Bill

On the Motion (Motion to Invoke Cloture on the Motion to Concur in the House Amendment to the Senate Amendment striking sec. 1 through Title V and Inserting Language to the Senate Amdt. to H.R. 3221, with an Amdt. )

On the Motion (Motion to Concur in the Amdt. of the House, Striking Section 1 through Title V and Inserting Certain Language, to the Senate Amdt. to H.R. 3221, with an Amdt No. 4983, as Amended )

On the Cloture Motion (Motion to Invoke Cloture on the Motion to Concur in the Amendments of the House, Striking Title VI through XI, To the Senate Amendment to H.R. 3221 )

On the Cloture Motion (Motion to Invoke Cloture on the Motion to Disagree to the Amdts. of the House, Adding a New Title and Inserting a New Section, to the Amdt. of the Senate to H.R. 3221 )

On the Motion (Motion to Disagree to the Amdts. of the House, Adding a New Title and Inserting a New Section, to the Amdt. of the Senate to H.R. 3221 )

On the Cloture Motion (Motion to Invoke Cloture on the Motion to Concur in the House Amendment to the Senate Amendment to the House Amendments to the Senate Amendment to H.R. 3221 )

On the Motion (Motion to Concur in the House Amendment to Senate Amendment to the House Amendments to the Senate Amendment to HR 3221 )

On the Cloture Motion (Motion to Invoke Cloture on the Motion to Proceed to H.R.3221 )

On the Cloture Motion (Upon Reconsideration Motion to Invoke Cloture on the Motion to Proceed to H.R. 3221 )

On the Motion to Table (Motion to Table Durbin Amdt. No. 4388 )

On the Motion (Motion to Waive CBA Murray Amdt. No. 4397 )

On the Motion (Motion to Waive CBA Kyl Amdt. No. 4407 )

On the Amendment (Voinovich Amdt. No. 4406 As Modified )

On the Motion (Motion to Waive S. Con. Res. 21, sec. 204. Re: Landrieu Amdt. No. 4389, As Further Modified )

On the Cloture Motion (Motion to Invoke Cloture on the Dodd Amdt. No. 4387 )

On the Amendment (Alexander Amdt. No. 4429 )

On the Amendment (Ensign Amdt. No. 4419 )

On Passage of the Bill (H.R. 3221 As Amended )

Summary

5/8/2008--House agreed to Senate amendment with amendment.

American Housing Rescue and Foreclosure Prevention Act of 2008 -

I. FHA Housing Stabilization and Homeownership Retention

FHA Housing Stabilization and Homeownership Retention Act of 2008 -

A. Homeownership Retention

Section 112

Amends the National Housing Act (NHA) to create the Refinance Program Oversight Board, which shall establish and oversee a program for insuring homeownership retention mortgages.

Instructs the Secretary of Housing and Urban Development (HUD) to insure any homeownership retention mortgage covering a one- to four-family residence made to pay or prepay outstanding obligations under an existing mortgage on the residence.

Sets forth mortgagor eligibility criteria, including mortgagor certification that: (1) the residence is the only residence in which the mortgagor has any present ownership interest; (2) the mortgagor has not intentionally defaulted on the existing mortgage, nor knowingly, willfully, and with actual knowledge furnished material information known to be false for the purpose of obtaining the existing mortgage.

Requires waiver or forgiveness of all: (1) prepayment penalties; and (2) fees and penalties related to default or delinquency on existing mortgages.

Sets forth terms for required: (1) reduction of indebtedness under an existing senior mortgage; (2) extinguishment of debt by refinancing; and (3) treatment of multiple mortgage liens.

Requires debt service payments due under a mortgage insured under this Act to be substantially reduced from the debt service payments due under the existing mortgage or mortgages.

Requires the mortgage to provide that the HUD Secretary retain a lien on the residence which shall: (1) be subordinate to the mortgage insured under this Act, but senior to all other existing mortgages on it; and (2) secure the repayment.

Instructs the Oversight Board to prohibit borrowers from granting a new second lien on the mortgaged property during the first five years the mortgage is insured under this Act.

Requires the mortgagee to document and verify mortgagor income.

