Rural Homeownership Continuity Act of 2024

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9814 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 9814

  To amend the Housing Act of 1949 to permit the assumption of loans 
    under the Doug Bereuter Section 502 Single Family Housing Loan 
                           Guarantee Program.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 25, 2024

     Mr. Costa (for himself, Mrs. Chavez-DeRemer, and Mr. LaMalfa) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

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                                 A BILL


 
  To amend the Housing Act of 1949 to permit the assumption of loans 
    under the Doug Bereuter Section 502 Single Family Housing Loan 
                           Guarantee Program.

    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 ``Rural Homeownership Continuity Act 
of 2024''.

SEC. 2. ASSUMPTION OF LOANS UNDER THE DOUG BEREUTER SECTION 502 SINGLE 
              FAMILY HOUSING LOAN GUARANTEE PROGRAM.

    Section 502(h)(10) of the Housing Act of 1949 (42 U.S.C. 
1472(h)(10)) is amended to read as follows:
            ``(10) Rulemaking with respect to assumption of guaranteed 
        loans.--
                    ``(A) In general.--The Secretary shall, not later 
                than 1 year after the date of the enactment of this 
                paragraph, issue a rule that establishes a process 
                though which--
                            ``(i) a guaranteed loan, and the 
                        obligations, rights, and interests associated 
                        with such loan, may be assumed by a qualified 
                        borrower to whom the current borrower transfers 
                        the property for which the guaranteed loan was 
                        made; and
                            ``(ii) the borrower who transfers the 
                        property for which the guaranteed loan was 
                        made, and any co-borrower or guarantor of such 
                        borrower, are relieved of liability with 
                        respect to the guaranteed loan.''.
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