Section 1 Short title
This Act may be cited as the “Rural Homeownership Continuity Act of 2024”.
Rural Homeownership Continuity Act of 2024
A BILL
To amend the Housing Act of 1949 to permit the assumption of loans under the Doug Bereuter Section 502 Single Family Housing Loan Guarantee Program.
Sec. 2 Assumption of loans under the Doug Bereuter Section 502 Single Family Housing Loan Guarantee Program
Section 502(h)(10) of the Housing Act of 1949 (42 U.S.C. 1472(h)(10)) is amended to read as follows:
“(10) Rulemaking with respect to assumption of guaranteed loans
“(A) In general—The Secretary shall, not later than 1 year after the date of the enactment of this paragraph, issue a rule that establishes a process though which—
“(i) a guaranteed loan, and the obligations, rights, and interests associated with such loan, may be assumed by a qualified borrower to whom the current borrower transfers the property for which the guaranteed loan was made; and
“(ii) the borrower who transfers the property for which the guaranteed loan was made, and any co-borrower or guarantor of such borrower, are relieved of liability with respect to the guaranteed loan.”