S. 131Senate110th Congress (2007-2009)In Committee

Mark-to-Market Extension Act of 2007

Introduced January 4, 2007

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

January 4, 2007

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SenateIntro Referral

Introduced in Senate

January 4, 2007

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S127)

January 4, 2007

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

January 4, 2007

Floor Debate

24 members

What members said about S. 131 on the floor

10 Republicans14 Democrats
Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Jan 4, 2007

Mr. President, I rise today to introduce the Rural Preventive Health Care Training Act, a bill that responds to the dire need of our rural communities for quality health care and disease prevention…

John F. Kerry
Sen. John F. KerryD-MA · Jan 4, 2007

Mr. President, today the first bill I am introducing in the 110th Congress is the Kids Come First Act, legislation that would ensure every child in America has health care coverage. The Kids Come…

John McCain
Sen. John McCainR-AZ · Jan 4, 2007

Mr. President, I am pleased to be joined today by Senators Snowe, Biden, and Lieberman in introducing the Rail Security Act of 2007. This legislation is nearly identical to the rail security measures…

Max Baucus
Sen. Max BaucusD-MT · Jan 4, 2007

Mr. President, back in 1962, Marshall McLuhan wrote, ``The new electronic interdependence recreates the world in the image of a global village.'' Certainly, 40 years later, that concept is truer than…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jan 4, 2007

Mr. President, I rise today to introduce legislation that will bring to a close 18 years of litigation between the Natural Resources Defense Council, the Friant Water Users Authority and the U.S.…

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Wayne Allard
Sen. Wayne AllardR-CO · Jan 4, 2007

Mr. President, another piece of legislation that I am introducing today addresses an issue important to citizens of southern Colorado. The problem is this: cable and satellite subscribers in two…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Jan 4, 2007

Mr. President, I am pleased to join with Senator Pryor to introduce the ``Effective Corruption Prosecutions Act of 2007,'' a bill to strengthen the tools available to Federal prosecutors in combating…

Barbara Boxer
Sen. Barbara BoxerD-CA · Jan 4, 2007

Mr. President, I am introducing a bill that would require that tap water be tested for perchlorate, and would ensure the public's right to know about perchlorate in their drinking water. I am pleased…

James M. Inhofe
Sen. James M. InhofeR-OK · Jan 4, 2007

Mr. President, I rise today, as an experienced pilot over age 60, along with my colleagues, Senator Stevens, Senator Lieberman and Senator Feingold, to once again introduce a bill that will help end…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Jan 4, 2007

Mr. President, I rise today to join my colleagues in cosponsoring S. 1, a bill to provide greater transparency in the legislative process. The recent elections sent a clear message to Congress that…

Herb Kohl
Sen. Herb KohlD-WI · Jan 4, 2007

Mr. President, I rise today on the first day of this new Congress to introduce the Citizen Petition Fairness and Accuracy Act of 2007. This legislation will help speed the introduction of cost-saving…

Barack Obama
Sen. Barack ObamaD-IL · Jan 4, 2007

Mr. President, I rise today to introduce legislation that is significant both in the problems it seeks to address and the man it seeks to honor. Since the day he arrived in Congress more than two…

Mary L. Landrieu
Sen. Mary L. LandrieuD-LA · Jan 4, 2007

Mr. President, at the end of the 109th Congress, I learned that the Internal Revenue Service had a tax surprise for citizens in my state of Louisiana and in Mississippi who are trying to rebuild…

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Arlen Specter
Sen. Arlen SpecterR-PA · Jan 4, 2007

Mr. President, I will introduce legislation denominated the Habeas Corpus Restoration Act. Last year, in the Military Commissions Act, the constitutional right of habeas corpus was attempted to be…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Jan 4, 2007

Mr. President, I rise to introduce ``The Intelligence Community Audit Act of 2007,'' with Senator Lautenberg. This legislation reaffirms the authority of the Comptroller General of the United States…

Edward M. Kennedy
Sen. Edward M. KennedyD-MA · Jan 4, 2007

Mr. President, few things are more indispensable to the United States than good schools. Today more than ever, a quality education is the gateway to achieving the American dream and the best…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Jan 4, 2007

