).
       ``(3) Factors for consideration.--
       ``(A) Consensus committee.--In developing the proposed 
     model standards under paragraph (1), the consensus committee 
     shall consider the factors described in section 604(e).
       ``(B) Secretary.--In developing and establishing the model 
     standards under paragraph (2), the Secretary shall consider 
     the factors described in section 604(e).
       ``(4) Issuance.--The model manufactured home installation 
     standards shall be issued

[[Page 26219]]

     after notice and an opportunity for public comment in 
     accordance with section 553 of title 5, United States Code.
       ``(c) Manufactured Home Installation Programs.--
       ``(1) Protection of manufactured housing residents during 
     initial period.--During the 5-year period beginning on the 
     date of enactment of the Manufactured Housing Improvement Act 
     of 2000, no State or manufacturer may establish or implement 
     any installation standards that, in the determination of the 
     Secretary, provide less protection to the residents of 
     manufactured homes than the protection provided by the 
     installation standards in effect with respect to the State or 
     manufacturer, as applicable, on the date of enactment of the 
     Manufactured Housing Improvement Act of 2000.
       ``(2) Installation standards.--
       ``(A) Establishment of installation program.--Not later 
     than the expiration of the 5-year period described in 
     paragraph (1), the Secretary shall establish an installation 
     program that meets the requirements of paragraph (3) for the 
     enforcement of installation standards in each State described 
     in subparagraph (B) of this paragraph.
       ``(B) Implementation of installation program.--Beginning on 
     the expiration of the 5-year period described in paragraph 
     (1), the Secretary shall implement the installation program 
     established under subparagraph (A) in each State that does 
     not have an installation program established by State law 
     that meets the requirements of paragraph (3).
       ``(C) Contracting out of implementation.--In carrying out 
     subparagraph (B), the Secretary may contract with an 
     appropriate agent to implement the installation program 
     established under that subparagraph, except that such agent 
     shall not be a person or entity other than a government, nor 
     an affiliate or subsidiary of such a person or entity, that 
     has entered into a contract with the Secretary to implement 
     any other regulatory program under this title.
       ``(3) Requirements.--An installation program meets the 
     requirements of this paragraph if it is a program regulating 
     the installation of manufactured homes that includes--
       ``(A) installation standards that, in the determination of 
     the Secretary, provide protection to the residents of 
     manufactured homes that equals or exceeds the protection 
     provided to those residents by--
       ``(i) the model manufactured home installation standards 
     established by the Secretary under subsection (b)(2); or
       ``(ii) the designs and instructions provided by 
     manufacturers under subsection (a), if the Secretary 
     determines that such designs and instructions provide 
     protection to the residents of manufactured homes that equals 
     or exceeds the protection provided by the model manufactured 
     home installation standards established by the Secretary 
     under subsection (b)(2);
       ``(B) the training and licensing of manufactured home 
     installers; and
       ``(C) inspection of the installation of manufactured 
     homes.''.
       (b) Conforming Amendments.--Section 623(c) (42 U.S.C. 
     5422(c)) is amended--
       (1) in paragraph (10), by striking ``and'' at the end;
       (2) by redesignating paragraph (11) as paragraph (13); and
       (3) by inserting after paragraph (10) the following:
       ``(11) with respect to any State plan submitted on or after 
     the expiration of the 5-year period beginning on the date of 
     enactment of the Manufactured Housing Improvement Act of 
     2000, provides for an installation program established by 
     State law that meets the requirements of section 
     605(c)(3);''.

     SEC. 606. PUBLIC INFORMATION.

       Section 607 (42 U.S.C. 5406) is amended--
       (1) in subsection (a)--
       (A) by inserting ``to the Secretary'' after ``submit''; and
       (B) by adding at the end the following: ``The Secretary 
     shall submit such cost and other information to the consensus 
     committee for evaluation.'';
       (2) in subsection (d), by inserting ``, the consensus 
     committee,'' after ``public''; and
       (3) by striking subsection (c) and redesignating 
     subsections (d) and (e) as subsections (c) and (d), 
     respectively.

     SEC. 607. RESEARCH, TESTING, DEVELOPMENT, AND TRAINING.

       (a) In General.--Section 608(a) (42 U.S.C. 5407(a)) is 
     amended--
       (1) in paragraph (2), by striking ``and'' at the end;
       (2) in paragraph (3), by striking the period at the end and 
     inserting a semicolon; and
       (3) by adding at the end the following:
       ``(4) encouraging the government-sponsored housing entities 
     to actively develop and implement secondary market 
     securitization programs for the FHA manufactured home loans 
     and those of other loan programs, as appropriate, thereby 
     promoting the availability of affordable manufactured homes 
     to increase homeownership for all people in the United 
     States; and
       ``(5) reviewing the programs for FHA manufactured home 
     loans and developing any changes to such programs to promote 
     the affordability of manufactured homes, including changes in 
     loan terms, amortization periods, regulations, and 
     procedures.''.
       (b) Definitions.--Section 608 (42 U.S.C. 5407) is amended 
     by adding at the end the following:
       ``(c) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       ``(1) Government-sponsored housing entities.--The term 
     `government-sponsored housing entities' means the Government 
     National Mortgage Association of the Department of Housing 
     and Urban Development, the Federal National Mortgage 
     Association, and the Federal Home Loan Mortgage Corporation.
       ``(2) FHA manufactured home loan.--The term `FHA 
     manufactured home loan' means a loan that--
       ``(A) is insured under title I of the National Housing Act 
     and is made for the purpose of financing alterations, 
     repairs, or improvements on or in connection with an existing 
     manufactured home, the purchase of a manufactured home, the 
     purchase of a manufactured home and a lot on which to place 
     the home, or the purchase only of a lot on which to place a 
     manufactured home; or
       ``(B) is otherwise insured under the National Housing Act 
     and made for or in connection with a manufactured home.''.

     SEC. 608. PROHIBITED ACTS.

       Section 610(a) (42 U.S.C. 5409(a)) is amended--
       (1) in paragraph (5), by striking ``or'' at the end;
       (2) in paragraph (6), by striking the period at the end and 
     inserting ``; or''; and
       (3) by adding at the end the following new paragraph:
       ``(7) after the expiration of the period specified in 
     section 605(c)(2)(B), fail to comply with the requirements 
     for the installation program required by section 605 in any 
     State that has not adopted and implemented a State 
     installation program.''.

     SEC. 609. FEES.

       Section 620 (42 U.S.C. 5419) is amended to read as follows:

     ``SEC. 620. AUTHORITY TO COLLECT FEE.

       ``(a) In General.--In carrying out inspections under this 
     title, in developing standards and regulations pursuant to 
     section 604, and in facilitating the acceptance of the 
     affordability and availability of manufactured housing within 
     the Department, the Secretary may--
       ``(1) establish and collect from manufactured home 
     manufacturers a reasonable fee, as may be necessary to offset 
     the expenses incurred by the Secretary in connection with 
     carrying out the responsibilities of the Secretary under this 
     title, including--
       ``(A) conducting inspections and monitoring;
       ``(B) providing funding to States for the administration 
     and implementation of approved State plans under section 623, 
     including reasonable funding for cooperative educational and 
     training programs designed to facilitate uniform enforcement 
     under this title, which funds may be paid directly to the 
     States or may be paid or provided to any person or entity 
     designated to receive and disburse such funds by cooperative 
     agreements among participating States, provided that such 
     person or entity is not otherwise an agent of the Secretary 
     under this title;
       ``(C) providing the funding for a noncareer administrator 
     within the Department to administer the manufactured housing 
     program;
       ``(D) providing the funding for salaries and expenses of 
     employees of the Department to carry out the manufactured 
     housing program;
       ``(E) administering the consensus committee as set forth in 
     section 604;
       ``(F) facilitating the acceptance of the quality, 
     durability, safety, and affordability of manufactured housing 
     within the Department; and
       ``(G) the administration and enforcement of the 
     installation standards authorized by section 605 in States in 
     which the Secretary is required to implement an installation 
     program after the expiration of the 5-year period set forth 
     in section 605(c)(2)(B), and the administration and 
     enforcement of a dispute resolution program described in 
     section 623(c)(12) in States in which the Secretary is 
     required to implement such a program after the expiration of 
     the 5-year period set forth in section 623(g)(2); and
       ``(2) subject to subsection (e), use amounts from any fee 
     collected under paragraph (1) of this subsection to pay 
     expenses referred to in that paragraph, which shall be exempt 
     and separate from any limitations on the Department regarding 
     full-time equivalent positions and travel.
       ``(b) Contractors.--In using amounts from any fee collected 
     under this section, the Secretary shall ensure that separate 
     and independent contractors are retained to carry out 
     monitoring and inspection work and any other work that may be 
     delegated to a contractor under this title.
       ``(c) Prohibited Use.--No amount from any fee collected 
     under this section may be used for any purpose or activity 
     not specifically authorized by this title, unless such 
     activity was already engaged in by the Secretary prior to the 
     date of enactment of the Manufactured Housing Improvement Act 
     of 2000.
       ``(d) Modification.--Beginning on the date of enactment of 
     the Manufactured Housing Improvement Act of 2000, the amount 
     of any fee collected under this section may only be 
     modified--

[[Page 26220]]

       ``(1) as specifically authorized in advance in an annual 
     appropriations Act; and
       ``(2) pursuant to rulemaking in accordance with section 553 
     of title 5, United States Code.
       ``(e) Appropriation and Deposit of Fees.--
       ``(1) In general.--There is established in the Treasury of 
     the United States a fund to be known as the `Manufactured 
     Housing Fees Trust Fund' for deposit of amounts from any fee 
     collected under this section. Such amounts shall be held in 
     trust for use only as provided in this title.
       ``(2) Appropriation.--Amounts from any fee collected under 
     this section shall be available for expenditure only to the 
     extent approved in advance in an annual appropriations Act. 
     Any change in the expenditure of such amounts shall be 
     specifically authorized in advance in an annual 
     appropriations Act.
       ``(3) Payments to states.--On and after the effective date 
     of the Manufactured Housing Improvement Act of 2000, the 
     Secretary shall continue to fund the States having approved 
     State plans in the amounts which are not less than the 
     allocated amounts, based on the fee distribution system in 
     effect on the day before such effective date.''.

     SEC. 610. DISPUTE RESOLUTION.

       Section 623(c) (42 U.S.C. 5422(c)) is amended--
       (1) by inserting after paragraph (11) (as added by the 
     preceding provisions of this title) the following:
       ``(12) with respect to any State plan submitted on or after 
     the expiration of the 5-year period beginning on the date of 
     enactment of the Manufactured Housing Improvement Act of 
     2000, provides for a dispute resolution program for the 
     timely resolution of disputes between manufacturers, 
     retailers, and installers of manufactured homes regarding 
     responsibility, and for the issuance of appropriate orders, 
     for the correction or repair of defects in manufactured homes 
     that are reported during the 1-year period beginning on the 
     date of installation; and''; and
       (2) by adding at the end the following:
       ``(g) Enforcement of Dispute Resolution Standards.--
       ``(1) Establishment of dispute resolution program.--Not 
     later than the expiration of the 5-year period beginning on 
     the date of enactment of the Manufactured Housing Improvement 
     Act of 2000, the Secretary shall establish a dispute 
     resolution program that meets the requirements of subsection 
     (c)(12) for dispute resolution in each State described in 
     paragraph (2) of this subsection. The order establishing the 
     dispute resolution program shall be issued after notice and 
     opportunity for public comment in accordance with section 553 
     of title 5, United States Code.
       ``(2) Implementation of dispute resolution program.--
     Beginning on the expiration of the 5-year period described in 
     paragraph (1), the Secretary shall implement the dispute 
     resolution program established under paragraph (1) in each 
     State that has not established a dispute resolution program 
     that meets the requirements of subsection (c)(12).
       ``(3) Contracting out of implementation.--In carrying out 
     paragraph (2), the Secretary may contract with an appropriate 
     agent to implement the dispute resolution program established 
     under paragraph (2), except that such agent shall not be a 
     person or entity other than a government, nor an affiliate or 
     subsidiary of such a person or entity, that has entered into 
     a contract with the Secretary to implement any other 
     regulatory program under this title.''.

     SEC. 611. ELIMINATION OF ANNUAL REPORTING REQUIREMENT.

       The National Manufactured Housing Construction and Safety 
     Standards Act of 1974 (42 U.S.C. 5401 et seq.) is amended--
       (1) by striking section 626 (42 U.S.C. 5425); and
       (2) by redesignating sections 627 and 628 (42 U.S.C. 5426, 
     5401 note) as sections 626 and 627, respectively.

     SEC. 612. EFFECTIVE DATE.

       The amendments made by this title shall take effect on the 
     date of enactment of this Act, except that the amendments 
     shall have no effect on any order or interpretative bulletin 
     that is issued under the National Manufactured Housing 
     Construction and Safety Standards Act of 1974 (42 U.S.C. 5401 
     et seq.) and published as a proposed rule pursuant to section 
     553 of title 5, United States Code, on or before that date of 
     enactment.

     SEC. 613. SAVINGS PROVISIONS.

       (a) Standards and Regulations.--The Federal manufactured 
     home construction and safety standards (as such term is 
     defined in section 603 of the National Manufactured Housing 
     Construction and Safety Standards Act of 1974) and all 
     regulations pertaining thereto in effect on the day before 
     the date of enactment of this Act shall apply until the 
     effective date of a standard or regulation modifying or 
     superseding the existing standard or regulation that is 
     promulgated under subsection (a) or (b) of section 604 of the 
     National Manufactured Housing Construction and Safety 
     Standards Act of 1974, as amended by this title.
       (b) Contracts.--Any contract awarded pursuant to a Request 
     for Proposal issued before the date of enactment of this Act 
     shall remain in effect until the earlier of--
       (1) the expiration of the 2-year period beginning on the 
     date of enactment of this Act; or
       (2) the expiration of the contract term.

                 TITLE VII--RURAL HOUSING HOMEOWNERSHIP

     SEC. 701. GUARANTEES FOR REFINANCING OF RURAL HOUSING LOANS.

       Section 502(h) of the Housing Act of 1949 (42 U.S.C. 
     1472(h)) is amended by adding at the end the following new 
     paragraph:
       ``(13) Guarantees for refinancing loans.--
       ``(A) In General.--Upon the request of the borrower, the 
     Secretary shall, to the extent provided in appropriation Acts 
     and subject to subparagraph (F), guarantee a loan that is 
     made to refinance an existing loan that is made under this 
     section or guaranteed under this subsection, and that the 
     Secretary determines complies with the requirements of this 
     paragraph.
       ``(B) Interest rate.--To be eligible for a guarantee under 
     this paragraph, the refinancing loan shall have a rate of 
     interest that is fixed over the term of the loan and does not 
     exceed the interest rate of the loan being refinanced.
       ``(C) Security.--To be eligible for a guarantee under this 
     paragraph, the refinancing loan shall be secured by the same 
     single-family residence as was the loan being refinanced, 
     which shall be owned by the borrower and occupied by the 
     borrower as the principal residence of the borrower.
       ``(D) Amount.--To be eligible for a guarantee under this 
     paragraph, the principal obligation under the refinancing 
     loan shall not exceed an amount equal to the sum of the 
     balance of the loan being refinanced and such closing costs 
     as may be authorized by the Secretary, which shall include a 
     discount not exceeding 200 basis points and an origination 
     fee not exceeding such amount as the Secretary shall 
     prescribe.
       ``(E) Other requirements.--The provisions of the last 
     sentence of paragraph (1) and paragraphs (2), (5), (6)(A), 
     (7), and (9) shall apply to loans guaranteed under this 
     paragraph, and no other provisions of paragraphs (1) through 
     (12) shall apply to such loans.
       ``(F) Authority to establish limitation.--The Secretary may 
     establish limitations on the number of loans guaranteed under 
     this paragraph, which shall be based on market conditions and 
     other factors as the Secretary considers appropriate.''.

     SEC. 702. PROMISSORY NOTE REQUIREMENT UNDER HOUSING REPAIR 
                   LOAN PROGRAM.

       The fourth sentence of section 504(a) of the Housing Act of 
     1949 (42 U.S.C. 1474(a)) is amended by striking ``$2,500'' 
     and inserting ``$7,500''.

     SEC. 703. LIMITED PARTNERSHIP ELIGIBILITY FOR FARM LABOR 
                   HOUSING LOANS.

       The first sentence of section 514(a) of the Housing Act of 
     1949 (42 U.S.C. 1484(a)) is amended by striking ``nonprofit 
     limited partnership'' and inserting ``limited partnership''.

     SEC. 704. PROJECT ACCOUNTING RECORDS AND PRACTICES.

       Section 515 of the Housing Act of 1949 (42 U.S.C. 1485) is 
     amended by striking subsection (z) and inserting the 
     following new subsections:
       ``(z) Accounting and Recordkeeping Requirements.--
       ``(1) Accounting standards.--The Secretary shall require 
     that borrowers in programs authorized by this section 
     maintain accounting records in accordance with generally 
     accepted accounting principles for all projects that receive 
     funds from loans made or guaranteed by the Secretary under 
     this section.
       ``(2) Record retention requirements.--The Secretary shall 
     require that borrowers in programs authorized by this section 
     retain for a period of not less than 6 years and make 
     available to the Secretary in a manner determined by the 
     Secretary, all records required to be maintained under this 
     subsection and other records identified by the Secretary in 
     applicable regulations.
       ``(aa) Double Damages for Unauthorized Use of Housing 
     Projects Assets and Income.--
       ``(1) Action to recover assets or income.--
       ``(A) In general.--The Secretary may request the Attorney 
     General to bring an action in a United States district court 
     to recover any assets or income used by any person in 
     violation of the provisions of a loan made or guaranteed by 
     the Secretary under this section or in violation of any 
     applicable statute or regulation.
       ``(B) Improper documentation.--For purposes of this 
     subsection, a use of assets or income in violation of the 
     applicable loan, loan guarantee, statute, or regulation shall 
     include any use for which the documentation in the books and 
     accounts does not establish that the use was made for a 
     reasonable operating expense or necessary repair of the 
     project or for which the documentation has not been 
     maintained in accordance with the requirements of the 
     Secretary and in reasonable condition for proper audit.
       ``(C) Definition.--For the purposes of this subsection, the 
     term `person' means--
       ``(i) any individual or entity that borrows funds in 
     accordance with programs authorized by this section;
       ``(ii) any individual or entity holding 25 percent or more 
     interest of any entity that

[[Page 26221]]

     borrows funds in accordance with programs authorized by this 
     section; and
       ``(iii) any officer, director, or partner of an entity that 
     borrows funds in accordance with programs authorized by this 
     section.
       ``(2) Amount recoverable.--
       ``(A) In general.--In any judgment favorable to the United 
     States entered under this subsection, the Attorney General 
     may recover double the value of the assets and income of the 
     project that the court determines to have been used in 
     violation of the provisions of a loan made or guaranteed by 
     the Secretary under this section or any applicable statute or 
     regulation, plus all costs related to the action, including 
     reasonable attorney and auditing fees.
       ``(B) Application of recovered funds.--Notwithstanding any 
     other provision of law, the Secretary may use amounts 
     recovered under this subsection for activities authorized 
     under this section and such funds shall remain available for 
     such use until expended.
       ``(3) Time limitation.--Notwithstanding any other provision 
     of law, an action under this subsection may be commenced at 
     any time during the 6-year period beginning on the date that 
     the Secretary discovered or should have discovered the 
     violation of the provisions of this section or any related 
     statutes or regulations.
       ``(4) Continued availability of other remedies.--The remedy 
     provided in this subsection is in addition to and not in 
     substitution of any other remedies available to the Secretary 
     or the United States.''.

     SEC. 705. DEFINITION OF RURAL AREA.

       The second sentence of section 520 of the Housing Act of 
     1949 (42 U.S.C. 1490) is amended--
       (1) by striking ``1990 decennial census'' and inserting 
     ``1990 or 2000 decennial census''; and
       (2) by striking ``year 2000'' and inserting ``year 2010''.

     SEC. 706. OPERATING ASSISTANCE FOR MIGRANT FARMWORKERS 
                   PROJECTS.

       The last sentence of section 521(a)(5)(A) of the Housing 
     Act of 1949 (42 U.S.C. 1490a(a)(5)(A)) is amended by striking 
     ``project'' and inserting ``tenant or unit''.

     SEC. 707. MULTIFAMILY RENTAL HOUSING LOAN GUARANTEE PROGRAM.

