Mark-to-Market Extension Act of 2006
Latest action. Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Mark-to-Market Extension Act of 2006 - (Sec. 2) Amends the Multifamily Assisted Housing Reform and Affordability Act of 1997 to reauthorize to October 1, 2011: (1) the Mark-to-Market program; and (2) provisions of the FHA-insured Multifamily Housing Mortgage and Housing Assistance Restructuring program regarding projects and programs for which binding commitments have been entered into under such Act.
(Sec. 3) Permits the Secretary of Housing and Urban Development to waive rent level limits for up to 9% (currently 5%) of all units subject to restructured mortgages in any fiscal year, based on certain findings of special need.
(Sec. 4) Revises requirements for an approved mortgage restructuring and rental assistance sufficiency plan with respect to modification or forgiveness of all or part of a second mortgage held by the Secretary (debt relief) if the project concerned is acquired by a tenant organization or tenant-endorsed community-based nonprofit or public agency.
Sets forth requirements for alternative periods of eligibility for such nonprofit debt relief if the purchaser acquires the project subsequent to the date of recordation of the related affordability agreement, and two years after the date of enactment of this Act.
(Sec. 5) Declares disaster-damaged eligible projects eligible without regard to the relationship between rent level for the assisted units and comparable market rents.
(Sec. 6) Requires each mortgage restructuring and rental assistance sufficiency plan to determine for units assisted with project-based assistance in eligible multifamily housing projects, if rents cannot be determined, adjusted rent levels: (1) for disaster-damaged eligible projects equal to 100% of the fair market rents for the relevant market area; and (2) for other eligible multifamily housing projects equal to 90% of the fair market rents for the relevant market area.
States that, with respect to a disaster-damaged eligible project, the owner contribution toward rehabilitation needs shall be determined in accordance with specified requirements.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Passed House without amendment" stage on September 27, 2006. 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 November 13, 2006: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 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 109th Congress (2005-06), 482 of the 10,701 bills and joint resolutions introduced became law, about 4.5 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?
DEBORAH PRYCE (R-OH) introduced it on September 20, 2006, and 4 members have since signed on as cosponsors.
They come from both major parties: 2 Democrats, 2 Republicans.
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 September 20, 2006, 7295 days ago. The most recent recorded action was 7241 days ago, on November 13, 2006.
Measures do not carry over. Anything the 109th Congress has not finished by January 3, 2007 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