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Report No: 600
Date: 03/22/2001

1.LAW NUMBER: P.L.106-569 (H.R. 5640) 2.BILL TITLE: American Homeownership and Economic Opportunity Act of 2000 3.BILL PURPOSE: (1) Expands existing programs to increase affordable housing opportunities for low-income, elderly, and disabled people; (2) amends Native American housing programs to promote affordable housing for Native Americans and Native Hawaiians; (3) amends Federal construction, safety, and enforcement standards for manufactured homes; and (4) authorizes changes to various banking regulatory provisions. 4.OMB ESTIMATE: P.L.106-571 authorizes the Federal Reserve Board to acquire a new office building. Although the operations of the Board are not included in the Federal budget, the net impact of the purchase of the building and the resulting lower rental costs is estimated to reduce the net earnings transmitted to the Treasury. OMB estimates that the earnings will be reduced by $37 million over 2001-2005. The Act also allows the owners of uninsured section 236 housing projects to retain certain income rather than returning it to the Federal government. This provision is estimated to cost $36 million over 2002-2005. In addition, the Act changes the spending of the fees charged for inspecting manufactured homes from being mandatory to discretionary. However, no amounts have been appropriated for this program to date, and without appropriations, OMB assumes that the inspections and the fee collections will end. As a result, OMB estimates no net cost for this provision. (Fiscal years; in millions of dollars) 2000 2001 2002 2003 2004 2005 Net costs.................................... 0 55 5 5 4 4 5.CBO ESTIMATE: (Fiscal years; in millions of dollars) 2000 2001 2002 2003 2004 2005 Net costs.................................... 0 55 5 5 4 4 6.EXPLANATION OF DIFFERENCES BETWEEN OMB AND CBO ESTIMATES: OMB and CBO have the same estimates. 7.CUMULATIVE EFFECT OF DIRECT SPENDING AND REVENUE LEGISLATION ENACTED TO DATE: (Fiscal years; in millions of dollars) 2000 2001 2002 2003 2004 2005 Outlay effect.............. 34 7,874 12,190 14,545 15,740 16,853 Receipt effect............ -8 -2,626 -3,863 -3,920 -3,596 -3,820 Net costs.................... 42 10,500 16,053 18,465 19,336 20,673 NOTE: Pursuant to P.L.106-554, the pay-as-you-go balances that would result in a sequester for FY 2001 will be set to zero in OMB's final sequestration report.