All Cooperative housing Legislation - Federal Government
S.2734 - A bill to aid families and neighborhoods facing home foreclosure and address the subprime mortgage crisis.
Latest Action: 03/11/2008 - Star Print ordered on the bill. Bill Text A bill to aid families and neighborhoods facing home foreclosure and address the subprime mortgage crisis. 3/7/2008--Introduced. Security Against Foreclosures and Education Act, or the SAFE Act - Amends the Internal Revenue Code to allow proceeds of qualified mortgage bonds to be used to refinance certain residential subprime loans. Requires the Neighborhood Reinvestment Corporation to continue to award expeditiously certain funds already provided for mortgage foreclosure counseling. Amends the Code to allow purchasers of certain single-family principal residences a one-time tax credit. Amends the Truth in Lending Act to: (1) revise creditor mortgage loan disclosure requirements; and (2) increase civil damages for noncompliance with such Act. Amends the Code to: (1) allow a five-year carryback of net operating losses for certain taxable years; and (2) suspend through taxable year 2009 the 90% of alternative minimum taxable income limit for certain [...] show full description Comment on Bill H.R.5138 - To amend title 11 of the United States Code to provide protection for medical debt homeowners, to restore bankruptcy protections for individuals experiencing economic distress as caregivers to ill or disabled family members, and to exempt from means testing debtors whose financial problems were caused by serious medical problems.
Latest Action: 02/04/2008 - Referred to the Subcommittee on Commercial and Administrative Law. Bill Text To amend title 11 of the United States Code to provide protection for medical debt homeowners, to restore bankruptcy protections for individuals experiencing economic distress as caregivers to ill or disabled family members, and to exempt from means testing debtors whose financial problems were caused by serious medical problems. 1/28/2008--Introduced. Medical Bankruptcy Fairness Act of 2008 - Amends federal bankruptcy law to cite circumstances under which a medically distressed debtor may elect to exempt from the property of the estate in bankruptcy up to $250,000 of the debtor's aggregate interest in specified real or personal property that the debtor (or debtor's dependent) uses as a residence, in a cooperative, or in a burial plot for the debtor or a dependent. Revises requirements for dismissal or conversion of a Chapter 7 case to prohibit the court or specified parties in interest from filing a motion to dismiss or convert to Chapter 11 or 13 if the debtor is [...] show full description S.2266 - A bill to amend the Internal Revenue Code to provide for an alternative test for qualifying as a cooperative housing corporation.
Latest Action: 10/30/2007 - Read twice and referred to the Committee on Finance. Bill Text A bill to amend the Internal Revenue Code to provide for an alternative test for qualifying as a cooperative housing corporation. 10/30/2007--Introduced.
Cooperative Tax Deduction Preservation Act of 2007 - Amends the Internal Revenue Code to set forth alternative tests for qualifying as a cooperative housing corporation for purposes of the tax deduction for payments to such corporations. Qualifies a corporation if: (1) 80% or more of the total square footage of the corporation's property is used or available for use by its tenant-stockholders for residential purposes, or (2) 90% of the corporation's expenditures are for the acquisition, construction, management, maintenance, or care of its property for the benefit of the tenant-stockholders. H.R.3996 - To amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes.
Latest Action: 12/26/2007 - Became Public Law No: 110-166. Bill Text To amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes. 12/26/2007--Public Law. (There are 3 other summaries)
(This measure has not been amended since it was passed by the Senate on December 6, 2007. The summary of that version is repeated here.) Tax Increase Prevention Act of 2007 - Amends the Internal Revenue Code to extend through 2007 for individual taxpayers: (1) the increased alternative minimum tax (AMT) exemption amounts; and (2) the offset of nonrefundable personal tax credits against regular and AMT liability. H.R.3648 - To amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes.
Latest Action: 12/20/2007 - Became Public Law No: 110-142. Bill Text To amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes. 12/20/2007--Public Law. (There are 4 other summaries) (This measure has not been amended since it was passed by the Senate on December 14, 2007. The summary of that version is repeated here.)Mortgage Forgiveness Debt Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income amounts attributable to a discharge, prior to January 1, 2010, of indebtedness incurred to acquire a principal residence. Limits to $2 million the excludable amount of such indebtedness. Reduces the basis of a principal residence by the amount of discharged indebtedness excluded from gross income. Disallows an exclusion for a discharge of indebtedness on account of services performed for the lender or any other factor not directly related to a decline in the value of the residence or to the financial [...] show full description S.2338 - An original bill to modernize and update the National Housing Act and enable the Federal Housing Administration to more effectively reach underserved borrowers, and for other purposes.
