,,ii #aaf? ,,congress #a/ ,session ,s4 #ghg ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,m>* #ac1 #bjai,ms4 ,w>r5 7= h]self1 ,mrs4 ,gillibr&1 & ,mr4 ,m>key7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to make h\s+ m af=dable1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,am]ican ,h\s+ & ,economic ,mobility ,act ( #bjai4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,,title ,i--,mak+ h\s+ m af=dable ,sec4 #aja4 ,local h\s+ innovation grants4 ,sec4 #ajb4 ,inve/+ 9 af=dable h\s+ infra/ructure4 ,sec4 #ajc4 ,conditions = ! sale ( real e/ate-own$ prop]ties & non-p]=m+ loans4 ,,title ,,ii--,tak+ ! fir/ /eps to rev]se ! legacy ( h\s+ discrim9ation & gov]nm5t neglig5ce ,sec4 #bja4 ,d[n paym5t assi/ance program = communities =m]ly segregat$ by law4 ,sec4 #bjb4 ,=mula grant program = communities t h n recov]$ f ! f9ancial crisis4 ,sec4 #bjc4 ,/r5g!n+ ! ,community ,re9ve/m5t ,act ( #aigg4 ,sec4 #bjd4 ,am5dm5ts relat+ to cr$it union s]vice to und]s]v$ areas4 ,,title ,,iii--,remov+ b>ri]s t isolate communities ,sec4 #cja4 ,exp&+ rights "u ! ,fair ,h\s+ ,act4 ,sec4 #cjb4 ,improv+ outcomes 9 h\s+ assi/ance programs4 ,,title ,,iv--,e/ate ,tax ,re=m ,sec4 #dja4 ,am5dm5t to ,int]nal ,rev5ue ,code ( #aihf4 ,sec4 #djb4 ,rate adju/m5t4 ,sec4 #djc4 ,requir$ m9imum #aj-ye> t]m1 etc41 = grantor reta9$ annuity tru/s4 ,sec4 #djd4 ,c]ta9 transf] tax rules applicable to grantor tru/s4 ,sec4 #dje4 ,elim9ation ( g5]ation-skipp+ transf] tax exemption = c]ta9 tru/s4 ,sec4 #djf4 ,simplify+ gift tax exclusion = annual gifts4 ,i ,mak+ h\s+ m af=dable #aja4 ,local h\s+ innovation grants 7a7 ,def9itions ,9 ?is section3 7#a7 ,elem5t>y s*ool2 second>y s*ool ,! t]ms elem5t>y s*ool & second>y s*ool h ! mean+s giv5 ^? t]ms 9 section #haja ( ! ,elem5t>y & ,second>y ,education ,act ( #aife 7#bj ,u4,s4,c4 #ghja74 7#b7 ,eligible entity ,! t]m eligible entity means-- 7,a7 a ,/ate2 7,b7 a unit ( g5]al local gov]nm5t2 or 7,c7 a metropolitan area4 7#c7 ,in/itution ( high] education ,! t]m in/itution ( high] education has ! mean+ giv5 ! t]m 9 section #aja ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajja74 7#d7 ,metropolitan area2 ,/ate2 unit ( g5]al local gov]nm5t ,! t]ms metropolitan area1 ,/ate1 & unit ( g5]al local gov]nm5t h ! mean+s giv5 ^? t]ms 9 section #ajb ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecjb74 7#e7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 7b7 ,e/abli%m5t ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all e/abli% a program to make grants to eligible entities t-- 7#a7 re=m local l& use re/rictions to br+ d[n ! co/s ( produc+ af=dable h\s+2 & 7#b7 remove unnecess>y b>ri]s to build+ af=dable units 9 _! communities4 7c7 ,eligible activities ,an eligible entity receiv+ a grant "u ?is section may use funds to-- 7#a7 c>ry out any ( ! activities describ$ 9 section #aje ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecje72 7#b7 c>ry out any ( ! activities p]mitt$ "u ! program = national infra/ructure inve/m5ts 7commonly kn[n z ! ,bett] ,utiliz+ ,inve/m5ts to ,lev]age ,developm5t 7,,build7 discretion>y grant program7 au?oriz$ "u title ,i ( division ,l ( ! ,consolidat$ ,appropriations ,act1 #bjah 7,public ,law #aae-ada7 or a subsequ5t appropriations ,act2 or 7#c7 mod]nize1 r5ovate1 or repair facilities us$ by public elem5t>y s*ools1 public second>y s*ools1 & public in/itutions ( high] education1 includ+ mod]nization1 r5ovation1 & repairs t-- 7,a7 promote physical1 s5sory1 & environm5tal accessibility2 & 7,b7 are consi/5t ) a recogniz$ gre5 build+ rat+ sy/em4 7d7 ,application 7#a7 ,9 g5]al ,an eligible entity desir+ a grant "u ?is section %all submit to ! ,secret>y an application t demon/rates t ! eligible entity has c>ri$ out1 or is 9 ! process ( c>ry+ out1 initiatives t facilitate ! expansion ( ! supply ( well-locat$ af=dable h\s+4 7#b7 ,activities ,initiatives t meet ! crit]ia describ$ 9 p>agraph 7#a7-- 7,a7 include-- 7i7 e/abli%+ by-"r developm5t1 :i* all[s jurisdictions to adm9i/ratively approve new developm5ts t are consi/5t ) _! zon+ code2 7ii7 revis+ or elim9at+ (f-/reet p>k+ requirem5ts to r$uce ! co/ ( h\s+ production2 7iii7 in/itut+ measures t inc5tivize own]s ( vacant l& to r$evelop ! space into af=dable h\s+ or o!r productive uses2 7iv7 