American Homeownership and Economic Opportunity Act of 2000

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    106TH UNITED STATES CONGRESS
    2ND SESSION


    An Act
    To expand homeownership in the United States, and for other purposes.


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

    Section 1. Short Title; Table of Contents.[edit]

    (a) SHORT TITLE.—
    This Act may be cited as the ``American Homeownership and Economic Opportunity Act of 2000´´.
    (b) TABLE OF CONTENTS.—
    Section 1. Short Title; 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.


    Approved December 27, 2000.


    Legislative History[edit]

    • HOUSE REPORTS:
      • No. 106-553 Part I accompanying H.R. 1776 (Comm. on Banking and Financial Services)
      • No. 106-553 Part II accompanying H.R. 1776 (Comm. on Banking and Financial Services)
    • CONGRESSIONAL RECORD, Vol. 146 (2000):
      • Dec. 5, considered and passed House.
      • Dec. 7, considered and passed Senate.