,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #aiig  ,,in ,,the ,,house ,,of  
,,representatives  ,may #ae1 #bjac ,mr4 
,mc,keon 7for himself and ,mr4 ,peters  
of ,california7 introduced the following
 bill2 which was referred to the        
,committee on ,financial ,services  ,a  
,,bill  ,to allow investor participation
 in the loan rehabilitation program     
authorized under section #bjc7k7 of the 
,national ,housing ,act4  #a4 ,short    
title ,this ,act may be cited as the    
,communities ,achieving ,sustainability 
,act4  #b4 ,investor participation in   
,,fha rehabilitation program  7a7       
,investor participation  7#a7 ,in       
general ,the ,secretary shall1 upon     
application by a mortgagee and approval 
of such application by the ,secretary1  
insure and make commitments to insure   
rehabilitation loans 7including advances
 made during rehabilitation7 which are  
eligible for insurance under section    
#bjc7k7 of the ,national ,housing ,act  
7#ab ,u4,s4,c4 #agji7 made by financial 

institutions in order to assist in the  
rehabilitation of #a- to #d-;family     
structures used primarily for           
residential purposes4  7#b7 ,eligible   
mortgagors ,notwithstanding any other   
provision of law or regulation1 such    
rehabilitation loans insured pursuant to
 this ,act shall involve a mortgagor who
 is an investor4  7b7 ,terms and        
conditions ,such commitments to insure  
and such insurance shall be made upon   
such terms and conditions which the     
,secretary may prescribe pursuant to    
this ,act and which are consistent with 
the provisions of subsections 7b71 7c71 
7e71 7i71 7j71 and 7k7 of section #bjc  
of the ,national ,housing ,act 7#ab     
,u4,s4,c4 #agji 7b71 7c71 7e71 7i71 7j71
 and 7k771 except as modified by the    
provisions of this ,act4  7c7 ,maximum  
loan commitment ,to be eligible for     
insurance under this ,act1 a mortgage   
shall not exceed #ij percent of the     
appraised value of the #a- to #d-;family
 structure subject to such mortgage4    

7d7 ,calendar year limitation ,the      
,secretary may insure1 or enter into a  
commitment to insure1 up to four #a- to 
#d-;family structures for an investor   
described in subsection 7a77#b7 during a
 calendar year4  7e7 ,mortgage premium  
,the single premium payment required    
under section #bjc7k77#b77;,a7 of the   
,national ,housing ,act 7#ab ,u4,s4,c4  
#agji7k77#b77;,a77 shall be increased by
 #aj basis points for any mortgage      
insured pursuant to this ,act4  7f7     
,definitions ,in this ,act3  7#a7       
,investor  7,a7 ,in general ,the term   
investor means a person who--  7i7      
obtains a rehabilitation loan for a     
structure described in subsection       
7a77#a7 for the purpose of appreciation 
or production of income with respect to 
such structure2 and  7ii7 does not      
intend on occupying such structure4     
7,b7 ,person defined ,as used in this   
subparagraph1 the term person has the   
meaning given such term in section      
#eea7b7 of title #e1 ,united ,states    

,code4  7#b7 ,mortgagee2 mortgagor2     
mortgage ,the terms mortgagee1          
mortgagor1 and mortgage have the same   
meanings as given such terms in section 
#bja of the ,national ,housing ,act 7#ab
 ,u4,s4,c4 #agjg74  #c4 ,sunset         
provision ,the provisions of this ,act  
shall terminate on the date that is #b  
years following the date of the         
enactment of this ,act and the          
,secretary shall not approve any        
application described in section        
#b7;a77#a7 submitted after the          
conclusion of such #b-year period4