This part is about small home loans of $100,000 or less. The housing agency may start a test program to help more people get them. The agency must report to Congress each year on how it goes. The test program ends after four years, and no new one may start after three years.
The document says “can”Who acts: Secretary of Housing and Urban Development, Federal Housing CommissionerHow: statuteSec. 105 in the PDF
What the document says
“Not later than 1 year after the date of the enactment of this section, the Secretary of Housing and Urban Development, acting through the Federal Housing Commissioner, may establish a pilot program to increase access to small-dollar mortgages for mortgagors, which may include--”
The section lets the Secretary of Housing and Urban Development, acting through the Federal Housing Commissioner, set up a pilot program within a year of enactment to widen access to small-dollar mortgages. The program may include direct payments to lenders, adjusted Federal Housing Administration terms and costs, grants to borrowers for down payments, closing costs, appraisals and title insurance, outreach to borrowers, and technical help for lenders.
What the document actually says
“Not later than 1 year after the date of the enactment of this section, the Secretary of Housing and Urban Development, acting through the Federal Housing Commissioner, may establish a pilot program to increase access to small-dollar mortgages for mortgagors, which may include--”
That sentence, in plain words
The housing agency may start a test program. It has one year to do it. The point is to help more people get small home loans.
What this is about
A small-dollar mortgage is a home loan of $100,000 or less. Lenders often skip them because the fee is small. The test program is meant to change that.
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.
The document says “shall”Who acts: Federal Housing CommissionerHow: statuteSec. 105 in the PDF
What the document says
“Beginning not later than 1 year after the establishment of the pilot program under subsection (a) and ending 1 year after the sunset of the pilot program, the Federal Housing Commissioner shall submit to Congress an annual report that--”
The section requires an annual report to Congress from the Federal Housing Commissioner, starting a year after the pilot program begins and ending a year after it closes. The report must track outcomes of the loans made, analyze risks to the solvency of the Mutual Mortgage Insurance Fund, give data on small-dollar mortgages made over the preceding ten years and on the lenders and borrowers involved, describe the fixed costs of making mortgages, and analyze which regions of the country, including rural regions, have the greatest need.
What the document actually says
“Beginning not later than 1 year after the establishment of the pilot program under subsection (a) and ending 1 year after the sunset of the pilot program, the Federal Housing Commissioner shall submit to Congress an annual report that--”
That sentence, in plain words
A report goes to Congress once a year. The first is due a year after the test starts. The last is due a year after it ends.
What this is about
A report is how Congress checks on a program it set up. This one asks what the loans did. It also asks whether the insurance fund is at risk.
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.
The document says “shall”Who acts: Secretary of Housing and Urban DevelopmentHow: statuteSec. 105 in the PDF
What the document says
“The pilot program established under subsection (a) shall terminate on the date that is 4 years after the date on which the pilot program is established under subsection (a).”
The section provides that the pilot program ends four years after the date it is established.
What the document actually says
“The pilot program established under subsection (a) shall terminate on the date that is 4 years after the date on which the pilot program is established under subsection (a).”
That sentence, in plain words
The test program stops after four years. The clock starts on the day it begins.
What this is about
A sunset is a built-in end date. It means the program stops on its own. Congress must act again to keep it going.
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.
The document says “may not”Who acts: Secretary of Housing and Urban Development, Federal Housing CommissionerHow: statuteSec. 105 in the PDF
What the document says
“After the expiration of the 3-year period beginning on the date of enactment of this section, neither the Federal Housing Commissioner nor the Secretary of Housing and Urban Development may newly establish a pilot program to increase access to small-dollar mortgages for mortgagors.”
The section provides that once three years have run from enactment, neither the Federal Housing Commissioner nor the Secretary of Housing and Urban Development may newly establish a small-dollar mortgage pilot program.
What the document actually says
“After the expiration of the 3-year period beginning on the date of enactment of this section, neither the Federal Housing Commissioner nor the Secretary of Housing and Urban Development may newly establish a pilot program to increase access to small-dollar mortgages for mortgagors.”
That sentence, in plain words
Three years after this law starts, the door closes. After that neither official may start a new test program of this kind.
What this is about
This is a different clock from the one that ends the program. That clock ends a program already running. This one stops a new one from starting.
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.
“(1) has an original principal balance of $100,000 or less; and (2) is secured by a 1- to 4-unit property that is the principal residence of the mortgagor.”
The section defines a small-dollar mortgage as a mortgage with an original principal balance of $100,000 or less that is secured by a property of one to four units serving as the borrower's principal residence.
What the document actually says
“(1) has an original principal balance of $100,000 or less; and (2) is secured by a 1- to 4-unit property that is the principal residence of the mortgagor.”
That sentence, in plain words
The loan starts at $100,000 or less. The home has one to four units. The borrower lives there most of the time.
What this is about
Principal is the amount borrowed, apart from interest. A principal residence is the home a person mainly lives in. A loan must meet both tests to count.
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.
Each distinct thing the section allows or requires: the pilot program and the five kinds of support it may include, the annual report and what it must contain, the end of the pilot program, the cutoff on starting a new one, and the definition of a small-dollar mortgage.
The five items in the report list are summarized rather than quoted one by one.
The section creates a new program rather than amending an older statute. It refers to the Mutual Mortgage Insurance Fund, which is governed by the National Housing Act, and that Act is not indexed here.
