Housing and Community Development Act of 1992 was first introduced to the 102nd Congress on June 5, 1992, and was signed and made law by President George H. W. Bush on October 28, 1992.
The Act also extends certain exemptions from waiting list requirements and eligibility restrictions with respect to income eligibility for assisted housing and while revising the family self-sufficiency program, with respect to escrow saving accounts, incentives for participation, and action plans.
It directs the Secretary to reduce the fund matching requirement for HOPE I (Public and Indian housing) home-ownership programs.
Lastly, it gives families residing in public or Indian housing the ability to move to vacant units under the HOPE III program (home-ownership of single-family homes).
It also created the requirement for Suspicious Activity Reports, and formed the Bank Secrecy Act Advisory Group.