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Newest Information on USDA -House Committee to Mark Up Sec. 502 Guarantee Bill and Others

On Thursday, April 22, 2010 the House of Representatives’ Financial Services Committee will consider several housing-related bills, including H.R. 5017, a bill introduced on April 14 that would make additional funding available for the Section 502 guaranteed mortgage loan program in Fiscal Year 2010.  The mark-up will be broadcast live online via the Committee’s website beginning at 10 a.m. Eastern time.

H.R. 5017 named The Rural Housing Preservation and Stabilization Act of 2010, would authorize up to $30 billion for the Section 502 guarantee program this year. (It has no provisions on rental housing preservation and is not related to H.R. 2876, The Rural Housing Preservation Act of 2009, which has been subsumed into H.R. 4868.)  The program is expected to use the $12 billion previously authorized for this year by the end of April. The bill would raise the additional funds through lender fees when the guarantee is issued and then annually throughout the loan term.

The Committee’s mark-up includes a total of six bills, and will be continued on April 27:

  • H.R. 2336, Green Resources for Energy Efficient Neighbourhoods Act of 2009 or the GREEN Act of 2009;
  • H.R. 5017, Rural Housing Preservation and Stabilization Act of 2010;
  • H.R. 2555, Homeowners’ Defence Act of 2009;
  • H.R. ____, FHA Reform Act of 2010;
  • H.R. 1264, Multiple Peril Insurance Act of 2009; and
  • H.R. ____, Flood Insurance Reform Priorities Act of 2010.
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