       Section 538 of the Housing Act of 1949 (42 U.S.C. 1490p-2) 
     is amended--
       (1) in subsection (c), by inserting ``an Indian tribe,'' 
     after ``thereof,'';
       (2) in subsection (f), by striking paragraph (1) and 
     inserting the following new paragraph:
       ``(1) be made for a period of not less than 25 nor greater 
     than 40 years from the date the loan was made and may provide 
     for amortization of the loan over a period of not to exceed 
     40 years with a final payment of the balance due at the end 
     of the loan term;'';
       (3) in subsection (i)(2), by striking ``(A) conveyance to 
     the Secretary'' and all that follows through ``(C) 
     assignment'' and inserting ``(A) submission to the Secretary 
     of a claim for payment under the guarantee, and (B) 
     assignment'';
       (4) in subsection (s), by adding at the end the following 
     new subsection:
       ``(4) Indian tribe.--The term `Indian tribe' means--
       ``(A) any Indian tribe, band, nation, or other organized 
     group or community of Indians, including any Alaska Native 
     village or regional or village corporation, as defined by or 
     established pursuant to the Alaska Native Claims Settlement 
     Act (43 U.S.C. 1601 et seq.), that is recognized as eligible 
     for the special programs and services provided by the United 
     States to Indians because of their status as Indians pursuant 
     to the Indian Self-Determination and Education Assistance Act 
     of 1975 (25 U.S.C. 450 et seq.); or
       ``(B) any entity established by the governing body of an 
     Indian tribe described in subparagraph (A) for the purpose of 
     financing economic development.'';
       (5) in subsection (t), by inserting before the period at 
     the end the following: ``to provide guarantees under this 
     section for eligible loans having an aggregate principal 
     amount of $500,000,000'';
       (6) by striking subsection (l);
       (7) by redesignating subsections (m) through (u) as 
     subsections (l) through (t), respectively; and
       (8) by adding at the end the following new subsections:
       ``(u) Fee Authority.--Any amounts collected by the 
     Secretary pursuant to the fees charged to lenders for loan 
     guarantees issued under this section shall be used to offset 
     costs (as defined by section 502 of the Congressional Budget 
     Act of 1974 (2 U.S.C. 661a)) of loan guarantees made under 
     this section.
       ``(v) Defaults of Loans Secured by Reservation Lands.--In 
     the event of a default involving a loan to an Indian tribe or 
     tribal corporation made under this section which is secured 
     by an interest in land within such tribe's reservation (as 
     determined by the Secretary of the Interior), including a 
     community in Alaska incorporated by the Secretary of the 
     Interior pursuant to the Indian Reorganization Act (25 U.S.C. 
     461 et seq.), the lender shall only pursue liquidation after 
     offering to transfer the account to an eligible tribal 
     member, the tribe, or the Indian housing authority serving 
     the tribe. If the lender subsequently proceeds to liquidate 
     the account, the lender shall not sell, transfer, or 
     otherwise dispose of or alienate the property except to one 
     of the entities described in the preceding sentence.''.

     SEC. 708. ENFORCEMENT PROVISIONS.

       (a) In General.--Title V of the Housing Act of 1949 (42 
     U.S.C. 1471 et seq.) is amended by adding after section 542 
     the following:

     ``SEC. 543. ENFORCEMENT PROVISIONS.

       ``(a) Equity Skimming.--
       ``(1) Criminal penalty.--Whoever, as an owner, agent, 
     employee, or manager, or is otherwise in custody, control, or 
     possession of property that is security for a loan made or 
     guaranteed under this title, willfully uses, or authorizes 
     the use, of any part of the rents, assets, proceeds, income, 
     or other funds derived from such property, for any purpose 
     other than to meet actual, reasonable, and necessary expenses 
     of the property, or for any other purpose not authorized by 
     this title or the regulations adopted pursuant to this title, 
     shall be fined under title 18, United States Code, or 
     imprisoned not more than 5 years, or both.
       ``(2) Civil sanctions.--An entity or individual who as an 
     owner, operator, employee, or manager, or who acts as an 
     agent for a property that is security for a loan made or 
     guaranteed under this title where any part of the rents, 
     assets, proceeds, income, or other funds derived from such 
     property are used for any purpose other than to meet actual, 
     reasonable, and necessary expenses of the property, or for 
     any other purpose not authorized by this title or the 
     regulations adopted pursuant to this title, shall be subject 
     to a fine of not more than $25,000 per violation. The 
     sanctions provided in this paragraph may be imposed in 
     addition to any other civil sanctions or civil monetary 
     penalties authorized by law.
       ``(b) Civil Monetary Penalties.--
       ``(1) In general.--The Secretary may, after notice and 
     opportunity for a hearing, impose a civil monetary penalty in 
     accordance with this subsection against any individual or 
     entity, including its owners, officers, directors, general 
     partners, limited partners, or employees, who knowingly and 
     materially violate, or participate in the violation of, the 
     provisions of this title, the regulations issued by the 
     Secretary pursuant to this title, or agreements made in 
     accordance with this title, by--
       ``(A) submitting information to the Secretary that is 
     false;
       ``(B) providing the Secretary with false certifications;
       ``(C) failing to submit information requested by the 
     Secretary in a timely manner;
       ``(D) failing to maintain the property subject to loans 
     made or guaranteed under this title in good repair and 
     condition, as determined by the Secretary;
       ``(E) failing to provide management for a project which 
     received a loan made or guaranteed under this title that is 
     acceptable to the Secretary; or
       ``(F) failing to comply with the provisions of applicable 
     civil rights statutes and regulations.
       ``(2) Conditions for renewal or extension.--The Secretary 
     may require that expiring loan or assistance agreements 
     entered into under this title shall not be renewed or 
     extended unless the owner executes an agreement to comply 
     with additional conditions prescribed by the Secretary, or 
     executes a new loan or assistance agreement in the form 
     prescribed by the Secretary.
       ``(3) Amount.--
       ``(A) In general.--The amount of a civil monetary penalty 
     imposed under this subsection shall not exceed the greater 
     of--
       ``(i) twice the damages the Department of Agriculture, the 
     guaranteed lender, or the project that is secured for a loan 
     under this section suffered or would have suffered as a 
     result of the violation; or
       ``(ii) $50,000 per violation.
       ``(B) Determination.--In determining the amount of a civil 
     monetary penalty under this subsection, the Secretary shall 
     take into consideration--
       ``(i) the gravity of the offense;
       ``(ii) any history of prior offenses by the violator 
     (including offenses occurring prior to the enactment of this 
     section);
       ``(iii) the ability of the violator to pay the penalty;
       ``(iv) any injury to tenants;
       ``(v) any injury to the public;
       ``(vi) any benefits received by the violator as a result of 
     the violation;
       ``(vii) deterrence of future violations; and
       ``(viii) such other factors as the Secretary may establish 
     by regulation.
       ``(4) Payment of penalties.--No payment of a penalty 
     assessed under this section may be made from funds provided 
     under this title or from funds of a project which serve as 
     security for a loan made or guaranteed under this title.
       ``(5) Remedies for noncompliance.--
       ``(A) Judicial intervention.--If a person or entity fails 
     to comply with a final determination by the Secretary 
     imposing a civil monetary penalty under this subsection, the 
     Secretary may request the Attorney General of the United 
     States to bring an action in an appropriate United States 
     district court to obtain a monetary judgment against such 
     individual or entity and such other relief as may be 
     available. The monetary judgment may, in the court's 
     discretion, include the attorney's fees and other expenses 
     incurred by the United States in connection with the action.

[[Page 26222]]

       ``(B) Reviewability of determination.--In an action under 
     this paragraph, the validity and appropriateness of a 
     determination by the Secretary imposing the penalty shall not 
     be subject to review.''.
       (b) Conforming Amendment.--Section 514 of the Housing Act 
     of 1949 (42 U.S.C. 1484) is amended by striking subsection 
     (j).

     SEC. 709. AMENDMENTS TO TITLE 18 OF UNITED STATES CODE.

       (a) Money Laundering.--Section 1956(c)(7)(D) of title 18, 
     United States Code, is amended by inserting ``any violation 
     of section 543(a)(1) of the Housing Act of 1949 (relating to 
     equity skimming),'' after ``coupons having a value of not 
     less than $5,000,''.
       (b) Obstruction of Federal Audits.--Section 1516(a) of 
     title 18, United States Code, is amended by inserting ``or 
     relating to any property that is security for a loan that is 
     made or guaranteed under title V of the Housing Act of 
     1949,'' before ``shall be fined under this title''.

         TITLE VIII--HOUSING FOR ELDERLY AND DISABLED FAMILIES

     SEC. 801. SHORT TITLE.

       This title may be cited as the ``Affordable Housing for 
     Seniors and Families Act''.

     SEC. 802. REGULATIONS.

       The Secretary of Housing and Urban Development (referred to 
     in this title as the ``Secretary'') shall issue any 
     regulations to carry out this title and the amendments made 
     by this title that the Secretary determines may or will 
     affect tenants of federally assisted housing only after 
     notice and opportunity for public comment in accordance with 
     the procedure under section 553 of title 5, United States 
     Code, applicable to substantive rules (notwithstanding 
     subsections (a)(2), (b)(B), and (d)(3) of such section). 
     Notice of such proposed rulemaking shall be provided by 
     publication in the Federal Register. In issuing such 
     regulations, the Secretary shall take such actions as may be 
     necessary to ensure that such tenants are notified of, and 
     provided an opportunity to participate in, the rulemaking, as 
     required by such section 553.

     SEC. 803. EFFECTIVE DATE.

       (a) In General.--The provisions of this title and the 
     amendments made by this title are effective as of the date of 
     enactment of this Act, unless such provisions or amendments 
     specifically provide for effectiveness or applicability upon 
     another date certain.
       (b) Effect of Regulatory Authority.--Any authority in this 
     title or the amendments made by this title to issue 
     regulations, and any specific requirement to issue 
     regulations by a date certain, may not be construed to affect 
     the effectiveness or applicability of the provisions of this 
     title or the amendments made by this title under such 
     provisions and amendments and subsection (a) of this section.

  Subtitle A--Refinancing for Section 202 Supportive Housing for the 
                                Elderly

     SEC. 811. PREPAYMENT AND REFINANCING.

       (a) Approval of Prepayment of Debt.--Upon request of the 
     project sponsor of a project assisted with a loan under 
     section 202 of the Housing Act of 1959 (as in effect before 
     the enactment of the Cranston-Gonzalez National Affordable 
     Housing Act), the Secretary shall approve the prepayment of 
     any indebtedness to the Secretary relating to any remaining 
     principal and interest under the loan as part of a prepayment 
     plan under which--
       (1) the project sponsor agrees to operate the project until 
     the maturity date of the original loan under terms at least 
     as advantageous to existing and future tenants as the terms 
     required by the original loan agreement or any rental 
     assistance payments contract under section 8 of the United 
     States Housing Act of 1937 (or any other rental housing 
     assistance programs of the Department of Housing and Urban 
     Development, including the rent supplement program under 
     section 101 of the Housing and Urban Development Act of 1965 
     (12 U.S.C. 1701s)) relating to the project; and
       (2) the prepayment may involve refinancing of the loan if 
     such refinancing results in a lower interest rate on the 
     principal of the loan for the project and in reductions in 
     debt service related to such loan.
       (b) Sources of Refinancing.--In the case of prepayment 
     under this section involving refinancing, the project sponsor 
     may refinance the project through any third party source, 
     including financing by State and local housing finance 
     agencies, use of tax-exempt bonds, multi-family mortgage 
     insurance under the National Housing Act, reinsurance, or 
     other credit enhancements, including risk sharing as provided 
     under section 542 of the Housing and Community Development 
     Act of 1992 (12 U.S.C. 1707 note). For purposes of 
     underwriting a loan insured under the National Housing Act, 
     the Secretary may assume that any section 8 rental assistance 
     contract relating to a project will be renewed for the term 
     of such loan.
       (c) Use of Unexpended Amounts.--Upon execution of the 
     refinancing for a project pursuant to this section, the 
     Secretary shall make available at least 50 percent of the 
     annual savings resulting from reduced section 8 or other 
     rental housing assistance contracts in a manner that is 
     advantageous to the tenants, including--
       (1) not more than 15 percent of the cost of increasing the 
     availability or provision of supportive services, which may 
     include the financing of service coordinators and congregate 
     services;
       (2) rehabilitation, modernization, or retrofitting of 
     structures, common areas, or individual dwelling units;
       (3) construction of an addition or other facility in the 
     project, including assisted living facilities (or, upon the 
     approval of the Secretary, facilities located in the 
     community where the project sponsor refinances a project 
     under this section, or pools shared resources from more than 
     1 such project); or
       (4) rent reduction of unassisted tenants residing in the 
     project according to a pro rata allocation of shared savings 
     resulting from the refinancing.
       (d) Use of Certain Project Funds.--The Secretary shall 
     allow a project sponsor that is prepaying and refinancing a 
     project under this section--
       (1) to use any residual receipts held for that project in 
     excess of $500 per individual dwelling unit for not more than 
     15 percent of the cost of activities designed to increase the 
     availability or provision of supportive services; and
       (2) to use any reserves for replacement in excess of $1,000 
     per individual dwelling unit for activities described in 
     paragraphs (2) and (3) of subsection (c).
       (e) Budget Act Compliance.--This section shall be effective 
     only to extent or in such amounts that are provided in 
     advance in appropriation Acts.

Subtitle B--Authorization of Appropriations for Supportive Housing for 
               the Elderly and Persons With Disabilities

     SEC. 821. SUPPORTIVE HOUSING FOR ELDERLY PERSONS.

       Section 202 of the Housing Act of 1959 (12 U.S.C. 1701q) is 
     amended by adding at the end the following:
       ``(m) Authorization of Appropriations.--There are 
     authorized to be appropriated for providing assistance under 
     this section such sums as may be necessary for each of fiscal 
     years 2001, 2002, and 2003.''.

     SEC. 822. SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES.

       Section 811 of the Cranston-Gonzalez National Affordable 
     Housing Act (42 U.S.C. 8013) is amended by striking 
     subsection (m) and inserting the following:
       ``(m) Authorization of Appropriations.--There are 
     authorized to be appropriated for providing assistance under 
     this section such sums as may be necessary for each of fiscal 
     years 2001, 2002, and 2003.''.

     SEC. 823. SERVICE COORDINATORS AND CONGREGATE SERVICES FOR 
                   ELDERLY AND DISABLED HOUSING.

       There are authorized to be appropriated to the Secretary 
     such sums as may be necessary for each of fiscal years 2001, 
     2002, and 2003, for the following purposes:
       (1) Grants for service coordinators for certain federally 
     assisted multifamily housing.--For grants under section 676 
     of the Housing and Community Development Act of 1992 (42 
     U.S.C. 13632) for providing service coordinators.
       (2) Congregate services for federally assisted housing.--
     For contracts under section 802 of the Cranston-Gonzalez 
     National Affordable Housing Act (42 U.S.C. 8011) to provide 
     congregate services programs for eligible residents of 
     eligible housing projects under subparagraphs (B) through (D) 
     of subsection (k)(6) of such section.

Subtitle C--Expanding Housing Opportunities for the Elderly and Persons 
                           With Disabilities

                    PART 1--HOUSING FOR THE ELDERLY

     SEC. 831. ELIGIBILITY OF FOR-PROFIT LIMITED PARTNERSHIPS.

       Section 202(k)(4) of the Housing Act of 1959 (12 U.S.C. 
     1701q(k)(4)) is amended by inserting after subparagraph (C) 
     the following:
     ``Such term includes a for-profit limited partnership the 
     sole general partner of which is an organization meeting the 
     requirements under subparagraphs (A), (B), and (C), or a 
     corporation wholly owned and controlled by an organization 
     meeting the requirements under subparagraphs (A), (B), and 
     (C).''.

     SEC. 832. MIXED FUNDING SOURCES.

       Section 202(h)(6) of the Housing Act of 1959 (12 U.S.C. 
     1701q(h)(6)) is amended--
       (1) by striking ``non-Federal sources'' and inserting 
     ``sources other than this section''; and
       (2) by adding at the end the following new sentence: 
     ``Notwithstanding any other provision of law, assistance 
     amounts provided under this section may be treated as amounts 
     not derived from a Federal grant.''.

     SEC. 833. AUTHORITY TO ACQUIRE STRUCTURES.

       Section 202 of the Housing Act of 1959 (12 U.S.C. 1701q) is 
     amended--
       (1) in subsection (b), by striking ``from the Resolution 
     Trust Corporation''; and
       (2) in subsection (h)(2)--
       (A) in the paragraph heading, by striking ``RTC 
     properties'' and inserting ``Acquisition''; and
       (B) by striking ``from the Resolution'' and all that 
     follows through ``Insurance Act''.

[[Page 26223]]



     SEC. 834. USE OF PROJECT RESERVES.

       Section 202(j) of the Housing Act of 1959 (12 U.S.C. 
     1701q(j)) is amended by adding at the end the following:
       ``(8) Use of project reserves.--Amounts for project 
     reserves for a project assisted under this section may be 
     used for costs, subject to reasonable limitations as the 
     Secretary determines appropriate, for reducing the number of 
     dwelling units in the project. Such use shall be subject to 
     the approval of the Secretary to ensure that the use is 
     designed to retrofit units that are currently obsolete or 
     unmarketable.''.

     SEC. 835. COMMERCIAL ACTIVITIES.

       Section 202(h)(1) of the Housing Act of 1959 (12 U.S.C. 
     1701q(h)(1)) is amended by adding at the end the following: 
     ``Neither this section nor any other provision of law may be 
     construed as prohibiting or preventing the location and 
     operation, in a project assisted under this section, of 
     commercial facilities for the benefit of residents of the 
     project and the community in which the project is located, 
     except that assistance made available under this section may 
     not be used to subsidize any such commercial facility.''.

             PART 2--HOUSING FOR PERSONS WITH DISABILITIES

     SEC. 841. ELIGIBILITY OF FOR-PROFIT LIMITED PARTNERSHIPS.

       Section 811(k)(6) of the Housing Act of 1959 (42 U.S.C. 
     8013(k)(6)) is amended by inserting after subparagraph (D) 
     the following:
     ``Such term includes a for-profit limited partnership the 
     sole general partner of which is an organization meeting the 
     requirements under subparagraphs (A), (B), (C), and (D) or a 
     corporation wholly owned and controlled by an organization 
     meeting the requirements under subparagraphs (A), (B), (C), 
     and (D).''.

     SEC. 842. MIXED FUNDING SOURCES.

       Section 811(h)(5) of the Cranston-Gonzalez National 
     Affordable Housing Act (42 U.S.C. 8013(h)(5)) is amended--
       (1) by striking ``non-Federal sources'' and inserting 
     ``sources other than this section''; and
       (2) by adding at the end the following new sentence: 
     ``Notwithstanding any other provision of law, assistance 
     amounts provided under this section may be treated as amounts 
     not derived from a Federal grant.''.

     SEC. 843. TENANT-BASED ASSISTANCE.

       Section 811 of the Cranston-Gonzalez National Affordable 
     Housing Act (42 U.S.C. 8013) is amended--
       (1) in subsection (d), by striking paragraph (4) and 
     inserting the following:
       ``(4) Tenant-based rental assistance.--
       ``(A) Administering entities.--Tenant-based rental 
     assistance provided under subsection (b)(1) may be provided 
     only through a public housing agency that has submitted and 
     had approved an plan under section 7(d) of the United States 
     Housing Act of 1937 (42 U.S.C. 1437e(d)) that provides for 
     such assistance, or through a private nonprofit organization. 
     A public housing agency shall be eligible to apply under this 
     section only for the purposes of providing such tenant-based 
     rental assistance.
       ``(B) Program rules.--Tenant-based rental assistance under 
     subsection (b)(1) shall be made available to eligible persons 
     with disabilities and administered under the same rules that 
     govern tenant-based rental assistance made available under 
     section 8 of the United States Housing Act of 1937, except 
     that the Secretary may waive or modify such rules, but only 
     to the extent necessary to provide for administering such 
     assistance under subsection (b)(1) through private nonprofit 
     organizations rather than through public housing agencies.
       ``(C) Allocation of assistance.--In determining the amount 
     of assistance provided under subsection (b)(1) for a private 
     nonprofit organization or public housing agency, the 
     Secretary shall consider the needs and capabilities of the 
     organization or agency, in the case of a public housing 
     agency, as described in the plan for the agency under section 
     7 of the United States Housing Act of 1937.''; and
       (2) in subsection (l)(1)--
       (A) by striking ``subsection (b)'' and inserting 
     ``subsection (b)(2)''; and
       (B) by striking the last comma and all that follows through 
     ``subsection (n)''.

     SEC. 844. USE OF PROJECT RESERVES.

       Section 811(j) of the Cranston-Gonzalez National Affordable 
     Housing Act (42 U.S.C. 8013(j)) is amended by adding at the 
     end the following:
       ``(7) Use of project reserves.--Amounts for project 
     reserves for a project assisted under this section may be 
     used for costs, subject to reasonable limitations as the 
     Secretary determines appropriate, for reducing the number of 
     dwelling units in the project. Such use shall be subject to 
     the approval of the Secretary to ensure that the use is 
     designed to retrofit units that are currently obsolete or 
     unmarketable.''.

     SEC. 845. COMMERCIAL ACTIVITIES.

       Section 811(h)(1) of the Cranston-Gonzalez National 
     Affordable Housing Act (42 U.S.C. 8013(h)(1)) is amended by 
     adding at the end the following: ``Neither this section nor 
     any other provision of law may be construed as prohibiting or 
     preventing the location and operation, in a project assisted 
     under this section, of commercial facilities for the benefit 
     of residents of the project and the community in which the 
     project is located, except that assistance made available 
     under this section may not be used to subsidize any such 
     commercial facility.''.

                        PART 3--OTHER PROVISIONS

     SEC. 851. SERVICE COORDINATORS.

