To amend the Housing and Urban Development Act of 1968 to provide reforms to housing counseling and financial literacy programs.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill amends the Housing and Urban Development Act of 1968 to reform housing counseling and financial literacy programs. Specifically, it requires the Secretary of HUD to conduct performance reviews of participating agencies and counselors, focusing on compliance with program requirements and counselor performance compared to borrower default rates. The bill also introduces provisions for terminating assistance to organizations that fail to meet program standards and mandates that borrowers facing delinquency on covered mortgages be offered housing counseling.
Key provisions
- Requires performance reviews of housing counseling agencies and counselors.
- Establishes a comparison of counselor performance against borrower default rates.
- Allows for the termination of assistance to organizations not meeting program requirements.
- Mandates that borrowers 30 days or more delinquent on covered mortgages receive housing counseling.
- Defines ‘covered mortgage loan’ to include loans insured by the FHA, guaranteed by the Housing and Community Development Act, or insured by the VA or USDA.
- Requires geographic diversity among recipients of assistance.
- Introduces a probationary period and retesting for counselors lacking competence.
- Establishes a 60-day notice period before denying renewal of assistance.
Who is affected
- Housing counseling agencies
- Financial literacy program providers
Bill text
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Sponsors
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3 on record
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