Mr. President, I rise today as a proud cosponsor of S. 3988, the Lane Evans Veterans Healthcare and Benefits Improvement Act of 2007. After serving with Lane Evans in the House of Representatives for…

Jim Bunning
Sen. Jim BunningR-KY · Jan 4, 2007

Mr. President, I rise today to introduce the Coal-to- Liquid Fuel Promotion Act of 2007. For too long, America has ignored its energy security. Many of us can remember the energy crises of the 1970s.…

Frank R. Lautenberg
Sen. Frank R. LautenbergD-NJ · Jan 4, 2007

Mr. President, I rise today with great pride to reintroduce legislation which would create a national park in my hometown of Paterson, NJ, The Paterson Great Falls National Park Act of 2007, which I…

Kay Bailey Hutchison
Sen. Kay Bailey HutchisonR-TX · Jan 4, 2007

Mr. President, I am pleased to introduce a bill to permanently correct an injustice in the tax code that has harmed citizens in many States of this great Nation. State and local governments have…

Tom Harkin
Sen. Tom HarkinD-IA · Jan 4, 2007

Mr. President, over the past several years, our national energy security has deteriorated rapidly. Petroleum and natural gas prices have gone up and appear to be staying up. Almost daily, we hear…

Larry E. Craig
Sen. Larry E. CraigR-ID · Jan 4, 2007

Mr. President, today I am reintroducing the balanced budget amendment to the Constitution of the United States. I, for some years, along with my colleagues in a bipartisan way, have spoke to this…

Ken Salazar
Sen. Ken SalazarD-CO · Jan 4, 2007

Mr. President, I rise today to speak on behalf of legislation I am introducing today, which has the support and co- sponsorship of several of my colleagues including Senators Reid, Leahy, Feinstein,…

Ted Stevens
Sen. Ted StevensR-AK · Jan 4, 2007

Mr. President, the bill that I introduce today features language that would remove the legal ambiguity that for years has inhibited the Secretary of Transportation from raising fuel economy standards…

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued January 4, 2007

II

110th CONGRESS

1st Session

S. 131

IN THE SENATE OF THE UNITED STATES

January 4, 2007

Mr. Allard (for himself and Mr. Reed) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To extend for 5 years the Mark-to-Market program of the Department of Housing and Urban Development.

1.

Short title; table of contents

(a)

Short title

This Act may be cited as the Mark-to-Market Extension Act of 2007.

(b)

Table of contents

The table of contents for this Act is as follows:

Sec. 1. Short title; table of contents.

Sec. 2. Purposes.

Sec. 3. Definitions.

Sec. 4. Extension of Mark-to-Market program.

Sec. 5. Exception rents.

Sec. 6. Otherwise eligible projects.

Sec. 7. Disaster-damaged eligible projects.

Sec. 8. Period of eligibility for nonprofit debt relief.

Sec. 9. Effective date.

2.

Purposes

The purpose of this Act is to—

(1)

continue the progress of the Multifamily Assisted Housing Reform and Affordability Act of 1997, as amended by the Mark-To-Market Extension Act of 2001;

(2)

expand eligibility for Mark-to-Market restructuring so as to further the preservation of affordable housing in a cost-effective manner; and

(3)

provide for the preservation and rehabilitation of projects damaged by Hurricanes Katrina, Rita, and Wilma, or by other natural disasters.

3.

Definitions

Section 512 of the Multifamily Assisted Housing Reform and Affordability Act of 1997 (42 U.S.C. 1473f note) is amended by adding at the end the following:

(20)

Disaster-damaged eligible project

(A)

In general

The term disaster-damaged eligible project means an otherwise eligible multifamily housing project—

(i)

that is located in a county that was designated a major disaster area on or after January 1, 2005, by the President pursuant to title IV of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 et seq.);

(ii)

whose owner carried casualty and liability insurance covering such project in an amount required by the Secretary;

(iii)

that suffered damages not covered by such insurance that the Secretary determines is likely to exceed $5,000 per unit in connection with the natural disaster that was the subject of the designation described in subparagraph (A); and

(iv)

whose owner requests restructuring of the project not later than 2 years after the date that such damage occurred.