Requires a mortgage insured under this Act to: (1) bear interest at a single fixed rate for the entire mortgage term; and (2) involve a principal obligation that does not exceed the limitation that would be allowable for a mortgage insured pursuant to the Economic Stimulus Act of 2008.

Requires the Oversight Board to establish specified underwriting standards for mortgages insured under this Act, including a limitation on origination fees.

Sets forth criteria for appraisal independence. Subjects violations of such criteria to civil monetary penalties.

Prohibits the aggregate original principal obligation of all mortgages insured under this Act from exceeding $300 billion.

Directs: (1) the Oversight Board and the HUD Secretary to monitor independent quality reviews of designated underwriters; and (2) the Inspector General of HUD to conduct an annual compliance audit of the mortgage insurance program under this Act.

Requires the HUD Secretary to ensure that securities based on and backed by a pool or trust composed of mortgages insured under this Act are available to be guaranteed by the Government National Mortgage Association (GNMA) for timely payment of principal and interest.

Makes the insurance of each mortgage under this Act the obligation of the Special Risk Insurance Fund established by this Act.

Sets forth a sunset date of two years after enactment of this Act for commitments to insure under it.

Authorizes appropriations for FY2008-FY2009, including specified funds earmarked for: (1) counseling for veterans recently returning from active duty in the Armed Forces; and (2) the Neighborhood Reinvestment Corporation (NRC).

Repeals the limitation on the aggregate number of home equity conversion mortgages for elderly homeowners insured under this Act.

Section 113

Directs the Board of Governors of the Federal Reserve System to study and report to specified congressional committees on the need for an auction or bulk refinancing mechanism to facilitate refinancing of existing residential mortgages that are at risk for foreclosure into mortgages insured under the NHA.

Section 114

Establishes a temporary increase in the maximum loan guaranty amount for certain housing loans guaranteed by the Secretary of Veterans Affairs.

Section 115

Requires the Securities and Exchange Commission (SEC) to study and report to Congress on: (1) fair value accounting standards applicable to financial institutions with respect to residential mortgages at risk of foreclosure and mortgage-backed securities involving such mortgages; (2) the effects of such accounting standards upon such institutions' balance sheets and capacity to provide refinancing to residential mortgagors at risk of foreclosure, including residential mortgagors during periods of market value declines and increased foreclosures; and (3) the advisability and feasibility of modifications of such standards during periods of market fluctuation in order to maintain the institution's ability to continue to carry mortgages on residential property at risk of foreclosure and assure the availability of credit to refinance such mortgages.

Section 116

Instructs the Comptroller General of the United States to study and report to Congress on the effects of tightening credit markets upon prospective first-time homebuyers in selected communities that have been most detrimentally affected by subprime mortgage foreclosure crises and predatory mortgage lending.

B. Office of Housing Counseling

Expand and Preserve Home Ownership Through Counseling Act -

Section 132

Amends the Department of Housing and Urban Development Act to establish the Office of Housing Counseling.

Section 133

Amends the Housing and Urban Development Act of 1968 to: (1) prescribe homeownership and rental counseling procedures and requirements; (2) direct the Secretary to make grants to qualified organizations for homeownership or rental counseling assistance; and (3) require such organizations to use only HUD-certified counselors.

Section 136

Directs the HUD Secretary to study and report to Congress on the root causes of home loan defaults and foreclosures, including the role of escrow accounts in helping prime and nonprime borrowers avoid defaults and foreclosures.

Section 138

Amends the Real Estate Settlement Procedures Act of 1974 to require a revamping of a public information booklet regarding federally related mortgage loans, with specified contents.

C. Combating Mortgage Fraud

Section 151

Authorizes appropriations for FY2008-FY2012 for federal prosecution of mortgage fraud.

II. FHA Reform and Manufactured Housing Loan Insurance Modernization

A. FHA Reform

Expanding American Homeownership Act of 2008 -

Section 203

Amends the NHA to: (1) increase the maximum principal loan obligation on residential homes eligible for mortgage insurance; (2) extend the mortgage term from 30 years to 40 years; (3) modify downpayment standards; (4) set a maximum premium payment for a mortgage for which any amounts are gifted by a qualified homeownership assistance entity at 3% of the original insured principal obligation; (5) direct the HUD Secretary to establish underwriting standards for mortgage insurance for higher-risk borrowers; and (6) authorize the Secretary to establish flexible risk-based mortgage insurance premium structure involving a single premium payment.

