Residential Construction Lending Act
Latest action · May 26, 2010 Referred to the House Committee on Financial Services.
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.
- IntroducedMay 26, 2010
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Residential Construction Lending Act - Establishes within the Department of the Treasury a three-year Residential Construction Loan Guarantee Program to guarantee loans made to eligible home building companies for viable building projects.
Directs the Secretary of the Treasury to: (1) approve any insured depository institution submitting a full and complete application for participation in the Program; (2) guarantee the loans on a first-come-first-served basis; and (3) review yearly all loans made by each insured depository institution that are guaranteed under the Program.
Authorizes the Secretary to suspend or terminate any insured depository institution's future participation in the Program if that institution has engaged in fraud or abuse with respect to it, or has consistently made loans guaranteed under the Program that are not repaid by the borrower in accordance with the loan terms.
Sets forth loan eligibility criteria that include restricting loans to the acquisition, development, and construction of residential developments that have locally approved development plans and that create immediate job opportunities.
Permits multiple loan guarantees, with a federal guarantee at 80% of each loan.
Requires one-third of guarantees to be made in areas with the greatest unmet need for residential construction financing.
Cosponsors 11
Members who signed on, in the order they did. Signatures ran from May 26, 2010 to Dec 8, 2010, with 2 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Carolyn B. Maloney | Original | May 26, 2010 |
| D-CA | Joe Baca | Original | May 26, 2010 |
| D-NC | Larry Kissell | Jun 10, 2010 | |
| D-NC | Mike McIntyre | Jun 15, 2010 | |
| D-GA | Sanford D. Bishop, Jr. | Jun 15, 2010 | |
| D-PR | Pedro R. Pierluisi | Jun 17, 2010 | |
| D-VA | Thomas S.P. Perriello | Jun 17, 2010 | |
| D-VA | Gerald E. Connolly | Jul 1, 2010 | |
| D-PA | Patrick J. Murphy | Jul 1, 2010 | |
| D-VA | Glenn C. Nye | Jul 30, 2010 | |
| D-TX | Sheila Jackson Lee | Dec 8, 2010 |
Actions 2
Everything that happened, newest first.
- May 26, 2010Introduced in House
- May 26, 2010Referred to the House Committee on Financial Services.
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
Text 1
Each version as it was printed, newest first.
- May 26, 2010Introduced 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.