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Senate Bill 1490
117th Congress(2021-2022)
Housing Financial Literacy Act of 2021
Introduced
Introduced
Introduced in Senate on Apr 29, 2021
Overview
Text
Introduced in Senate 
Apr 29, 2021
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Introduced in Senate(Apr 29, 2021)
Apr 29, 2021
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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S. 1490 (Introduced-in-Senate)


117th CONGRESS
1st Session
S. 1490


To require the Secretary of Housing and Urban Development to discount FHA single-family mortgage insurance premium payments for first-time homebuyers who complete a financial literacy housing counseling program.

IN THE SENATE OF THE UNITED STATES

April 29, 2021

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

A BILL

To require the Secretary of Housing and Urban Development to discount FHA single-family mortgage insurance premium payments for first-time homebuyers who complete a financial literacy housing counseling 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 “Housing Financial Literacy Act of 2021”.

SEC. 2. Discount on mortgage insurance premium payments for first-time homebuyers who complete financial literacy housing counseling programs.

The second sentence of subparagraph (A) of section 203(c)(2) of the National Housing Act (12 U.S.C. 1709(c)(2)(A)) is amended—

(1) by inserting before the comma the following: “and such program is completed before the mortgagor has signed an application for a mortgage to be insured under this title or a sales agreement”; and

(2) by striking “not exceed 2.75 percent of the amount of the original insured principal obligation of the mortgage” and inserting “be 25 basis points lower than the premium payment amount established by the Secretary under the first sentence of this subparagraph”.