How HR 2094 changes current law

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill establishes a new mortgage insurance program specifically for first responders under the National Housing Act.

• 12 U.S.C. 1709

  (z) FHA Mortgage Insurance Program for Mortgages for First Responders.-- (1) Definitions.--In this subsection: (A) First responder.--The term 'first responder' means an individual who is, as attested by the individual-- (i)(I) employed full-time by a law enforcement agency of the Federal Government, a State, a Tribal government, or a unit of general local government; and (II) in carrying out such full-time employment, sworn to uphold, and make arrests for violations of, Federal, State, county, township, municipal, or Tribal laws, or authorized by law to supervise sentenced criminal offenders or individuals with pending criminal charges; (ii) employed full-time as a firefighter, paramedic, or emergency medical technician by a fire department or emergency medical services responder unit of the Federal Government, a State, a Tribal government, or a unit of general local government; or (iii) employed as a full-time teacher by a State-accredited public school or private school that provides direct services to students in grades pre-kindergarten through 12. (B) First-time homebuyer.--The term 'first-time homebuyer' has the meaning given the term in section 104 of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12704). (C) State.--The term 'State' has the meaning given the term in section 201. (D) Tribal government.--The term 'Tribal government' means the recognized governing body of any Indian or Alaska Native tribe, band, nation, pueblo, village, community, component band, or component reservation, individually identified (including parenthetically) in the list published most recently pursuant to section 104 of the Federally Recognized Indian Tribe List Act of 1994 (25 U.S.C. 5131).

  Adds definitions specific to first responders and establishes a new mortgage insurance program for them.

• 12 U.S.C. 1709

  (2) Authority.--The Secretary may, upon application by a mortgagee, insure any mortgage eligible for insurance under this subsection to an eligible mortgagor and, upon such terms and conditions as the Secretary may prescribe, make commitments for the insurance of such mortgages prior to the date of their execution or disbursement.

  Grants the Secretary the authority to insure mortgages specifically for first responders.

• 12 U.S.C. 1709

  (3) Mortgage terms; mortgage insurance premium.-- (A) Terms.-- (i) In general.--A mortgage insured under this subsection shall-- (I) be made to an eligible mortgagor; (II) comply with the requirements established under paragraphs (1) through (7) of subsection (b); and (III) be used only to-- (aa) purchase or repair a 1-family residence, including a 1-family dwelling unit in a condominium project, to serve as a principal residence of the mortgagor, as attested by the mortgagor; or (bb) purchase a principal residence of the mortgagor, as attested by the mortgagor, which is-- (AA) a manufactured home to be permanently affixed to a lot that is owned by the mortgagor and titled as real property; or (BB) a manufactured home and a lot to which the home will be permanently affixed that is titled as real property. (ii) No down payment.--Notwithstanding any provision to the contrary in the matter following subsection (b)(2)(B) with respect to first-time homebuyers-- (I) the Secretary may insure any mortgage that involves an original principal obligation (including allowable charges and fees and the premium pursuant to subparagraph (B) of this paragraph) in an amount not to exceed 100 percent of the appraised value of the property involved; and (II) the mortgagor of a mortgage described in subclause (I) shall not be required to pay any amount, in cash or its equivalent, on account of the property.

  Defines the terms for mortgages insured under the new program, allowing for no down payment and specifying eligible uses.

• 12 U.S.C. 1709

  (5) Authorization of appropriations.--There is authorized to be appropriated to carry out the program under this subsection-- (A) $660,000 for fiscal year 2026, to remain available until expended; and (B) $160,000 for each of fiscal years 2027 through 2032, to remain available until expended.

  Provides funding authorization for the implementation of the mortgage insurance program for first responders.

• 12 U.S.C. 1709

  (6) Reauthorization required.--The authority to enter into new commitments to insure mortgages under this subsection shall expire on the date that is 5 years after the date on which the Secretary first makes available insurance for mortgages under this subsection.

  Establishes a sunset provision for the new mortgage insurance program after five years.