Part 1 - Hybrid Markup of Various Measures (EventID=115070)

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Connect with the House Financial Services Committee Get the latest news: https://financialservices.house.gov/ Follow us on Facebook: https://www.facebook.com/HouseFinancialCmte Follow us on Twitter: https://twitter.com/FSCDems ___________________________________ The full Committee will convene to mark up the following measures, in an order to be determined by the Chairwoman at 10:00 am E.T. on Wednesday, July 27, 2022, and subsequent days if necessary, in a hybrid format in room 2128 of the Rayburn House Office Building as well as on the WebEx platform. ___________________________________ Legislation • H.R. 1728, the “Strategy and Investment in Rural Housing Preservation Act of 2021.” • An amendment in the nature of a substitute, no. 1, offered by Mrs. Axne. • H.R. 2965, the “Naomi Schwartz Safe Parking Act of 2022.” • An amendment in the nature of a substitute, no. 2, offered by Mr. Vargas. • H.R. 4277, the “Overdraft Protection Act of 2021.” • An amendment in the nature of a substitute, no.3, offered by Mrs. Maloney. • H.R. 4865, the “Registration for Index-Linked Annuities Act.” • An amendment in the nature of a substitute, no. 4, offered by Ms. Adams. • H.R. 6889, the “Credit Union Board Modernization Act.” • An amendment in the nature of a substitute, no. 5, offered by Mr. Vargas. • H.R. 7123, the “"Studying Barriers to Housing Act.” • An amendment in the nature of a substitute, no. 6, offered by Ms. Garcia (TX). • H.R. 8484, the “Aligning SEC Regulations for the World Bank's International Development Association Act.” • An amendment in the nature of a substitute, no. 7, offered by Ms. Waters. • H.R. 8476, the “Housing Inspections Accountability Act of 2022.” • An amendment in the nature of a substitute, no. 8, offered by Ms. Ocasio-Cortez. • H.R. 8485, the “Expanding Access to Credit through Consumer-Permissioned Data Act.” • An amendment in the nature of a substitute, no. 9, offered by Ms. Williams. • H.R. 8478, the “Credit Reporting Accuracy After a Legal Name Change Act.” • An amendment in the nature of a substitute, no. 10, offered by Ms. Pressley. • Resolution to Reauthorize the House Financial Services Committee’s Task Force on Artificial Intelligence. • Resolution to Reauthorize the House Financial Services Committee’s Task Force on Financial Technology - - - - - - - - 1. Amendment in the Nature of a Substitute to H.R. 1728, the "Strategy and Investment in Rural Housing Preservation Act of 2021" (Rep. Axne) Summary: H.R. 1728 would permanently authorize the U.S. Department of Agriculture's (USDA) Multifamily Housing Preservation and Revitalization (MPR) Program, require USDA to come up with a plan for the preservation of rural multifamily housing backed by USDA loans, and establish an advisory committee to advise USDA in implementing this plan. The ANS would make technical changes to the bill. Background: Section 515 Rural Rental Housing Loans and Section 514 Farm Labor Housing Loans are USDA-backed multifamily loans providing low-interest, long-term multifamily loans to support affordable rental housing. There are approximately 14,000 Section 515 and 514 properties across the country that are home to nearly 400,000 families with an average income of $13,181. The stock of affordable homes supported by Section 515 and Section 514 is aging. According to GAO, USDA does not have a coherent strategy to preserve these homes and prevent the displacement of tenants. 515 and Section 514 are USDA-backed multifamily loans providing low-interest, long-term multifamily loans to support affordable rental housing. There are approximately 14,000 Section 515 and 514 properties across the country that are home to nearly 400,000 families with an average income of $13,181. Most of the residents in Section 515 rental housing and 514 farm labor units also receive rental subsidies through the Section 521 Rental Assistance (RA) program, which ensures that tenants pay no more than 30 percent of their incomes for rent. The RA contracts are tied to the Section 515 and 514 loans on the properties, which means that when the loans mature, are prepaid, or foreclosed upon, the RA also terminates, putting low-income residents at risk of displacement. A growing number of Section 515 and 514 loans are projected to mature in the coming decades. In fact, by 2050, nearly all Section 515 and 514 loans will have matured. To address these issues, the ANS to H.R. 1728 permanently authorizes the Multifamily Housing and Revitalization (MPR) Program, providing USDA with the tools and funding necessary to develop a comprehensive strategy for preservation and avoid tenant displacement. The MPR program is currently administered as a demonstration that allows USDA to restructure loans for existing rural rental housing projects. The bill would also authorize $1 billion in funding over five years for the program. Markup page: https://financialservices.house.gov/events/eventsingle.aspx?EventID=409523