Section 208

Sets forth: (1) discretionary three-year and mandatory five-year payment incentives for higher-risk borrowers; and (2) protections for higher-risk borrowers, including additional mandatory disclosures and counseling and a notice of the availability of foreclosure prevention counseling.

Section 210

Requires the HUD Secretary to establish related underwriting standards and facilitate payment or prepayment (refinancing) of existing mortgages for borrowers: (1) with either adverse terms or rates in such mortgages; or (2) without access to mortgages at reasonable rates and terms because of adverse market conditions.

Authorizes the HUD Secretary to insure mortgages to borrowers in default or at imminent risk of being in default, if such loans meet HUD-established underwriting standards.

Section 211

Requires the HUD Secretary to collect information on default and foreclosure rates for HUD mortgage insurance, including actions taken for loss mitigation.

Section 212

Increases the maximum mortgage amount limitation for a residence licensed and certificated to operate a child care facility.

Section 213

Requires all funds received and disbursements with respect to rehabilitation loans to be credited or charged, as appropriate, to the Mutual Mortgage Insurance Fund (MMIF) (currently, to the General Insurance Fund).

Section 215

Requires a multifamily condominium project to have an insured blanket mortgage in order for a one-family unit in the project to qualify for mortgage insurance. Increase from 35 to 40 years the term of such a mortgage.

Provides for mortgage insurance for manufactured housing.

Section 216

Limits the authority of the HUD Secretary to use the MMIF for mortgage loan guarantees for a particular fiscal year to the aggregate original principal loan amount specified in appropriations Acts for that fiscal year.

Requires the Secretary to: (1) provide for an annual independent actuarial study of the MMIF; and (2) make quarterly reports to Congress..

Section 217

Makes insurance of mortgages in Hawaiian home lands and Indian reservations obligations of the MMIF (currently, of the General Insurance Fund).

Section 219

Revises requirements for insurance of home equity conversion mortgages for elderly homeowners.

Includes among such insurable mortgages a leasehold under a lease with a term ending no earlier than the minimum number of years, as specified by the Secretary, beyond the actuarial life expectancy of the mortgagor or comortgagor, whichever is the later date.

Limits the benefits of such mortgage insurance to 132% of a specified dollar amount limitation for a one-family residence.

Permits insurance of such a mortgage when the primary purpose of the home equity conversion mortgage is to enable an elderly mortgagor to purchase a one- to four-family dwelling in which the mortgagor will occupy or occupies one of the units.

Allows insurance of subordinate mortgages or liens on cooperative dwelling units.

Prohibits an applicant mortgagor from satisfying the third party adequate counseling requirement by receiving such counseling from a reverse mortgage lender, servicer or investor, or an entity engaged in the sale of annuities, investments, long-term care insurance, or any other type of financial or insurance product.

Repeals: (1) the waiver of upfront premiums for insured mortgages whose total amount will be used only to fund long-term care insurance; and (2) funding for counseling and consumer education and outreach.

Instructs the HUD Secretary to: (1) prescribe regulations protecting elderly homeowners from the marketing of financial and insurance products not in their interest, including the marketing or sale of an annuity as a condition of obtaining any home equity conversion mortgage; (2) establish limits upon origination fees; and (3) study and report to Congress on mortgage insurance premiums that insure home equity conversion mortgages for elderly homeowners.

Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to authorize the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to deal in NHA-insured mortgages, notwithstanding certain limitations upon maximum original principal obligations.

Section 220

Instructs the Comptroller General to study and report to Congress on the impact of financial audit and net worth requirements upon mortgage brokers and correspondent lenders, and specified related matters.

Section 221

Revises the authority of the HUD Secretary to insure mortgages for disaster housing to increase the limit on the principal obligation by the amount of any initial service charges, appraisal, inspection, and other fees.

Authorizes the HUD Secretary, after a presidential major disaster declaration, to enter, for up to 36 months, into agreements to insure a mortgage which involves a principal obligation of up to 100% of a specified dollar amount limitation for a single-family mortgage.

