United States 116th Congress Status: Died 13 D cosponsors

HR 3511 — Transforming Student Debt to Home Equity Act of 2019

Last action — Referred to the House Committee on Financial Services.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Transforming Student Debt to Home Equity Act of 2019 This bill requires the Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency to jointly establish and implement a pilot demonstration program to provide, to eligible applicants with federal student loan debt, assistance in purchasing eligible properties. Specifically, the program may provide for (1) discounts on the appraised value of eligible properties, (2) flexibility in certain underwriting standards, (3) the development of new mortgage products specifically targeted to eligible applicants, and (4) other appropriate assistance. The program must provide for the development of a program that uses actuarial information to determine how the repayment of federal student loans may be integrated into a mortgage repayment schedule to allow eligible applicants to accumulate home equity. An "eligible property" is a property (1) that is designed as a dwelling for occupancy by one to four families; (2) that is safe and habitable; (3) the occupancy of which will promote community revitalization; and (4) that is owned by HUD, the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or a local land bank.

Bill Text

Sections of law this bill changes

From the bill's own amending language, matched to the official United States Code (current through Public Law 119-124).

Also cites: 20 U.S.C. § 1078, 20 U.S.C. § 1095a

Action History

  1. Introduced in House

  2. Introduced in House

  3. Sponsor introductory remarks on measure. (CR H5197)

  4. Referred to the House Committee on Financial Services.

Sponsors

Sponsorship breakdown

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1 sponsors · 12 co-sponsors · 534 not signed on

Sponsors (1)

Co-sponsors (12)

Not signed on (534)

534 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

housing education
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Frequently asked questions

What does HR 3511 do?
Transforming Student Debt to Home Equity Act of 2019 This bill requires the Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency to jointly establish and implement a pilot demonstration program to provide, to eligible applicants with federal student loan debt, assistance in purchasing eligible properties. Specifically, the program may provide for (1) discounts on the appraised value of eligible properties, (2) flexibility in certain underwriting standards, (3) the development of new mortgage products specifically targeted to eligible applicants, and (4) other appropriate assistance. The program must provide for the development of a program that uses actuarial information to determine how the repayment of federal student loans may be integrated into a mortgage repayment schedule to allow eligible applicants to accumulate home equity. An "eligible property" is a property (1) that is designed as a dwelling for occupancy by one to four families; (2) that is safe and habitable; (3) the occupancy of which will promote community revitalization; and (4) that is owned by HUD, the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or a local land bank.
Who sponsors HR 3511?
HR 3511 is sponsored by Clay, Wm. Lacy (Democratic), Axne, Cynthia (Democratic), Jayapal, Pramila (Democratic), Grijalva, Raúl M. (Democratic), Shalala, Donna E. (Democratic), Speier, Jackie (Democratic), Jackson Lee, Sheila (Democratic), Hastings, Alcee L. (Democratic), Thompson, Bennie G. (Democratic), Payne, Donald M. (Democratic), Norton, Eleanor Holmes (Democratic), Cleaver, Emanuel (Democratic), and Kaptur, Marcy (Democratic).
What is the current status of HR 3511?
This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 3511?
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