The FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694) was introduced by several members of Congress on Thursday, July 31, 2008. Representatives Maxine Waters, Gary Miller, Al Green and Christopher Shays sponsored this bill.
If it is passed and signed into law, it will allow downpayment assistance to continue after the 10/1/08 shut down date - but changes certain rules for allowing its use. It modifies the criteria under which someone will qualify for downpayment assistance - a positive change based on a borrowers credit scores...you can read the text of the bill by clicking HR 6694 above.
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