Section 222

Establishes penalties for: (1) failure by a mortgage servicer to make timely payments from escrow accounts; and (2) submission of information to a consumer reporting agency regarding such failure that is adverse to the mortgagor's credit rating or interest. Prohibits the HUD Secretary from submitting such information to a consumer reporting agency.

Section 223

Prescribes acceptable forms of identification for FHA mortgagors. Prohibits the Secretary from insuring a mortgage unless the mortgagor provides such identification.

Section 224

Directs the HUD Secretary to implement a pilot program to make available to mortgagees an automated process for providing alternative credit rating information for actual and prospective mortgagors, under mortgages for one- to four-family residences to be insured, who have insufficient credit histories for determining their creditworthiness.

Directs the Comptroller General to report to Congress on the number of additional mortgagors served using such automated process, and its impact upon the safety and soundness of the insurance funds under the NHA.

Section 225

Expresses the sense of the Congress that: (1) the HUD Secretary should use a portion of the funds received from premiums paid for FHA single family housing mortgage insurance that exceed the amounts paid out in claims to increase the funding for technology used in such FHA program; (2) the goal of this investment should be to bring such technology up to or in excess of the level of technology used in the conventional mortgage lending market; and (3) the HUD Secretary should report to Congress on progress made toward such goal and the resources needed for greater progress.

Section 226

States that the Deficit Reduction Act of 2005 governing FHA asset disposition does not apply to a multifamily real property transaction for which: (1) the HUD Secretary has received, before enactment of such Act, written expressions of interest in purchasing the property from both a city government and its housing commission; (2) after such receipt, the Secretary acquires title to the property at a foreclosure sale; and (3) such city government and housing commission have resolved a previous disagreement regarding disposition of the property.

Section 227

Directs the Secretary to consider industry standard appraisal practices when determining market value during FY2008 of a multifamily property or for any multifamily loan for noncompetitive sale to a state or local governmental entity (including repair costs: (1) to bring the property to minimum state and local code standards; and (2) of maintaining the affordability restrictions upon the multifamily real property or multifamily loan).

Section 228

Prohibits mortgage insurance premium increases above the level in effect on October 1, 2006, unless in the absence of such an increase the appropriation of new budget authority would be required to cover the costs of such insurance.

Section 229

Establishes civil money penalties for improperly influencing appraisals in connection with an insured mortgage.

Section 230

Requires the HUD Secretary to provide refunds of unearned mortgage insurance premium charges paid with respect to certain insured mortgages. Authorizes appropriations.

B. FHA Manufactured Housing Loan Insurance Modernization

FHA Manufactured Housing Loan Modernization Act of 2008 -

Section 253

Exempts a manufactured home or its lot from the limitation on insurance for a financial institution's loans, advances of credit, and purchases.

Section 254

Makes any contract of insurance with respect to loans, advances of credit, or purchases in connection with a manufactured home or its lot conclusive evidence of the institution's eligibility for insurance.

Section 255

Increases maximum loan limits for such insurance.

Section 256

Prescribes requirements for insurance premiums.

Section 258

Directs the Secretary to establish insurance underwriting criteria for loans and advances of credit for such homes or lots.

Section 259

Requires a borrower to have a valid Social Security account number in order for any obligation to be insured.

Section 260

Instructs the Comptroller General to assess and report to Congress on how the HUD Secretary utilizes the FHA manufactured housing loan insurance program to mitigate tornado risks to manufactured housing residents and communities.

III. Reform of Government-Sponsored Entities for Housing Finance

Federal Housing Finance Reform Act of 2008 -

A. Reform of Regulation of Enterprises and Federal Home Loan Banks

B. Federal Home Loan Banks

Section 372

Amends the Federal Home Loan Bank Act to: (1) bring the federal home loan banks under Agency regulation; (2) revise requirements governing membership, terms, and compensation of the board of directors; (3) permit joint activities by the banks; and (4) permit information sharing and voluntary mergers between such banks.

Section 377

Exempts home loan banks from specified requirements of the Securities Exchange Act of 1934, the Securities Act of 1933, and related SEC regulations regarding: (1) transactions in capital stock of such banks; (2) bonds, debentures and other obligations of such banks; (3) periodic reporting requirements; and (4) tender offers in connection with transactions in capital stock of the banks.

