H.R. 3700 would amend the United States Housing Act of 1937 to change certain aspects of the Department of Housing and Urban Development's (HUD’s) rental assistance programs. The bill would alter calculations of tenant income and rent; make households that exceed new income and asset limits ineligible for assistance; change requirements for adjusting payment standards; and expand eligibility for the Family Unification Program. The bill also would make changes to Federal Housing Administration (FHA) requirements that affect whether buyers of certain condominiums would be eligible to receive mortgage insurance from the agency.
CBO estimates that implementing this legislation would reduce spending subject to appropriation by $311 million over the 2017-2021 period, assuming appropriations are consistent with the estimate.
Enacting H.R. 3700 would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply. CBO estimates that enacting H.R. 3700 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2026.
H.R. 3700 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA).
