The purchase price ceiling rises from 95 percent to 110 percent
What the document says“(I) by striking ``95 percent'' and inserting ``110 percent''; and”
The section amends section 215(b) of the Cranston-Gonzalez National Affordable Housing Act to raise the purchase price ceiling from 95 percent to 110 percent, and defines purchase price as the amount borrowed by the homebuyer or the estimated value after rehabilitation, which may be adjusted for the limits a resale restriction places on future value. It also makes the same change from 95 percent to 110 percent in section 245(b)(2), on asset recycling.
What the document actually says“(I) by striking ``95 percent'' and inserting ``110 percent''; and”
One figure comes out of an older rule. A higher one goes in. It rises from 95 percent to 110 percent.
The figure caps the price of a home the program may help buy. It is set against a local benchmark. Raising it lets the program reach costlier homes.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.