Housing and Mortgage Reform Act, 1718

Bill as submitted to the Hopper of the Federal Assembly, 1718

A

BILL

TO

Address Housing Affordability, Mortgage Lending Practices, and Expanding Access to Homeownership; Among Other Purposes.

HOUSING AND MORTGAGE REFORM ACT, 1718

Ordered, by the Federal Assembly of Nouvelle Alexandrie,
to be Printed, 1718 AN.

_______________________________

BE IT ENACTED by the King’s Most Excellent Majesty, by and with the advice and consent of the Federal Assembly, in this present session assembled, and by the authority of the same, as follows:-

PART I
GENERAL PROVISIONS.

Article 1: Short Title.

1. This act shall be known as the Housing and Mortgage Reform Act, 1718.
   

PART II
HOUSING AND MORTGAGE LENDING REFORMS.

Article 2: Housing and Mortgage Ombudsman.

1. The mortgage lending practices of financial institutions in Nouvelle Alexandrie shall be investigated by a federally appointed ombudsman to prevent the sale of mortgages beyond the means of citizens and to prevent the distortion of the housing market.
   1. The ombudsman shall be nominated by the Secretary of Housing and Urban Development and approved by the Federal Assembly and shall serve for a term of five (5) AN years.
   2. The ombudsman shall be responsible for monitoring and reviewing the mortgage lending practices of financial institutions, receiving and investigating complaints from citizens who have been sold mortgages beyond their means, and imposing penalties where necessary to ensure compliance with lending regulations.
   3. The ombudsman shall have the power to request information and records from financial institutions, and to issue recommendations to the Secretary of Housing and Urban Development and the Federal Assembly.
      

Article 3: Public Housing Ownership Program.

1. To promote homeownership, the Federal Government shall establish the Public Housing Ownership Program to allow individuals in government-run housing projects to buy their homes through low-interest or interest-free loans, depending on their income and other eligibility criteria.
   1. The Public Housing Ownership Program shall be administered by the Department of Housing and Urban Development and shall be designed to ensure that eligible individuals have access to affordable loans to buy their homes.
   2. The Public Housing Ownership Program shall be funded through a combination of federal and regional government funds, as well as private financing.
   3. The Department of Housing and Urban Development shall establish clear eligibility criteria for the scheme, including income limits, creditworthiness, and other factors deemed relevant to determining eligibility.
   4. The Public Housing Ownership Program shall include measures to ensure that individuals who buy their homes through the scheme have access to necessary resources and support to maintain their homes and build equity over time.
      

PART III
HOUSING SUPPLY SHORTFALLS.

Article 4: Satellite Communities.

1. The federal government shall collaborate with regional and local governments to establish new satellite communities to relieve the immediate burden on housing shortages in cities where demand for housing continues to exceed supply. The satellite communities shall be established utilizing prefabricated buildings and requisitioned land.
2. The satellite communities shall be designed to be self-sufficient, with proper infrastructure, transportation and utilities, as well as public spaces, parks, and green areas.
3. The satellite communities shall be designed with the goal of integrating the communities into the existing urban fabric, as well as to encourage economic activity, communitarianism, and job creation in the areas.
4. The location, size, and design of the satellite communities shall be determined by the Federal Government in collaboration with regional and local governments.

Article 5: Crown Commission on Chartered Cities.

1. A Crown Commission on Chartered Cities shall be established to create new Chartered Cities to address the long-term housing shortage and the burden on overcrowded cities. The Commission shall develop integrated transportation and utility plans at the municipal level, as well as regulations and incentives for developers and investors.
2. The Commission shall be chaired by the Secretary of Housing and Urban Development, and shall include representatives from regional and local governments, the private sector, and civil society organizations.
3. The Commission shall be responsible for developing and implementing policies and programs to promote the development of new cities, including the establishment of tax incentives, regulatory frameworks, and financing mechanisms.
4. The Commission shall prioritize the creation of sustainable, livable, and inclusive communities that promote social cohesion, environmental sustainability, and economic growth.
5. Regional and local administrations shall implement their own solutions to housing shortfalls in their territorial jurisdictions.
6. Regional and local administrations shall develop comprehensive housing plans that address the specific needs and challenges of their territories, in collaboration with local governments, private sector, and civil society organizations.
7. Regional and local administrations shall establish regional housing authorities to coordinate the development and implementation of housing policies and programs.
8. Regional and local administrations are encouraged to adopt innovative housing solutions, such as mixed-income housing, community land trusts, and other programs that promote affordability, accessibility, and social inclusion.