revis+ m9imum lot size requirem5ts & bans or limits on multifamily con/ruction to all[ = d5s] & m af=dable developm5t2 7v7 in/itut+ inc5tives to promote d5se developm5t1 su* z d5sity bonuses2 7vi7 pass+ inclusion>y zon+ ord9ances t require a portion ( newly develop$ units to be res]v$ = l[- & mod]ate-income r5t]s or homebuy]s2 7vii7 /reaml9+ regulatory requirem5ts & %ort5+ processes1 re=m+ zon+ codes1 or o!r initiatives t r$uce b>ri]s to h\s+ supply ela/icity & af=dability2 7viii7 all[+ accessory dwell+ units2 7ix7 us+ local tax inc5tives to promote developm5t ( af=dable h\s+2 & 7x7 implem5t+ measures t protect t5ants f h>assm5t & displacem5t1 includ+ access to c\nsel = t5ants fac+ eviction1 ! prohibition ( eviction except = j cause1 & measures int5d$ to prev5t or mitigate sudd5 increases 9 r5ts1 or repeal+ laws t prev5t localities f implem5t+ ^? measures2 & 7,b7 d n include activities t alt] ord9ances t gov]n wage & h\r laws1 family & m$ical leave laws1 or protections = work]s' heal? & safety1 anti-discrim9ation1 & "r to organize4 7e7 ,labor laws 7#a7 ,9 g5]al ,all labor]s & me*anics employ$ by contractors or subcontractors 9 ! p]=mance ( con/ruction "w f9anc$ 9 :ole or 9 "p ) a grant receiv$ "u ?is section %all be paid wages at rates n less ?an ^? prevail+ on simil> con/ruction 9 ! locality1 z det]m9$ by ! ,secret>y ( ,labor 9 accordance ) sub*apt] ,,iv ( *apt] #ca ( title #dj1 ,unit$ ,/ates ,code 7commonly kn[n z ! ,davis-,bacon ,act74 7#b7 ,exception ,p>agraph 7#a7 %all n apply ) respect to-- 7,a7 ! rehabilitation ( resid5tial prop]ty if ! prop]ty conta9s less ?an #h units2 or 7,b7 con/ruction c>ri$ out by employees ( ! eligible entity receiv+ ! grant "u ?is section4 7f7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ to c>ry out ?is section #b1jjj1jjj1jjj = ea* ( fiscal ye>s #bjbj ?r\gh #bjbd4 #ajb4 ,inve/+ 9 af=dable h\s+ infra/ructure 7a7 ,h\s+ ,tru/ ,fund ,section #acch7;a7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #defh7;a77 is am5d$ by add+ at ! end ! foll[+3 7#c7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ to ! ,h\s+ ,tru/ ,fund #dd1ejj1jjj1jjj = ea* ( fiscal ye>s #bjbj ?r\gh #bjbi4 4 7b7 ,capital ,magnet ,fund ,section #acci ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #defi7 is am5d$ by add+ at ! end ! foll[+3 7k7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ to ! ,capital ,magnet ,fund #b1ejj1jjj1jjj = ea* ( fiscal ye>s #bjbj ?r\gh #bjbi4 4 7c7 ,public h\s+ capital fund ,section #i7;c77#b77;,b7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;g7c77#b77;,b77 is am5d$ to read z foll[s3 7,b7 ,capital fund ,= allocations ( assi/ance f ! ,capital ,fund1 #c1eib1jjj1jjj = fiscal ye> #bjbj4 4 7d7 ,indian h\s+ block grant program ,section #ajh ( ! ,native ,am]ican ,h\s+ ,assi/ance & ,self-,det]m9ation ,act ( #aiif 7#be ,u4,s4,c4 #daag7 is am5d$-- 7#a7 by /rik+ su* sums z may be necess>y = ea* ( fiscal ye>s #bjji ?r\gh #bjac & ins]t+ #b1ejj1jjj1jjj = fiscal ye> #bjbj & su* sums z may be necess>y = ea* ( fiscal ye>s #bjba ?r\gh #bjbi2 & 7#b7 by /rik+ ! second s5t5ce4 7e7 ,native ,hawaiian h\s+ block grant program ,section #hbd ( ! ,native ,am]ican ,h\s+ ,assi/ance & ,self-,det]m9ation ,act ( #aiif 7#be ,u4,s4,c4 #dbdc7 is am5d$ by /rik+ su* sums z may be necess>y = ea* ( fiscal ye>s #bjja1 #bjjb1 #bjjc1 #bjjd1 & #bjje & ins]t+ #h1jjj1jjj = fiscal ye> #bjbj4 7f7 ,rural h\s+ programs ,out ( funds 9 ! ,treasury n o!rwise appropriat$1 !re is appropriat$ = fiscal ye> #bjbj-- 7#a7 to provide direct loans "u section #ejb ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adgb71 #adj1jjj1jjj2 7#b7 to provide assi/ance "u section #ead ( su* ,act 7#db ,u4,s4,c4 #adhd71 #bh1jjj1jjj2 7#c7 to provide assi/ance "u section #eae ( su* ,act 7#db ,u4,s4,c4 #adhe71 #ahj1jjj1jjj2 7#d7 to provide assi/ance "u section #eaf ( su* ,act 7#db ,u4,s4,c4 #adhf71 #ajj1jjj1jjj2 & 7#e7 to provide grants "u section #ebc ( su* ,act 7#db ,u4,s4,c4 #adij;c71 #ge1jjj1jjj4 7g7 ,middle ,class ,h\s+ ,em]g5cy ,fund 7#a7 ,def9ition ,9 ?is subsection1 ! t]m af=dable r5tal h\s+ unit means a unit = :i* mon?ly r5t is #cj p]c5t or less ?an ! mon?ly area m$ian income4 7#b7 ,e/abli%m5t ,! ,secret>y ( ,h\s+ & ,urban ,developm5t %all e/abli% & manage a fund1 to be kn[n z ! ,middle ,class ,h\s+ ,em]g5cy ,fund1 :i* %all be fund$ ) any am\nts z may be appropriat$1 transf]r$1 or cr$it$ to ! ,fund "u any provision law4 7#c7 ,grants ,f am\nts available 9 ! fund e/abli%$ "u p>agraph 7#b71 ! ,secret>y ( ,h\s+ & ,urban ,developm5t %all aw>d grants on a competitive basis to ,/ate h\s+ f9ance ag5cies locat$ 9 a ,/ate 9 :i*-- 7,a7 !re is a %ortage ( af=dable r5tal h\s+ units available to individuals ) an income t is at or bel[ ! area m$ian income & m$ian r5ts h ris5 on av]age ov] ! prec$+ #c ye>s sub/antially fa/] ?an ! area m$ian income2 or 7,b7 !re is a %ortage ( h\s+ units available = sale t are af=dable to individuals ) an income t is at or bel[ ! area m$ian income & m$ian home prices h ris5 on av]age ov] ! prec$+ #c ye>s sub/antially fa/] ?an ! area m$ian income4 7#d7 ,use ( funds ,grants receiv$ "u ?is subsection %all be us$ to fund-- 7,a7 ! con/ruction ( r5tal h\s+ units or units = pur*ase t are af=dable to resid5ts mak+ less ?an #abj p]c5t ( ! area m$ian income2 & 7,b7 measures to prev5t t5ant displacem5t & h>assm5t1 includ+ ! provision ( legal advice & repres5tation = t5ants fac+ eviction1 en=cem5t ( anti-h>assm5t laws1 em]g5cy r5tal assi/ance1 & o!r measures z specifi$ by ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 7#e7 ,labor laws 7,a7 ,9 g5]al ,all labor]s & me*anics employ$ by contractors or subcontractors 9 ! p]=mance ( con/ruction "w f9anc$ 9 :ole or 9 "p ) a grant receiv$ "u ?is subsection %all be paid wages at rates n less ?an ^? prevail+ on simil> con/ruction 9 ! locality z det]m9$ by ! ,secret>y ( ,labor 9 accordance ) sub*apt] ,,iv ( *apt] #ca ( title #dj1 ,unit$ ,/ates ,code 7commonly kn[n z ! ,davis-,bacon ,act74 7,b7 ,exception ,subp>agraph 7,a7 %all n apply ) respect to-- 7i7 ! rehabilitation ( resid5tial prop]ty if ! prop]ty conta9s less ?an #h units2 or 7ii7 con/ruction c>ri$ out by employees ( ! eligible entity receiv+ ! grant "u ?is section4 7#f7 ,regulations ,! ,secret>y ( ,h\s+ & ,urban ,developm5t %all promulgate regulations to c>ry out ?is subsection1 includ+ ) respect to ! metrics t ! ,secret>y %all use to det]m9e eligibility = a grant "u ?is subsection4 7#g7 ,appropriations ,out ( funds 9 ! ,treasury n o!rwise appropriat$1 !re is appropriat$ to ! fund e/abli%$ "u ?is subsection #d1jjj1jjj1jjj = fiscal ye> #bjbj4 #ajc4 ,conditions = ! sale ( real e/ate-own$ prop]ties & non-p]=m+ loans 7a7 ,f9d+s ,congress f9ds t-- 7#a7 ! ,f$]al ,h\s+ ,adm9i/ration1 ! ,f$]al ,national ,mortgage ,association1 & ! ,f$]al ,home ,loan ,mortgage ,corporation provide critical home[n]%ip opportunities t greatly b5efit individuals1 families & communities2 & 7#b7 x is ! purpose ( ?is section to-- 7,a7 pres]ve own]-occupi$ homes ) mortgages insur$ by ! ,f$]al ,h\s+ ,adm9i/ration or pur*as$ by ! ,f$]al ,national ,mortgage ,association or ! ,f$]al ,home ,loan ,mortgage ,corporation = cont9u$ use z own]-occupi$ homes2 & 7,b7 direct t1 ^u ! sale ( ^? prop]ties or transf] ( ^? mortgages1 c]ta9 p]c5tages ( ^? prop]ties are sold to l[- & mod]ate-income home[n]s4 7b7 ,loans insur$ by ! ,f$]al ,h\s+ ,adm9i/ration ,title ,,ii ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjg et seq47 is am5d$ by add+ at ! end ! foll[+3 #bei4 ,sale ( real e/ate-own$ prop]ties 7a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is section1 ! ,secret>y %all develop programs )9 ! ,f$]al ,h\s+ ,adm9i/ration to ensure t n less ?an #ge p]c5t ( ! s+le-family resid5tial prop]ties t 7 acquir$ by ! ,f$]al ,h\s+ ,adm9i/ration ?r\gh =eclosure or o!r transf]-relat$ mortgages insur$ "u ?is title on ! prop]ties are sold-- 7#a7 directly to an own]-occupant2 or 7#b7 to community p>tn]s t w-- 7,a7 rehabilitate or develop ! prop]ty2 & 7,b7 sell ! prop]ty to an own]-occupant4 7b7 ,anti-,pr$atory feature ,unless ! ,secret>y provides prior approval1 ! ,secret>y %all prohibit any pur*as] ( a real e/ate-own$ prop]ty ( ! ,f$]al ,h\s+ ,adm9i/ration f re-sell+ ! prop]ty )9 #ae ye>s ( pur*ase us+ a l& in/allm5t contract or ?r\gh any o!r me*anism t does n transf] title to ! buy] at ! "t ( sale4 #bfj4 ,sale ( non-p]=m+ loans 7a7 ,9 g5]al ,except z provid$ 9 ?is section1 ! ,secret>y may n sell or transf] any mortgage insur$ "u ?is title t is secur$ by a s+le-family resid5tial prop]ty 79 ?is section