       (a) Increased Flexibility for Use of Service Coordinators 
     in Certain Federally Assisted Housing.--Section 676 of the 
     Housing and Community Development Act of 1992 (42 U.S.C. 
     13632) is amended--
       (1) in the section heading, by striking ``MULTIFAMILY 
     HOUSING ASSISTED UNDER NATIONAL HOUSING ACT'' and inserting 
     ``CERTAIN FEDERALLY ASSISTED HOUSING'';
       (2) in subsection (a)--
       (A) in the first sentence, by striking ``(E) and (F)'' and 
     inserting ``(B), (C), (D), (E), (F), and (G)''; and
       (B) in the last sentence--
       (i) by striking ``section 661'' and inserting ``section 
     671''; and
       (ii) by adding at the end the following: ``A service 
     coordinator funded with a grant under this section for a 
     project may provide services to low-income elderly or 
     disabled families living in the vicinity of such project.'';
       (3) in subsection (d)--
       (A) by striking ``(E) or (F)'' and inserting ``(B), (C), 
     (D), (E), (F), or (G)''; and
       (B) by striking ``section 661'' and inserting ``section 
     671''; and
       (4) by striking subsection (c) and redesignating subsection 
     (d) (as amended by paragraph (3) of this subsection) as 
     subsection (c).
       (b) Requirement To Provide Service Coordinators.--Section 
     671 of the Housing and Community Development Act of 1992 (42 
     U.S.C. 13631) is amended--
       (1) in the first sentence of subsection (a), by striking 
     ``to carry out this subtitle pursuant to the amendments made 
     by this subtitle'' and inserting the following: ``for 
     providing service coordinators under this section'';
       (2) in subsection (d), by inserting ``)'' after ``section 
     683(2)''; and
       (3) by adding at the end following:
       ``(e) Services for Low-Income Elderly or Disabled Families 
     Residing in Vicinity of Certain Projects.--To the extent only 
     that this section applies to service coordinators for covered 
     federally assisted housing described in subparagraphs (B), 
     (C), (D), (E), (F), and (G) of section 683(2), any reference 
     in this section to elderly or disabled residents of a project 
     shall be construed to include low-income elderly or disabled 
     families living in the vicinity of such project.''.
       (c) Protection Against Telemarketing Fraud.--
       (1) Supportive housing for the elderly.--The first sentence 
     of section 202(g)(1) of the Housing Act of 1959 (12 U.S.C. 
     1701q(g)(1)) is amended by striking ``and (F)'' and inserting 
     the following: ``(F) providing education and outreach 
     regarding telemarketing fraud, in accordance with the 
     standards issued under section 671(f) of the Housing and 
     Community Development Act of 1992 (42 U.S.C. 13631(f)); and 
     (G)''.
       (2) Other federally assisted housing.--Section 671 of the 
     Housing and Community Development Act of 1992 (42 U.S.C. 
     13631), as amended by subsection (b) of this section, is 
     further amended--
       (A) in the first sentence of subsection (c), by inserting 
     after ``response,'' the following: ``education and outreach 
     regarding telemarketing fraud in accordance with the 
     standards issued under subsection (f),''; and
       (B) by adding at the end the following:
       ``(f) Protection Against Telemarketing Fraud.--
       ``(1) In general.--The Secretary, in coordination with the 
     Secretary of Health and Human Services, shall establish 
     standards for service coordinators in federally assisted 
     housing who are providing education and outreach to elderly 
     persons residing in such housing regarding telemarketing 
     fraud. The standards shall be designed to ensure that such 
     education and outreach informs such elderly persons of the 
     dangers of telemarketing fraud and facilitates the 
     investigation and prosecution of telemarketers engaging in 
     fraud against such residents.
       ``(2) Contents.--The standards established under this 
     subsection shall require that any such education and outreach 
     be provided in a manner that--
       ``(A) informs such residents of--
       ``(i) the prevalence of telemarketing fraud targeted 
     against elderly persons;
       ``(ii) how telemarketing fraud works;
       ``(iii) how to identify telemarketing fraud;
       ``(iv) how to protect themselves against telemarketing 
     fraud, including an explanation of the dangers of providing 
     bank account, credit card, or other financial or personal 
     information over the telephone to unsolicited callers;
       ``(v) how to report suspected attempts at telemarketing 
     fraud; and
       ``(vi) their consumer protection rights under Federal law;
       ``(B) provides such other information as the Secretary 
     considers necessary to protect such residents against 
     fraudulent telemarketing; and
       ``(C) disseminates the information provided by appropriate 
     means, and in determining such appropriate means, the 
     Secretary shall

[[Page 26224]]

     consider on-site presentations at federally assisted housing, 
     public service announcements, a printed manual or pamphlet, 
     an Internet website, and telephone outreach to residents 
     whose names appear on `mooch lists' confiscated from 
     fraudulent telemarketers.''.

          Subtitle D--Preservation of Affordable Housing Stock

     SEC. 861. SECTION 236 ASSISTANCE.

       (a) Extension of Authority to Retain Excess Charges.--
     Section 236(g) of the National Housing Act (12 U.S.C. 1715z-
     1(g)), as amended by the Departments of Veterans Affairs and 
     Housing and Urban Development, and Independent Agencies 
     Appropriations Act, 2001, is amended--
       (1) in paragraph (2), by striking ``Subject to paragraph 
     (3) and notwithstanding'' and inserting ``Notwithstanding''; 
     and
       (2) by striking paragraph (3) and redesignating paragraph 
     (4) as paragraph (3).
       (b) Treatment of Excess Charges Previously Collected.--Any 
     excess charges that a project owner may retain pursuant to 
     the amendments made by subsections (b) and (c) of section 532 
     of the Departments of Veterans Affairs and Housing and Urban 
     Development, and Independent Agencies Appropriations Act, 
     2000 (Public Law 106-74; 113 Stat. 1116) that have been 
     collected by such owner since the date of the enactment of 
     such Appropriations Act and that such owner has not remitted 
     to the Secretary of Housing and Urban Development may be 
     retained by such owner unless such Secretary otherwise 
     provides. To the extent that a project owner has remitted 
     such excess charges to the Secretary since such date of 
     enactment, the Secretary may return to the relevant project 
     owner any such excess charges remitted. Notwithstanding any 
     other provision of law, amounts in the Rental Housing 
     Assistance Fund, or heretofore or subsequently transferred 
     from the Rental Housing Assistance Fund to the Flexible 
     Subsidy Fund, shall be available to make such return of 
     excess charges previously remitted to the Secretary, 
     including the return of excess charges referred to in section 
     532(e) of such Appropriations Act.

               TITLE IX--OTHER RELATED HOUSING PROVISIONS

     SEC. 901. EXTENSION OF LOAN TERM FOR MANUFACTURED HOME LOTS.

       Section 2(b)(3)(E) of the National Housing Act (12 U.S.C. 
     1703(b)(3)(E)) is amended by striking ``fifteen'' and 
     inserting ``twenty''.

     SEC. 902. USE OF SECTION 8 VOUCHERS FOR OPT-OUTS.

       (a) In General.--Section 8(t)(2) of the United States 
     Housing Act of 1937 (42 U.S.C. 1437f(t)(2)), as amended by 
     the Departments of Veterans Affairs and Housing and Urban 
     Development, and Independent Agencies Appropriations Act, 
     2001, is amended by striking ``fiscal year 1996'' and 
     inserting ``fiscal year 1994''.
       (b) Effective Date.--The amendment under subsection (a) 
     shall be made and shall apply--
       (1) upon the enactment of this Act, if the Departments of 
     Veterans Affairs and Housing and Urban Development, and 
     Independent Agencies Appropriations Act, 2001, is enacted 
     before the enactment of this Act; and
       (2) immediately after the enactment of such appropriations 
     Act, if such appropriations Act is enacted after the 
     enactment of this Act.

     SEC. 903. MAXIMUM PAYMENT STANDARD FOR ENHANCED VOUCHERS.

       (a) In General.--Section 8(t)(1)(B) of the United States 
     Housing Act of 1937 (42 U.S.C. 1437f(t)(1)(B)), as amended by 
     the Departments of Veterans Affairs and Housing and Urban 
     Development, and Independent Agencies Appropriations Act, 
     2001, is amended by inserting before the semicolon at the end 
     the following: ``, except that a limit shall not be 
     considered reasonable for purposes of this subparagraph if it 
     adversely affects such assisted families''.
       (b) Effective Date.--The amendment under subsection (a) 
     shall be made and shall apply--
       (1) upon the enactment of this Act, if the Departments of 
     Veterans Affairs and Housing and Urban Development, and 
     Independent Agencies Appropriations Act, 2001, is enacted 
     before the enactment of this Act; and
       (2) immediately after the enactment of such appropriations 
     Act, if such appropriations Act is enacted after the 
     enactment of this Act.

     SEC. 904. USE OF SECTION 8 ASSISTANCE BY ``GRAND-FAMILIES'' 
                   TO RENT DWELLING UNITS IN ASSISTED PROJECTS.

       Section 215(a) of the Cranston-Gonzalez National Affordable 
     Housing Act (42 U.S.C. 12745(a)) is amended by adding at the 
     end the following new paragraph:
       ``(6) Waiver of qualifying rent.--
       ``(A) In general.--For the purpose of providing affordable 
     housing appropriate for families described in subparagraph 
     (B), the Secretary may, upon the application of the project 
     owner, waive the applicability of subparagraph (A) of 
     paragraph (1) with respect to a dwelling unit if--
       ``(i) the unit is occupied by such a family, on whose 
     behalf tenant-based assistance is provided under section 8 of 
     the United States Housing Act of 1937 (42 U.S.C. 1437f);
       ``(ii) the rent for the unit is not greater than the 
     existing fair market rent for comparable units in the area, 
     as established by the Secretary under section 8 of the United 
     States Housing Act of 1937; and
       ``(iii) the Secretary determines that the waiver, together 
     with waivers under this paragraph for other dwelling units in 
     the project, will result in the use of amounts described in 
     clause (iii) in an effective manner that will improve the 
     provision of affordable housing for such families.
       ``(B) Eligible families.--A family described in this 
     subparagraph is a family that consists of at least one 
     elderly person (who is the head of household) and one or more 
     of such person's grand children, great grandchildren, great 
     nieces, great nephews, or great great grandchildren (as 
     defined by the Secretary), but does not include any parent of 
     such grandchildren, great grandchildren, great nieces, great 
     nephews, or great great grandchildren. Such term includes any 
     such grandchildren, great grandchildren, great nieces, great 
     nephews, or great great grandchildren who have been legally 
     adopted by such elderly person.''.

               TITLE X--FEDERAL RESERVE BOARD PROVISIONS

     SEC. 1001. FEDERAL RESERVE BOARD BUILDINGS.

       The 3rd undesignated paragraph of section 10 of the Federal 
     Reserve Act (12 U.S.C. 243) is amended--
       (1) by inserting after the 1st sentence the following new 
     sentence: ``After September 1, 2000, the Board may also use 
     such assessments to acquire, in its own name, a site or 
     building (in addition to the facilities existing on such 
     date) to provide for the performance of the functions of the 
     Board.''; and
       (2) in the sentences following the sentence added by the 
     amendment made by paragraph (1) of this section--
       (A) by striking ``the site'' and inserting ``any site''; 
     and
       (B) by inserting ``or buildings'' after ``building'' each 
     place such term appears.

     SEC. 1002. POSITIONS OF BOARD OF GOVERNORS OF THE FEDERAL 
                   RESERVE SYSTEM ON THE EXECUTIVE SCHEDULE.

       (a) In General.--
       (1) Positions at level i of the executive schedule.--
     Section 5312 of title 5, United States Code, is amended by 
     adding at the end the following:
       ``Chairman, Board of Governors of the Federal Reserve 
     System.''.
       (2) Positions at level ii of the executive schedule.--
     Section 5313 of title 5, United States Code, is amended--
       (A) by striking ``Chairman, Board of Governors of the 
     Federal Reserve System.''; and
       (B) by adding at the end the following:
       ``Members, Board of Governors of the Federal Reserve 
     System.''.
       (3) Positions at level iii of the executive schedule.--
     Section 5314 of title 5, United States Code, is amended by 
     striking ``Members, Board of Governors of the Federal Reserve 
     System.''.
       (b) Effective Date.--This section and the amendments made 
     by this section shall take effect on the first day of the 
     first pay period for the Chairman and Members of the Board of 
     Governors of the Federal Reserve System beginning on or after 
     the date of enactment of this Act.

     SEC. 1003. AMENDMENTS TO THE FEDERAL RESERVE ACT.

       (a) Repeal.--Section 2A of the Federal Reserve Act (12 
     U.S.C. 225a) is amended by striking all after the first 
     sentence.
       (b) Appearances Before and Reports to the Congress.--
       (1) In general.--The Federal Reserve Act (12 U.S.C. 221 et 
     seq.) is amended by inserting after section 2A the following 
     new section:

     ``SEC. 2B. APPEARANCES BEFORE AND REPORTS TO THE CONGRESS.

       ``(a) Appearances Before the Congress.--
       (1) In general.--The Chairman of the Board shall appear 
     before the Congress at semi-annual hearings, as specified in 
     paragraph (2), regarding--
       ``(A) the efforts, activities, objectives and plans of the 
     Board and the Federal Open Market Committee with respect to 
     the conduct of monetary policy; and
       ``(B) economic developments and prospects for the future 
     described in the report required in subsection (b).
       ``(2) Schedule.--The Chairman of the Board shall appear--
       ``(A) before the Committee on Banking and Financial 
     Services of the House of Representatives on or about February 
     20 of even numbered calendar years and on or about July 20 of 
     odd numbered calendar years;
       ``(B) before the Committee on Banking, Housing, and Urban 
     Affairs of the Senate on or about July 20 of even numbered 
     calendar years and on or about February 20 of odd numbered 
     calendar years; and
       ``(C) before either Committee referred to in subparagraph 
     (A) or (B), upon request, following the scheduled appearance 
     of the Chairman before the other Committee under subparagraph 
     (A) or (B).
       ``(b) Congressional Report.--The Board shall, concurrent 
     with each semi-annual hearing required by this section, 
     submit a written report to the Committee on Banking, Housing, 
     and Urban Affairs of the Senate and the Committee on Banking 
     and Financial Services of the House of Representatives, 
     containing a discussion of the conduct of monetary policy and 
     economic developments and prospects for the future, taking

[[Page 26225]]

     into account past and prospective developments in employment, 
     unemployment, production, investment, real income, 
     productivity, exchange rates, international trade and 
     payments, and prices.''.

              TITLE XI--BANKING AND HOUSING AGENCY REPORTS

     SEC. 1101. SHORT TITLE.

       This title may be cited as the ``Federal Reporting Act of 
     2000''.

     SEC. 1102. PRESERVATION OF CERTAIN REPORTING REQUIREMENTS.

       Section 3003(a)(1) of the Federal Reports Elimination and 
     Sunset Act of 1995 (31 U.S.C. 1113 note) shall not apply to 
     any report required to be submitted under any of the 
     following provisions of law:
       (1) Section 3 of the Employment Act of 1946 (15 U.S.C. 
     1022).
       (2) Section 309 of the Defense Production Act of 1950 (50 
     U.S.C. App. 2099).
       (3) Section 603 of the Public Works and Economic 
     Development Act of 1965 (42 U.S.C. 3213).
       (4) Section 7(o)(1) of the Department of Housing and Urban 
     Development Act (42 U.S.C. 3535(o)(1)).
       (5) Section 540(c) of the National Housing Act (12 U.S.C. 
     1735f-18(c)).
       (6) Paragraphs (2) and (6) of section 808(e) of the Civil 
     Rights Act of 1968 (42 U.S.C. 3608(e)).
       (7) Section 1061 of the Housing and Community Development 
     Act of 1992 (42 U.S.C. 4856).
       (8) Section 203(v) of the National Housing Act (12 U.S.C. 
     1709(v)), as added by section 504 of the Housing and 
     Community Development Act of 1992 (Public Law 102-550; 106 
     Stat. 3780).
       (9) Section 802 of the Housing Act of 1954 (12 U.S.C. 
     1701o).
       (10) Section 8 of the Department of Housing and Urban 
     Development Act (42 U.S.C. 3536).
       (11) Section 1320 of the National Flood Insurance Act of 
     1968 (42 U.S.C. 4027).
       (12) Section 4(e)(2) of the Department of Housing and Urban 
     Development Act (42 U.S.C. 3533(e)(2).
       (13) Section 205(g) of the National Housing Act (12 U.S.C. 
     1711(g)).
       (14) Section 701(c)(1) of the International Financial 
     Institutions Act (22 U.S.C. 262d(c)(1)).
       (15) Paragraphs (1) and (2) of section 5302(c) of title 31, 
     United States Code.
       (16) Section 18(f)(7) of the Federal Trade Commission Act. 
     (15 U.S.C. 57a(f)(7)).
       (17) Section 333 of the Revised Statutes of the United 
     States (12 U.S.C. 14).
       (18) Section 3(g) of the Home Owners' Loan Act (12 U.S.C. 
     1462a(g)).
       (19) Section 304 of the Appalachian Regional Development 
     Act of 1965 (40 U.S.C. App. 304).
       (20) Sections 2(b)(1)(A), 8(a), 8(c), 10(g)(1), and 11(c) 
     of the Export-Import Bank Act of 1945 (12 U.S.C. 
     635(b)(1)(A), 635g(a), 635g(c), 635i-3(g), and 635i-5(c)).
       (21) Section 17(a) of the Federal Deposit Insurance Act (12 
     U.S.C. 1827(a)).
       (22) Section 13 of the Federal Financing Bank Act of 1973 
     (12 U.S.C. 2292).
       (23) Section 2B(d) of the Federal Home Loan Bank Act (12 
     U.S.C. 1422b(d)).
       (24) Section 1002(b) of Financial Institutions Reform, 
     Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 note).
       (25) Section 8 of the Fair Credit and Charge Card 
     Disclosure Act of 1988 (15 U.S.C. 1637 note).
       (26) Section 136(b)(4)(B) of the Truth in Lending Act (15 
     U.S.C. 1646(b)(4)(B)).
       (27) Section 707 of the Equal Credit Opportunity Act (15 
     U.S.C. 1691f).
       (28) Section 114 of the Truth in Lending Act (15 U.S.C. 
     1613).
       (29) The seventh undesignated paragraph of section 10 of 
     the Federal Reserve Act (12 U.S.C. 247).
       (30) The tenth undesignated paragraph of section 10 of the 
     Federal Reserve Act (12 U.S.C. 247a).
       (31) Section 815 of the Fair Debt Collection Practices Act 
     (15 U.S.C. 1692m).
       (32) Section 102(d) of the Federal Credit Union Act (12 
     U.S.C. 1752a(d)).
       (33) Section 21B(i) of the Federal Home Loan Bank Act (12 
     U.S.C. 1441b(i)).
       (34) Section 607(a) of the Housing and Community 
     Development Amendments of 1978 (42 U.S.C. 8106(a)).
       (35) Section 708(l) of the Defense Production Act of 1950 
     (50 U.S.C. Ap. 2158(l)).
       (36) Section 2546 of the Comprehensive Thrift and Bank 
     Fraud Prosecution and Taxpayer Recovery Act of 1990 (28 
     U.S.C. 522 note).
       (37) Section 202(b)(8) of the National Housing Act (12 
     U.S.C. 1708(b)(8)).

     SEC. 1103. COORDINATION OF REPORTING REQUIREMENTS.

       (a) Federal Deposit Insurance Corporation.--Section 17(a) 
     of the Federal Deposit Insurance Act (12 U.S.C. 1827(a)) is 
     amended by adding at the end the following new paragraph:
       ``(3) Coordination with other report requirements.--The 
     report required under this subsection shall include the 
     report required under section 18(f)(7) of the Federal Trade 
     Commission Act.''.
       (b) Board of Governors of the Federal Reserve System.--The 
     7th undesignated paragraph of section 10 of the Federal 
     Reserve Act (12 U.S.C. 247) is amended by adding at the end 
     the following new sentence: ``The report required under this 
     paragraph shall include the reports required under section 
     707 of the Equal Credit Opportunity Act, section 18(f)(7) of 
     the Federal Trade Commission Act, section 114 of the Truth in 
     Lending Act, and the 10th undesignated paragraph of this 
     section.''.
       (c) Comptroller of the Currency.--Section 333 of the 
     Revised Statutes of the United States (12 U.S.C. 14) is 
     amended by adding at the end the following new sentence: 
     ``The report required under this section shall include the 
     report required under section 18(f)(7) of the Federal Trade 
     Commission Act.''.
       (d) Export-Import Bank.--
       (1) In general.-- Section 2(b)(1)(A) of the Export-Import 
     Bank Act of 1945 (12 U.S.C. 635(b)(1)(A)) is amended--
       (A) by striking ``a annual'' and inserting ``an annual''; 
     and
       (B) by adding at the end the following new sentence: ``The 
     annual report required under this subparagraph shall include 
     the report required under section 10(g).''.
       (2) Technical and conforming amendment.--Section 10(g)(1) 
     of the Export-Import Bank Act of 1945 (12 U.S.C. 635i-
     3(g)(1)) is amended--
       (A) by striking ``On or'' and all that follows through 
     ``the Bank'' and inserting ``The Bank''; and
       (B) by striking ``a report'' and inserting ``an annual 
     report''.
       (e) Department of Housing and Urban Development.--Section 8 
     of the Department of Housing and Urban Development Act (42 
     U.S.C. 3536) is amended by adding at the end the following 
     new sentence: ``The report required under this section shall 
     include the reports required under paragraphs (2) and (6) of 
     section 808(e) of the Civil Rights Act of 1968, the reports 
     required under subsections (a) and (b) of section 1061 of the 
     Housing and Community Development Act of 1992, the report 
     required under section 802 of the Housing Act of 1954, and 
     the report required under section 4(e)(2) of this Act.''.
       (f) Federal Housing Administration.--Section 203(v) of the 
     National Housing Act (12 U.S.C. 1709(v)), as added by section 
     504 of the Housing and Community Development Act of 1992, is 
     amended by adding at the end the following new sentence:
     ``The report required under this subsection shall include the 
     report required under section 540(c) and the report required 
     under section 205(g).''.
       (g) International Financial Institutions Act.--Section 
     701(c)(1) of the International Financial Institutions Act (22 
     U.S.C. 262d(c)(1)) is amended by striking ``Not later'' and 
     all that follows through ``quarterly'' and inserting ``The 
     Secretary of the Treasury shall report annually''.