Section 378

Increases from $500 million to $1 billion the total asset requirement for a community financial institution member.

Adds community development activities to the limited uses of a secured long-term advance from a federal home loan bank.

Section 380

Instructs the Comptroller General to study and report to Congress and the Director on: (1) the use of the affordable housing programs of the banks to determine the extent to which such programs are used to assist long-term care facilities for low- and moderate-income individuals; and (2) the effectiveness and adequacy of such assistance in meeting the needs of affected communities.

C. Transfer of Functions, Personnel, and Property of Office of Federal Housing Enterprise Oversight, Federal Housing Finance Board, and Department of Housing and Urban Development

IV. Emergency Mortgage Loan Modification

Emergency Mortgage Loan Modification Act of 2008 -

Section 402

Establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans.

States that the servicer of such pooled loans owes a duty to the securitization vehicle to maximize recovery of proceeds for the benefit of all investors and holders of beneficial interests in the pooled loans in the aggregate, and not to any individual party or group of parties.

Deems the loan servicer to be acting on behalf of the securitization vehicle in the best interest of investors and holders if the servicer makes certain loss mitigation efforts for a loan in or facing payment default in the reasonable belief that the particular modification, workout plan, or other mitigation actions will maximize the net present value to be realized over that which would be realized through foreclosure.

Shields a servicer, acting in a manner consistent with such duty, from liability to specified persons for entering into a qualified loan modification or workout plan for loss mitigation purposes (including any person obligated to make specified payments pursuant to a derivatives instrument).

Defines "qualified loan modification or workout plan" as one that: (1) is scheduled to remain in place until the borrower sells or refinances the property, or for at least five years from the date of adoption of the plan, whichever is sooner; (2) does not provide for a repayment schedule that results in negative amortization; and (3) does not require the borrower to pay additional points and fees.

Defines "securitization vehicle" as a trust, corporation, partnership, limited liability entity, special purpose entity, or other structure that: (1) is the issuer, or is created by the issuer, of mortgage pass-through certificates, participation certificates, mortgage-backed securities, or other similar securities backed by an asset pool that includes residential mortgage loans; and (2) holds such loans.

V. Other Housing Provisions

Section 501

Amends the Home Owners' Loan Act to authorize investments by a federal savings and loan association to promote the public welfare through the provision of housing, services, and jobs that target low- and moderate-income communities or families.

Prohibits such investment, however, if it would subject a federal savings association to unlimited liability to any person. Sets limitations upon such investments in the aggregate.

Section 502

Permits the conversion of two specified HUD contracts to a contract for project-based rental assistance for low-income families upon request of the owner of the multifamily housing project subject to such contracts.

Section 503

Declares eligible for low-income housing and enhanced housing voucher assistance the Heritage Apartments in Malden, Massachusetts.

Section 504

Directs the HUD Secretary to transfer, upon owner request, certain rental assistance contracts on housing owned or managed by: (1) Community Properties of Ohio Management Services LLC, or an affiliate of Ohio Capital Corporation for Housing, located in Franklin County, Ohio, to other properties located in such county; and (2) The Model Group, Inc., located in Hamilton County, Ohio, to other properties located in such county.

Section 505

Amends federal bankruptcy law to prohibit a governmental unit that operates a mortgage loan program from denying program benefits (including a loan guarantee or subsidy) to a disabled veteran who has been declared a debtor in bankruptcy, has been insolvent before commencement of a bankruptcy case, or meets related criteria.

VI. Revenue and Other Provisions

A. Housing Tax Incentives

1. Multi-Family Housing

Subpart A: Low-Income Housing Tax Credit - Amends Internal Revenue Code provisions relating to the low-income housing tax credit and tax-exempt bond rules for financing low-income housing projects.

Section 601

Increases in 2008 and 2009 the per capita amount of the low-income housing tax credit allocable by each state.

Section 602

Modifies rules for the low-income housing tax credit to: (1) eliminate the distinction between new and existing buildings for purposes of such credit; (2) establish a minimum credit rate for nonfederally subsidized buildings; (3) set forth criteria for designating a building as federally subsidized and for considering federal assistance in calculating such credit; and (4) revise basis rules for certain state buildings and community service facilities.

