legislation: 111-hr-6256

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
111-hr-6256 111 hr 6256 Strengthening FHA Through Shared Equity Homeownership Act of 2010 Housing and Community Development 2010-09-29 2010-09-29 Referred to the House Committee on Financial Services. House Rep. Miller, Gary G. [R-CA-42] CA R M001139 0 Strengthening FHA Through Shared Equity Homeownership Act of 2010 - Directs the Secretary of Housing and Urban Development (HUD) to carry out a shared equity homeownership pilot program to analyze the effectiveness of providing mortgage insurance under the Federal Housing Administration (FHA) mortgage insurance program for mortgages for the acquisition or refinancing of 1- to 4-primary family residences that are financed in part through a shared equity arrangement under which independent, private sector investors invest, together with the mortgagors, equity funds for such residences and thereby share in their ownership. Requires the Secretary to select up to 8 financial institutions, nonprofit organizations, housing associations, investment pools, and other appropriate individuals and entities to participate in the pilot. Requires a mortgagor to: (1) make a downpayment of at least 3.5% of the appraised value of the residence involved; and (2) retain a minimum equity in the residence under the shared equity arrangement of at least 60%. 2023-01-11T13:21:32Z  

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