ref]r$ to z a cov]$ mortgage74 7b7 ,conditions = sale or transf] 7#a7 ,9 g5]al ,! ,secret>y-- 7,a7 may sell or transf] a cov]$ mortgage only if-- 7i7 ! capital level ( ! ,fund is sub/antially bel[ ! capital ratio requir$ "u section #bje7;f77#d72 7ii7 ! ,secret>y c]tifies t o!r reasonable measures are n available to re/ore ! ,fund to t capital ratio2 & 7iii7 ! ,secret>y complies ) p>agraph 7#b77;,c71 if applicable2 & 7,b7 %all sell or transf] only su* cov]$ mortgages z are necess>y to assi/ 9 re/oration ( t capital ratio4 7#b7 ,requirem5ts = ! ,secret>y 7,a7 ,9 g5]al ,if ! ,secret>y int5ds to sell or transf] a cov]$ mortgage1 ! ,secret>y %all provide ! curr5t borr[] & all own]s ( record ( ! prop]ty secur+ ! cov]$ mortgage1 or require t ! curr5t borr[] & own]s ( record be provid$1 a sep>ate writt5 notice ( ! int5t to sell ! cov]$ mortgage t-- 7i7 is mail$ via c]tifi$ & fir/ class mail n less ?an #ij days be=e ! date on :i* ! loan is includ$ 9 any propos$ sale2 & 7ii7 includes-- 7,i7 a description ( ! loss mitigation options ( ! ,adm9i/ration t are available to borr[]s 9 f9ancial di/ress & ! obligation ( s]vic]s to consid] borr[]s 9 default = ^? options2 7,,ii7 a description ( ! actions t ! s]vic] ( ! loan has tak5 to review & implem5t ^? options = ! borr[]2 & 7,,iii7 a description ( ! proc$ures ! borr[] may use to conte/ ) ! ,secret>y ! compliance by ! s]vic] ) t obligation4 7,b7 ,judicial review ,! det]m9ation ( ! ,secret>y to au?orize ! sale ( a mortgage insur$ "u ?is title %all be reviewable "u *apt] #g ( title #e1 ,unit$ ,/ates ,code1 = abuse ( discretion & arbitr>y & caprici\s ag5cy action4 7,c7 ,auctions ,! ,secret>y may n sell any cov]$ mortgage ?r\gh any type ( non-p]=m+ loan sale auction program until ! ,secret>y issues rules1 ?r\gh ! notice & comm5t rule mak+ proc$ures "u section #eec ( title #e1 ,unit$ ,/ates ,code1 t address ess5tial aspects ( any non-p]=m+ loan sale program1 includ+-- 7i7 ! me?od ( selection ( loans = sale2 7ii7 notice to borr[]s prior to inclusion ( ! loan 9 a sale2 & 7iii7 review ( loss mitigation /atus prior to ! sale1 selection ( eligible bidd]s1 loss mitigation guidel9es applicable to loan pur*as]s1 & report+ requirem5ts = pur*as]s4 7#c7 ,c]tification requirem5t = l5d]s & s]vic]s 7,a7 ,c]tification ,z a condition to paym5t ( an insurance claim "u ?is title 9 connection ) any non-p]=m+ loan sale1 ! l5d] or s]vic] ( ! loan %all provide ! ,secret>y & ! borr[] ) writt5 c]tification ( ! loss mitigation review conta9$ 9 ! ,,fha ,s+le ,family ,h\s+ ,policy ,h&book #djjj4a1 or any successor h&book4 7,b7 ,false /atem5ts 7i7 ,9 g5]al ,any false /atem5t provid$ 9 a c]tification describ$ 9 subp>agraph 7,a7 %all be a basis =-- 7,i7 recov]y by ! ,secret>y ( any am\nts paid "u ! insurance claim & any o!r p5alties & sanctions au?oriz$ "u ,f$]al law2 & 7,,ii7 a private "r ( action by ! borr[] aga9/ ! l5d] & s]vic]1 ) rem$ies to include comp5satory & punitive damages & an assessm5t ( co/s & attorney's fees4 7ii7 ,transf]s ,unless a bona fide pur*as] has acquir$ title to ! prop]ty z a prim>y resid5ce-- 7,i7 a c]tification describ$ 9 subp>agraph 7,a7 t conta9s a false /atem5t %all be a basis = revok+ ! transf] ( ! prop]ty2 & 7,,ii7 ! pre-sale l5d] & s]vic] ( ! prop]ty %all-- 7aa7 resume s]vic+ ! loan z a loan insur$ "u ?is title2 & 7bb7 reimburse ! ,secret>y = any insurance claim paid & all co/s relat$ to ! sale ( ! prop]ty4 7#d7 ,requirem5ts = pur*as]s 7,a7 ,9 g5]al ,ea* pur*as] ( a cov]$ mortgage %all (f] ! borr[] on ! cov]$ mortgage-- 7i7 appropriate loss mitigation options1 includ+ af=dable & su/a9able loan modifications2 & 7ii7 ! opportunity = a %ort sale or a de$ 9 lieu ( =eclosure4 7,b7 ,loss mitigation options ,! specific =mula1 calculations1 wat]fall /eps1 & o!r t]ms = appropriate loss mitigation options describ$ 9 subp>agraph 7,a7 %all be publi%$ by ! ,secret>y1 made available to ! public1 & includ$ 9 a writt5 notice giv5 to borr[]s be=e any accel]ation or =eclosure is initiat$ aft] a loan sale4 7#e7 ,requirem5ts = transf]ees ,) respect to a transf]ee1 includ+ any subsequ5t transf]ee1 ( a cov]$ mortgage t is sold "u ?is title-- 7,a7 ! transf]ee %all c]tify 9 writ+ to ! ,secret>y t ! transf]ee w comply ) ! provisions ( ?is section 9 ! m>ket+ & transf] ( any