Section 604

Repeals: (1) the prohibition against providing low-income housing tax credits to properties receiving moderate rehabilitation assistance under the Housing Act of 1937; and (2) bond posting requirements relating to the disposition of buildings for which a low-income housing tax credit was claimed.

Requires states to consider the energy efficiency of a low-income housing project and its historical nature in allocating credit amounts among such projects.

Extends eligibility for the low-income housing tax credit to students who receive foster care assistance under title IV (Grants to States for Aid and Services to Needy Families with Children and for Child-Welfare Services) of the Social Security Act.

Subpart B: Modifications to Tax-Exempt Housing Bond Rules -

Section 606

Modifies rules pertaining to tax-exempt housing bonds to: (1) permit treatment of certain residential rental project bonds as refunding bonds regardless of any change in the obligors of such bonds; and (2) allow continued eligibility for low-income housing tax benefits with respect to new tenants, students, and single-room occupancies.

Subpart C: Reforms Related to the Low-Income Housing Credit and Tax-exempt Housing Bonds -

Section 609

Requires that median gross income levels established for calendar years after 2008 for determining eligibility for low-income housing tax benefits remain at the same level as preceding calendar years.

Section 610

Waives annual income recertification requirements for residents of low-income rental projects whose incomes do not exceed applicable limits.

2. Single Family Housing

Section 612

Allows first-time homebuyers a tax credit for 10% of the purchase price of a principal residence. Limits the dollar amount of such credit to $7,500.

Section 613

Allows individual taxpayers who claim the standard deduction an additional deduction from gross income for state and local real property taxes.

3. General Provisions

Section 615

Authorizes in 2008 an additional $10 billion in the volume cap for issuing tax-qualified bonds for certain residential rental projects.

Allows, until December 31, 2010, the use of mortgage bond proceeds to refinance certain subprime residential mortgage loans made between 2002 and 2008.

Section 616

Exempts from the alternative minimum tax (AMT) tax-exempt interest on certain housing bonds. Allows low-income housing and rehabilitation tax credit amounts to offset AMT liability.

Section 617

Allows certain municipal bonds that are guaranteed by federal home loan banks to qualify as tax-exempt bonds.

Section 618

Sets forth an alternative procedure for furnishing a nonforeign affidavit in connection with the sale of a U.S. real property interest (USRPI) and the exemption from withholding of tax requirements. Allow a transferor of a USRPI to furnish a nonforeign affidavit to a qualified substitute (i.e., a person responsible for closing the transaction involving a USRPI or the transferee's agent). Denies an exemption from withholding of tax requirements if the qualified substitute or a transferee has actual knowledge that the nonforeign affidavit is false.

Section 619

Increases from 35 to 50 the percentage of property that may be leased to a tax-exempt entity without affecting such property's allowable rehabilitation tax credit.

B. Reforms Related to Real Estate Investment Trusts

1. Foreign Currency And Other Qualified Activities

Section 621

Amends the Internal Revenue Code relating to real estate investment trusts (REITs) to treat passive foreign exchange gains attributable to overseas real estate investment as qualifying REIT income. Revises income and asset tests for such REITs for purposes of determining REIT qualifying income.

2. Taxable REIT Subsidiaries

Section 625

Increase from 20 to 25% the the maximum value of a REIT's total assets that may be represented by securities of one or more taxable REIT subsidiaries.

3. Dealer Sales

Section 627

Reduces from four to two years the holding period for certain assets exempted from prohibited transaction rules for REITs.

Section 628

Revises criteria for imposing an excise tax penalty for prohibited transactions for sales by REITs.

4. Health Care REITS

Section 630

Allows the treatment of rental payments by a health care facility to a taxable REIT subsidiary to be treated as qualifying REIT rental income.

5. Effective Dates

Section 632

Sets forth the effective dates for provisions of this Subtitle.

C. Revenue Provisions

Section 641

Requires brokers who are required to report gross proceeds from the sale of any publicly-traded security to report the holder's adjusted basis in such security and whether any gain or loss with respect to such security is long or short term.

Section 642

Delays until 2010 the application of special rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit.