Latest Action: 12/17/2007 - Received in the House. Bill Text An original bill to modernize and update the National Housing Act and enable the Federal Housing Administration to more effectively reach underserved borrowers, and for other purposes. 12/14/2007--Passed Senate amended. (There are 2 other summaries) FHA Modernization Act of 2007 - Title I: Building American Homeownership - Building American Homeownership Act of 2007 - (Sec. 102) Amends the National Housing Act to: (1) modify requirements for the maximum principal loan obligation, changing one element in the formula from 95% to 100% of the median one-family house price in the area; and (2) limit the principal loan obligation to 100% of the appraised value of the property. (Sec. 103) Amends the National Housing Act to revise eligibility criteria for cash down payment for Federal Housing Administration (FHA) mortgage insurance. Reduces such payment from the current 3% to 1.5% of the appraised value of the property. Repeals the authority [...] show full description Latest Action: 08/03/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill Text A bill to improve access of senior homeowners to capital. 8/3/2007--Introduced. Capital Access for Senior Homeowners Act of 2007 - Amends the National Housing Act with respect to insurance of home equity conversion mortgages for elderly homeowners. Repeals the 275,000 cap on the aggregate number of such mortgages insured under the Act. Authorizes the Secretary of Housing and Urban Development to insure a home equity conversion mortgage when the primary purpose of such 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. Extends the meaning of mortgage which may be insured to: (1) a first or subordinate mortgage or lien on all stock allocated to a dwelling unit in a residential cooperative housing corporation; or (2) a first mortgage or first lien on a leasehold under certain related leases. Directs the Comptroller General to study and report to Congress [...] show full description H.R.3074 - Making appropriations for the Departments of Transportation, and Housing and Urban Development, and related agencies for the fiscal year ending September 30, 2008, and for other purposes.
Latest Action: 11/14/2007 - On motion to recommit to conference committee Failed by the Yeas and Nays: 182 - 231 (Roll no. 1101). (consideration: CR H13903) Bill Text Making appropriations for the Departments of Transportation, and Housing and Urban Development, and related agencies for the fiscal year ending September 30, 2008, and for other purposes. 9/12/2007--Passed Senate amended. (There are 2 other summaries) Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2008 - Title I: Department of Transportation - Department of Transportation Appropriations Act, 2008 - Makes appropriations for FY2008 to the Department of Transportation, including: (1) the Office of the Secretary; (2) the Federal Aviation Administration (FAA); (3) the Federal Highway Administration; (4) the Federal Motor Carrier Safety Administration; (5) the National Highway Traffic Safety Administration (NHTSA); (6) the Federal Railroad Administration; (7) the Federal Transit Administration (FTA); (8) the Saint Lawrence Seaway Development Corporation; (9) the Maritime Administration; (10) the Pipeline and [...] show full description S.1805 - A bill to amend the National Housing Act to increase the mortgage amount limits applicable to housing insured by FHA mortgage insurance.
Latest Action: 07/17/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill Text A bill to amend the National Housing Act to increase the mortgage amount limits applicable to housing insured by FHA mortgage insurance. 7/17/2007--Introduced.
FHA Loan Limit Adjustment Act of 2007 - Amends the National Housing Act with respect to mortgage insurance eligibility to revise requirements for the principal amount of a mortgage loan, in part increasing the amount of a mortgage that may be insured by the Federal Housing Administration (FHA). Repeals the requirement that certain mortgagors, before a mortgage is insured, complete a program of counseling on the responsibilities and financial management involved in homeownership. Increases high-cost area and project-based additional mortgage loan limits for FHA-insured mortgages for: (1) rental housing; (2) cooperative housing; (3) rehabilitation and neighborhood conservation housing insurance; (4) moderate income and displaced family housing; (5) housing for the elderly; and (6) condominiums. H.R.2613 - To amend the Internal Revenue Code of 1986 to exclude from gross income gain on the sale of certain residential leased-fee interests to holders of the leasehold rights.
Latest Action: 06/07/2007 - Referred to the House Committee on Ways and Means. Bill Text To amend the Internal Revenue Code of 1986 to exclude from gross income gain on the sale of certain residential leased-fee interests to holders of the leasehold rights. 6/7/2007--Introduced.
Amends the Internal Revenue Code to exclude from gross income gain from the sale of certain residential leased-fee interests to a holder of the leasehold right if such holder is: (1) an association of apartment owners of a multi-family residential leasehold property; or (2) a cooperative housing corporation for a residential leasehold property. Terminates such exclusion after 2012. H.R.1852 - To modernize and update the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers, and for other purposes.
Latest Action: 09/19/2007 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill Text To modernize and update the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers, and for other purposes. 9/18/2007--Passed House amended. (There are 2 other summaries) Expanding American Homeownership Act of 2007 - (Sec. 3) Amends the National Housing Act (Act) to: (1) modify requirements governing the maximum principal loan obligation, changing it to 125% of the median one-family house price in the area; and (2) extend the mortgage term from 35 to 40 years. (Sec. 5) Revises eligibility criteria for cash down payment for mortgage insurance. Alters the formula for determining the principal obligation to set the loan-to-value (LTV) for a Federal Housing Administration (FHA) single family home at 97.75 % of the appraised value of the property (plus the amount of the mortgage insurance premium paid at the time the mortgage is insured, as under current law). [...] show full description H.R.1133 - To provide for the energy independence of the United States.
