Workforce Residential Housing Act of 2014 - Amends the National Housing Act to except from the prohibition against the use of houses built with federally insured mortgages for transient or hotel housing certain mulifamily housing that is a short-term residential property, provided that the Secretary of Housing and Urban Development (HUD) has determined that the provision of such insurance is appropriate.
Defines "short-term residential property" as multifamily housing that:
Directs the Secretary to: (1) evaluate the risk of providing mortgage insurance for short-term residential properties, and (2) report to Congress on whether any additional risk to the General Insurance Fund resulting from the provision of mortgage insurance for such properties is appropriate.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2893 Introduced in Senate (IS)]
113th CONGRESS
2d Session
S. 2893
To authorize the use of multifamily housing subject to a mortgage
insured under section 207 of the National Housing Act as short-term
residential housing.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 18, 2014
Mr. Moran (for himself and Ms. Heitkamp) introduced the following bill;
which was read twice and referred to the Committee on Banking, Housing,
and Urban Affairs
_______________________________________________________________________
A BILL
To authorize the use of multifamily housing subject to a mortgage
insured under section 207 of the National Housing Act as short-term
residential housing.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Workforce Residential Housing Act of
2014''.
SEC. 2. SHORT-TERM RESIDENTIAL HOUSING.
(a) In General.--Section 513 of the National Housing Act (12 U.S.C.
1731b) is amended--
(1) in subsection (b)--
(A) in clause (1), by striking ``or'' at the end;
and
(B) by inserting before the period at the end the
following: ``, or (3) the project is a short-term
residential property (as such term is defined in
subsection (e) of this section) and is subject to a
mortgage insured under section 207 (12 U.S.C. 1713),
provided that the Secretary has made a determination
pursuant to the study and report required under section
2(b) of the Workforce Residential Housing Act of 2014
that the provision of such insurance is appropriate'';
and
(2) in subsection (e)--
(A) in clause (1), by striking ``and'' at the end;
and
(B) by inserting before the period at the end the
following: ``, and (3) the term `short-term residential
property' means multifamily housing that (A) has more
than 50 dwelling units that each contain a kitchen,
including a full refrigerator and cooking surface, and
bathroom facilities, (B) provides mail boxes for each
unit, (C) rents such units for a minimum stay of 7
days, and (D) does not provide food or beverage
services, including in-room service, daily maid
services, furnishing and laundering of linen without
charge, or bellhop services''.
(b) Study.--
(1) In general.--Not later than 6 months after the date of
enactment of this Act, the Secretary of Housing and Urban
Development shall--
(A) conduct and complete a study evaluating the
risk of the provision of insurance under section 207 of
the National Housing Act (12 U.S.C. 1713) for short-
term residential properties; and
(B) submit a report to the Committee on Banking,
Housing, and Urban Affairs of the Senate and the
Committee on Financial Services of the House of
Representatives, which shall include--
(i) the findings of the study required
under subparagraph (A); and
(ii) a determination as to whether any
additional risk presented to the General
Insurance Fund resulting from the provision of
insurance under section 207 of the National
Housing Act (12 U.S.C. 1713) for short-term
residential properties is appropriate.
(2) Contents of study.--In conducting the study required
under paragraph (1)(A), the Secretary of Housing and Urban
Development shall--
(A) evaluate whether the provision of insurance
under section 207 of the National Housing Act (12
U.S.C. 1713) for short-term residential properties
presents any additional risk to the General Insurance
Fund; and
(B) consider any additional operational and
logistical costs associated with providing such
insurance.
(3) Definitions.--In this subsection--
(A) the term ``General Insurance Fund'' means the
fund established under section 519 of the National
Housing Act (12 U.S.C. 1735c); and
(B) the term ``short-term residential properties''
has the meaning given the term under section 513(e)(3)
of the National Housing Act (12 U.S.C. 1731b(e)(3)), as
added by subsection (a).
<all>
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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