,i  #aaith ,,congress  #ast ,session    
,h4 ,r4 #fggd  ,,in ,,the ,,house ,,of  
,,representatives  ,december #ag1       
#bjbe,ms4 ,waters introduced the        
following bill2 which was referred to   
the ,committee on ,financial ,services  
,a ,,bill  ,to authorize the ,secretary 
of ,housing and ,urban ,development1    
acting through the ,federal ,housing    
,commissioner1 to establish a pilot     
program to increase access to           
small-dollar mortgages1 and for other   
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,,fha ,small-,dollar
 ,mortgages ,act4  #b4 ,,fha            
small-dollar mortgages  7a7 ,in general 
,not later than #a year after the date  
of the enactment of this section1 the   
,secretary of ,housing and ,urban       
,development1 acting through the        
,federal ,housing ,commissioner1 may    
establish a pilot program to increase   
access to small-dollar mortgages for    
mortgagors which may include-- 7#a7     
authorizing direct payments to          

mortgagees to incentivize the           
origination of small-dollar mortgages2  
7#b7 adjusting terms and costs imposed  
by the ,federal ,housing ,administration
 with respect to small-dollar mortgages2
  7#c7 providing direct grants for      
mortgagors who obtain small-dollar      
mortgages to cover costs associated     
with--  7,a7 down payments2  7,b7       
closing costs2  7,c7 appraisals2 and    
7,d7 title insurance2  7#d7 conducting  
outreach to potential mortgagors about  
the availability of small-dollar        
mortgages2 and  7#e7 providing technical
 assistance for mortgagees that         
originate small-dollar mortgages4  7b7  
,report ,beginning not later than #a    
year after the establishment of the     
pilot program under subsection 7a7 and  
ending #a year after the sunset of the  
pilot program1 the ,federal ,housing    
,commissioner shall submit to the       
,congress an annual report that-- 7#a7  
tracks and evaluates the outcomes of    
small-dollar mortgages originated by    

mortgagees as a result of support       
provided under subsection 7a72  7#b7    
analyzes risks of the pilot program to  
the solvency of the ,mutual ,mortgage   
,insurance ,fund2  7#c7 includes data   
with respect to--  7,a7 the number of   
small-dollar mortgages originated in the
 #aj-year period preceding the date of  
the enactment of this section1 including
 small-dollar mortgages insured or      
guaranteed by the ,federal ,government  
and small-dollar mortgages not insured  
by the ,federal ,government2  7,b7 the  
original principal balance of each      
small-dollar mortgage identified under  
subparagraph 7,a72  7,c7 demographic    
information about the mortgagors        
associated with each such small-dollar  
mortgage2 and  7,d7 the number and type 
of mortgagees that offer small-dollar   
mortgages2  7#d7 provides a description 
of the fixed costs that are associated  
with mortgages and the impact of such   
costs on the ability of lenders to earn 
a market rate return on small-dollar    

mortgages2 and  7#e7 includes analysis1 
by regions of the ,united ,states1      
including rural regions1 that identifies
 regions with the greatest need for1 and
 the highest likelihood of1 the         
origination of small-dollar mortgages   
and regions that could benefit the most 
from increased availability of          
small-dollar mortgages4  7c7 ,sunset    
,the pilot program established under    
subsection 7a7 shall terminate on the   
date that is #d years after the date on 
which the pilot program is established  
under subsection 7a74  7d7 ,expiration  
of authority ,after the expiration of   
the #c-year period beginning on the date
 of enactment of this section1 neither  
the ,federal ,housing ,commissioner nor 
the ,secretary of ,housing and ,urban   
,development may newly establish a pilot
 program to increase access to          
small-dollar mortgages for mortgagors4  
7e7 ,small-,dollar mortgage defined ,the
 term small-dollar mortgage means a     
mortgage that--  7#a7 has an original   

principal balance of #ajj1jjj or less2  
and  7#b7 is secured by a #a- to #d-unit
 property that is the principal         
residence of the mortgagor4