Mark-to-Market Extension Act of 2006
Latest action · Jul 17, 2006 Placed on the Union Calendar, Calendar No. 327.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 6, 2006
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Mark-to-Market Extension Act of 2006 - (Sec. 2) Amends the Multifamily Assisted Housing Reform and Affordability Act of 1997 to reauthorize to October 1, 2011: (1) the Mark-to-Market program; and (2) provisions of the FHA-insured Multifamily Housing Mortgage and Housing Assistance Restructuring program regarding projects and programs for which binding commitments have been entered into under such Act.
(Sec. 3) Permits the Secretary of Housing and Urban Development to waive rent level limits for up to 9% (currently 5%) of all units subject to restructured mortgages in any fiscal year, based on certain findings of special need.
(Sec. 4) Revises requirements for an approved mortgage restructuring and rental assistance sufficiency plan with respect to modification or forgiveness of all or part of a second mortgage held by the Secretary (debt relief) if the project concerned is acquired by a tenant organization or tenant-endorsed community-based nonprofit or public agency.
Sets forth requirements for alternative periods of eligibility for such nonprofit debt relief if the purchaser acquires the project subsequent to the date of recordation of the related affordability agreement, and two years after the date of enactment of this Act.
(Sec. 5) Declares disaster-damaged eligible projects eligible without regard to the relationship between rent level for the assisted units and comparable market rents.
(Sec. 6) Requires each mortgage restructuring and rental assistance sufficiency plan to determine for units assisted with project-based assistance in eligible multifamily housing projects, if rents cannot be determined, adjusted rent levels: (1) for disaster-damaged eligible projects equal to 100% of the fair market rents for the relevant market area; and (2) for other eligible multifamily housing projects equal to 90% of the fair market rents for the relevant market area.
States that, with respect to a disaster-damaged eligible project, the owner contribution toward rehabilitation needs shall be determined in accordance with specified requirements.
Cosponsors 3
Members who signed on, in the order they did. All signed on Jun 6, 2006.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MA | Barney Frank | Original | Jun 6, 2006 |
| R-PA | Jim Gerlach | Original | Jun 6, 2006 |
| D-CA | Maxine Waters | Original | Jun 6, 2006 |
Actions 9
Everything that happened, newest first.
- Jul 17, 2006Placed on the Union Calendar, Calendar No. 327.
- Jul 17, 2006Reported (Amended) by the Committee on Financial Services. H. Rept. 109-572.
- Jun 14, 2006Committee Consideration and Mark-up Session Held.
- Jun 14, 2006Ordered to be Reported (Amended) by Voice Vote.
- Jun 8, 2006Forwarded by Subcommittee to Full Committee by Voice Vote .
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 3511 | Mark-to-Market Extension Act of 2006 | Related bill | Jun 14, 2006 |
| HR 6115 | Mark-to-Market Extension Act of 2006 | Related bill | Nov 13, 2006 |
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
- Apartment houses
- Disaster relief
- Economics and Public Finance
- Emergency Management
- Federally-guaranteed loans
- Finance and Financial Sector
- Housing and Community Development
- Housing authorities
- Housing subsidies
- Low-income housing
- Mortgage guaranty insurance
- Mortgages
- Nonprofit organizations
- Rent
- Rental housing
- Residential rehabilitation
- Social Welfare
Text 2
Each version as it was printed, newest first.
- Jul 17, 2006Reported in House
- Jun 6, 2006Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.