H.R. 6774 would direct the Department of Housing and Urban Development to create a pilot program, run by the Federal Housing Commissioner, to expand access to FHA-backed “small-dollar” mortgages for borrowers taking out loans of $100,000 or less on their primary home. The pilot, which would be set up within one year of enactment, could use incentives to lenders, adjust FHA terms and costs for these smaller loans, provide grants to borrowers to help cover down payments and other upfront costs, and offer outreach and technical help to mortgage lenders. HUD would also have to submit annual reports to Congress starting one year after the pilot begins and continuing through the end of the pilot and one year after it stops, including results, risks to the FHA’s insurance fund, and borrower and lender data. The pilot would last 4 years after it is launched and would then end, with HUD barred from starting any new similar pilot programs after the first 3 years from enactment.
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