The Housing and Community Development Act of 1987, P.L. 100-242, 101 Stat. 1815, is a
United States federal law
The law of the United States comprises many levels of codified and uncodified forms of law, of which the most important is the nation's Constitution, which prescribes the foundation of the federal government of the United States, as well as ...
which amended the Housing and Community Development Act laws with regards to the
Housing Act of 1937
The Housing Act of 1937 (), formally the "United States Housing Act of 1937" and sometimes called the Wagner–Steagall Act, provided for subsidies to be paid from the U.S. government to local public housing agencies (LHAs) to improve living cond ...
. The amendments revised sections of the Act concerning community and neighborhood development, family and single housing, and preservation for low income home owners. The law provided insurance for
FHA Home Equity Conversion Mortgages (HECM) better known as a
home equity conversion loan or
reverse mortgage
A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthl ...
.
Title VI of the Act established the Nehemiah Housing Opportunity Grants ("NHOP") program, intended to encourage homeownership by making federal grants to nonprofit organizations who would, in turn, loan funds to low-income families purchasing homes being built or rehabilitated under an approved program. NHOP ceased operation in 1991 when it was repealed by section 289 of the Cranston-Gonzalez National Affordable Housing Act of 1990 (42 USC 12839).
The S. 825
legislation
Legislation is the process or result of enrolling, enacting, or promulgating laws by a legislature, parliament, or analogous governing body. Before an item of legislation becomes law it may be known as a bill, and may be broadly referred to ...
was passed by the 100th U.S. Congressional session and signed into law by the 40th President of the United States Ronald Reagan on February 5, 1988.
See also
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Housing and Community Development Act of 1977
*
Housing and Community Development Act of 1992 Housing and Community Development Act of 1992 was first introduced to the 102nd Congress on June 5, 1992, and was signed and made law by President George H. W. Bush on October 28, 1992. Also known as "The 1992 Act", the bill amended a number of hou ...
External links
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1988 in law
100th United States Congress
United States federal housing legislation
Mortgage industry of the United States
Community development
Urban economics
Urban politics in the United States
1988 in the United States
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