prop]ty receiv$ 9 ! disposition ( any transf]r$ loan2 7,b7 ! transf]ee %all provide to ! ,secret>y records docum5t+ t ! transf]s ( ^? prop]ties are 9 compliance ) ?is section2 & 7,c7 ! failure ( ! ,secret>y or ! transf]ee to comply ) ! requirem5ts "u ?is section = a loan 9 default %all be a def5se to =eclosure1 & a transf]ee %all n execute a =eclosure judgm5t or ord] ( sale1 or conduct a =eclosure sale1 until ! transf]ee has compli$ ) all requirem5ts "u ?is section4 7c7 ,limitations ,) respect to cov]$ mortgages t are sold "u ?is title & =eclos$ ^u by ! buy]1 n less ?an #ij p]c5t ( ! prop]ties t are ! subject ( ! cov]$ mortgages 9 an auction %all be-- 7#a7 sold to own]-occupants2 7#b7 op]at$ or transf]r$ to an entity t w op]ate ! prop]ty z af=dable r5tal h\s+ = h\seholds bel[ #hj p]c5t ( ! area m$ian income = a p]iod ( n less ?an #ae ye>s2 or 7#c7 transf]r$ or donat$ to a nonpr(it ag5cy t is c]tifi$ by ! ,secret>y & w r$evelop ! prop]ty = own] occupancy or af=dable r5tal h\s+4 7d7 ,prioritization ( sales ,! ,secret>y %all implem5t policies1 proc$ures1 & controls to-- 7#a7 id5tify & recruit community p>tn]s2 7#b7 engage 9 consultations ) community p>tn]s be=e ! sale ( a pool ( cov]$ mortgages "u ?is title to det]m9e :e!r t sale c be design$ to meet ! specific ne$s ( ! communities s]v$ by ! community p>tn]s2 & 7#c7 prioritize ! sale ( pools ( s+le-family mortgages to community p>tn]s by-- 7,a7 design+ pools ( cov]$ mortgages = direct sale to a community p>tn]1 ! price ( :i* %all be set by ! ,secret>y bas$ on a pric+ model t consid]s-- 7i7 ! curr5t fair m>ket value ( ! prop]ties2 & 7ii7 ! pot5tial impact ( =eclosures on ^? prop]ties to ! value ( o!r homes t secure mortgages insur$ "u ?is title 9 ! same c5sus tract2 or 7,b7 9 ! case ( an auction1 if ! w9n+ bid is n f a community p>tn]1 p]mitt+ any community p>tn] t bid dur+ t same auction to h a f9al opportunity to ent] a high] bid on ! pool4 4 7c7 ,fannie ,mae ,section #cjb ( ! ,f$]al ,national ,mortgage ,association ,*>t] ,act 7#ab ,u4,s4,c4 #agag7 is am5d$ by add+ at ! end ! foll[+3 7d7 7#a7 ,! corporation may n sell or transf] any mortgage t is secur$ by a s+le-family resid5tial prop]ty 79 ?is section ref]r$ to z a cov]$ mortgage7 "u ?is section unless ! requirem5ts ( ?is subsection are met4 7#b7 7,a7 ,if ! corporation int5ds to sell or transf] a cov]$ mortgage1 ! corporation %all provide ! curr5t borr[] & all own]s ( record ( ! prop]ty secur+ ! cov]$ mortgage1 or require t ! curr5t borr[] & own]s ( record be provid$1 a sep>ate writt5 notice ( ! int5t to sell ! cov]$ mortgage t-- 7i7 is mail$ via c]tifi$ & fir/ class mail n less ?an #ij days be=e ! date on :i* ! loan is includ$ 9 any propos$ sale2 & 7ii7 includes-- 7,i7 a description ( ! loss mitigation options ( ! corporation t are available to borr[]s 9 f9ancial di/ress & ! obligation ( s]vic]s to consid] borr[]s 9 default = ^? options2 7,,ii7 a description ( ! actions t ! s]vic] ( ! loan has tak5 to review & implem5t ^? options = ! borr[]2 & 7,,iii7 a description ( ! proc$ures ! borr[] may use to conte/ ) ! corporation ! compliance by ! s]vic] ) t obligation4 7,b7 ,! det]m9ation ( ! corporation to au?orize ! sale ( a mortgage "u ?is section %all be reviewable "u *apt] #g ( title #e1 ,unit$ ,/ates ,code1 = abuse ( discretion & arbitr>y & caprici\s ag5cy action4 7,c7 ,! corporation may n sell any cov]$ mortgage ?r\gh any type ( non-p]=m+ loan sale auction program until ! corporation issues rules1 ?r\gh ! notice & comm5t rule mak+ proc$ures "u section #eec ( title #e1 ,unit$ ,/ates ,code1 t address ess5tial aspects ( any non-p]=m+ loan sale program1 includ+-- 7i7 ! me?od ( selection ( loans = sale2 7ii7 notice to borr[]s prior to inclusion ( ! loan 9 a sale2 & 7iii7 review ( loss mitigation /atus prior to ! sale1 selection ( eligible bidd]s1 loss mitigation guidel9es applicable to loan pur*as]s1 & report+ requirem5ts = pur*as]s4 7#c7 7,a7 ,ea* pur*as] ( a cov]$ mortgage %all (f] ! borr[] on ! cov]$ mortgage-- 7i7 appropriate loss mitigation options1 includ+ af=dable & su/a9able loan modifications2 & 7ii7 ! opportunity = a %ort sale or a de$ 9 lieu ( =eclosure4 7,b7 ,! specific =mula1 calculations1 wat]fall /eps1 & o!r t]ms = appropriate loss mitigation options describ$ 9 subp>agraph 