,i  #aacth ,,congress  #b;d ,session    
,h4 ,r4 #dgia  ,,in ,,the ,,house ,,of  
,,representatives  ,may #cj1 #bjad ,mrs4
 ,carolyn ,b4 ,maloney of ,new ,york    
introduced the following bill2 which was
 referred to the ,committee on          
,financial ,services  ,a ,,bill  ,to    
amend section #accc of the ,federal     
,housing ,enterprises ,financial ,safety
 and ,soundness ,act of #aiib to ensure 
that multifamily housing mortgage       
purchases by ,fannie ,mae and ,freddie  
,mac that are credited toward           
fulfillment of such enterprises         
multifamily special affordable housing  
goal increase or preserve the number of 
dwelling units affordable to low-income 
families4  #a4 ,short title ,this ,act  
may be cited as the ,responsible ,,gse  
,affordable ,housing ,investment ,act of
 #bjad4  #b4 ,compliance with           
multifamily special affordable housing  
goal  7a7 ,in general ,subsection 7d7 of
 section #accc of the ,federal ,housing 
,enterprises ,financial ,safety and     

,soundness ,act of #aiib 7#ab ,u4,s4,c4 
#defc7 is amended--  7#a7 by striking   
the subsection designation and all that 
follows through ,the ,director and      
inserting the following3  7d7           
,determination of compliance  7#a7 ,in  
general ,the ,director  2 and  7#b7 by  
adding at the end the following new     
paragraph3  7#b7 ,reduction of credit   
for conversion to non-affordable units  
,the ,director shall1 by regulation1    
establish standards for the multifamily 
special affordable housing goal under   
this section that proportionately reduce
 the number of units receiving credit   
for any mortgage purchase by an         
enterprise that facilitates the         
conversion of dwelling units that1 at   
the time of such purchase1 are available
 for rental at rates that are affordable
 to low-income families to dwelling     
units that would not be affordable to   
low-income families4 ,such regulations  
shall consider and include the following
 factors3  7,a7 ,limitation based on    

project debt ,credit shall not be       
provided toward the achievement of such 
goal for any mortgage purchase for      
multifamily housing that involves an    
aggregate amount of project debt that is
 not reasonable1 as determined in       
accordance with prudent underwriting    
standards established by the ,director1 
in proportion to project income1 as     
documented in accordance with the       
standards established under this        
subsection4  7,b7 ,treatment of         
securities ,in the case of any purchase 
by an enterprise of a security1 or an   
interest in a security1 that is backed  
by mortgages that finance units that    
would otherwise qualify for credit      
toward the achievement of the           
multifamily special affordable housing  
goal if financed directly by the        
enterprise1 if the ,director determines 
that such purchase may be counted toward
 the achievement of the goal under this 
section1 the ,director shall require the
 enterprise to apply the same standard  

as set forth in subparagraph 7,a7 with  
respect to mortgage purchases to the    
mortgages backing such security to      
determine whether the units financed by 
such mortgages are eligible for credit  
toward the achievement of the housing   
goal4  7,c7 ,rent levels ,in measuring  
the performance of each enterprise in   
meeting the goal established under this 
section1 rent levels for units shall be 
calculated by using the greater of the  
rent levels at the time the loan is     
purchased or the rent levels under the  
pro forma operating income statement on 
which the underwriting for the loan was 
based4  7,d7 ,carryover ,if the         
,director provides credit toward the    
achievement of the multifamily special  
affordable housing goal under this      
section1 for any year1 for any mortgage 
purchase by an enterprise1 but          
determines at any time thereafter that1 
because of failure to comply with the   
standards established under             
subparagraphs 7,a7 and 7,b71 such       

purchase does not qualify for such      
credit or does not qualify for such     
credit to the extent previously         
provided1 the ,director shall increase  
the multifamily special housing goal for
 such enterprise for the current or     
ensuing year otherwise applicable to the
 extent of such nonqualification4  4    
7b7 ,regulations ,the ,director of the  
,federal ,housing ,finance ,agency shall
 issue regulations required under       
paragraph 7#b7 of section #accc7;d7 of  
the ,federal ,housing ,enterprises      
,financial ,safety and ,soundness ,act  
of #aiib1 as added by subsection 7a7 of 
this section1 not later than the        
expiration of the #ahj-;day period      
beginning upon the date of the enactment
 of this ,act4