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Code · BILL · 113th Congress · H.R. 2767 (Introduced in House) — To protect American taxpayers and homeowners by creating a sustainable housing finance system for the 21st century. · Sec. 266

Sec. 266. Prohibitions relating to use of power of eminent domain

383 words·~2 min read·/bill/113/hr/2767/ih/section-266·

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Notwithstanding any other provision of law, neither the Secretary nor the FHA may newly insure, under any provision of this title, the National Housing Act, or any FHA program, any mortgage that is secured by a structure or dwelling unit that is located within a county that contains any structure or dwelling unit that secures or secured a residential mortgage loan which mortgage loan was obtained by the State during the preceding 120 months by exercise of the power of eminent domain.
For purposes of this paragraph, the following definitions shall apply: The term residential mortgage loan means a mortgage loan that is evidenced by a promissory note and secured by a mortgage, deed of trust, or other security instrument on a residential structure or a dwelling unit in a residential structure. Such term includes a first mortgage or any subordinate mortgage. The term State includes the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession of the United States, and includes any agency or political subdivision of a State.
Section 501 of the Housing Act of 1949 ( 42 U.S.C. 1471 ), as amended by the preceding provisions of this title, is further amended by adding at the end the following new subsection: Notwithstanding any other provision of law, the Secretary may not newly guarantee, make, or insure under this title any mortgage that is secured by a structure or dwelling unit that is located within a county that contains any structure or dwelling unit that secures or secured a residential mortgage loan which mortgage loan was obtained by the State during the preceding 120 months by exercise of the power of eminent domain.
For purposes of this subsection, the following definitions shall apply: The term residential mortgage loan means a mortgage loan that is evidenced by a promissory note and secured by a mortgage, deed of trust, or other security instrument on a residential structure or a dwelling unit in a residential structure. Such term includes a first mortgage or any subordinate mortgage. The term State has the meaning given such term in section 502(h)(12), and includes any agency or political subdivision of a State. .
This section and the amendment made by this section shall take effect upon the date of the enactment of this Act.
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Sec. 266
Prohibitions relating to use of power of eminent domain
U.S.C.§ 1471
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