Preservation Enhancement and Savings Opportunity Act of 2014
Latest action. Referred to the House Committee on Financial Services.
Preservation Enhancement and Savings Opportunity Act of 2014 - Amends the Low-Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRHA) with respect to a plan of action the Secretary of Housing and Urban Development (HUD) may approve for extension of the low-income affordability restrictions on any eligible low-income housing.
Entitles the owner of a property subject to a plan of action or use agreement to distribute:
annually all surplus cash generated by the property; and
any funds accumulated in a residual receipts account, upon request made to the Secretary and notwithstanding any conflicting provision in the use agreement, but only if the individual is in material compliance with the use agreement.
Requires an owner distributing any such amounts to:
continue to operate the property in accordance with the affordability requirements of its use agreement for its remaining useful life;
continue to renew or extend any project-based rental assistance contract for at least 20 years, as required by the property's plan of action; and
have the option to extend the contract to a 20-year term, if he or she has an existing multi-year project-based rental assistance contract for less than 20 years.
Declares that neither LIHPRHA, nor any plan of action or use agreement implementing it, shall restrict an owner from obtaining a new loan or refinancing an existing loan secured by a low-income housing project, or from distributing the proceeds of such a loan, except that, in conjunction with such refinancing:
the owner shall provide for adequate rehabilitation pursuant to a capital needs assessment to ensure long-term sustainability of the property satisfactory to the lender or bond issuance agency;
any resulting budget-based rent increase shall include debt service on the new financing, commercially reasonable debt service coverage, and replacement reserves as required by the lender; and
rent increases for units not covered by a project-based rental subsidy contract or tenant-based rental subsidy shall be limited to 10%.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on March 4, 2014. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on March 4, 2014: Referred to the House Committee on Financial Services.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 113th Congress (2013-14), 296 of the 9,091 bills and joint resolutions introduced became law, about 3.3 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
Erik Paulsen (R-MN) introduced it on March 4, 2014. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on March 4, 2014, 4573 days ago. The most recent recorded action was 4573 days ago, on March 4, 2014.
Measures do not carry over. Anything the 113th Congress has not finished by January 3, 2015 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers