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
George Herbert Walker BushSince around 2000, he has been usually called George H. W. Bush, Bush Senior, Bush 41 or Bush the Elder to distinguish him from his eldest son, George W. Bush, who served as the 43rd president from 2001 to 2009; pr ...
on October 28, 1992. Also known as "The 1992 Act", the bill amended a number of housing, banking, and drug abuse laws. It amended
The United States Housing Act of 1937.
It increased aggregate budget authority for low-income housing for fiscal year 1993 and 1994. It also extends
ceiling rents, excludes certain child care expenses, and excessive travel expenses from the calculation of adjusted income and apply to
Indian public housing certain definitions of the Cranston-Gonzales National Affordable Housing Act; It allows the
Secretary of Housing and Urban Development
The United States secretary of housing and urban development (or HUD secretary) is the head of the United States Department of Housing and Urban Development, a member of the president's Cabinet, and thirteenth in the presidential line of succe ...
to issue
public
In public relations and communication science, publics are groups of individual people, and the public (a.k.a. the general public) is the totality of such groupings. This is a different concept to the sociological concept of the ''Öffentlichkei ...
and
Section 8 housing tenant preference rules. The Act also extends certain exemptions from waiting list requirements and eligibility restrictions with respect to income eligibility for assisted housing and while revising the family self-sufficiency program, with respect to escrow saving accounts, incentives for participation, and action plans.
History
On June 5, 1992, the Housing and Community Development Act of 1992 was introduced to the
House of Representatives
House of Representatives is the name of legislative bodies in many countries and sub-national entitles. In many countries, the House of Representatives is the lower house of a bicameral legislature, with the corresponding upper house often c ...
. After being amended by the House Committee on Banking, Finance and Urban Affairs, it was voted on and passed in the House on August 5; it passed the
Senate
A senate is a deliberative assembly, often the upper house or chamber of a bicameral legislature. The name comes from the ancient Roman Senate (Latin: ''Senatus''), so-called as an assembly of the senior (Latin: ''senex'' meaning "the el ...
on July 10. President George H. W. Bush signed it into law on October 28, 1992.
The law amends a number of existing laws: United States Housing Act of 1937, Anti-Drug Abuse Act of 1988, The Department of Housing and Urban Development Reform Act of 1989, The Housing and Community Development Amendments of 1981, The Cranston-Gonzales National Housing Act of 1990, The Federal Deposit Insurance Act, and the Federal Credit Union Act, The Home Owners' Loan Act, The International Banking Act of 1978, The Right to Financial Privacy Act.
Overview
The Housing and Community Development Act of 1992 amended and extended a number of laws related to housing assistance, home ownership,
low-income housing
Subsidized housing is government sponsored economic assistance aimed towards alleviating housing costs and expenses for impoverished people with low to moderate incomes. In the United States, subsidized housing is often called "affordable housi ...
, and housing for the elderly and disabled. It amends the United States Housing Act of 1937, calling for reconstruction of obsolete
public housing
Public housing is a form of housing tenure in which the property is usually owned by a government authority, either central or local. Although the common goal of public housing is to provide affordable housing, the details, terminology, def ...
, reduction of tenant preference housing for families in substandard housing, calls for reform of how public housing is managed, it authorizes appropriations for public housing operating subsidies, resident management, and family investment centers through the 1993 and 1994 fiscal years, reduces public housing vacancies, replacement, and revitalization plans of distressed public housing, and providing Section 8 assistance for low-income families to receive rental assistance.
It also amends the Cranston-Gonzalez National Affordable Housing Act to set aside money for the Home-ownership and Opportunity for People Everywhere (HOPE) programs, the pet project of
Jack Kemp
Jack French Kemp (July 13, 1935 – May 2, 2009) was an American politician and a professional football player. A member of the Republican Party from New York, he served as Housing Secretary in the administration of President George H. W. Bu ...
, then Secretary of Housing and Urban Development. It directs the Secretary to reduce the fund matching requirement for HOPE I (Public and Indian housing) home-ownership programs.
It allows for mutual housing associations to apply for HOPE II grants (for home-ownership of multifamily units). Lastly, it gives families residing in public or Indian housing the ability to move to vacant units under the HOPE III program (home-ownership of single-family homes).
The purpose was to establish funding and a system of checks and balances over government-sponsored entities that work on housing needs.
Title XV of this act is known as the Annunzio-Wylie Anti-Money Laundering Act, which adds penalties for banks found guilty of money laundering - such as revoking their FDIC insurance. It also created the requirement for
Suspicious Activity Reports, and formed the Bank Secrecy Act Advisory Group.
References
{{Authority control
102nd United States Congress
Subprime mortgage crisis
United States federal housing legislation
United States housing bubble