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Committee on Financial ServicesIntroducedApril 21st, 2009
- house Committees
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Section 538 Improvement Act of 2009
To provide for subsidies for interest on loans for rural multifamily housing guaranteed by the Rural Housing Service of the Department of Agriculture.
Section 538 Improvement Act of 2009 - Amends the Omnibus Appropriations Act, 2009 regarding the Rural Housing Service-Rural Housing Insurance Fund Program Account. Repeals the declaration that, for applications received under the 2009 notice of funding availability, section 538 multi-family housing guaranteed loans funded under such Act shall not be subject to a guarantee fee and the interest on such loans may not be subsidized. Authorizes the Secretary of Housing and Urban Development (HUD) to: (1) reduce the funding under such Act for section 538 multi-family housing guaranteed loans by up to $29.09 million; and (2) use such amounts as equivalent funds to subsidize the interest on such guaranteed loans for which applications are received under the 2009 notice of funding availability.