     SEC. 1104. ELIMINATION OF CERTAIN REPORTING REQUIREMENTS.

       (a) Export-Import Bank.--The Export-Import Bank Act of 1945 
     (12 U.S.C. 635 et seq.) is amended--
       (1) in section 2(b)(1)(D)--
       (A) by striking ``(i)''; and
       (B) by striking clause (ii);
       (2) in section 2(b)(8), by striking the last sentence;
       (3) in section 6(b), by striking paragraph (2) and 
     redesignating paragraph (3) as paragraph (2); and
       (4) in section 8, by striking subsections (b) and (d) and 
     redesignating subsections (c) and (e) as subsections (b) and 
     (c), respectively.
       (b) Federal Deposit Insurance Corporation.--Section 17 of 
     the Federal Deposit Insurance Act (12 U.S.C. 1827) is amended 
     by striking subsection (h).

                 TITLE XII--FINANCIAL REGULATORY RELIEF

     SEC. 1200. SHORT TITLE.

       This title may be cited as the ``Financial Regulatory 
     Relief and Economic Efficiency Act of 2000''.

    Subtitle A--Improving Monetary Policy and Financial Institution 
                          Management Practices

     SEC. 1201. REPEAL OF SAVINGS ASSOCIATION LIQUIDITY PROVISION.

       (a) Repeal of Liquidity Provision.--Section 6 of the Home 
     Owners' Loan Act (12 U.S.C. 1465) is hereby repealed.
       (b) Conforming Amendments.--
       (1) Section 5.--Section 5(c)(1)(M) of the Home Owners' Loan 
     Act (12 U.S.C. 1464(c)(1)(M)) is amended to read as follows:
       ``(M) Liquidity investments.--Investments (other than 
     equity investments), identified by the Director, for 
     liquidity purposes, including cash, funds on deposit at a 
     Federal reserve bank or a Federal home loan bank, or bankers' 
     acceptances.''.
       (2) Section 10.--Section 10(m)(4)(B)(iii) of the Home 
     Owners' Loan Act (12 U.S.C. 1467a(m)(4)(B)(iii)) is amended 
     by inserting ``as in effect on the day before the date of the 
     enactment of the Financial Regulatory Relief and Economic 
     Efficiency Act of 2000,'' after ``Loan Act,''.

     SEC. 1202. NONCONTROLLING INVESTMENTS BY SAVINGS ASSOCIATION 
                   HOLDING COMPANIES.

       Section 10(e)(1)(A)(iii) of the Home Owners' Loan Act (12 
     U.S.C. 1467a(e)(1)(A)(iii)) is amended--
       (1) by inserting ``, except with the prior written approval 
     of the Director,'' after ``or to retain''; and

[[Page 26226]]

       (2) by striking ``so acquire or retain'' and inserting 
     ``acquire or retain, and the Director may not authorize 
     acquisition or retention of,''.

     SEC. 1203. REPEAL OF DEPOSIT BROKER NOTIFICATION AND 
                   RECORDKEEPING REQUIREMENT.

       Section 29A of the Federal Deposit Insurance Act (12 U.S.C. 
     1831f-1) is hereby repealed.

     SEC. 1204. EXPEDITED PROCEDURES FOR CERTAIN REORGANIZATIONS.

       The National Bank Consolidation and Merger Act (12 U.S.C. 
     215 et seq.) is amended--
       (1) by redesignating section 5 as section 7; and
       (2) by inserting after section 4 the following new section:

     ``SEC. 5. EXPEDITED PROCEDURES FOR CERTAIN REORGANIZATIONS.

       ``(a) In General.--A national bank may, with the approval 
     of the Comptroller, pursuant to rules and regulations 
     promulgated by the Comptroller, and upon the affirmative vote 
     of the shareholders of such bank owning at least two-thirds 
     of its capital stock outstanding, reorganize so as to become 
     a subsidiary of a bank holding company or of a company that 
     will, upon consummation of such reorganization, become a bank 
     holding company.
       ``(b) Reorganization Plan.--A reorganization authorized 
     under subsection (a) shall be carried out in accordance with 
     a reorganization plan that--
       ``(1) specifies the manner in which the reorganization 
     shall be carried out;
       ``(2) is approved by a majority of the entire board of 
     directors of the national bank;
       ``(3) specifies--
       ``(A) the amount of cash or securities of the bank holding 
     company, or both, or other consideration to be paid to the 
     shareholders of the reorganizing bank in exchange for their 
     shares of stock of the bank;
       ``(B) the date as of which the rights of each shareholder 
     to participate in such exchange will be determined; and
       ``(C) the manner in which the exchange will be carried out; 
     and
       ``(4) is submitted to the shareholders of the reorganizing 
     bank at a meeting to be held on the call of the directors in 
     accordance with the procedures prescribed in connection with 
     a merger of a national bank under section 3.
       ``(c) Rights of Dissenting Shareholders.--If, pursuant to 
     this section, a reorganization plan has been approved by the 
     shareholders and the Comptroller, any shareholder of the bank 
     who has voted against the reorganization at the meeting 
     referred to in subsection (b)(4), or has given notice in 
     writing at or prior to that meeting to the presiding officer 
     that the shareholder dissents from the reorganization plan, 
     shall be entitled to receive the value of his or her shares, 
     as provided by section 3 for the merger of a national bank.
       ``(d) Effect of Reorganization.--The corporate existence of 
     a national bank that reorganizes in accordance with this 
     section shall not be deemed to have been affected in any way 
     by reason of such reorganization.
       ``(e) Approval Under the Bank Holding Company Act.--This 
     section does not affect in any way the applicability of the 
     Bank Holding Company Act of 1956 to a transaction described 
     in subsection (a).''.

     SEC. 1205. NATIONAL BANK DIRECTORS.

       (a) Amendments to the Revised Statutes.--Section 5145 of 
     the Revised Statutes of the United States (12 U.S.C. 71) is 
     amended--
       (1) by striking ``for one year'' and inserting ``for a 
     period of not more than 3 years''; and
       (2) by adding at the end the following: ``In accordance 
     with regulations issued by the Comptroller of the Currency, a 
     national bank may adopt bylaws that provide for staggering 
     the terms of its directors.''.
       (b) Amendment to the Banking Act of 1933.--Section 31 of 
     the Banking Act of 1933 (12 U.S.C. 71a) is amended in the 
     first sentence, by inserting before the period ``, except 
     that the Comptroller of the Currency may, by regulation or 
     order, exempt a national bank from the 25-member limit 
     established by this section''.

     SEC. 1206. AMENDMENT TO NATIONAL BANK CONSOLIDATION AND 
                   MERGER ACT.

       The National Bank Consolidation and Merger Act (12 U.S.C. 
     215 et seq.) is amended by inserting after section 5, as 
     added by this title, the following new section:

     ``SEC. 6. MERGERS AND CONSOLIDATIONS WITH SUBSIDIARIES AND 
                   NONBANK AFFILIATES.

       ``(a) In General.--Upon the approval of the Comptroller, a 
     national bank may merge with 1 or more of its nonbank 
     subsidiaries or affiliates.
       ``(b) Scope.--Nothing in this section shall be construed--
       ``(1) to affect the applicability of section 18(c) of the 
     Federal Deposit Insurance Act; or
       ``(2) to grant a national bank any power or authority that 
     is not permissible for a national bank under other applicable 
     provisions of law.
       ``(c) Regulations.--The Comptroller shall promulgate 
     regulations to implement this section.''.

     SEC. 1207. LOANS ON OR PURCHASES BY INSTITUTIONS OF THEIR OWN 
                   STOCK; AFFILIATIONS.

       (a) Amendment to the Revised Statutes.--Section 5201 of the 
     Revised Statutes of the United States (12 U.S.C. 83) is 
     amended to read as follows:

     ``SEC. 5201. LOANS BY BANK ON ITS OWN STOCK.

       ``(a) General Prohibition.--No national bank shall make any 
     loan or discount on the security of the shares of its own 
     capital stock.
       ``(b) Exclusion.--For purposes of this section, a national 
     bank shall not be deemed to be making a loan or discount on 
     the security of the shares of its own capital stock if it 
     acquires the stock to prevent loss upon a debt previously 
     contracted for in good faith.''.
       (b) Amendments to the Federal Deposit Insurance Act.--
     Section 18 of the Federal Deposit Insurance Act (12 U.S.C. 
     1828) is amended--
       (1) by redesignating subsection (t), as added by section 
     730 of the Gramm-Leach-Bliley Act (Public Law 106-102; 113 
     Stat. 1476), as subsection (u); and
       (2) by adding at the end the following new subsection:
       ``(v) Loans by Insured Institutions on Their Own Stock.--
       ``(1) General prohibition.--No insured depository 
     institution may make any loan or discount on the security of 
     the shares of its own capital stock.
       ``(2) Exclusion.--For purposes of this subsection, an 
     insured depository institution shall not be deemed to be 
     making a loan or discount on the security of the shares of 
     its own capital stock if it acquires the stock to prevent 
     loss upon a debt previously contracted for in good faith.''.

     SEC. 1208. PURCHASED MORTGAGE SERVICING RIGHTS.

       Section 475 of the Federal Deposit Insurance Corporation 
     Improvement Act of 1991 (12 U.S.C. 1828 note) is amended--
       (1) in subsection (a)(1), by inserting ``(or such other 
     percentage exceeding 90 percent but not exceeding 100 
     percent, as may be determined under subsection (b))'' after 
     ``90 percent'';
       (2) by redesignating subsections (b) and (c) as subsections 
     (c) and (d), respectively, and by inserting after subsection 
     (a) the following new subsection:
       ``(b) Authority To Determine Percentage by Which To 
     Discount Value of Servicing Rights.--The appropriate Federal 
     banking agencies may allow readily marketable purchased 
     mortgage servicing rights to be valued at more than 90 
     percent of their fair market value but at not more than 100 
     percent of such value, if such agencies jointly make a 
     finding that such valuation would not have an adverse effect 
     on the deposit insurance funds or the safety and soundness of 
     insured depository institutions.''; and
       (3) in subsection (c), by striking ``and'' and inserting 
     ``, `deposit insurance fund', and''.

          Subtitle B--Streamlining Activities of Institutions

     SEC. 1211. CALL REPORT SIMPLIFICATION.

       (a) Modernization of Call Report Filing and Disclosure 
     System.--In order to reduce the administrative requirements 
     pertaining to bank reports of condition, savings association 
     financial reports, and bank holding company consolidated and 
     parent-only financial statements, and to improve the 
     timeliness of such reports and statements, the Federal 
     banking agencies shall--
       (1) work jointly to develop a system under which--
       (A) insured depository institutions and their affiliates 
     may file such reports and statements electronically; and
       (B) the Federal banking agencies may make such reports and 
     statements available to the public electronically; and
       (2) not later than 1 year after the date of enactment of 
     this Act, report to the Congress and make recommendations for 
     legislation that would enhance efficiency for filers and 
     users of such reports and statements.
       (b) Uniform Reports and Simplification of Instructions.--
     The Federal banking agencies shall, consistent with the 
     principles of safety and soundness, work jointly--
       (1) to adopt a single form for the filing of core 
     information required to be submitted under Federal law to all 
     such agencies in the reports and statements referred to in 
     subsection (a); and
       (2) to simplify instructions accompanying such reports and 
     statements and to provide an index to the instructions that 
     is adequate to meet the needs of both filers and users.
       (c) Review of Call Report Schedule.--Each Federal banking 
     agency shall--
       (1) review the information required by schedules 
     supplementing the core information referred to in subsection 
     (b); and
       (2) eliminate requirements that are not warranted for 
     reasons of safety and soundness or other public purposes.
       (d) Definition.--In this section, the term ``Federal 
     banking agency'' has the same meaning as in section 3 of the 
     Federal Deposit Insurance Act (12 U.S.C. 1813).

                Subtitle C--Streamlining Agency Actions

     SEC. 1221. ELIMINATION OF DUPLICATIVE DISCLOSURE OF FAIR 
                   MARKET VALUE OF ASSETS AND LIABILITIES.

       Section 37(a)(3) of the Federal Deposit Insurance Act (12 
     U.S.C. 1831n(a)(3)) is amended by striking subparagraph (D).

     SEC. 1222. PAYMENT OF INTEREST IN RECEIVERSHIPS WITH SURPLUS 
                   FUNDS.

       Section 11(d)(10) of the Federal Deposit Insurance Act (12 
     U.S.C. 1821(d)(10)) is amended

[[Page 26227]]

     by adding at the end the following new subparagraph:
       ``(C) Rulemaking authority of corporation.--The Corporation 
     may prescribe such rules, including definitions of terms, as 
     it deems appropriate to establish a single uniform interest 
     rate for or to make payments of post insolvency interest to 
     creditors holding proven claims against the receivership 
     estates of insured Federal or State depository institutions 
     following satisfaction by the receiver of the principal 
     amount of all creditor claims.''.

     SEC. 1223. REPEAL OF REPORTING REQUIREMENT ON DIFFERENCES IN 
                   ACCOUNTING STANDARDS.

       Section 37(c) of the Federal Deposit Insurance Act (12 
     U.S.C. 1831n(c)) is amended--
       (1) in paragraph (1), by striking ``Each'' and all that 
     follows through ``a report'' and inserting ``The Federal 
     banking agencies shall jointly submit an annual report''; and
       (2) by inserting ``any'' before ``such agency'' each place 
     that term appears.

     SEC. 1224. EXTENSION OF TIME.

       Section 6(a)(1) of the Federal Home Loan Bank Act (12 
     U.S.C. 1426(a)(1)) is amended by striking ``1 year'' and 
     inserting ``18 months''.

                   Subtitle D--Technical Corrections

     SEC. 1231. TECHNICAL CORRECTION RELATING TO DEPOSIT INSURANCE 
                   FUNDS.

       (a) In General.--Section 2707 of the Deposit Insurance 
     Funds Act of 1996 (Public Law 104-208; 110 Stat. 3009-496) is 
     amended--
       (1) by striking ``7(b)(2)(C)'' and inserting 
     ``7(b)(2)(E)''; and
       (2) by striking ``, as redesignated by section 2704(d)(6) 
     of this subtitle''.
       (b) Effective Date.--The amendments made by subsection (a) 
     shall be deemed to have the same effective date as section 
     2707 of the Deposit Insurance Funds Act of 1996 (Public Law 
     104-208; 110 Stat. 3009-496).

     SEC. 1232. RULES FOR CONTINUATION OF DEPOSIT INSURANCE FOR 
                   MEMBER BANKS CONVERTING CHARTERS.

       Section 8(o) of the Federal Deposit Insurance Act (12 
     U.S.C. 1818(o)) is amended in the second sentence, by 
     striking ``subsection (d) of section 4'' and inserting 
     ``subsection (c) or (d) of section 4''.

     SEC. 1233. AMENDMENTS TO THE REVISED STATUTES OF THE UNITED 
                   STATES.

       (a) Waiver of Citizenship Requirement for National Bank 
     Directors.--Section 5146 of the Revised Statutes of the 
     United States (12 U.S.C. 72) is amended in the first 
     sentence, by inserting before the period ``, and waive the 
     requirement of citizenship in the case of not more than a 
     minority of the total number of directors''.
       (b) Technical Amendment to the Revised Statutes.--Section 
     329 of the Revised Statutes of the United States (12 U.S.C. 
     11) is amended by striking ``to be interested in any 
     association issuing national currency under the laws of the 
     United States'' and inserting ``to hold an interest in any 
     national bank''.
       (c) Repeal of Unnecessary Capital and Surplus 
     Requirement.--Section 5138 of the Revised Statutes of the 
     United States (12 U.S.C. 51) is hereby repealed.

     SEC. 1234. CONFORMING CHANGE TO THE INTERNATIONAL BANKING ACT 
                   OF 1978.

       Section 4(b) of the International Banking Act of 1978 (12 
     U.S.C. 3102(b)) is amended in the second sentence, by 
     striking paragraph (1) and by redesignating paragraphs (2) 
     through (4) as paragraphs (1) through (3), respectively.

  The SPEAKER pro tempore (Mr. LaHood). Pursuant to the rule, the 
gentleman from Iowa (Mr. Leach) and the gentleman from New York (Mr. 
LaFalce) each will control 20 minutes.
  The Chair recognizes the gentleman from Iowa (Mr. Leach).

                              {time}  1045

  Mr. LEACH. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, the bill before the House today, the American 
Homeownership and Economic Opportunity Act, combines a number of 
important banking and housing proposals that were approved by the House 
on a bipartisan basis earlier in the session.
  We are bringing this legislation back to the floor after a 
consultation with the other body with the expectation that this bill 
will eventually be enacted into law.
  With regard to housing, the legislation draws substantially from H.R. 
1776, the American Homeownership and Economic Opportunity Act, which 
passed the House by a vote of 417 to 8 on April 6.
  Mr. Speaker, there are also provisions drawn from H.R. 202, the 
Preserving Affordable Housing for Seniors and Vulnerable Families into 
the 21st Century Act, another bipartisan bill designed to help the 
elderly and individuals with disabilities.
  Let me stress that the housing provisions of this bill are a 
testament to the extraordinary work of the gentleman from New York (Mr. 
Lazio), the chairman of the Subcommittee on Housing and Community 
Opportunity. During the last 6 years, the gentleman from New York 
(Chairman Lazio) has been a recognized leader in Congress on affordable 
housing and community renewal issues, and in particular, as the author 
and champion of the historic Public and Assisted Housing Reform Act 
enacted in the 105th Congress.
  In my experience, there has been no greater subcommittee chairmanship 
than that of the gentleman from New York, and his work will make a 
great deal of difference in the everyday lives of low-income Americans 
for generations to come.
  There is an also great debt of gratitude owed in this act to the 
gentlewoman from New Jersey (Mrs. Roukema), particularly for those 
parts of the bill that deal with deregulation and certain aspects in 
the banking industry.
  Finally, let me just stress that this bill contains some very 
important manufactured housing provisions. Manufactured housing is an 
important part of the American housing mosaic, and modernizing the 
reform and regulations governing manufactured housing is long overdue. 
It is critical for the economy to improve the quality and affordability 
of such housing in the context of maintaining consumer protection and 
safety.
  There are a number of other features in the bill that other Members 
are going to address, but let me just conclude by thanking all Members 
for their help and participation in this bill.
  In particular, I want to thank the gentleman from New York (Mr. 
LaFalce) for his graciousness and thoughtfulness, and the gentleman 
from Massachusetts (Mr. Frank) for a number of very thoughtful 
additions to this bill. I am very, very much in both of their debts.
  Mr. Speaker, the bill before the House today, the American 
Homeownership and Economic Opportunity Act, combines a number of 
important banking and housing proposals that were approved by the House 
on a bipartisan basis earlier in this session. We are bringing this 
legislation back to the House after consultation with the other body, 
with the expectation that this bill will eventually be enacted into 
law.
  With regard to housing, the legislation draws substantially from H.R. 
1776, the ``American Homeownership and Economic Opportunity Act,'' 
which passed the House by a vote of 417 to 8 on April 6, 2000. There 
are also provisions drawn from H.R. 202, the ``Preserving Affordable 
Housing for Seniors and Vulnerable Families into the 21st Century 
Act,'' another bipartisan bill designed to help the elderly and 
individuals with disablilites with their housing needs which passed the 
House on September 27, 1999 by a vote of 405 to 5.
  Let me stress that the housing provisions in this bill are a 
testament to the extraordinary work of the gentleman from New York, 
Rick Lazio, the Chairman of the Housing Subcommittee. During the last 6 
years, Chairman Lazio has been the recognized leader in Congress on 
affordable housing and community renewal issues, in particular, as the 
author and champion of the historic public and assisted housing reform 
enacted in the 105th Congress. In my experience, there has been no 
greater Subcommittee chairmanship than that of Rick Lazio, and his work 
will make a real difference in the everyday lives of low-income 
Americans for generations to come.
  Today, affordable housing continues to be out of the reach for many 
Americans. A strong economy has created a dynamic where in many parts 
of the country the cost of real estate is rising faster than income 
levels.
  Secondly, although interest rates are not as high as at other times 
in our history, an unprecedented differential has nevertheless come 
into being between inflation and long-term interest rates, making 
financing of a home purchase extremely difficult.
  Included in our bill are innovative homeownership programs to empower 
low-income recipients of Section 8 housing assistance to apply that 
assistance towards buying a home. Provisions included in this bill from 
H.R. 202 will help the elderly and individuals with disabilities 
immensely, and assist the construction and financing of more facilities 
for these populations. The legislation helps Native Americans and 
Native Hawaiians, and contains many more provision that will improve 
our Nation's housing and increase homeownership opportunities.
  Finally, the bill also contains important provisions modernizing the 
Federal manufacturing housing regulatory regime. Manufactured

[[Page 26228]]

housing is an important part of America's housing mosaic. Modernizing 
the reform and regulations governing manufactured housing is long 
overdue. It is critical to the economy to improve the quality and 
affordability of such housing in the context of maintaining consumer 
protection and safety.
  With regard to the banking provisions of the bill, the legislation 
includes several provisions that the House has previously approved this 
session in separate pieces of legislation, combined with non-
controversial, bipartisanly-supported elements of a regulatory relief 
package. Many of these regulatory provisions were contained in H.R. 
4364 of the 105th Congress which the House approved by voice vote two 
years ago, and were carried over this session in legislation introduced 
in the House by the gentlelady from New Jersey (Mrs. Roukema), the 
distinguished chair of our Financial Institutions Subcommittee.
  In this package we are also renewing, some with slight changes, 
reporting requirements by the Executive Branch and independent 
regulators in some 45 instances, as provided for in legislation passed 
by the House last year on a voice vote. Included is the semi-annual 
report to Congress of the Federal Reserve Board on the conduct of 
monetary policy.
  While the reports being renewed are deemed important for the 
oversight work of the Banking Committee, I know of no more important 
oversight responsibility of the Congress than the review of the Fed's 
conduct of monetary policy.
  With regard to the Fed, there is one other section of the bill that 
deserves note. This is a section that provides pay parity for Fed 
Governors and their Cabinet and sub-cabinet counterparts.
  Let me conclude by thanking all of those Members and staff on both 
sides of the House who have participated in putting together the 
legislation before us today, and to thank in particular Mrs. Roukema, 
Mr. Bereuter, Mr. LaFalce and Mr. Frank who have contributed so much to 
all aspects of this bill.
  Mr. Speaker, I include for the Record the following material 
regarding H.R. 5640.
  The material referred to is as follows:

                     H.R. 5640--SECTION-BY-SECTION

     Section 1. Short Title and Table of Contents.
       States that the act may be cited as the ``American 
     Homeownership and Economic Opportunity Act of 2000.''

