S. 2893 — Introduced in Senate

II 113th CONGRESS 2d Session S. 2893 IN THE SENATE OF THE UNITED STATES September 18, 2014Mr. Moran (for himself and Ms. Heitkamp) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To authorize the use of multifamily housing subject to a mortgage insured under section 207 of the National Housing Act as short-term residential housing. 1. Short title This Act may be cited as the Workforce Residential Housing Act of 2014. 2. Short-term residential housing (a) In general Section 513 of the National Housing Act (12 U.S.C. 1731b) is amended— (1) in subsection (b)— (A) in clause (1), by striking or at the end; and (B) by inserting before the period at the end the following: , or (3) the project is a short-term residential property (as such term is defined in subsection (e) of this section) and is subject to a mortgage insured under section 207 (12 U.S.C. 1713), provided that the Secretary has made a determination pursuant to the study and report required under section 2(b) of the Workforce Residential Housing Act of 2014 that the provision of such insurance is appropriate; and (2) in subsection (e)— (A) in clause (1), by striking and at the end; and (B) by inserting before the period at the end the following: , and (3) the term short-term residential property means multifamily housing that (A) has more than 50 dwelling units that each contain a kitchen, including a full refrigerator and cooking surface, and bathroom facilities, (B) provides mail boxes for each unit, (C) rents such units for a minimum stay of 7 days, and (D) does not provide food or beverage services, including in-room service, daily maid services, furnishing and laundering of linen without charge, or bellhop services. (b) Study (1) In general Not later than 6 months after the date of enactment of this Act, the Secretary of Housing and Urban Development shall— (A) conduct and complete a study evaluating the risk of the provision of insurance under section 207 of the National Housing Act (12 U.S.C. 1713) for short-term residential properties; and (B) submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, which shall include— (i) the findings of the study required under subparagraph (A); and (ii) a determination as to whether any additional risk presented to the General Insurance Fund resulting from the provision of insurance under section 207 of the National Housing Act (12 U.S.C. 1713) for short-term residential properties is appropriate. (2) Contents of study In conducting the study required under paragraph (1)(A), the Secretary of Housing and Urban Development shall— (A) evaluate whether the provision of insurance under section 207 of the National Housing Act (12 U.S.C. 1713) for short-term residential properties presents any additional risk to the General Insurance Fund; and (B) consider any additional operational and logistical costs associated with providing such insurance. (3) Definitions In this subsection— (A) the term General Insurance Fund means the fund established under section 519 of the National Housing Act (12 U.S.C. 1735c); and (B) the term short-term residential properties has the meaning given the term under section 513(e)(3) of the National Housing Act (12 U.S.C. 1731b(e)(3)), as added by subsection (a).