Supporting Upgraded Property Projects and Lending for Yards (SUPPLY) Act establishes an insurance program for second liens on properties to finance.
The Supporting Upgraded Property Projects and Lending for Yards (SUPPLY) Act amends the National Housing Act to create a program for the Secretary of Housing and Urban Development to insure second liens on properties for financing accessory dwelling unit construction. The insured loans can be purchased and securitized by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, unless market risks warrant a prohibition. The Secretary sets premiums not exceeding 1% of the insured amount annually and requires annual reporting to Congress.
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