         Title I--Removal of Barriers to Housing Affordability

     Section 101. Short title.
       This title may be referred to as the ``Housing 
     Affordability Barrier Removal Act of 2000.''
     Section 102. Grants for regulatory barrier removal 
         strategies.
       Authorizes $15 million for FY 2001 through FY 2005 for 
     grants to States, local governments, and eligible consortia 
     for regulatory barrier removal strategies. This is 
     reauthorization of the same amount under an already existing 
     CDBG setaside (Section 107(a)(1)(H)). Grants provided for 
     these purposes must be used in coordination with the local 
     comprehensive housing affordability strategy (``CHAS'').
     Section 103. Regulatory barriers clearinghouse.
       Creates within HUD's Office of Policy Development and 
     Research a ``Regulatory Barriers Clearinghouse'' to collect 
     and disseminate information on, among other things, the 
     prevalence of regulatory barriers and their effects on 
     availability of affordable housing, and successful barrier 
     removal strategies.

              Title II--Homeownership for Working Families

     Section 201. Home equity conversion mortgages.
       Allows for the refinancing of home equity conversion 
     mortgages (HECMs) for elderly homeowners. Gives the Secretary 
     discretion to reduce the single premium payment to an amount 
     as determined by an actuarial study, to be conducted by the 
     Secretary within 180 days of enactment, and to credit the 
     premium paid on the original loan. Authorizes the Secretary 
     to establish a limit on origination fees that may be charged 
     (which fees may be fully financed). Waives counseling 
     requirements if the borrower has received counseling in the 
     prior five years and the increase in the principal limit 
     exceeds refinancing costs by an amount set by the Department; 
     provides a disclosure under a refinanced mortgage of the 
     total cost of refinancing and the principal limit increase.
       In cases where the reverse mortgage proceeds are used for 
     long-term care insurance contracts, a portion of those 
     proceeds may be used for up-front costs, such as initial 
     service, appraisal and inspection fees. Requires HUD to waive 
     the up-front mortgage insurance premium in cases where 
     reverse mortgage proceeds are used for costs of qualified 
     long-term care insurance contract.
       Directs the Department to conduct an actuarial study within 
     180 days of enactment of the effect creating a single 
     national loan limit for HECM reverse mortgages.
     Section 202. Assistant for self-help providers.
       Reauthorizes the self-help housing for FY 2001. Allows 
     projects within 5 or more units to use their funds over a 3-
     year period. Allows entities to advance themselves funds 
     prior to completion of environmental reviews for purposes of 
     land acquisition.

               Title III--Section 8 Homeownership Option

     Section 301. Downpayment assistance.
       Public Housing Authorities (PHAs) are authorized to provide 
     down-payment assistance in the form of a single grant, in 
     lieu of monthly assistance. Such down-payment assistance 
     shall not exceed the total amount of monthly assistance 
     received by the tenant for the first year of assistance. For 
     FY 2000 and thereafter, assistance under this section shall 
     be available to the extent that sums are appropriated.
     Section 302. Pilot program for homeownership assistance for 
         disabled families.
       Adds a pilot program to demonstrate the use of tenant-based 
     section 8 assistance (section 8 vouchers) for the purchase of 
     a home that will be owned by 1 or more members of the 
     disabled family and will be occupied by that family and meets 
     certain requirements. Requirements include purchase of the 
     property within three years of enactment of this Act; 
     demonstrated income level from employment or other sources 
     (including public assistance), that is not less than twice 
     the Section 8 payment standard established by the PHA; 
     participation in a housing counseling program provided by the 
     PHA; and other requirements established by the PHA in 
     accordance with requirements established by the Secretary of 
     HUD.
     Section 303. Funding for pilot program.
       Authorizes such sums as may be appropriated for a grant 
     program to supplement demonstration programs approved under 
     the Section 8 homeownership demonstration program. The 
     program has a 50% match requirement.

   Title IV--Private Mortgage Insurance Cancellation and Termination

     Section 401. Short title.
       Provides that this title may be cited as the ``Private 
     Mortgage Insurance Technical Corrections and Clarification 
     Act''.
     Section 402. Changes in amortization schedule.
       Clarifies that private mortgage insurance (PMI) 
     termination/cancellation rights for adjustable rate mortgages 
     (ARMs) are based on the amortization schedule then in effect 
     (the most recent calculation); treats a balloon mortgage like 
     an ARM (uses most recent amortization schedule); bases 
     cancellation/termination rights on modified terms if loan 
     modification occurs.
     Section 403. Deletion of ambiguous references to residential 
         mortgages.
       Clarifies that borrowers' PMI cancellation and termination 
     rights apply only to mortgages created after the effective 
     date of the legislation (one-year after the date of 
     enactment).
     Section 404. Cancellation rights after cancellation date.
       Clarifies that the good payment history requirement in the 
     bill is calculated as of the later of the cancellation date 
     or, the date on which a borrower requests cancellation. 
     Provides that if a borrower is not current on payments as of 
     the termination date, but later becomes current, termination 
     shall not take place until the first day of the following 
     month (eliminates lender need to check and cancel PMI every 
     day of the month). Clarifies that PMI cancellation or 
     termination does not eliminate requirement to make PMI 
     payments legitimately accrued prior to any cancellation or 
     termination of PMI.
     Section 405. Clarification of cancellation and termination 
         issues and lender paid mortgage insurance disclosure 
         requirements.
       Adds provision clarifying cancellation and termination 
     issues related to terms ambiguous in law, including ``good 
     payment history'', ``automatic termination'' and ``accrued 
     obligation form premium payments''. Clarifies that PMI 
     cancellation rights exist on the cancellation date, or any 
     later date, as long as the borrower complies with all 
     cancellation requirements. Clarifies that borrower must be 
     current on loan payments to exercise cancellation.
     Section 406. Definitions.
       Sets forth definitions of: (a) refinanced; (b) midpoint of 
     the amortization period; (d) original value; and (e) 
     principal residence.

                 Title V--Native American Homeownership


                  subtitle a--native american housing

     Section 501. Lands Title Report Commission.
       Subject to amounts appropriated, creates an Indian Lands 
     Title Report Commission to develop recommended approaches to 
     improving how the Bureau of Indian Affairs (BIA) conducts 
     title reviews in connection with the sale of Indian lands. 
     Receipts of a certificate from BIA is a prerequisite to any 
     sale transaction on Indian lands, and the current procedure 
     is overly burdensome and presents a regulatory barrier to 
     increasing homeownership on Indian lands.
       The Commission is composed of 12 members with knowledge of 
     Indian land title issues (4 appointed by the President, 4 by 
     the President from recommendations made by the Chairman of 
     the Senate Committee on

[[Page 26229]]

     Banking, Housing and Urban Affairs Committee, and 4 by 
     President from recommendations made by the Chairman of the 
     House Committee on Banking and Financial Services). 
     Authorized at $500,000.
     Section 502. Loan guarantees.
       Premamently authorizes the section 184 Loan Guarantee 
     Program for Indian housing.
     Section 503. Native American housing assistance.
       Makes the following amendments to the Native American 
     Housing and Self-Determination Act of 1996 (NAHASDA):
       Restricts Secretary's authority to grant waiver of Indian 
     housing plan requirements, upon noncompliance due to 
     circumstances beyond the control of the Indian tribe, to a 
     period of 90 days. Allows Secretary to waive requirement for 
     a local cooperation agreement provided the recipient has made 
     a good faith effort to comply and agrees to make payments in 
     lieu of taxes to the jurisdiction.
       Sets forth requirement for assistance to Indian families 
     that are now low-income upon a showing of need. Eliminates 
     separate Indian housing plan requirements for small Indian 
     tribes.
       Provides Secretary with authority to waive statutory 
     requirements of environmental reviews upon a determination 
     that failure to comply does not undermine goals of the 
     National Environmental Policy Act, will not threaten the 
     health or safety of the community, is the result of 
     inadvertent error and can be corrected by the recipient of 
     funding. The intent is to address problems resulting from 
     procedural, rather than substantive, noncompliance.
       Authorizes tribal housing entities to provide housing on 
     Indian reservations to full-time law enforcement officers, 
     sworn to implement the Federal, State, county, or tribal law.
       Revises provisions regarding audits and reviews by the 
     Secretary by making applicable the requirements of the Single 
     Audit Act to tribal housing entities; allowing these housing 
     entities to be treated as a non-Federal entities; and, 
     permitting the Secretary to conduct audits. The audits will 
     determine whether the grant recipient has carried out 
     eligible activities in a timely manner; has met certification 
     requirements; has an on going capacity to carry out eligible 
     activities in a timely manner; and, has complied with the 
     proposed housing plan.
       Prescribes formula allocation for Indian housing 
     authorities operating fewer than 250 units by requiring the 
     amount of assistance provided to these tribes to be based on 
     an average of their allocations from the prior five (5) 
     fiscal years (fiscal years 1992 through 1997).
       Amends hearing requirements to allow the Secretary to take 
     immediate remedial action if the Secretary determines that 
     the recipient has failed to comply substantially with any 
     material provision of NAHASDA resulting in continued federal 
     expenditures not authorized by law.
       Upon noncompliance with the law due to technical 
     incapacity, requires a recipient to enter into a 
     ``performance agreement'' with the Secretary before the 
     Secretary can provide technical assistance.
       For section 8 vouchers currently being used by an Indian 
     tribe, requires counting such vouchers under the NAHASDA 
     block grant allocation formula to ensure that families 
     currently participating in the Section 8 voucher program will 
     continue to be funded.
       Repeals requirement regarding the certification of 
     compliance with subsidy layering requirements with respect to 
     housing assisted with grant amounts provided under the Act.


                  subtitle b--native Hawaiian housing

     Section 511. Short title.
       Provides that the subtitle may be cited as the ``Hawaiian 
     Homelands Homeownership Act of 2000.''
     Section 512. Findings.
       Finds that Native Hawaiians continue to have the greatest 
     unmet need for housing and the highest rates of overcrowding 
     in the United States, and that Congress finds it necessary to 
     extend the Federal low-income housing assistance available 
     under the Native American Housing and Self Determination Act 
     of 1996 to those Native Hawaiians.
     Section 513. Housing assistance.
       Provides the Secretary of HUD with authority to establish a 
     program for the provision of block grants for affordable 
     housing activities for Native Hawaiians, within the Native 
     American Housing Assistance and Self Determination Act of 
     1996. The Secretary is to be guided by the program 
     requirements of titles I, II and IV of the Native American 
     Housing Assistance and Self-Determination Act in the 
     implementation of housing assistance programs for Native 
     Hawaiians under this title. The Secretary may make exceptions 
     to, or modifications of, program requirements as necessary 
     and appropriate to meet the unique situation and housing 
     needs of Native Hawaiians. Sets forth definitions, the 
     requirements associated with housing plans, and other program 
     requirements.
     Section 514. Loan guarantees.
       Provides for loan guarantees for Native Hawaiian Housing. 
     Loans guaranteed by the Secretary pursuant to this title 
     shall be in amounts not to exceed one hundred percent of the 
     unpaid principal and interest that is due on an eligible 
     loan. A loan is an eligible loan if that loan is made only to 
     a borrower who is a Native Hawaiian family, the Department of 
     Hawaiian Home Lands, the Office of Hawaiian Affairs, or a 
     private nonprofit organization experience in the planning and 
     development of affordable housing for Native Hawaiians.

               Title VI--Manufactured Housing Improvement

     Section 601. Short Title References.
       States that this title may be cited as the ``Manufactured 
     Housing Improvement Act of 2000.''
     Section 602. Findings and purposes.
       Current law provisions are replaced with a more detailed 
     statement of the original intent of Congress when it enacted 
     the Federal Manufactured Home Construction and Safety 
     Standards Act. Adds a consensus standards development process 
     to the purpose of the act. Expresses the continuing need for 
     affordability and the need for objective, performance-based 
     standards, while emphasizing the need for consumer 
     protection.
     Section 603. Definitions.
       Adds several definitions to Section 603 of current law 
     concerning the consensus committee and the consensus 
     standards development process (Section --4). Adds a 
     definition for the monitoring function and related 
     definitions for primary inspection agency, design approval 
     inspection agency, and production inspection primary 
     inspection agency duties, which had not been previously 
     defined. The term ``dealer'' has been replaced throughout 
     with the term ``retailer.''
     Section 604. Federal manufactured home construction and 
         safety standards.
       Section 604 of current law (P.L. 93-383) is revised to 
     establish a consensus committee that would submit 
     recommendations to the Secretary of HUD for developing, 
     amending and revising both the Federal Manufactured Home 
     Construction and Safety Standards and the enforcement 
     regulations. These recommendations would be published in the 
     Federal Register for notice and comment prior to final 
     adoption by the Secretary. The committee shall be composed of 
     21 voting members, appointed by the Secretary, based on 
     recommendations of administering organizations, who shall be 
     qualified individuals (7 producers of manufactured housing, 7 
     users of manufactured housing, and 7 general interest groups 
     and/or public officials), and one additional non-voting 
     member to represent the Secretary on the consensus committee. 
     The committee would function in accordance with the American 
     National Standards Institute (ANSI) procedures for the 
     development and coordination of American National Standards.
       If the Secretary fails to take final action on a proposed 
     revised standard, the Secretary shall appear before the 
     housing and appropriation subcommittees and committees of the 
     House of Representatives and the Senate and state the reasons 
     for failure.
       Further, if the Secretary does not appear in person as 
     required, the Secretary will be prohibited from expending 
     funds collected under authority of this title in any amount 
     greater than that collected and expended in the fiscal year 
     preceding enactment of the Manufactured Housing Improvement 
     Act of 2000.
       The revisions to section 604 would also clarify the scope 
     of federal preemption to ensure that disparate state or local 
     requirements do not affect the uniformity and comprehensive 
     nature of the federal standards. At the same time, the bill 
     would reinforce the proposition that installation standards 
     and regulations remain under the exclusive authority of each 
     state.
     Section 605. Abolishment of the National Manufactured Home 
         Advisory Council; manufactured home installation.
       Section 605 of existing law (P.L. 93-383) would be 
     repealed, abolishing the National Manufactured Home Advisory 
     Council, which is replaced by the consensus committee formed 
     under Section --04. A new section 605 is added, entitled 
     ``Section 605. Manufactured Home Installation,'' which give 
     states five years to adopt an installation program. During 
     this five-year period, the Secretary of the Department of 
     Housing and Urban Development (HUD) and the Consensus 
     Committee are charged with constructing a ``model'' 
     manufactured housing installation program. In states that 
     choose not to adopt an installation program, HUD may contract 
     with an appropriate agent in those states to implement the 
     ``model'' installation program.
     Section 606. Public information.
       Amends current requirements governing cost information of 
     any new standards submitted by manufacturers to the Secretary 
     by requiring the Secretary to submit such cost information to 
     the consensus committee for evaluation.
     Section 607. Research, Testing, Development, and Training.
       Requires HUD Secretary to conduct research, testing, 
     development and training necessary to carry out the purposes 
     of facilitating manufactured housing, including encouraging 
     GSE's to develop and implement

[[Page 26230]]

     secondary market securitization programs for FHA manufactured 
     home loans, and reviewing the programs for FHA manufactured 
     home loans and developing any changes to such programs to 
     promote the affordability of manufactured homes.
     Section 608. Prohibited Acts.
       Requires continued compliance with the requirements for the 
     installation program required by Section 605 in any State 
     that has not adopted and implemented a State installation 
     program.
     Section 609. Fees.
       Amends current section 620 by allowing the Secretary to use 
     industry label fees for the administration of the consensus 
     committee, hiring additional program staff, for additional 
     travel funding, funding of a non-career administrator to 
     oversee the program, and for HUD's efforts to promote the 
     availability and affordability of manufactured housing. 
     Prohibits the use of label fees to fund any activity not 
     expressly authorized by the act, unless already engaged in by 
     the Secretary, makes expenditure of label fees to annual 
     Congressional appropriations review. Requires HUD to be 
     accountable for any fee increase by requiring notice and 
     comment rulemaking.
     Section 610. Dispute Resolution.
       In order to address problems that may arise with 
     manufactured homes, Section 610 gives the states five years 
     to adopt a dispute resolution program for the timely 
     resolution of disputes between manufacturers, retailers, and 
     installers regarding the responsibility for the correction or 
     repair of defects in manufactured homes that are reported 
     during the one year period beginning on the date of 
     installation. This also requires state issuance of 
     appropriate orders for the correction or repair of defects in 
     the manufactured homes that are reported during the 1-year 
     period beginning on the date of installation under the 
     dispute resolution program. In states that choose not to 
     adopt their own dispute program, HUD may contract with an 
     appropriate agent in those states to implement a dispute 
     resolution program.
     Section 611. Elimination of annual report requirement.
       Eliminates existing annual reporting by the Secretary to 
     Congress on manufactured housing standards.
     Section 612. Effective date.
       Effective date of the legislation is the date of enactment, 
     except that interpretive bulletins or orders published as a 
     proposed rule prior to the date of enactment shall be 
     unaffected.
     Section 613. Savings provision.
       Existing manufactured housing standards are maintained in 
     effect until the effective date of the Federal manufactured 
     home construction and safety standards pursuant to the 
     amendments made by this act.

                 Title VII--Rural Housing Homeownership

     Section 701. Guarantees for refinancing of rural loans.
       Amends Section 502(h) of the Housing Act of 1949 to allow 
     borrowers of Rural Housing Service single-family loans to 
     refinance an existing direct or guaranteed loan with a new 
     guarantee loan, provided the interest rate is at least equal 
     or lower than the current interest rate being refinanced; the 
     same home is used as security; the principal is equal to or 
     lower than the refinanced amount plus costs, discount points 
     not exceeding 2 basis points and, an origination fee by the 
     Agriculture Secretary [HR 3834 (Andrews) Homeowners Financing 
     Protection Act (passed the House under suspension on 
     September 19, 2000).]
     Section 702. Promissory note requirement under housing repair 
         loan program.
       Increases amount of promissory note (instead of use of 
     liens on property) amounts from $2,500 to $7,500 (adjusted 
     from late 1970's amount to account for home repairs, e.g., 
     roofing, heating systems, windows, etc.) without going 
     through the formal loan process.
     Section 703. Limited partnership eligibility for farm labor 
         housing loans.
       Technical amendment that clarifies that limited 
     partnerships are eligible for loans under Section 514 (Farm 
     Labor Housing) in cases where the general partner is a 
     nonprofit entity.
     Section 704. Project accounting records and practices.
       Sets forth accounting and record keeping requirements, 
     including maintaining accounting records in accordance with 
     generally accepted accounting principles for all projects 
     that receive funds under this program; retaining records 
     available for inspection by the USDA Secretary for not less 
     than six years, and other requirements.
     Section 705. Definition of rural area.
       Extends designation of rural areas, for purposes of the 
     Rural Housing Service housing programs, for a narrow category 
     of communities until the 2010 census.
     Section 706. Operating assistance for migrant farmworkers 
         projects.
       Allows Section 521 operating assistance for farm labor 
     housing complexes where ``mixed'' migrant and annual workers 
     will live.
     Section 707. Multifamily rental housing loan guarantee 
         program.
       Allows Native Americans to become eligible borrowers under 
     the multifamily loan guarantee program; authorizes a 
     ``balloon payment'' as a financing option; allows fees from 
     lenders to be used to help offset program costs; and repeals 
     existing prohibition against the transfer of property title 
     from the lender to the federal government as well as the 
     prohibition against the transfer of liability from one 
     borrower to another.
     Section 708. Enforcement provisions.
       Provides criminal penalties and civil sanctions for 
     violations of program requirements.
     Section 709. Amendments to title 18 of the United States 
         Code.
       Amends Title 18 of U.S. Code--Money Laundering--to 
     strengthen enforcement and prosecution of program fraud and 
     abuse.