7,a7 %all be publi%$ by ! corporation1 made available to ! public1 & includ$ 9 a writt5 notice giv5 to borr[]s be=e any accel]ation or =eclosure is initiat$ aft] a loan sale4 7#d7 ,) respect to a transf]ee1 includ+ any subsequ5t transf]ee1 ( a cov]$ mortgage t is sold by ! corporation "u ?is section-- 7,a7 ! transf]ee %all c]tify 9 writ+ to ! corporation t ! transf]ee w comply ) ! provisions ( ?is subsection 9 ! m>ket+ & transf] ( any prop]ty receiv$ 9 ! disposition ( any transf]r$ loan2 7,b7 ! transf]ee %all provide to ! corporation records docum5t+ t ! transf]s ( ^? prop]ties are 9 compliance ) ?is subsection2 & 7,c7 ! failure ( ! corporation or ! transf]ee to comply ) ! requirem5ts "u ?is subsection = a loan 9 default %all be a def5se to =eclosure1 & a transf]ee %all n execute a =eclosure judgm5t or ord] ( sale1 or conduct a =eclosure sale1 until ! transf]ee has compli$ ) all requirem5ts "u ?is subsection4 7#e7 ,) respect to cov]$ mortgages t are sold by ! corporation "u ?is section & =eclos$ ^u by ! buy]1 n less ?an #ij p]c5t ( ! prop]ties t are ! subject ( ! cov]$ mortgages 9 an auction %all be-- 7,a7 sold to own]-occupants2 7,b7 op]at$ or transf]r$ to an entity t w op]ate ! prop]ty z af=dable r5tal h\s+ = h\seholds bel[ #hj p]c5t ( ! area m$ian income = a p]iod ( n less ?an #ae ye>s2 or 7,c7 transf]r$ or donat$ to a nonpr(it ag5cy t is c]tifi$ by ! corporation & w r$evelop ! prop]ty = own] occupancy or af=dable r5tal h\s+4 7#f7 ,! corporation %all implem5t policies1 proc$ures1 & controls to-- 7,a7 id5tify & recruit community p>tn]s2 7,b7 engage 9 consultations ) community p>tn]s be=e ! sale ( a pool ( cov]$ mortgages "u ?is section to det]m9e :e!r t sale c be design$ to meet ! specific ne$s ( ! communities s]v$ by ! community p>tn]s2 & 7,c7 prioritize ! sale ( pools ( s+le-family mortgages to community p>tn]s by-- 7i7 design+ pools ( cov]$ mortgages = direct sale to a community p>tn]1 ! price ( :i* %all be set by ! corporation bas$ on a pric+ model t consid]s-- 7,i7 ! curr5t fair m>ket value ( ! prop]ties2 & 7,,ii7 ! pot5tial impact ( =eclosures on ^? prop]ties to ! value ( o!r homes 9 ! same c5sus tract2 or 7,,iii7 9 ! case ( an auction1 if ! w9n+ bid is n f a community p>tn]1 p]mitt+ any community p>tn] t bid dur+ t same auction to h a f9al opportunity to ent] a high] bid on ! pool4 4 7d7 ,fr$die ,mac ,section #cje ( ! ,f$]al ,home ,loan ,mortgage ,corporation ,act 7#ab ,u4,s4,c4 #aded7 is am5d$ by add+ at ! end ! foll[+3 7e7 7#a7 ,! ,corporation may n sell or transf] any mortgage t is secur$ by a s+le-family resid5tial prop]ty 79 ?is section ref]r$ to z a cov]$ mortgage7 "u ?is section unless ! requirem5ts ( ?is subsection are met4 7#b7 7,a7 ,if ! ,corporation int5ds to sell or transf] a cov]$ mortgage1 ! ,corporation %all provide ! curr5t borr[] & all own]s ( record ( ! prop]ty secur+ ! cov]$ mortgage1 or require t ! curr5t borr[] & own]s ( record be provid$1 a sep>ate writt5 notice ( ! int5t to sell ! cov]$ mortgage t-- 7i7 is mail$ via c]tifi$ & fir/ class mail n less ?an #ij days be=e ! date on :i* ! loan is includ$ 9 any propos$ sale2 & 7ii7 includes-- 7,i7 a description ( ! loss mitigation options ( ! ,corporation t are available to borr[]s 9 f9ancial di/ress & ! obligation ( s]vic]s to consid] borr[]s 9 default = ^? options2 7,,ii7 a description ( ! actions t ! s]vic] ( ! loan has tak5 to review & implem5t ^? options = ! borr[]2 & 7,,iii7 a description ( ! proc$ures ! borr[] may use to conte/ ) ! ,corporation ! compliance by ! s]vic] ) t obligation4 7,b7 ,! det]m9ation ( ! ,corporation to au?orize ! sale ( a mortgage "u ?is section %all be reviewable "u *apt] #g ( title #e1 ,unit$ ,/ates ,code1 = abuse ( discretion & arbitr>y & caprici\s ag5cy action4 7,c7 ,! ,corporation may n sell any cov]$ mortgage ?r\gh any type ( non-p]=m+ loan sale auction program until ! ,corporation issues rules1 ?r\gh ! notice & comm5t rule mak+ proc$ures "u section #eec ( title #e1 ,unit$ ,/ates ,code1 t address ess5tial aspects ( any non-p]=m+ loan sale program1 includ+-- 7i7 ! me?od ( selection ( loans = sale2 7ii7 notice to borr[]s prior to inclusion ( ! loan 9 a sale2 & 7iii7 review ( loss mitigation /atus prior to ! sale1 selection ( eligible bidd]s1 loss mitigation guidel9es