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II
116TH CONGRESS
1ST SESSION
S. 2572
To limit the collection of annual premiums under the FHA program for
mortgage insurance for single family housing, and for other purposes.
IN THE SENATE OF THE UNITED STATES
SEPTEMBER 26, 2019
Mrs. SHAHEEN introduced the following bill; which was read twice and
referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To limit the collection of annual premiums under the FHA
program for mortgage insurance for single family hous-
ing, and for other purposes.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘FHA Loan Afford-
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ability Act of 2019’’.
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SEC. 2. ANNUAL PREMIUMS.
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Section 203(c)(2) of the National Housing Act (12
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U.S.C. 1709(c)(2)) is amended—
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(1) in subparagraph (B)—
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•S 2572 IS
(A) in clause (i), by striking ‘‘For any’’
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and inserting ‘‘Subject to subparagraph (D),
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for any’’; and
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(B) in clause (ii), by striking ‘‘For any’’
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and inserting ‘‘Subject to subparagraph (D),
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for any’’;
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(2) in subparagraph (C)(i), by striking ‘‘In ad-
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dition’’ and inserting ‘‘Subject to subparagraph (D),
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in addition’’; and
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(3) by adding at the end the following:
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‘‘(D) The Secretary may not collect any
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annual premiums under this paragraph with re-
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spect to a mortgage at any time that the re-
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maining insured principal balance (excluding
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the portion of the remaining balance attrib-
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utable to the premium collected under subpara-
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graph (A)) is 78 percent or less than the lower
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of (i) the sales price of the dwelling at the sale
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in connection with which the mortgage was
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made, or (ii) the appraised value of the dwelling
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at the time of the origination of the mortgage.’’.
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