Page:United States Statutes at Large Volume 122.djvu/2862

 12 2 STA T . 2 839PUBLIC LA W 11 0– 289 —J UL Y 30, 2008 (4)TIM I NGOFREP OR T.—Notla t er t h a n12m onth s a f ter the d ate of the ena c tment of th i s title , the C om p troller G eneral shall s ub mit a report to the Committee on B an k in g , H ousing, and U rban A ffairs of the S enate and the Committee on F inan - cial Ser v ices of the House of R epresentatives setting forth the results and conclusions of the stud y re q uired under paragraph (1). SEC.21 2 3 .E N E RGY E F F I CIEN TMO RTG A GES P ROGRAM. Section 1 06 (a)(2) of the E nergy P olicy Act of 1 9 92 (42 U.S.C. 12 7 12 note) is amended— (1) by amending subparagraph (C) to read as follo w s

‘(C) CO S TS OF IMPRO V EMENTS.—The cost of cost-effec- tive energy efficiency improvements shall not e x ceed the greater of— ‘‘(i) 5 percent of the property value (not to exceed 5 percent of the limit established under section 20 3 (b)(2)(A)) of the National Housing Act (12 U.S.C. 1709(b)(2)(A) or ‘‘(ii) 2 percent of the limit established under section 203(b)(2)(B) of such Act. ’ ’; and (2) by adding at the end the following: ‘‘( D ) L IMIT A TION.— I n any fiscal year, the aggregate number of mortgages insured pursuant to this section may not exceed 5 percent of the aggregate number of mortgages for 1- to 4-family residences insured by the Secretary of Housing and Urban Development under title II of the National Housing Act (12 U.S.C. 1707 et seq.) during the preceding fiscal year.’’. SEC. 212 4 . PI L OT PROGRAM FOR A U TOMATE D PROCESS FOR B OR - RO W ERS WIT H OUT SUFFICIENT CREDIT HISTORY. (a) ESTA BL IS H MENT.—Title II of the National Housing Act (12 U.S.C. 1707 et seq.) is amended by adding at the end the following new section: ‘ ‘SEC. 2 57 . PILOT PROGRAM FOR AUTOMATED PROCESS FOR BOR- ROWERS WITHOUT SUFFICIENT CREDIT HISTORY. ‘‘(a) ESTABLISHMENT.—The Secretary shall carry out a pilot program to establish, and make available to mortgagees, an auto- mated process for providing alternative credit rating information for mortgagors and prospective mortgagors under mortgages on 1- to 4-family residences to be insured under this title who have insufficient credit histories for determining their creditworthiness. Such alternative credit rating information may include rent, utili- ties, and insurance payment histories, and such other information as the Secretary considers appropriate. ‘‘(b) S C OPE.—The Secretary may carry out the pilot program under this section on a limited basis or scope, and may consider limiting the program to first-time homebuyers. ‘‘(c) LIMITATION.—In any fiscal year, the aggregate number of mortgages insured pursuant to the automated process established under this section may not exceed 5 percent of the aggregate number of mortgages for 1- to 4-family residences insured by the Secretary under this title during the preceding fiscal year. ‘‘(d) S U NSET.—After the expiration of the 5-year period begin- ning on the date of the enactment of the Building American Homeownership Act of 200 8, the Secretary may not enter into 12USC 1 7 1 5z– 2 4.

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