Communities Achieving Sustainability Act
Latest action · May 15, 2013 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 15, 2013
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Communities Achieving Sustainability Act - Directs the Secretary of Housing and Urban Development (HUD), during a 2-year period, to insure and make commitments to insure rehabilitation loans (including advances during rehabilitation) made by financial institutions in order to assist in the rehabilitation of 1- to 4-family structures used primarily for residential purposes.
Limits insurable rehabilitation loans to investors who do not intend to occupy the structure in question but obtain a rehabilitation loan for the purpose of appreciation or production of income with respect to the structure.
Allows mortgage insurance for up to four such structures during a calendar year.
Prohibits such mortgages from exceeding 90% of the appraised value of the structure in question.
Requires the single premium payment due at the time of insurance to be increased by 10 basis points for any mortgage insured under this Act.
Cosponsors 1
Members who signed on, in the order they did. All signed on May 15, 2013.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Scott H. Peters | Original | May 15, 2013 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred May 15, 2013 |
Actions 2
Everything that happened, newest first.
- May 15, 2013Introduced in House
- May 15, 2013Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the page H2655.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To allow investor participation in the loan rehabilitation program authorized under section 203(k) of the National Housing Act.
- Short Titles as Introduced
- Communities Achieving Sustainability Act
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
Text 1
Each version as it was printed, newest first.
- May 15, 2013Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