Section 643

Amends the Tax Increase Prevention and Reconciliation Act of 2005 to: (1) repeal the adjustment to the estimated tax liability of corporations with at least $1 billion in assets for the third quarter of 2012; and (2) increase the estimated tax payments of such corporations in the third quarter of 2013 by 13%.

D. Coordination of Federal Housing Programs and Tax Incentives for Housing

Housing Tax Credit Coordination Act of 2008 -

Section 652

Instructs the HUD Secretary to implement administrative and procedural changes to expedite approval of multifamily housing projects under HUD jurisdiction that meet HUD requirements, including: (1) projects for which assistance is provided by HUD in conjunction with low-income housing tax credits or tax-exempt housing bonds; and (2) existing public and assisted housing projects for which HUD approval is necessary for transactions involving project preservation or rehabilitation.

Section 653

Amends the Housing Act of 1949 to direct the HUD Secretary to facilitate, for rehabilitation or preservation purposes, timely approval of requests to transfer ownership or control of certain multifamily farm housing projects assisted by the Secretary of Agriculture in conjunction with low-income housing tax credits, or tax-exempt housing bonds.

Section 654

Amends the Department of Housing and Urban Development Reform Act of 1989 to exclude mortgage insurance from certain limits on HUD assistance to housing projects.

Amends the National Housing Act to exempt from builders' costs certification requirements certain housing projects assisted with low-income housing tax credits.

Prescribes procedures governing the treatment of mortgages executed in connection with the construction, rehabilitation, purchase, or refinancing of a multifamily housing project for which equity is provided through any low-income housing tax credit.

Section 655

Amends specified housing law with respect to: (1) an increase in contract term from 10 to 15 years for PHA project-based housing assistance payment contracts; (2) housing assistance contracts for dwelling units in cooperative housing and high-rise elevator buildings; (3) waiver of subsidy layering and environmental reviews for housing assistance payments contracts for existing structures; (4) treatment of tax credit projects under voucher program rent reasonableness requirements; (5) delegation to state or local housing agencies of processing authority for capital advances in connection with housing for the elderly; (6) contract renewals in connection with a shelter for the homeless; and (7) collection of information on tenants in tax credit projects. Authorizes FY2009-FY2013 appropriations for collection of such information.

E. Limitation on Sale, Foreclosure, or Seizure of Property Owned by Servicemembers

Section 661

Amends the Servicemembers Civil Relief Act to extend from 90 days to one year after the period of a servicemember's military service the period of protection against mortgage foreclosure.

Section 662

Requires the mortgagor or loan servicer, in the case of a servicemember who defaults on a mortgage obligation for two consecutive months, to furnish the servicemember with a written financial disclosure describing the servicemember's liability for the period during which a sale, foreclosure, or seizure of the property is not valid.

States that neither this Act, the National Bank Act, nor the Home Owners' Loan Act preempts state law regulating foreclosure of residential real property or the treatment of foreclosed property.

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Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Pellentesque at felis. Phasellus eu ligula. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Pellentesque vestibulum pretium felis. Nullam mi. Fusce ut sapien vitae nulla viverra ornare. Phasellus nec purus. Nullam magna lorem, molestie eget, sodales quis, convallis vel, nisi. Vivamus ultrices purus non nisi. Aliquam erat volutpat. Suspendisse ultrices lacus eget mi. Morbi pretium, nibh at tincidunt varius, tellus ipsum ultrices ligula, et fermentum ante lacus non justo. Ut consectetuer turpis vestibulum ligula. Etiam vestibulum tortor quis sapien. Cras risus.

Curabitur eget dolor. Praesent mattis, orci nec viverra porta, dolor nibh sollicitudin felis, ut venenatis dui libero vitae ipsum. Maecenas ac justo eu tortor auctor ultrices. Quisque mattis dapibus felis. Fusce id neque et felis tempor bibendum. Proin lacus nunc, vulputate a, vehicula non, fermentum nec, sem. Mauris congue, enim eget posuere pharetra, ligula magna porttitor orci, vitae dictum neque magna sed sapien. Quisque nibh eros, bibendum eu, pulvinar ac, imperdiet vitae, mauris. Aliquam in metus ac sem ultricies accumsan. Vivamus semper pede sit amet justo. Sed facilisis mi in nisi.