(B)

Rule of construction

A disaster-damaged eligible project shall be eligible for amounts under this Act without regard to the relationship between rent levels for the assisted units in such project and comparable rents for the relevant market area.

.

4.

Extension of Mark-to-Market program

Section 579 of the Multifamily Assisted Housing Reform and Affordability Act of 1997 (42 U.S.C. 1473f note) is amended by striking October 1, 2006 each place that term appears and inserting October 1, 2011.

5.

Exception rents

Section 514(g)(2) of the Multifamily Assisted Housing Reform and Affordability Act of 1997 (42 U.S.C. 1473f note) is amended—

(1)

by inserting disaster-damaged eligible projects and after waive this limit; and

(2)

by striking five percent and inserting 9 percent.

6.

Otherwise eligible projects

Section 514 of the Multifamily Assisted Housing Reform and Affordability Act of 1997 (42 U.S.C. 1473f note) is amended by adding at the end the following:

(i)

Other eligible projects

(1)

In general

Notwithstanding any other provision of this subtitle, a project that meets the requirements of subparagraphs (B) and (C) of section 512(2) but does not meet the requirements of subparagraph (A) of section 512(2), may be treated as an eligible multifamily housing project on an exception basis if the Secretary determines, subject to paragraph (2), that such treatment is necessary to preserve the project in the most cost-effective manner in relation to other alternative preservation options.

(2)

Owner request

(A)

Request required

The Secretary shall not treat an otherwise eligible project described under paragraph (1) as an eligible multifamily housing project unless the owner of the project requests such treatment.

(B)

No adverse treatment if no request made

If the owner of a project does not make a request under subparagraph (A), the Secretary shall not withhold from such project any other available preservation option.

(3)

Cancellation

(A)

Timing

At any time prior to the completion of a mortgage restructuring under this subtitle, the owner of a project may—

(i)

withdraw any request made under paragraph (2)(A); and

(ii)

pursue any other option with respect to the renewal of such owner's section 8 contract pursuant to any applicable statute or regulation.

(B)

Documentation

If an owner of a project withdraws such owner's request and pursues other renewal options under this paragraph, such owner shall be entitled to submit documentation or other information to replace the documentation or other information used during processing for mortgage restructuring under this subtitle.

(4)

Limitation

The Secretary may exercise the authority to treat projects as eligible multifamily housing projects pursuant to this subsection only to the extent that the number of units in such projects do not exceed 10 percent of all units for which mortgage restructuring pursuant to section 517 is completed.

.

7.

Disaster-damaged eligible projects

(a)

Market rent determinations

Section 514(g)(1)(B) of the Multifamily Assisted Housing Reform and Affordability Act of 1997 (42 U.S.C. 1473f note) is amended by striking determined, are equal and inserting the following: “determined—

(i)

with respect to a disaster-damaged eligible property, are equal to 100 percent of the fair market rents for the relevant market area (as such rents were in effect at the time of such disaster; and

(ii)

with respect to other eligible multifamily housing projects, are equal

.

(b)

Owner investment

Section 517(c) of the Multifamily Assisted Housing Reform and Affordability Act of 1997 (42 U.S.C. 1473f note) is amended by adding at the end the following:

(3)

Properties damaged by natural disasters

With respect to a disaster-damaged eligible property, the owner contribution toward rehabilitation needs shall be determined in accordance with paragraph (2)(C).

.

8.

Period of eligibility for nonprofit debt relief

Section 517(a)(5) of the Multifamily Assisted Housing Reform and Affordability Act of 1997 (42 U.S.C. 1473f note) is amended by adding at the end the following: “If such purchaser acquires such project subsequent to the date of recordation of the affordability agreement described in section 514(e)(6)—

(1)

such purchaser shall acquire such project on or before the later of—

(A)

5 years after the date of recordation of the affordability agreement; or

(B)

2 years after the date of enactment of the Mark-to-Market Extension Act of 2007; and

(2)

the Secretary shall have received, and determined acceptable, such purchaser's application for modification, assignment, or forgiveness prior to the acquisition of the project by such purchaser.

.

9.

Effective date

This Act, and the amendments made by this Act, shall take effect on the earlier of—

(1)

the date of enactment of this Act; or

(2)

September 30, 2007.