PART IV.
'CLOSING PROVISIONS.

Article 6: Closing Provisions.

1. This act shall apply to all of the Federation of Nouvelle Alexandrie.
2. This act shall not become law unless it has been given Royal Assent.
3. This act shall be published and made publicly available.
4. If any provision of this act, or the application thereof to any person or circumstance, is held invalid, the remainder of the act, and the application of such provision to other persons or circumstances, shall not be affected thereby.
   

Bill as amended in the Federal Assembly, 1719

A

BILL

TO

Address Housing Affordability, Mortgage Lending Practices, and Expanding Access to Homeownership; Among Other Purposes.

HOUSING AND MORTGAGE REFORM ACT, 1718

Ordered, by the Federal Assembly of Nouvelle Alexandrie,
to be Printed, 1718 AN.

_______

BE IT ENACTED by the King’s Most Excellent Majesty, by and with the advice and consent of the Federal Assembly, in this present session assembled, and by the authority of the same, as follows:-

PART I
GENERAL PROVISIONS.

Article 1: Short Title.

1. This act shall be known as the Housing and Mortgage Reform Act, 1718.
   

PART II
HOUSING AND MORTGAGE LENDING REFORMS.

Article 2: Housing and Mortgage Ombudsman.

1. The mortgage lending practices of financial institutions in Nouvelle Alexandrie shall be investigated by a federally appointed ombudsman to prevent the sale of mortgages beyond the means of citizens and to prevent the distortion of the housing market.
   1. The ombudsman shall be nominated by the Secretary of Housing and Urban Development, and their appointment shall be subject to the approval of the Federal Assembly through a majority vote. The ombudsman shall serve for a term of five (5) AN years, with the possibility of reappointment for one (1) additional term.
   2. The ombudsman shall be responsible for monitoring and reviewing the mortgage lending practices of financial institutions, receiving and investigating complaints from citizens who have been sold mortgages beyond their means, and imposing penalties where necessary to ensure compliance with lending regulations.
   3. The ombudsman shall have the power to request information and records from financial institutions, and to issue recommendations to the Secretary of Housing and Urban Development and the Federal Assembly.
   4. The ombudsman shall ensure that financial institutions comply with lending regulations by conducting regular audits and investigations of their mortgage lending practices. The ombudsman shall have the authority to issue compliance notices to financial institutions found to be in violation of lending regulations, and to monitor their progress in addressing the identified issues.
   5. In cases of non-compliance, the ombudsman shall have the power to impose penalties on financial institutions, which may include fines, restrictions on mortgage lending activities, and referrals to relevant regulatory bodies for further action. The specific penalties shall be determined based on the severity and frequency of the violations, as well as the institution's efforts to remediate the issues.
   6. The ombudsman shall submit annual reports to the Secretary of Housing and Urban Development and the Federal Assembly, detailing the findings of their investigations, actions taken to ensure compliance, and any recommendations for changes to lending regulations or the ombudsman's mandate.
      

Article 3: Public Housing Ownership Program.

1. To promote homeownership, the Federal Government shall establish the Public Housing Ownership Program to allow individuals in government-run housing projects to buy their homes through low-interest or interest-free loans, depending on their income and other eligibility criteria.
   1. The Public Housing Ownership Program shall be administered by the Department of Housing and Urban Development and shall be designed to ensure that eligible individuals have access to affordable loans to buy their homes.
2. The Public Housing Ownership Program shall be funded through a combination of federal and regional government funds, as well as private financing. The specific allocation of funds shall be determined during the annual budgeting process, taking into consideration the needs of the program and the availability of resources.
3. The Department of Housing and Urban Development shall establish clear eligibility criteria for the scheme, including but not limited to income limits, creditworthiness, and housing needs assessments. The Department shall regularly review and adjust these criteria to ensure that they remain relevant and effective in promoting affordable homeownership.
4. The Public Housing Ownership Program shall include measures to ensure that individuals who buy their homes through the scheme have access to necessary resources and support to maintain their homes and build equity over time.
5. The Department of Housing and Urban Development shall collaborate with financial institutions, housing counseling agencies, and other relevant stakeholders to provide education and resources to eligible individuals participating in the Public Housing Ownership Program. These resources shall include financial counseling, homeownership education, and information on available assistance programs to help individuals maintain their homes and build equity over time.
6. The Department of Housing and Urban Development shall establish a comprehensive monitoring and evaluation framework for the Public Housing Ownership Program, which shall include the following components:
   1. The Department shall collect and analyze data on key performance indicators, such as homeownership rates, housing affordability, and community development, to evaluate the program's effectiveness. This data collection process shall involve collaboration with participating financial institutions, housing counseling agencies, and other relevant stakeholders.
   2. The Department shall prepare and submit annual reports to the Federal Assembly detailing the progress and impact of the Public Housing Ownership Program. These reports shall include information on the number of individuals served, the financial assistance provided, and the outcomes achieved in terms of homeownership rates, housing affordability, and community development.
   3. The Department shall commission independent evaluations of the Public Housing Ownership Program at least once every five years. These evaluations shall be conducted by external experts with experience in housing policy and program evaluation and shall assess the program's overall effectiveness, efficiency, and long-term sustainability.
   4. The Department shall use the findings from its data collection, annual reports, and external evaluations to identify areas for improvement and implement necessary changes to enhance the Public Housing Ownership Program. This may include adjustments to eligibility criteria, funding allocations, and collaboration with stakeholders to better address the needs of program participants and communities.