Latest Action: 03/01/2007 - Referred to the Subcommittee on Energy and Mineral Resources. Bill Text To provide for the energy independence of the United States. 2/16/2007--Introduced. Freedom through Renewable Energy Expansion (FREE) Act - Amends the Energy Policy Act of 2005 to repeal provisions regarding: (1) the next generation nuclear plant project; (2) standby support for certain nuclear plant delays; and (3) incentives for oil and gas production from federal lands. Amends the Internal Revenue Code (IRC) to repeal: (1) the credit for production from advanced nuclear power facilities; (2) the election to expense certain refineries; (3) treatment of natural gas distribution lines as 15-year property; (4) treatment of natural gas gathering lines as seven-year property; (5) the rule for determining the small refiner exception to the oil depletion deduction; and (6) the amortization of geological and geophysical expenditures. Amends the Outer Continental Shelf Lands Act and the Naval Petroleum Reserves Production Act of 1976 to repeal the suspension of: (1) [...] show full description H.R.655 - To provide for more accurate valuation of multifamily housing properties, and loans for such properties, that are sold at a discount by the Department of Housing and Urban Development to facilitate acquisition of such properties that maintains the properties as affordable housing.
Latest Action: 04/12/2007 - Referred to the Subcommittee on Housing and Community Opportunity. Bill Text To provide for more accurate valuation of multifamily housing properties, and loans for such properties, that are sold at a discount by the Department of Housing and Urban Development to facilitate acquisition of such properties that maintains the properties as affordable housing. 1/24/2007--Introduced. Pathway to Preservation Act of 2007 - Amends the Deficit Reduction Act of 2005 to redefine "loan market value," which currently means the value of a multifamily (rental or cooperative housing project) loan, without taking into account any affordability requirements. Repeals the condition that affordability requirements not be taken into account. Defines "loan market value" as the value of a multifamily (rental or cooperative housing project) loan using industry standard appraisal practices, including consideration of the cost of repairs needed for the property subject to the loan to comply with minimum safety and building standards and the cost of maintaining [...] show full description H.R.610 - To amend the Internal Revenue Code of 1986 to expand the incentives for the rehabilitation of older buildings, including owner-occupied residences.
Latest Action: 02/05/2007 - Sponsor introductory remarks on measure. (CR H1155) Bill Text To amend the Internal Revenue Code of 1986 to expand the incentives for the rehabilitation of older buildings, including owner-occupied residences. 1/22/2007--Introduced. Preserve Historic America Act of 2007 - Amends the Internal Revenue Code to modify the tax credit for rehabilitation of older and historic buildings by: (1) increasing from 20 to 25% the tax credit rate for certified historic structure rehabilitation expenditures; (2) permitting a building at least 50 years old to qualify for the rehabilitation tax credit (currently, a building must have been placed in service before 1936); (3) permitting qualified rehabilitated buildings to be used for lodging purposes; (4) limiting to 50% the basis reduction for buildings qualifying for the low-income housing and rehabilitation tax credits; (5) allowing an increased rehabilitation tax credit for certain buildings in difficult development areas or which qualify as small rehabilitation projects; (6) exempting tax credits [...] show full description H.R.330 - To establish a Federal program to provide reinsurance to improve the availability of homeowners' insurance.
Latest Action: 01/09/2007 - Referred to the House Committee on Financial Services. Bill Text To establish a Federal program to provide reinsurance to improve the availability of homeowners' insurance. 1/9/2007--Introduced.
Homeowners' Insurance Availability Act of 2007 - Instructs the Secretary of the Treasury to implement a reinsurance coverage program available only through contracts for reinsurance coverage purchased at regional auctions. States that the purpose of the program is to improve: (1) the availability of homeowners' insurance for the purpose of facilitating the pooling, and spreading the risk, of catastrophic financial losses from disasters; and (2) the solvency of the homeowners' insurance markets. Prescribes implementation guidelines that include establishment: (1) in the Treasury of the Disaster Reinsurance Fund; and (2) of a National Commission on Catastrophe Risks and Insurance Loss Costs. H.R.127 - To amend the National Housing Act to increase the mortgage amount limits applicable to FHA mortgage insurance for multifamily housing located in high-cost areas.
Latest Action: 01/04/2007 - Referred to the House Committee on Financial Services. Bill Text To amend the National Housing Act to increase the mortgage amount limits applicable to FHA mortgage insurance for multifamily housing located in high-cost areas. 1/4/2007--Introduced.
FHA Multifamily Loan Limit Adjustment Act of 2007 - Amends the National Housing Act to increase high-cost area and project-based additional mortgage loan limits for Federal Housing Administration (FHA)-insured mortgages for: (1) rental housing; (2) cooperative housing; (3) rehabilitation and neighborhood conservation housing insurance; (4) moderate income and displaced family housing; (5) housing for the elderly; and (6) condominiums. |
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