         Title VIII--Housing for Elderly and Disabled Families

     Section 801. Short Title.
       This title may be cited as the ``Affordable Housing for 
     Seniors and Families Act.''
     Section 802. Regulations.
       Provides that the Secretary of HUD shall issue regulations 
     implementing the provisions of this title only after notice 
     and opportunity for public comment.
     Section 803. Effective Date.
       Provides that the provisions of the title are effective 
     upon enactment unless such provisions specifically provide 
     for effectiveness or applicability upon another date certain.


  subtitle a--refinancing for section 202 supportive housing for the 
                                elderly

     Section 811. Prepayment and refinancing.
       Requires the Secretary to approve prepayment of mortgages 
     for Section 202 properties if the sponsor (owner) continues 
     the low-income use restrictions. Requires that upon 
     refinancing, the Secretary make available at least 50% of 
     annual savings resulting from reduced Section 8 or other 
     rental housing assistance in a manner that is advantageous to 
     tenants, which may include increasing supportive services, 
     rehabilitation, modernization, and retrofitting of structure, 
     and other specified purposes.
       This allows sponsors to build equity in their project that 
     can be used to refinance at lower interest rates. The 
     refinancing may result in lower project based Section 8 if 
     the sponsor elects to lower debt service in addition to the 
     lower interest rate. The savings can then be used for 
     improvements to the facility or services for residents.


subtitle b--authorization of appropriations for supportive housing for 
               the elderly and persons with disabilities

     Section 821. Supportive housing for elderly persons.
       Authorizes such sums for the existing program of supportive 
     housing for the elderly (section 202 housing) for FY 01 and 
     ``such sums as may be necessary'' for FY 02, and FY 03.
     Section 822. Supportive housing for persons with 
         disabilities.
       Authorizes such sums for the existing program of supportive 
     housing for the disabled (section 811 housing) for FY 01 and 
     ``such sums as may be necessary'' for FY 02, and FY 03.
     Section 823. Service coordinators and congregate services for 
         elderly and disabled housing.
       Authorizes such sums for grants for service coordinators, 
     who link residents with supportive or medical services in the 
     community, for certain federally assisted multifamily housing 
     projects for FY 01 and ``such sums as may be necessary'' for 
     FY 02, and FY 03.


subtitle c--expanding housing opportunities for the elderly and persons 
                           with disabilities

                    Part 1--Housing for the Elderly

     Section 831. Eligibility of for-profit limited partnerships.
       Allows 202 sponsors to form limited partnerships with for-
     profits, but the nonprofits must be the controlling partner. 
     Through this partnership, the sponsors could compete for the 
     low income housing tax credit. With this change, owners could 
     build bigger developments and achieve scale economies. The 
     units financed under Section 202 would be governed by those 
     rules, and the tax units would be governed under those rules. 
     States would still be making the decision who gets the LIHTC, 
     and the limited partnerships would have to compete like 
     everybody else.
     Section 832. Mixing funding sources.
       Allows private non-profit housing providers to use all 
     sources of financing, including Federal funds, for amenities, 
     relevant design features and construction of affordable 
     housing for seniors.
     Section 833. Authority to acquire structures.
       Removes limitation allowing private non-profit housing 
     providers to acquire only RTC-held properties. RTC went out 
     of business. This provision allows 202 projects to acquire 
     properties.
     Section 834. Use of project reserves.
       Project reserves, a set-aside account funded through rent 
     receipts for repairs to the building's structure or 
     infrastructure over the years (roof, elevator, etc.), may be 
     used

[[Page 26231]]

     to reduce the number of dwelling units in the 202 project. 
     The use of these funds is subject to the Secretary's approval 
     to ensure the use is designed to retrofit obsolete or 
     unmarketable units.
       During the cost containment phase of the Section 202 
     program, many efficiencies were built. In many cases, it is 
     preferable to convert efficiencies to 1 or 2 bedroom 
     apartments. In other instances, the project may want to 
     reduce units to make room for a clinic or community space.
     Section 835. Commercial activities.
       Makes clear that commercial facilities may be located and 
     operated in Section 202 projects, as long as the business is 
     not subsidized with 202 funds. These facilities can benefit 
     residents and bring some additional revenue (rent) to the 
     project.

             Part 2--Housing for Persons with Disabilities

     Section 841. Eligibility of for-profit limited partnerships.
       Provides that for-profit limited partnerships are eligible 
     to participate in the 811 program established under this Act. 
     The nonprofit will be the controlling partner, and the 
     limited partnership may compete with for the LIHTC.
     Section 842. Mixed funding sources.
       Allows private non-profit housing providers to use all 
     sources of financing, including Federal funds, for amenities, 
     relevant design features and construction of affordable 
     housing for the disabled.
     Section 843. Tenant-based assistance for persons with 
         disabilities.
       Provides that tenant-based rental assistance provided under 
     Section 811 of the Cranston-Gonzalez National Affordable 
     Housing Act may be provided by a private nonprofit 
     organization as well as by a public housing agency as under 
     current law. Caps the amount of tenant-based assistance under 
     Section 811 at 25% of the yearly appropriation for Section 
     811 housing to ensure that money remains available for 
     construction of affordable housing stock for the disabled.
     Section 844. Use of project reserves.
       Project reserves may be used to reduce the number of 
     dwelling units in an 811 project to retrofit obsolete or 
     unmarketable units. Allows flexibility to design the project 
     in a way that makes it more comfortable and appealing for the 
     residents.
     Section 845. Commercial Activities.
       Clarifies that commercial facilities may be located and 
     operated in Section 811 projects, as long as the business is 
     not subsidized with 811 funds.

                        Part 3--Other Provisions

     Section 851. Service coordinators.
       Allows service coordinators to assist low-income elderly or 
     disabled families living in the vicinity of an eligible 
     federally assisted project. Requires HUD and HHS to develop 
     standards for service coordinators in federally assisted 
     housing to educate seniors about telemarketing fraud and 
     facilitating prosecution of such fraud. This change will make 
     the project a focal point of the community, address the 
     isolation many seniors feel particularly in rural areas--and 
     help seniors protect themselves against fraud.


          subtitle d--preservation of affordable housing stock

     Section 861. Section 236 Assistance.
       Allows owners of uninsured Section 236 projects to retain 
     excess income. This money is needed for repairs to the aging 
     projects. The FY 00 VA-HUD bill allowed uninsured Section 236 
     owners to retain excess income (which results when 30% of 
     somebody's income exceeds the base rent established by HUD), 
     but the authority had to be approved on an annual basis 
     through the appropriations process. This provision puts the 
     uninsured 236s on equal footing with the FHA insured 
     projects, which are already allowed to retain excess income.
       To the extent a project owner has remitted excess income 
     charges to HUD since the date of enactment of the FY 1999 
     appropriations Act, the Department may return to the relevant 
     project owner any such excess charges remitted. This would 
     put these owners on an equal footing with those owners who 
     had retained these excess charges and whom HUD has, through 
     notice, permitted to retain such excess income.

               Title IX--Other Related Housing Provisions

     Section 901. Extension of Loan Term for Manufactured Home 
         Lots.
       Extends the loan terms for manufactured home lots financed 
     by insured financial institutions from 15 years, 32 days to 
     20 years, 32 days.
     Section 902. Use of Section 8 Vouchers for Opt-Outs.
       Amends the VA, HUD and Independent Agencies Appropriations 
     Act of FY 2001 by changing the effective date when Section 8 
     vouchers may be used in situations where owners opt out of 
     the program from 1996 to 1994.
     Section 903. Maximum payment standard for enhanced vouchers.
       Amends the VA, HUD and Independent Agencies Appropriations 
     Act of FY 2001 to require that HUD may not limit the value of 
     enhanced vouchers as provided under the statute if such limit 
     would adversely affect the assisted families to which 
     enhanced vouchers are provided.
     Section 904. Use of section 8 assistance by ``grand-
         families'' to rent dwelling units in assisted projects.
       Allows HOME funds (in rental units otherwise not eligible 
     for HOME funds) to be used for facilities with units with 
     low-income families having a grandparent residing with a 
     grandchild, or in some cases, where great- and great-great 
     grandchildren are residing in the unit, with neither of the 
     child's parents residing in the household.

               Title X--Federal Reserve Board Provisions

     Section 1001. Federal Reserve Board Buildings.
       Allows the Federal Reserve Board to have more than one 
     building.
     Section 1002. Positions of Board of Governors of Federal 
         Reserve System on the Executive Schedule.
       Raises the pay of the Chairman of the Federal Reserve Board 
     from Level II of the Executive Schedule to Level I (approx. 
     $14,800) and the Board Members from Level III to Level II 
     (approx. $10,500).
     Section 1003. Amendments to the Federal Reserve Act.
       Provides a new reporting requirement to replace the expired 
     provisions relating to the semi-annual ``Humphrey-Hawkins'' 
     reports requirements. Section 1002 requires the Chairman of 
     the Federal Reserve Board to appear before Congress a semi-
     annual hearings to discuss monetary policy as well as 
     economic developments and prospects for the future. The 
     Chairman will appear before the House Banking Committee 
     around February 20 of even numbered years and July 20 of odd 
     numbered years, and before the Senate Banking Committee on 
     February 20 of odd numbered years and July 20 of even 
     numbered years. Either Committee may request the Chairman to 
     appear after his scheduled appearance before the other.
       Requires the Federal Reserve Board to submit, concurrent 
     with each semi-annual hearing, a written report to both 
     Committees discussing the same subjects, taking into account 
     developments in employment, unemployment, production, 
     investment, real income, productivity, exchange rates, 
     international trade and payments, and prices.

              Title XI--Banking and Housing Agency Reports

     Section 1101. Short title.
       The title is cited as the ``Federal Reporting Act of 
     2000.''
     Section 1102. Preservation of certain reporting requirements.
       This Section reinstates certain reports which expired in 
     May 2000 pursuant to the Federal Reports Elimination and 
     Sunset Act of 1995.
       (1) President's economic report, together with the annual 
     report of the Council of Economic Advisors. Due: During the 
     first 20 days of each regular session.
       (2) President's report on impact of offsets on the defense 
     preparedness, industrial competitiveness, employment, and 
     trade of the US. Due: Annually (to Banking and Armed Services 
     Committees) (This report discloses impact on the U.S. economy 
     in cases where foreign governments, to justify the purchase 
     of a U.S.-made defense systems, require technology transfers 
     or direct in-country investments. Such concessions ensure the 
     sale but may impair future sales or enhance the production 
     capacity of a potential foreign competitor to the U.S.)
       (3) Commerce Department report on operations under the 
     Public Works and Economic Development Act of 1965 (by the 
     Economic Development Administration) Due: Annually. (The EDA 
     provides grants for public works and other assistance to 
     alleviate unemployment in economically distressed areas.)
       (4) HUD's agenda of all rules and regulations under 
     development or review. Due: Semiannually (to Banking 
     Committee).
       (5) HUD report on early defaults on FHA-insured loans. Due: 
     Annually. (The report includes data on lenders and the 
     numbers of loans they make--and defaults and foreclosures 
     thereon--by census tract.)
       (6) Two HUD Reports related to rights: (a) Progress in 
     eliminating discriminatory housing practices. Due: Annually. 
     (The report reviews the nature and extent of progress in 
     eliminating housing discrimination practices, obstacles 
     remaining, and recommendations for legislation or executive 
     action.) and (b) Data on applicants, participants, and 
     beneficiaries of the programs administered by HUD. Due: 
     Annually. (The report provides data on race, color, religion, 
     sex, national origin, age, handicap, and family 
     characteristics of applicants or participants in HUD 
     programs.)
       (7) Two HUD reports related to lead-based paint hazards: 
     (a) Assessment of the progress made in implementing the 
     various programs authorized by the Act. Due: Annually. (This 
     report covers research/studies into lead poisoning and 
     recommendations for legislative or other action to improve 
     HUD's performance in combating such hazards.); and (b) 
     Progress of the Department in implementing expanded lead-
     based paint hazard evaluation

[[Page 26232]]

     and reduction activities. Due: Biennially. (This report is 
     related to the one above and provides an assessment of HUD's 
     progress in various lead-based paint abatement programs.)
       (8) FHA annual report. Due: Annually. (The report provides 
     an analysis of income-demographic borrower information, 
     specifically related to incomes not exceeding 100% of area 
     median income (AMI), 80% of AMI, 60% of AMI; minority central 
     city and rural borrowers; and, HUD activities to ensure 
     participation by these groups.)
       (9) HUD annual report. Due: Annually. (This is an annual 
     report by the Secretary to the President for submission to 
     the Congress on all operations and programs under HUD's 
     jurisdiction during the previous year.)
       (10) HUD annual report. Due: Annually. (This is a general 
     requirement for an annual report from the Secretary to the 
     President on the activities of HUD for submission to 
     Congress.)
       (11) FEMA report on operations under the National Flood 
     Insurance Act of 1968. Due: Biennially. (This report covers 
     operations of the national flood insurance program offered to 
     communities which enforce flood plain management measures.)
       (12) HUD report on Indians and Alaska Native housing and 
     community development. Due: Annually. (The report covers the 
     housing needs of Indian tribes in the U.S. and HUD's 
     activities in meeting such needs. It includes estimates of 
     the costs of projected activities for succeeding fiscal 
     years, statistics on the conditions of Indian and Alaska 
     Native housing, and recommendations for new legislation.)
       (13) HUD report on actuarial soundness of the Mutual 
     Mortgage Insurance Fund. Due: Annually. (The report describes 
     HUD actions to ensure the Fund maintains a capital ratio of 
     at least 1.25 percent.)
       (14) Treasury Department report on progress in enhancing 
     human rights through U.S. participation in international 
     financial institutions. Due: Quarterly (to Banking and 
     International Relations Committees).
       (15) Treasury Department reports: (a) Financial statement 
     and report of transactions of the Exchange Stabilization Fund 
     (ESF). Due: Monthly (to Banking Committee); and (b) 
     Operations of the ESF. Due: Annually.
       (16) OCC, FDIC, and Federal Reserve Board reports on 
     activities of the consumer affairs division. Due: Annually. 
     (These reports describe actions taken by the agencies to 
     prevent unfair or deceptive acts or practices by banks and to 
     address consumer complaints.)
       (17) OCC Annual Report. Due: Annually.
       (18) OTS report on minority institutions. Due: Annually. 
     (This report relates to OTS actions to preserve minority 
     ownership of minority financial institutions many of which 
     serve lower income and minority communities.)
       (19) Appalachian Regional Commission report to activities. 
     Due: Annually. (The report covers Federal-State activities to 
     support economic development in the 13 Appalachian states.)
       (20) Export-Import Bank reports: (a) Export financing 
     competition. Due: Annually. (This report reviews how well Ex-
     Im's programs compete with those of other export credit 
     agencies, and includes other ``sub-reports'' which will also 
     continue, i.e. the Trade Promotion Coordinating Committee 
     (TPCC) Strategic Plan, Advisory Committee comments on Ex-Im's 
     competitiveness, and Competitive Insurance Opportunities 
     report on Ex-Im deals with respect to countries that deny 
     opportunities to US insurance companies.); (b) Tied aid 
     credits. Due: Biannually. (This report covers the tied aid 
     credit program under which grants are made to supplement 
     financing for a US export when it appears predatory financing 
     will be available from another country for a competitor's 
     product.); and (c) Operations as of the close of business 
     each fiscal year. Due: Annually. (This report includes other 
     ``sub-reports'' which would also be retained, i.e. 
     environmental exports and small business exports. Three other 
     sub-reports are listed for repeal under Section 1005.)
       (21) FDIC report on operations of the Corporation. Due: 
     Annually. (The report also includes information on the BIF 
     and SAIF.)
       (22) Federal Financing Bank report on activities of the 
     Bank. Due: Annually. (The FFB lends to federal agencies to 
     reduce the cost of borrowing, ensure coordination of 
     borrowings with federal fiscal and debt management, and 
     assure minimal disruption of private markets and 
     institutions.)
       (23) Federal Housing Finance Board Annual Report. Due: 
     Annually.
       (24) Federal Reserve survey of bank fees and services. Due: 
     Annually. (The report covers discernible changes in cost and 
     availability of bank services.)
       (25) Federal Reserve assessment of the profitability of 
     credit card operations of depository institutions. 15 U.S.C. 
     1637 Due: Annually. (The report also discusses trends in 
     credit card interest rates.)
       (26) Federal Reserve report on credit card price and 
     availability information. Due: Semiannually. (The Board 
     provides information on a sample of 150 card issuers twice a 
     year.)
       (27) Federal Reserve activities under the Equal Credit 
     Opportunity Act. Due: Annually. (This information is included 
     in the Board's annual report.)
       (28) Federal Reserve report on administration of and 
     recommendations as to changes in the Truth in Lending Act. 
     Due: Annually. (The report provides information on compliance 
     with TILA regulations.)
       (29) Federal Reserve Board of Governors report of 
     activities. Due: Annually.
       (30) Federal Reserve report on policy actions of the 
     Federal Open Market Committee and the Board. Due: Annually. 
     (This is included in the Fed's annual report.)
       (31) Federal Trade Commission's reports on administration 
     of the Fair Debt Collection Practices Act. Due: Annually. 
     (The report covers elimination of abusive debt collection 
     practices.)
       (32) National Credit Union Administration's report on 
     operations and financial information. Due: Annually.
       (33) Treasury Department report on activities and audit of 
     financial statement of the Resolution Funding Corporation. 
     Due: Annually. (REFCORP was established by FIRREA to raise 
     funding for RTC resolution of insolvent S&Ls. Funds are 
     appropriated to Treasury to pay interest on obligations 
     issued by REFCORP.)
       (34) Neighborhood Reinvestment Corporation's annual report. 
     Due: Annually. (The corporation was set up to continue the 
     work of the Urban Reinvestment Task Force in establishing 
     neighborhood housing services and providing grants and 
     technical assistance to facilitate reinvestment.)
       (35) Voluntary agreements under the Defense Production Act. 
     Due: At least annually. (This report is due to the Congress 
     and the President from any individual(s) designated by the 
     President, describing voluntary agreements and plans of 
     action in effect for preparedness programs and expansion of 
     production capacity and supply.)
       (36) Justice Department report on data collection re banks 
     and banking. Due: Quarterly. (This report details civil and 
     criminal investigations and prosecutions relating to banking 
     law offenses.)
       (37) Federal Housing Administration Advisory Board report 
     on assessment of the activities of the Federal Housing 
     Administration; effectiveness of the Mortgagee Review Board. 
     Due: Annually. (This report covers the soundness of FHA's 
     underwriting procedures and other activities relating to the 
     FHA's ability to serve nation's homebuyers and renters, as 
     well as the effectiveness of the Mortgagee Review Board which 
     takes action against mortgagees in violation of the Fair 
     Housing Act or other statutory requirements.)
     Section 1103. Coordination of Reporting Requirements.
       Subsection (a) requires the FDIC's annual report to include 
     the agency's annual consumer affairs report.
       Subsection (b) requires the annual report of the Federal 
     Reserve Board of Governor to include the Fed's annual report 
     of activities under the Equal Credit Opportunity Act, the 
     Board's annual consumer affairs report, the annual report on 
     administration of the Truth in Lending Act, and the Fed's 
     annual report on policy actions of the Federal Open Market 
     Committee and the Board.
       Subsection (c) requires the OCC annual report to include 
     the agency's annual consumer affairs report.
       Subsection (d) requires the Ex-Im Bank's annual report on 
     export financing competition to include the tied aid report, 
     and makes the latter an annual rather than semi-annual 
     report.
       Subsection (e) requires HUD's annual report to include the 
     Department's two annual reports required under the Civil 
     Rights Act relating to progress in eliminating housing 
     discrimination and data on applicants and participants in HUD 
     programs, the Department's annual and biennial reports on 
     lead based paint, the Department's annual report on all HUD 
     programs and operations, and HUD's annual report on housing 
     programs related to Indians and Alaskan Natives.
       Subsection (f) requires the annual report of the Federal 
     Housing Administration to include the annual report on early 
     defaults on FHA-insured loans and the annual report on the 
     actuarial soundness of the Mutual Mortgage Insurance Fund.
       Subsection (g) amends the International Financial 
     Institutions Act to change Treasury's report on promoting 
     human rights through international financial institutions 
     from a quarterly report to an annual report.
     Section 1104. Elimination of certain reporting requirements.
       Provides for the repeal of certain Export-Import Bank 
     reports. One is a report from the President requesting 
     legislation if the amount of direct loan authority or 
     guarantee authority available to the Export-Import Bank for 
     the fiscal year involved exceeds the amount necessary. This 
     report is being repealed because it is a corollary to the 
     President's annual report on sufficiency of Ex-Im authority 
     which expired pursuant to the sunset. There are four ``sub-
     reports'' to Ex-Im's annual report that are also to be 
     repealed: (1) a report on specific Ex-Im's programs and 
     activities to promote nonnuclear renewable energy resources 
     and description of Ex-Im's actions to assist small business 
     which is being repealed because this information is already 
     included in other reports; (2) a report on Ex-Im's actions on 
     maintaining ``key linkage industries'' which is unnecessary 
     because Ex-Im's annual report covers

[[Page 26233]]

     exports for various industries; (3) a report on Ex-Im's 
     measures to supplement financing for agricultural commodities 
     which was enacted 20 years ago but which is no longer needed 
     with Ex-Im continuing to be involved in this area; and (4) a 
     report on Ex-Im's programs on the export of services which is 
     also covered in the annual report since it is part of Ex-Im's 
     activities.
       This section also provides for the repeal of a semi-annual 
     FDIC report on the agencies efforts to maximize the efficient 
     use of private sector contractors to manage assets held by 
     the agency. There is little need for the report today since 
     assets have declined significantly since 1991. The 1999 
     report showed the agency had only about 3% of the assets in 
     liquidation it had 7 years earlier.