1. The Department of Housing and Urban Development shall be responsible for monitoring and evaluating the success of the satellite communities in addressing housing shortages and promoting economic activity, and shall report its findings to the Federal Assembly on an annual basis. This monitoring and evaluation process shall be used to inform ongoing improvements to the planning, design, and management of satellite communities.

Article 5: Crown Commission on Chartered Cities.

1. A Crown Commission on Chartered Cities shall be established to create new Chartered Cities to address the long-term housing shortage and the burden on overcrowded cities. The Commission shall develop integrated transportation and utility plans at the municipal level, as well as regulations and incentives for developers and investors.
2. The Commission shall be chaired by the Department of Housing and Urban Development, and shall include all of the regional Secretaries of Housing and Urban Development (or their equivalents as determined by regional governments). Representatives from regional and local governments, the private sector, and civil society organizations shall also be included in the Commission as determined by the Department of Housing and Urban Development.
3. The Commission shall be responsible for developing and implementing policies and programs to promote the development of new cities, including the establishment of tax incentives, regulatory frameworks, and financing mechanisms, as follows:
   1. The Commission shall establish a range of tax incentives for developers and investors involved in the creation of Chartered Cities. These may include tax credits for affordable housing development, reduced property taxes for residents, and exemptions for businesses operating within the city limits.
   2. The Commission shall develop a comprehensive regulatory framework that governs land use, zoning, and building standards for Chartered Cities. This framework shall prioritize sustainable development, affordable housing, and mixed-use development to create inclusive and livable communities.
   3. The Commission shall establish financing mechanisms to support the development of Chartered Cities. These mechanisms may include the creation of a dedicated Chartered Cities Development Fund, which will provide loans, grants, and other financial assistance to developers and investors.
4. The Commission shall prioritize the creation of sustainable, livable, and inclusive communities that promote social cohesion, environmental sustainability, and economic growth. This shall be achieved through the following measures:
   1. The Commission shall develop comprehensive urban plans for Chartered Cities that prioritize walkability, access to public transportation, green spaces, and mixed-use development.
   2. The Commission shall establish guidelines and standards for energy efficiency, water conservation, and waste management in Chartered Cities, to minimize the environmental impact of new developments.
   3. The Commission shall work with regional and local governments, as well as the private sector, to identify and promote economic development opportunities within Chartered Cities, including the creation of business incubators, workforce training programs, and targeted infrastructure investments.
5. Regional and local governments shall implement their own solutions to housing shortfalls in their territorial jurisdictions.
6. Regional and local governments shall develop comprehensive housing plans that address the specific needs and challenges of their territories, in collaboration with local governments, private sector, and civil society organizations.

1. regional and local governments shall establish regional housing authorities to coordinate the development and implementation of housing policies and programs.
2. Regional and local governments are encouraged to adopt innovative housing solutions, such as mixed-income housing, community land trusts, and other programs that promote affordability, accessibility, and social inclusion.
3. The Commission shall establish a monitoring and evaluation framework to assess the progress and effectiveness of Chartered Cities in addressing housing shortages and promoting sustainable development. The Commission shall report its findings to the Federal Assembly on an annual basis and use this information to inform ongoing improvements to the planning, development, and management of Chartered Cities.

PART IV.
'CLOSING PROVISIONS.

Article 6: Closing Provisions.

1. This act shall apply to all of the Federation of Nouvelle Alexandrie.
2. This act shall not become law unless it has been given Royal Assent.
3. This act shall be published and made publicly available.
4. If any provision of this act, or the application thereof to any person or circumstance, is held invalid, the remainder of the act, and the application of such provision to other persons or circumstances, shall not be affected thereby.