Housing Financial Literacy Act of 2021

IIB 117TH CONGRESS 1ST SESSION H. R. 1395 IN THE SENATE OF THE UNITED STATES APRIL 22, 2021 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To require the Secretary of Housing and Urban Development to discount FHA single-family mortgage insurance pre- mium payments for first-time homebuyers who complete a financial literacy housing counseling program. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 VerDate Sep 11 2014 17:56 Apr 23, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1395.RFS H1395 pamtmann on DSKBC07HB2PROD with BILLS 2 HR 1395 RFS SECTION 1. SHORT TITLE. 1 This Act may be cited as the ‘‘Housing Financial Lit- 2 eracy Act of 2021’’. 3 SEC. 2. DISCOUNT ON MORTGAGE INSURANCE PREMIUM 4 PAYMENTS FOR FIRST-TIME HOMEBUYERS 5 WHO COMPLETE FINANCIAL LITERACY HOUS- 6 ING COUNSELING PROGRAMS. 7 The second sentence of subparagraph (A) of section 8 203(c)(2) of the National Housing Act (12 U.S.C. 9 1709(c)(2)(A)) is amended— 10 (1) by inserting before the comma the following: 11 ‘‘and such program is completed before the mort- 12 gagor has signed an application for a mortgage to 13 be insured under this title or a sales agreement’’; 14 and 15 (2) by striking ‘‘not exceed 2.75 percent of the 16 amount of the original insured principal obligation of 17 the mortgage’’ and inserting ‘‘be 25 basis points 18 lower than the premium payment amount estab- 19 lished by the Secretary under the first sentence of 20 this subparagraph’’. 21 Passed the House of Representatives April 20, 2021. Attest: CHERYL L. JOHNSON, Clerk. VerDate Sep 11 2014 17:56 Apr 23, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H1395.RFS H1395 pamtmann on DSKBC07HB2PROD with BILLS