                 Title XII--Financial Regulatory Relief

     Section 1200. Short Title.
       This title may be cited as the ``Financial Regulatory 
     Relief and Economic Efficiency Act of 2000.
     Section 1201. Repeal of Savings Association Liquidity 
         Provision.
       Repeals unnecessary provisions relating to savings 
     association liquidity requirements.
     Section 1202. Non-controlling Investments by Savings 
         Association Holding Companies.
       Allows a savings and loan holding company to acquire a five 
     to twenty-five percent non-controlling interest of another 
     SLHC or savings association, subject to the approval of the 
     Director of the OTS.
     Section 1203. Repeal of Deposit Broker Notification and 
         Record Keeping Requirement.
       Repeals requirement that brokers file a written notice with 
     the FDIC before soliciting or placing deposits with an 
     insured depository institution.
     Section 1204. Expedited Procedures for Certain 
         Reorganizations.
       Simplifies procedures for a national bank reorganizing into 
     a bank holding company.
     Section 1205. National Bank Directors.
       Permits national banks to elect directors to terms of up to 
     3 years on a staggered basis. Permits Comptroller to remove 
     the limitation on the number of board members.
     Section 1206. Amendment to Bank Consolidation and Merger Act.
       Permits national bank, upon approval of Comptroller, to 
     merge or consolidate with its subsidiaries or nonbank 
     affiliates--with no increase in powers for the national bank.
     Section 1207. Loans on or Purchases by Institutions of their 
         own Stock.
       Repeals prohibition on a bank owning or holding its stock, 
     but retains prohibition on making loans or discounts on the 
     security of its own stock.
     Section 1208. Purchased Mortgage Servicing Rights.
       Authorizes the appropriate Federal banking agencies to 
     jointly simplify capital calculations by not requiring banks 
     or thrifts to distinguish between types of mortgage servicing 
     rights. This would allow regulators to value marketable 
     mortgage servicing assets in capital determinations up to 
     100% of their fair market value rather than the current level 
     which is limited to 90% of fair market value.


          subtitle B--Streamlining activities of institutions

     Section 1211. Call Report Simplifications.
       Provides for the modernization of the call report filing 
     and disclosure system.


                  subtitle streamlining agency actions

     Section 1221. Elimination of Duplicative Disclosure of Fair 
         Market Value of Assets and Liabilities.
       Clarifies that banking agencies need no longer pursue 
     further development of the supplemental disclosure method. 
     Even so, Section 36 of FDIA and its supporting regulations 
     provide agencies with discretion to seek additional 
     information in regulatory reports and annual reports 
     regarding fair market value.
     Section 1222. Payment of Interest in Receiverships With 
         Surplus Funds.
       Gives the FDIC the authority to establish a uniform 
     interest rate with regard to receiverships.
     Section 1223. Repeal of Reporting Requirement on Differences 
         in Accounting standards.
       Amends the requirement for each agency to produce an Annual 
     Report on ``Agency Differences in Reporting Capital Ratios 
     and Related Accounting Standards.'' Instead, this provision 
     directs the Federal banking agencies to jointly produce one 
     report.
     Section 1224. Extension of Time.
       Extends deadline for new FHLB capital rules from 12 months 
     to 28 months.


                   subtitle D--Technical Corrections

     Section 1231. Technical Correction Relating to Deposit 
         Insurance Funds.
       Makes technical correction to FDIA.
     Section 1232. Rules for Continuation of Deposit Insurance For 
         Member Banks Converting Charters.
       Makes technical changes with regard to a cross-reference 
     cite.
     Section 1233. Amendments to the Revised Statutes of the 
         United States.
       503(a) Provides that the Comptroller may waive the U.S. 
     citizenship requirement for up to a minority of a national 
     bank's directors. The Economic Growth and Regulatory 
     Paperwork Reduction Act (EGRPRA) inadvertently deleted the 
     long-standing authority of the Comptroller to waive the 
     citizenship requirement for up to a minority of directors of 
     national banks that are subsidiaries or affiliates of foreign 
     banks.
       503(b) Updates Section 11 to reflect that national banks no 
     longer issue national currency, while maintaining the 
     provision that prohibits the Comptroller from owning interest 
     in the national banks they regulate.
       503(c) Repeals Section 5138 of the Revised Statutes (first 
     enacted in 1864), which imposes minimum capital requirements 
     for national banks. This minimum capital requirement (ranging 
     from $50,000 to $200,000) is obsolete, since Congress granted 
     the Federal banking agencies the regulatory authority to 
     establish minimum capital requirements in 1983.
     Section 1234. Conforming Change to the International Banking 
         Act of 1978.
       Allows branches and agencies of foreign banks that satisfy 
     the asset test imposed on domestic banks to be examined on an 
     18-month cycle instead of the 12-month cycle.

  Mr. Speaker, I reserve the balance of my time.
  Mr. LaFALCE. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, in October of this year, our House passed S. 1452, a 
bill that included a number of housing and banking provisions that had 
been developed on a bipartisan basis. Unfortunately, the majority party 
in the Senate took issue with a few provisions in that bill and refused 
to take it up.
  Therefore, in the interest of enacting the great number of positive, 
noncontroversial provisions, in the interest of advancing legislation, 
we are therefore back before this body without the excellent provisions 
that the Senate refused to accept.
  Most critically, I am extremely disappointed that today's bill drops 
a provision that I authored to authorize 1 percent down FHA mortgage 
loans for teachers, policemen, and firemen who would buy a home in the 
school district or local employing jurisdiction where they work.
  The purpose of my bill was to provide low downpayment loans to these 
critical public servants to help them afford to buy a home in the 
community they serve, and to help schools and localities recruit 
teachers, policemen, and firemen.
  The Congressional Budget Office had projected that this provision 
would generate $125,000 new loans to teachers, policemen, and firemen 
over the next 5 years. Moreover, CBO projects it would have increased 
the Federal budget surplus by $162 billion over the same 5-year period. 
It was a win-win situation. And, the provision was supported by the 
Fraternal Order of Police, the American Federation of Teachers, the 
National Education Association, the American Association of School 
Administrators, et cetera.
  In short, it is most unfortunate that today's bill omits that 
critical provision. Be assured, the House will be back again next year 
fighting for its enactment.
  The bill we are now considering includes not only the Manufactured 
Housing Improvement Act, largely the House version, for which both the 
gentleman from New York (Mr. Lazio) and the gentleman from 
Massachusetts (Mr. Frank) in particular deserve special credit, but a 
number of other initiatives that have had broad bipartisan support, 
including other housing proposals, language reauthorizing the Humphrey-
Hawkins report and other key consumer housing reports, and some 
technical changes of importance to bank and thrift regulators.
  With respect to housing provisions, today's bill includes a number of 
provisions with bipartisan support that have been pulled together from 
homeownership and elderly housing legislation that has previously 
passed the House. The bill addresses the challenge of meeting the 
affordable housing and health care needs of our growing elderly 
population.
  I am especially pleased the House is again acting on my initiative to 
make FHA reverse mortgages more affordable when used to buy long-term 
care insurance. This provision has recently been enhanced by adding a 
requirement

[[Page 26234]]

that any long-term care insurance policy must comply with disclosure, 
suitability, and contingent nonforfeiture requirements recently adopted 
under the National Association of Insurance Commissioners' model reg in 
order to qualify for the lower premium.
  The bill also includes a number of provisions designed to encourage 
mixed-income mixed-finance elderly housing. This is something we need 
to do much more of. And it increases flexibility for federally-funded 
service coordinators, and provides more resources to sponsors of 
existing elderly housing to make needed capital repairs.
  Our bill also represents a balanced resolution of the 3-year effort 
to reform our manufactured housing legislation. I would point out that 
the final product reflects a number of democratic pro-consumer 
initiatives.
  For the first time, we will be establishing a national Federal 
installation standard, and requiring that there be a dispute resolution 
process in each State to adequately address consumer complaints.
  With regard to the process of updating our construction and safety 
standards, we have revised the initial legislation to put HUD back in 
charge of setting standards, and have balanced the consensus committee 
process and eliminated its strong role in setting enforcement 
regulations, as proposed in previous drafts of this bill.
  Should the present chairman of the Subcommittee on Housing and 
Community Opportunity wind up being Secretary of HUD, I think he will 
be especially happy that he conceded on those issues to us.
  Finally, the legislation includes a number of noncontroversial but 
important provisions in the housing area, including technical 
corrections of the Private Mortgage Insurance Act, native Hawaiian 
housing legislation, Native American housing legislation, and a number 
of rural housing provisions.
  The package also contains other important initiatives that have had 
broad bipartisan support in the House: legislation reauthorizing the 
critical Humphrey-Hawkins report and a number of other important 
consumer and housing reports that are essential in helping the 
authorizing committee to shape policy; some largely technical changes 
intended to remove some inefficiencies in the bank and thrift 
regulatory system.
  As we reach the end of this congressional session, we should pass 
this very sound piece of banking and housing legislation.
  Mr. Speaker, I would urge its adoption, and I reserve the balance of 
my time.
  Mr. LEACH. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, first in response to something the gentleman from New 
York (Mr. LaFalce) said, let me stress that the gentleman from New York 
(Mr. Lazio) and I were deeply disappointed that the provision mentioned 
was deleted from the bill, and I am hopeful in the next Congress we can 
move forward with that kind of provision. I would be delighted to 
assist the gentleman in that effort.
  Mr. Speaker, I yield 5 minutes to the distinguished gentlewoman from 
New Jersey (Mrs. Roukema), the subcommittee chairman.
  Mrs. ROUKEMA. Mr. Speaker, certainly I rise in strong support of this 
bill.
  As has been outlined, it comprehensively addresses a range of banking 
issues: as mentioned, the important housing provisions and regulatory 
burden restrictions and regulation provisions.
  Certainly I want to thank the chairman, the gentleman from Iowa (Mr. 
Leach), for his outstanding leadership for bringing this bill in this 
form back to the floor. As has been noted, it was passed in October, 
but it did not get approved in the Senate.
  In any case, I want to point out how deeply involved a number of us 
have been on this legislation. I want to point out that it is very 
important for us to resolve them hopefully once and for all.
  The regulatory relief provisions of the bill I would like to focus on 
because Congress has a defined responsibility, and we have recognized 
that, to assure the Federal laws and regulations and the supervisory 
system promote safety and soundness of the banking system. Unnecessary 
regulatory burdens by their very nature, as we have learned over and 
over again in these recent years, unnecessary regulatory burdens have 
the effect of undermining the ability of banks to operate efficiently 
and effectively.
  I want to point out that I am pleased that this bill includes H.R. 
1585, the Depository Institution Regulatory Streamlining Act, which I 
introduced in Congress and have gotten broad support for. So I am very 
pleased that this is included.
  There are a number of technical provisions, but we widely agree on a 
bipartisan basis that this is necessary. I am pleased that the bill 
contains many of the provisions that we have worked together on in a 
cooperative fashion, both on a bipartisan basis with the industry and 
with the regulators and all the members of the Committee on Banking and 
Financial Services.
  I want to stress here something that has not been mentioned 
specifically. That is the private mortgage insurance technical 
corrections and clarifications that are included in this bill.
  In particular, this bill will clarify the cancellation and 
termination issues to ensure that homeowners will be able to cancel 
private mortgage insurance, PMI, as it is noted. This is what Congress 
intended in 1998 in the bills that we passed at that time.
  This clarification will be particularly helpful to those with certain 
adjustable rate mortgages. The bill also ensures that defined terms, 
such as ``adjustable rate mortgage'' and ``balloon rate mortgages'', 
are used consistently and appropriately. So this particular piece of 
legislation is consistent also with what the gentleman from Utah (Mr. 
Hansen), a leader on this issue, desires. His legislation and 
leadership has been helpful, and we have put it into this bill.
  Again I want to thank the gentleman from Iowa (Mr. Leach) and the 
gentleman from New York (Mr. LaFalce), and look forward to clearing up 
a lot of ambiguities in the law through this legislation for the good 
of all people in housing, as well as regulatory relief.
  Mr. FRANK of Massachusetts. Mr. Speaker, I ask unanimous consent that 
I be allowed to control the time of the gentleman from New York (Mr. 
LaFalce).
  The SPEAKER pro tempore (Mr. LaHood). Is there objection to the 
request of the gentleman from Massachusetts?
  There was no objection.
  Mr. FRANK of Massachusetts. Mr. Speaker, I yield myself such time as 
I may consume.
  Mr. Speaker, I am pleased that at this late date we are still able to 
move this bill forward. I would like to make a point that sometimes 
escapes our friends in the press and the rest of the press, which may 
be the majority.
  The House is continuing to function, as will the other body. We will 
pass important legislation. There is this assumption among headline 
writers and some others that when there are major differences of 
opinion between the parties, somehow that means paralysis of the whole 
institution.

                              {time}  1100

  This is one further example of the fallacy of that viewpoint. We are 
capable of strong disagreement on some important issues and at the same 
time being able to work together on nonideological matters that advance 
the public interest. This is an example.
  There have probably been few times in our country's history when 
there has been a greater partisan division over some important 
subjects; that does not prevent this committee, and this House and, 
ultimately, this Congress from moving forward with an important piece 
of legislation that was more important than people will know, because 
it is not controversial.
  We do have a journalistic tendency to equate controversy with 
importance, and if Members are not yelling at each other, nobody knows 
about it. This is a very significant piece of legislation that will 
advance important housing

[[Page 26235]]

interests, and it will be done in this kind of fashion.
  There are some very important specifics. The manufactured housing 
piece has been alluded to. I want to acknowledge that the gentleman 
from Indiana (Mr. Roemer), who sits here and who will be speaking 
later, did an enormous amount of work with me and others in persuading 
us of the importance of sticking with it.
  We had some disagreements. I do not think everything in this is 
perfect.
  Mr. Speaker, I yield to the gentleman from Iowa (Mr. Leach), chairman 
of the Committee on Banking and Financial Services, because he and I 
had a colloquy on the manufactured housing piece in the last discussion 
of this bill. And I would just like to incorporate it by reference and 
ask the gentleman if he agrees that our previous colloquy should stand 
with regard to this bill.
  Mr. LEACH. Mr. Speaker, I fully agree with the gentleman from 
Massachusetts (Mr. Frank), and I believe it was a thoughtful expression 
of concern on the gentleman's part in the last debate, and that 
colloquy should stand exactly as in this debate.
  Mr. FRANK of Massachusetts. Mr. Speaker, I thank the gentleman from 
Iowa (Chairman Leach), and I hope we have set an example for our 
colleagues by referring to something we both said before and not 
repeating it.
  The manufactured housing piece is important, because manufactured 
housing is important. Manufactured housing is an undervalued housing 
resource, particularly for people of moderate income, and to the extent 
that we can advance the ability of the manufactured housing industry to 
supply that important niche in the housing market, we should take it. 
We advance it in this bill.
  There are some gaps, as we have said, and I look forward to working 
on them next year. We also took some steps to further protect those 
tenants who are living in federally subsidized tendencies, not public 
housing, but privately owned, federally subsidized tenancies, who would 
otherwise have been victimized by a 20-year expiration date that was 
put into the law that should not have been. This tweaks further 
legislation, that we did in a favored way earlier, the gentleman from 
New York (Mr. Lazio), chairman of the Subcommittee on Housing and 
Community Opportunity, and I had worked on. We in this past Congress, 
essentially protected virtually all of the tenants in those tenancies 
from eviction.
  I wish we could have also protected the tenancies. We could not. That 
is, when the existing tenants leave, we will lose those subsidized 
units. That is something I hope we will address next year, but we have 
protected the tenancies.
  I appreciate the ability to work with the gentleman from New York 
(Mr. Lazio) on that, and we extend that somewhat here.
  We do some other important things in this bill within the limits that 
were set for us, and this is the final point I want to make, this is an 
example of cooperation on a nonideological set of issues where we were 
able to, within the framework of existing programs and law, improve 
things.
  There is one other specific thing I want to mention that is 
important, and that was we make it easier to ease Federal housing 
assistance supplied through HUD in conjunction with the low-income 
housing tax credit, and we should again be doing more of that next 
year. That is a very important piece that the gentleman from New York 
(Mr. Lazio) and I have worked on, and I am very pleased that we have 
been able to do that to improve the efficiency of both programs so they 
can go further.
  This leaves us, however, with an undone task. And I am grateful to 
the gentleman from Iowa (Mr. Leach), the gentleman from New York (Mr. 
Lazio), and the staffs of both committees who did an enormous amount of 
important technical work on this bill, which is primarily a technical 
bill. We did the best we could within the framework. Now is the time to 
address the framework.
  There is a housing crisis increasingly in this country caused, 
ironically in some part, by prosperity because, as some people increase 
their wealth, those who are not participants in that prosperity find 
themselves squeezed. That is why we tried, as the gentleman from Iowa 
(Mr. Leach) and the gentleman from New York (Mr. LaFalce) mentioned, to 
extend some special help in cities to policeman and teachers, people 
who serve our public interests and who are sometimes required by law to 
live in the municipality where they work but find themselves by 
economic trends priced out of an ability to live there.
  We tried to help them. It is time for us to get back in the business 
of increasing housing production. This bill and the previous bill that 
we adopted goes as far as it is possible to go without getting back in 
the housing production business, but the demands of this society are 
such that now we have to get back in the housing production business, 
and I hope we will be able to do that next year.
  Mr. Speaker, I reserve the balance of my time.
  Mr. LEACH. Mr. Speaker, I yield 2 minutes to the distinguished 
gentleman from New York (Mr. Gilman), chairman of the Committee on 
International Relations.
  Mr. GILMAN. Mr. Speaker, I am pleased to rise today in strong support 
of the American Homeownership and Economic Opportunity Act of 2000, 
legislation containing a number of housing measures which the House has 
already approved throughout the 106th Congress.
  Though our economy is strong, it imperative that Congress continue to 
focus on the needs of those who are in need of clean, safe, and 
affordable housing. Furthermore, we must recognize that often outdated 
or poorly crafted regulations are the only barriers standing between 
working families and homeownership.
  Accordingly, I want to thank our good friend and colleague, the 
gentleman from Iowa (Mr. Leach), our distinguished chairman of the 
Committee on Banking and Financial Services for the introduction of 
this legislation now before us.
  In addition, I want to commend the gentleman from New York (Mr. 
Lazio), chairman of the Subcommittee on Housing and Community 
Opportunity, for his diligence and outstanding work in seeing these 
measures through to a successful conclusion. The gentleman from New 
York (Mr. Lazio) throughout his tenure in the Congress has been a 
strong champion for affordable, accessible and quality housing for all 
of our citizens.
  The legislation before us today provides grants to States and local 
governments to renew regulatory barriers against affordable housing. It 
also provides for the refinancing of home equity conversion mortgages 
for our elderly and provides authorization for public housing 
authorities to provide down payment assistance and important 
construction and safety standards for manufactured homes.
  Moreover, this legislation provides numerous other worthy programs to 
streamline and provide homeownership opportunities.
  Accordingly, Mr. Speaker, I urge all of our colleagues to support 
this important omnibus housing measure, and I thank the gentleman from 
Iowa for yielding the time to me.
  Mr. FRANK of Massachusetts. Mr. Speaker, I yield 4 minutes to the 
gentleman from Indiana (Mr. Roemer), who did so much to make sure that 
we address the manufactured housing issues in this bill.
  Mr. ROEMER. Mr. Speaker, I thank my good friend, the gentleman from 
Massachusetts (Mr. Frank) for yielding time to me, and I would like to 
start by talking about this bipartisan bill in a bipartisan way and 
saying to my colleagues here, as the gentleman from Massachusetts (Mr. 
Frank), my good colleague said, to the people hopefully watching on 
television, that I hope this bill is a stepping stone for successes of 
a future Congress, that we can work together in a bipartisan way to 
help moderate- and low-income people get access to housing and help 
their children and help their families and help engage in this economy 
that has benefitted so many people but has also left some behind.

