Sec. 501. Affordable housing allocations
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/bill/114/hr/1491/ih/section-501·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In addition to any fees for the provision of insurance established in accordance with title II, in each fiscal year the Platform shall— charge and collect a fee in an amount equal to 10 basis points for each dollar of the outstanding principal balance of— all eligible mortgage loans that collateralize securities insured under this Act; and all other mortgage loans that collateralize securities on which Ginnie Mae guarantees the timely payment of principal and interest pursuant to title III of the National Housing Act ( 12 U.S.C. 1716 et seq. ); and allocate or otherwise transfer, on an annual basis— 75 percent of such fee amounts to the Secretary of Housing and Urban Development to fund the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4568 ); 15 percent of such fee amounts to the Secretary of the Treasury to fund the Capital Magnet Fund established under section 1339 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4569 ); and 10 percent of such fee amounts to the Ginnie Mae to fund the Market Access Fund established under section 504 of this Act.
The fee required to be charged under subsection
(a)shall be collected for the life of the security. The Director may temporarily suspend, for an initial period of one year, allocations under subsection (a)(2) upon the submission by the Director to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives of a written determination by the Director that such allocations are contributing, or would contribute, to the financial instability of the insurance Fund established under section 202(g). The Director may continue such suspension for additional periods, each up to one year in length, pursuant to the same submission and determination requirements. The cost of the fee required to be charged under subsection
(a)shall not be borne by eligible borrowers.
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