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Protecting Habitat Homeownership Act
To provide exemptions from certain mortgage, servicing, and appraisal requirements for non-profit low-income housing providers, and for other purposes.
Protecting Habitat Homeownership Act - Amends the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974 to exempt residential mortgage loans originated by non-profit low-income housing providers from certain minimum loan standards as well as appraisal, servicing, and billing requirements. Defines "non-profit low-income housing provider" as a tax-exempt charitable organization that does not engage in the business of a loan originator or mortgage broker but does make residential mortgage loans: (1) to promote or facilitate homeownership for poor or low-income, disabled, or other disadvantaged persons or families; and (2) at interest rates lower than the bank prime loan rate; or (3) that are, after adjusting for inflation, no-interest loans or loans with interest rates significantly below the interest rates for loans for purchase of single-family housing generally available in the market. Prescribes additional requirements.
- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
Committee on Financial ServicesIntroducedNovember 19th, 2013
- house Committees