[[Page 26236]]

  I want to especially thank the gentleman from Massachusetts (Mr. 
Frank), my friend, and the gentleman from New York (Mr. LaFalce) for 
never giving up on this bill at times when this process may have killed 
this bill or put it in the Senate, where we had some tough sledding for 
a while; and I want to thank the gentleman for your tenacity and your 
determination.
  I want to thank the gentleman from Iowa (Mr. Leach) and the gentleman 
from New York (Mr. Lazio) for their hard work on this legislation.
  In perspective, Mr. Speaker, roughly one out of every four new homes 
in America is a manufactured home; and yet up until today, up until 
this historic moment, we have waited almost 26 years to update the 
regulatory infrastructure to say how we will produce and manufacture 
these homes that are increasingly better quality and increasingly 
places for people to start in the home equity ladder and moving up.
  This is historic in meeting this challenge from the American people. 
I am very happy we finally are there today passing this legislation. 
Can we imagine if we were passing high-technology legislation that had 
not been addressed for 25 years given the changes in that industry over 
the last 8 years?
  We have worked with President Bush and Secretary Kemp. We have worked 
with President Clinton and Secretary Cisneros and Secretary Cuomo and 
Mr. Apgar on this legislation, and I want to thank them and the Clinton 
administration for their hard work and their diligence and their 
patience and their tenacity to get this legislation through today.
  In a broader sense, S. 1452 promotes and expands modified section 
202, elderly, and section 811, disabled housing programs. It allows 
seniors to refinance federally insured reverse mortgages, and it 
includes numerous bank regulatory relief provisions. All of these 
provisions are very important in including people in the ladder of 
homeownership.
  As a longtime advocate of manufactured housing, I have been working 
with the Department of Housing and Urban Development for successive 
Presidential administrations and for 8 years to pass this important 
regulatory change in the climate of how we address regulations for 
consumer safety and for safe products coming from the industry.
  I am currently one of the authors and cosponsors of this Manufactured 
Housing Improvement Act, which has become title VII of this bill. It 
seeks to reform and improve the Federal manufactured housing program by 
modernizing 26-year-old statutory frameworks that have often been 
characterized by ineffective allocation of resources within the agency 
and a poor response to the needs and concerns of both manufacturers and 
consumers.
  Mr. Speaker, I again thank my colleagues for this bipartisan 
legislation and hope this leads to bipartisanship in education and debt 
reduction and electoral reform and campaign finance reform in the next 
session of Congress.
  Mr. LEACH. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, first let me thank the gentleman from Indiana (Mr. 
Roemer) for his thoughtful additions to this bill. Manufactured housing 
is clearly one of the most important aspects of the American housing 
mosaic and key to our future.
  Mr. Speaker, I yield 2 minutes to the gentleman from Nebraska (Mr. 
Bereuter).
  Mr. BEREUTER. Mr. Speaker, I rise in strong support of this 
legislation.
  Mr. Speaker, this Member wants to express my appreciation and my 
commendations to the gentleman from Iowa (Mr. Leach), Chairman of the 
Committee on Banking and Financial Services; the gentleman from New 
York (Mr. Lazio), Chairman of the Subcommittee on Housing and Community 
Opportunity; the gentlewoman from New Jersey (Mrs. Roukema); as well as 
the gentleman from New York (Mr. LaFalce); the gentleman from 
Massachusetts (Mr. Frank); and to the gentleman from Indiana (Mr. 
Roemer) and others who have made important contributions in this 
legislation.
  This legislation does, through a number of provisions, advance the 
cause of homeownership across the United States, as well as improving 
the housing opportunities for those Americans who rent their homes.
  Mr. Speaker, I remind my colleagues that among the most poorly housed 
Americans are those that live on Indian reservations. In most cases, 
they live in housing that is public housing, but by the permanent 
extension of a demonstration program, section 184, we provide for the 
first time through this legislation a continuing opportunity for Native 
Americans living on Indian reservations to own their own homes. This 
Member believes that is a major contribution.
  Additionally, as a part of that effort, through the establishment of 
an Indian Lands Title Report Commission, with a sunset, we will see 
direction and consistency given to the Bureau of Indian Affairs so that 
their procedures are standard and have a positive effect across the 
whole country for the use of section 184.
  In the area of the housing programs of USDA, this legislation makes a 
number of very important advances. Among other things, it makes it 
possible for us to extend the provisions of the so-called ``Norfolk 
amendment'' to those medium-sized cities that are nonmetropolitan for 
the next decade.
  These are important provisions of USDA's housing programs for those 
of us Americans who live in smaller cities and villages and on farms. 
Through this method and others, as we modernize and make it more likely 
that these USDA programs will be beneficially used by the USDA's 
clients across the country.
  This legislation, H.R. 5640, contains many of the same provisions 
included in the earlier American Homeownership and Economic Opportunity 
Act, H.R. 1776, which passed the House by a vote of 417-8, on April 6, 
2000, with this Member's support. Unfortunately, the Senate has yet to 
act on H.R. 1776. In addition, many of these provisions also were 
included in S. 1452, which passed the House on October 24, 2000, by a 
voice vote. Unfortunately, the Senate failed to act on S. 1452.
  For many Americans, the most important investment they make is to 
purchase a home. Homeownership gives an individual or family a sense of 
pride in themselves, their home, as well as in their community. This 
legislation goes to great lengths to promote homeownership for 
Americans across the entire country.
  The following are, in this Member's opinion, six significant 
provisions, among many others, of the American Homeownership and 
Economic Opportunity Act of 2000.
  First, this legislation allows families to use their Federal monthly 
assistance for down payment assistance.
  Second, this legislation amends Section 502(h) of the Housing Act of 
1949 to allow borrowers of the Rural Housing Service (RHS) single-
family loans to refinance either an existing Section 502 direct or 
guaranteed loan to a new Section 502 guaranteed loan, provided the 
interest rate is at least equal or lower than the current interest rate 
being refinanced and the same home is used as security.
  This Member supports this legislation as it utilizes the RHS Section 
502 Single Family Loan Guarantee Program. In particular, this loan 
guarantee program, which was first authorized because of my initiative, 
has been very effective in non-metropolitan communities by guaranteeing 
loans made by approved lenders to low to moderate income households.
  In particular, since its inception as a pilot program in 1991, the 
Section 502 Single-Family Loan Guarantee Program has facilitated over 
$10.2 billion in lending in non-metropolitan areas. This translates 
into 151,000 loans to families who now own homes which they otherwise 
may not have been able to purchase.
  Third, this measure extends the grandfather status until the 2010 
census for similarly situated cities nationwide like Norfolk, Nebraska, 
to continue to be able to use the USDA Rural Housing Service program. 
The current grandfather is until the 2000 census, which is currently 
under way. This Member introduced a bill earlier in the 106th Congress 
which would accomplish the furtherance of this grandfather provision 
until 2010.
  Fourth, this legislation also includes a permanent authorization of 
Section 184, the Native American Loan Guarantee program, which this 
Member authored. Under current law, the Section 184 program is 
authorized through 2001. A very conservative estimate would suggest 
that the Section 184 program should annually facilitate over $72 
million in guaranteed

[[Page 26237]]

loans for privately financed homes for Indian families who are 
otherwise unable to secure conventional financing due to the trust 
status of Indian reservation land.
  Fifth, a provision is included in this legislation which would create 
a short term Indian Lands Title Report Commission to improve the 
procedure by which the Bureau of Indian Affairs conducts title reviews 
in connection with the sale of Indian lands. This provision is 
identical to a bill that this Member introduced previously in the 
current 106th Congress. Moreover, this Commission should facilitate the 
Section 184 program to benefit additional Native Americans in 
purchasing homes.
  Sixth, this Member is pleased that as a matter of equity, this 
legislation extends Native American housing assistance to Native 
Hawaiians. In particular, it applies the Section 184 Loan Guarantee 
program to the unique legal status of the Hawaiian home lands.
  Lastly, it is important to note that this bill no longer contains the 
Federal Housing Administration (FHA) reduced downpayment provisions for 
municipal employees. This provision resulted in opposition to the bill 
by some in the Senate. Hopefully, the Senate will now finally act on 
the American Homeownership and Economic Opportunity Act of 2000.
  In closing, this Member, because of the above provisions, and for 
other reasons, would encourage his colleagues to vote for H.R. 5640.
  Mr. FRANK of Massachusetts. Mr. Speaker, I yield 2\1/4\ minutes to 
the gentlewoman from Ohio (Mrs. Jones), a very active member of the 
Subcommittee on Housing and Community Opportunity.
  Mrs. JONES of Ohio. Mr. Speaker, I would like to thank the gentleman 
from Iowa (Mr. Leach), the chairman of the Committee on Banking and 
Financial Services, and the gentleman from New York (Mr. LaFalce), my 
ranking member on the Committee on Banking and Financial Services, and 
the gentleman from Massachusetts (Mr. Frank), the ranking member on the 
Subcommittee on Housing and Community Opportunity, for all the work 
that they do in this particular area.
  In my first term of Congress, serving on the Subcommittee on Housing 
and Community Opportunity has been one of the most exciting 
opportunities that I have had. I am glad to serve as the chair of the 
Housing committee for the Congressional Black Caucus.
  This piece of legislation will provide a number of incentives for 
housing ownership in my congressional district.

                              {time}  1115

  On December 1, I had the pleasure to have an opportunity to celebrate 
World AIDS Day and went to a facility in my congressional district 
funded as a result of some of the work that we have been doing on the 
Subcommittee on Housing and Community Opportunity to visit a home, a 
facility, where there are 14 apartments for people who are living with 
AIDS just to see in place some legislation that was proposed and 
passed. And actually seeing it in place was an exciting thing for me.
  Let me point out two or three things that I think are particularly 
significant about this piece of legislation. One of those is wherein 
people can use section 8 dollars for down payment on a home. I believe 
that if we can have families who have wonderful homes or have 
comfortable homes where they can raise their families and live together 
and enjoy one another, we can deal with many of the issues that we 
address in our particular country.
  One section, section 904, provides for section 8 housing assistance 
for grand-families, meaning grandparents or great grandparents who are 
raising their grandchildren. In my congressional district, that is a 
significant issue; and I am constantly confronted by grandparents and 
great grandparents saying ``I need help.'' So I am so happy to see this 
in the legislation as well.
  With regard to pilot programs for homeownership for disabled 
families, that is an important issue as well.
  So I just come here to say I am pleased that we in this Congress on 
this date, December 5, are able to pass a significant piece of 
legislation that is bipartisan so that the public can see we are moving 
forward with the issues of the day and representing the American 
people.
  Mr. LEACH. Mr. Speaker, I yield 6 minutes to the gentleman from New 
York (Mr. Lazio), this body's great friend and I guess the term is 
``soon to be departed,'' but with our greatest, greatest esteem.
  Mr. LAZIO. Mr. Speaker, let me thank the gentleman from Iowa (Mr. 
Leach), the distinguished chairman of the Committee on Banking and 
Financial Services, not just for his persistence and hard work, his 
professionalism and dedication with respect to this bill, but as a 
partner and as a friend, as an honest broker, as somebody who has 
worked very hard over these last 6 years to enact sweeping housing 
legislation. I am very, very appreciative for his extraordinary 
efforts.
  Mr. Speaker, I would also like to thank the members of the committee, 
the gentleman from Massachusetts (Mr. Frank), who has been a terrific 
partner as well in working through in a bipartisan fashion many of 
these issues, the gentleman from New York (Mr. LaFalce), Members on 
both sides of the aisle who have been tremendous advocates for housing.
  Last, but certainly not least, I thank the people who staff the 
committee on both sides of the aisle, a thankless job that should be 
acknowledged; and, in my humble way, I hope I can right now.
  Mr. FRANK of Massachusetts. Mr. Speaker, will the gentleman yield?
  Mr. LAZIO. I am happy to yield to the gentleman from Massachusetts.
  Mr. FRANK of Massachusetts. Mr. Speaker, I would just on behalf of 
everyone on our side want to reciprocate, because the gentleman from 
New York (Mr. Lazio) has been an exemplar of our ability to at the same 
time have disagreements on major policy issues that are legitimately 
debated and yet to be able to work in a very constructive fashion on a 
broad range of common agreement.
  I thank the gentleman from New York for helping us set that wonderful 
example, and he can look back on a record of a very significant 
accomplishment of protecting vulnerable tenants.
  Mr. LAZIO. Mr. Speaker, I thank the gentleman very much.
  More than ever in the impending political environment, comity and 
bipartisan cooperation, as the gentleman from Massachusetts (Mr. Frank) 
has just referred to, will be the overriding guiding principles that 
will shape public policy.
  Mr. Speaker, like no other country in the world, Americans cherish 
the ideals of self-sufficiency and independence that is embodied in the 
family home. For many of us, the most important financial investment 
that we make in our lives is the purchase of a home. Homeownership 
creates a sense of community, binding neighbors together, investing all 
in the common good.
  Today, two-thirds of Americans own their own homes, continuing a 
trend since the mid-1990s of historically high homeownership rates. 
Much of this success is attributed to the strong American economy, a 
product of Federal fiscal restraint, and the enterprising spirit of 
working men and women across the country.
  Yet a paradox of the strong economy has been the rising real estate 
prices unmatched by a similar rise in income for many working families. 
For African American and Hispanic American populations, homeownership 
rates continue to remain under 50 percent.
  We are also confronting a demographic explosion as America's baby 
boomers move into retirement years. Today, there are more than 33 
million Americans age 65 years and older. By the year 2020, the number 
will grow to almost 53 million, or one in every six Americans. Already 
more than a million senior citizens across the country are experiencing 
worst-case housing needs.
  Our challenge is to do more. Our blueprint is before us. Today we 
consider what in many ways is the final piece of the housing puzzle. 
During my time as chairman of the Subcommittee on Housing and Community 
Opportunity, we have enacted the most comprehensive public housing 
reform in 60 years. We have reformed Native American housing, section 8 
housing. We have provided the first major partnership with the Habitat 
For Humanity,

[[Page 26238]]

reverse mortgages for seniors. We have set in place mechanisms to 
provide permanent housing solutions to homelessness. Most recently, we 
have provided a means to preserve affordable housing for seniors and 
individuals with disabilities incorporated right in this bill.
  Mr. Speaker, our proposal will build on these accomplishments and 
help provide millions more Americans with greater opportunity for 
affordable housing and homeownership. Let me mention just a few of the 
provisions that will make a very real difference in the everyday lives 
of Americans across the country.
  Today, more than 3 million families receive annual rental assistance 
through HUD section 8 voucher program. Many of these families would 
rent for life, never being able to achieve a sense of homeownership, 
never being able to achieve and build personal equity.
  Our proposal builds on a successful nonprofit demonstration project 
in my home district on Long Island to allow families receiving section 
8 to aggregate up to 1 year's worth of assistance toward down payment 
and closing costs. So instead of a perpetual cycle of rental 
assistance, we are helping build personal wealth and a sense of pride. 
Most importantly, we are helping families across the country achieve 
the American dream of homeownership.
  As we look to the future, for our parents and the generations to 
come, the issue of affordable housing will be as critical as the future 
of Social Security and Medicare. Without a roof over one's head, little 
else seems to matter.
  Our proposal today also includes a comprehensive set of initiatives 
to give nonprofit housing providers greater flexibility and resources 
to grow the inventory of affordable housing for seniors and individuals 
with disabilities. If we do nothing else, we must provide security and 
peace of mind for those who have given so much for their families and 
to our country.
  Mr. Speaker, our continuing challenge must be to recognize that the 
family home serves as a foundation for all else, where we teach our 
children right from wrong, our sanctuary from the rush of the outside 
world, and where we draw strength for the other pursuits of life and 
faith.
  Today we take an important step toward an agenda for housing and the 
renewal of the American dream.
  This legislator is very proud to be closing out his career doing just 
what he has always loved to do, legislating.
  Mr. FRANK of Massachusetts. Mr. Speaker, I yield the remaining time 
to the gentlewoman from California (Ms. Lee), one of our most active 
and dedicated supporters of the inadequate housing response.
  Ms. LEE. Mr. Speaker, I want to thank the gentleman from 
Massachusetts for yielding me this time and also for his steady and 
committed work and focus on behalf of affordable housing initiatives 
throughout our country.
  I also want to thank the gentleman from New York (Mr. LaFalce), also 
the gentleman from Iowa (Mr. Leach), our committee chair, and the 
gentleman from New York (Mr. Lazio) for bringing this bill to the floor 
in such a bipartisan manner.
  I come from one of the areas in the country which is really quickly 
becoming the least affordable area to live in, the Bay Area of 
California. So as a Member of this subcommittee, I have been very 
pleased to work with our leadership to develop this bill.
  I want to just say a couple of things with regard to housing, because 
we know that housing is really not just a roof over one's head. Having 
a decent place to live can make all of the difference in the world in 
terms of the quality of life.
  Also, homeownership provides one with a stake in the American dream. 
It provides the average, ordinary American with the ability to develop 
equity so that he or she may develop a small business or send their 
children to college. Not everyone has stock options. Not everyone can 
accumulate wealth through mutual funds and through planning in the 
stock market. So homeownership is so integral and so serious in terms 
of the ability to realize the American dream.
  In a time when our country is experiencing a time of unprecedented 
economic growth, we must seize this opportunity to invest in those who 
need it the most. In communities across our Nation, like, again, in my 
district in Oakland, California, which, again, has been in the past 
been a very affordable city but now is becoming one of the least 
affordable cities, we have our nonprofits and developers and local 
governments working together to develop strategies to find solutions to 
our housing crisis. This bill will help us tremendously in our efforts.
  Clearly, the Federal Government must always fight hard to maintain 
what we believe is a very central part to the American dream, and that 
is homeownership.
  So I would like to thank both sides again for allowing us the 
opportunity to bring this bill forward. It is one of the most important 
pieces of legislation this year for my area. I want to thank my 
colleagues again for the opportunity to make my presentation.
  Mr. LEACH. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, in conclusion, let me thank again the gentleman from New 
York (Mr. LaFalce), the distinguished ranking member, and the gentleman 
from Massachusetts (Mr. Frank), as well as the gentleman from New York 
(Mr. Lazio) and the gentlewoman from New Jersey (Mrs. Roukema), two 
extraordinary subcommittee chairmen, on this bill.
  This is a bill that has returned to the House with a very important 
provision unfortunately deleted because it could not receive consensus 
in the other body. But I am very hopeful that this bill in its current 
form can be accepted by the other body and that we will have a change 
in law that will be for the good of the country and particularly for 
the good of those Americans that are on the cusp of being able to 
afford a family home. I urge acceptance of this bill.
  Ms. PELOSI. Mr. Speaker, I rise in support of the American 
Homeownership and Economic Opportunity Act which would enhance 
America's affordable housing and promote homeownership opportunities. 
Far too many, an estimated 5.4 million Americans, suffer worst-case 
housing needs, paying more than 50 percent of their income for housing, 
and this bill takes important steps to address this and related housing 
needs. The bill would enable tenants to use their section 8 rental 
assistance as a downpayment toward homeownership, strengthen the 
service delivery of elderly and disabled service coordinators, and 
streamline manufactured housing standards.
  I strongly support the important provisions in this bill that would 
protect tenants of project based section 8 buildings, especially those 
who have experienced conversion of their units to market rent levels, 
through owner opt-outs or prepayments. Tenant protections are needed to 
avoid displacing HUD tenants, to provide converted tenants with 
enhanced vouchers, and to reduce other harmful effects. It is vital 
that Congress enact all the needed legal steps and HUD take the needed 
administrative steps to ensure project based tenants may continue to 
reside in their units and are held harmless against conversion's 
adverse consequences. This bill takes important steps and in the next 
Congress, I will continue working toward this goal.
  I strongly support this bill's reach back provision, ``Use of Section 
8 Vouchers for Opt-Outs'', which would protect tenants whose properties 
were converted in the years before Congress addressed the owner opt-out 
problem. This provision would enable HUD to grant converted tenants 
protective enhanced vouchers in opt-out situations extending back to 
fiscal year 1994. This bill also contains an important provision, 
``Maximum Payment Standard for Enhanced Vouchers'', which would grant 
some HUD discretion to limit the enhanced voucher payment standard, yet 
deny this discretion where it adversely affects HUD tenants. The House 
passed Manufactured Housing Improvement Act includes these provisions 
in sections 902 and 903. HUD also supports them.
  It is disappointing that the Senate did not support, and this bill 
does not include, the House passed provisions to promote homeownership 
for public service employees, which would enable teachers and public 
safety officers to obtain FHA loans with a 1-percent downpayment. 
Earlier this year, in coordination with concerned constituents, I 
authored a successful amendment to the House passed American 
Homeownership and Economic Opportunity Act, H.R. 1776, to extend this 
opportunity to prekindergarten teachers. Many cities

[[Page 26239]]

and rural communities, including the district I represent, San 
Francisco, suffer a shortage of quality teachers and are experiencing 
problems recruiting and retaining teachers. To alleviate this problem, 
we must take additional steps to help teachers and public sector 
employees obtain affordable housing in the communities they serve.
  I urge my colleagues to support this bill and continue working to 
increase affordable housing opportunities across the country.
  Mr. LEACH. Mr. Speaker, I yield back the balance of my time.
  The SPEAKER pro tempore (Mr. LaHood). The question is on the motion 
offered by the gentleman from Iowa (Mr. Leach) that the House suspend 
the rules and pass the bill, H.R. 5640.
  The question was taken; and (two-thirds having voted in favor 
thereof) the rules were suspended and the bill was passed.
  A motion to reconsider was laid on the table.

                          ____________________