Summary of Key Provisions of H.R. 3221 - The Housing Stimulus Bill (as of 7/30/08)

H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008. The bill includes the following provisions:

• GSE Reform
• FHA Reform
• FHA foreclosure rescue
• Seller-funded downpayment assistance programs
• VA loan limits
• Risk-based pricing
• GSE Stabilization
• Mortgage Revenue Bond Authority
• National Affordable Housing Trust Fund
• CDBG Funding
• LIHTC
• Loan Originator Requirements
  
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