Plain English summary not yet available
The full original text is available below. Check back soon as we process this bill.
IIB
116TH CONGRESS
1ST SESSION H. R. 2162
IN THE SENATE OF THE UNITED STATES
JULY 10, 2019
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
22:41 Jul 10, 2019
Jkt 034408
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H2162.RFS
H2162
pbinns on DSK79D2C42PROD with BILLS
2
HR 2162 RFS
SECTION 1. SHORT TITLE.
1
This Act may be cited as the ‘‘Housing Financial Lit-
2
eracy Act of 2019’’.
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 July 9, 2019.
Attest:
CHERYL L. JOHNSON,
Clerk.
VerDate Sep 11 2014
22:41 Jul 10, 2019
Jkt 034408
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H2162.RFS
H2162
pbinns on DSK79D2C42PROD with BILLS