FHA Small-Dollar Mortgages Act authorizes a pilot program to increase access to small-dollar mortgages.
The FHA Small-Dollar Mortgages Act authorizes the Secretary of Housing and Urban Development to establish a pilot program to increase access to small-dollar mortgages. The program may include authorizing direct payments to mortgagees, adjusting terms and costs, providing grants for mortgagors, and conducting outreach. The pilot program will terminate four years after its establishment. The Federal Housing Commissioner must submit annual reports tracking outcomes and analyzing risks. The authority to establish such a pilot program expires three years after the enactment of this Act.
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