applicable to loan pur*as]s1 & report+ requirem5ts = pur*as]s4 7#c7 7,a7 ,ea* pur*as] ( a cov]$ mortgage %all (f] ! borr[] on ! cov]$ mortgage-- 7i7 appropriate loss mitigation options1 includ+ af=dable & su/a9able loan modifications2 & 7ii7 ! opportunity = a %ort sale or a de$ 9 lieu ( =eclosure4 7,b7 ,! specific =mula1 calculations1 wat]fall /eps1 & o!r t]ms = appropriate loss mitigation options describ$ 9 subp>agraph 7,a7 %all be publi%$ by ! ,corporation1 made available to ! public1 & includ$ 9 a writt5 notice giv5 to borr[]s be=e any accel]ation or =eclosure is initiat$ aft] a loan sale4 7#d7 ,) respect to a transf]ee1 includ+ any subsequ5t transf]ee1 ( a cov]$ mortgage t is sold by ! ,corporation "u ?is section-- 7,a7 ! transf]ee %all c]tify 9 writ+ to ! ,corporation t ! transf]ee w comply ) ! provisions ( ?is section 9 ! m>ket+ & transf] ( any prop]ty receiv$ 9 ! disposition ( any transf]r$ loan2 7,b7 ! transf]ee %all provide to ! ,corporation records docum5t+ t ! transf]s ( ^? prop]ties are 9 compliance ) ?is subsection2 & 7,c7 ! failure ( ! ,corporation or ! transf]ee to comply ) ! requirem5ts "u ?is subsection = a loan 9 default %all be a def5se to =eclosure1 & a transf]ee %all n execute a =eclosure judgm5t or ord] ( sale1 or conduct a =eclosure sale1 until ! transf]ee has compli$ ) all requirem5ts "u ?is subsection4 7#e7 ,) respect to cov]$ mortgages t are sold by ! ,corporation "u ?is section & =eclos$ ^u by ! buy]1 n less ?an #ij p]c5t ( ! prop]ties t are ! subject ( ! cov]$ mortgages 9 an auction %all be-- 7,a7 sold to own]-occupants2 7,b7 op]at$ or transf]r$ to an entity t w op]ate ! prop]ty z af=dable r5tal h\s+ = h\seholds bel[ #hj p]c5t ( ! area m$ian income = a p]iod ( n less ?an #ae ye>s2 or 7,c7 transf]r$ or donat$ to a nonpr(it ag5cy t is c]tifi$ by ! ,corporation & w r$evelop ! prop]ty = own] occupancy or af=dable r5tal h\s+4 7#f7 ,! ,corporation %all implem5t policies1 proc$ures1 & controls to-- 7,a7 id5tify & recruit community p>tn]s2 7,b7 engage 9 consultations ) community p>tn]s be=e ! sale ( a pool ( cov]$ mortgages "u ?is section to det]m9e :e!r t sale c be design$ to meet ! specific ne$s ( ! communities s]v$ by ! community p>tn]s2 & 7,c7 prioritize ! sale ( pools ( s+le-family mortgages to community p>tn]s by-- 7i7 design+ pools ( cov]$ mortgages = direct sale to a community p>tn]1 ! price ( :i* %all be set by ! ,corporation bas$ on a pric+ model t consid]s-- 7,i7 ! curr5t fair m>ket value ( ! prop]ties2 & 7,,ii7 ! pot5tial impact ( =eclosures on ^? prop]ties to ! value ( o!r homes 9 ! same c5sus tract2 or 7,,iii7 9 ! case ( an auction1 if ! w9n+ bid is n f a community p>tn]1 p]mitt+ any community p>tn] t bid dur+ t same auction to h a f9al opportunity to ent] a high] bid on ! pool4 4 ,,ii ,tak+ ! fir/ /eps to rev]se ! legacy ( h\s+ discrim9ation & gov]nm5t neglig5ce #bja4 ,d[n paym5t assi/ance program = communities =m]ly segregat$ by law 7a7 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,= g5]ations1 buy+ a home has be5 ! prim>y way work+ families build weal?4 7#b7 ,a home is n only a place to live1 b also an asset t may appreciate1 help fund a new bus9ess1 f9ance an education1 or cov] retirem5t exp5ses4 ,a home provides /ability & f9ancial pr$ictability1 :i* are important f\ndations = prosp]ity & access to opportunity = a family4 7#c7 ,= decades1 ! ,f$]al ,gov]nm5t subsidiz$ home[n]%ip--= ,:ite families4 ,until ! #aifjs1 ! ,f$]al ,gov]nm5t sy/ematically d5i$ ,african ,am]icans & o!r m>g9aliz$ gr\ps ! ability to obta9 mortgage cr$it1 buy homes1 & build weal? = _! families :ile subsidiz+ ! ,am]ican dream = ,:ite families4 7#d7 ,! ,f$]al ,gov]nm5t1 ?r\gh ! ,home ,own]s' ,loan ,corporation & ! ,f$]al ,h\s+ ,adm9i/ration1 /&>diz$ & in/itutionaliz$ discrim9atory policies on ! basis ( race1 national orig91 & religion t reflect$ practices 9 ! private sector & became a model = _! widespread adoption across ! h\s+ indu/ry4 7#e7 ,raci/ re/rictive cov5ants & zon+ ord9ances also robb$ families ( color ( ! opportunity to live & build opportunity = _! families 9 ! community ( _! *oice4 7#f7 ,9 ! ye>s be=e ! #bjjh f9ancial crisis1 l5d]s t>get$ borr[]s ( color ) abusive loans :ile gov]nm5t regulators sat on _! h&s1 fur!r extract+ weal? f ^! same communities4 7#g7 ,! legacy ( h\s+ discrim9ation & regulatory neglig5ce is a contributor to a l>ge & gr[+ gap 9 weal? & outcomes betwe5 ,black & ,:ite families4 ,! m$ian income ,:ite family 9 ! ,unit$ ,/ates has almo/ #aj times ! weal? ( ! m$ian income ,black family 9 ! ,unit$ ,/ates4 ,! gap betwe5 ! ,:ite home[n]%ip rate & ! ,black home[n]%ip rate is bigg] today ?an x 0 :5 h\s+ discrim9ation 0 legal4 ,sev5ty-five p]c5t ( =m]ly r$l9$ communities are /ill l[-income & #ff p]c5t are /ill m9ority communities4 7#h7 ,! purpose ( ?is section is = ! ,f$]al ,gov]nm5t to take ! fir/ /ep t[>d address+ ! racial weal? gap t x contribut$ to creat+ by help+ individuals or desc5dants ( individuals :o 7 h>m$ by h\s+ discrim9ation or neglig5ce by ! ,f$]al ,gov]nm5t4 7b7 ,def9itions ,9 ?is section3 7#a7 ,eligible resid5t ,! t]m eligible resid5t means a resid5t ( a geographic area1 z def9$ by ! ,secret>y by regulation "u subsection 7g71 :o-- 7,a7 is a fir/-"t homebuy]2 7,b7 has an income t is less ?an #abj p]c5t ( ! area m$ian income2 & 7,c7 7i7 resid$ 9 t geographic area dur+ ! #d-ye> p]iod prec$+ ! date ( enactm5t ( ?is ,act2 7ii7 resid$ 9 t geographic area = a p]iod ( #d ye>s be=e mov+ out ( ! geographic area subsequ5t to a =eclosure1 %ort sale1 or de$ 9 lieu ( =eclosure on a home t-- 7,i7 0 ! prim>y resid5ce ( ! resid5t2 & 7,,ii7 0 pur*as$ or ref9anc$ dur+ ! p]iod beg9n+ on ,janu>y #a1 #bjja1 & end+ on ,decemb] #cj1 #bjjh2 or 7iii7 resid$ 9 t geographic area = a p]iod ( #d ye>s be=e mov+ out ( ! geographic area due to a major disa/] decl>$ by ! ,presid5t or a ,/ate1 t]ritorial1 or ,tribal gov]nm5t4 7#b7 ,fir/-"t homebuy] ,! t]m fir/-"t homebuy] means an individual 7& if m>ri$1 ! sp\se ( ! individual7 :o-- 7,a7 has _h no own]%ip 9 a pr9cipal resid5ce dur+ ! #c-ye> p]iod end+ on ! date ( pur*ase ( ! prop]ty2 or 7,b7 :o surr5d]$ an own]%ip int]e/ 9 a pr9cipal resid5ce dur+ ! #c-ye> p]iod end+ on ! date ( pur*ase ( ! prop]ty z "p ( a divorce proce$+4 7#c7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 7c7 ,e/abli%m5t ,!re is e/abli%$ 9 ! ,(fice ( ,h\s+ ( ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t a fund1 to be adm9i/]$ by ! ,secret>y1 t %all be us$-- 7#a7 to provide grants to eligible resid5ts to pur*ase homes2 7#b7 = outrea* to f9ancial in/itutions 9 t>get$ areas & eligible resid5ts1 includ+ = ! adm9i/ration ( t outrea*2 7#c7 = c\nsel+ or f9ancial education adm9i/]$ by c\nsel+ ag5cies approv$ by ! ,secret>y 9 ord] to ensure su/a9able home[n]%ip2 7#d7 to create & ma9ta9 ! database describ$ 9 subsection 7g77#c72 & 7#e7 to ma9ta9 any records requir$ to implem5t ?is section4 7d7 ,grant am\nt ,eligible resid5ts may receive a grant f ! fund e/abli%$ "u subsection 7c7 9 an am\nt equal to-- 7#a7 n m ?an #c4e p]c5t ( ! apprais$ value ( ! prop]ty to be pur*as$2 or 7#b7 if ! apprais$ value is m ?an ! pr9cipal obligation am\nt limitation = mortgages insur$ "u title ,,ii ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjg et seq471 #c4e p]c5t ( ! maximum pr9cipal obligation limitation = ! prop]ty to be pur*as$4 7e7 ,,fha loan ,an eligible resid5t is n requir$ to obta9 a mortgage t is insur$ "u title ,,ii ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjg et seq47 z a condition ( receiv+ a grant "u ?is section4 7f7 ,geographic area ,an eligible resid5t is n requir$ to pur*ase a home )9 ! geographic area describ$ 9 subsection 7b77#a77;,c7 z a condition ( receiv+ a grant "u ?is section4 7g7 ,regulations & database ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all-- 7#a7 9 consultation ) int]e/$ p>ties1 includ+ h\s+ c\nsel+ ag5cies approv$ by ! ,secret>y & individuals or gr\ps ) exp]tise 9 fair h\s+1 f9alize regulations relat+ to ! use ( ! fund e/abli%$ "u subsection 7c71 includ+ def9+ ! geographic areas 9 :i* resid5ts are eligible to receive grants ?r\gh ! fund1 :i* %all include-- 7,a7 c5sus tracts grad$ z haz>d\s or def9itely decl9+9 maps drawn by ! ,home ,own]s' ,loan ,corporation t are1 z ( ! date ( enactm5t ( ?is ,act1 l[-income communities2 7,b7 c5sus tracts t 7 designat$ = non-,:ite citiz5s 9 jurisdictions t hi/orically _h racially segregat$ zon+ codes & are1 z ( ! date ( enactm5t ( ?is ,act1 l[-income communities2 & 7,c7 c5sus tracts t are racially or e?nically conc5trat$ areas ( pov]ty1 :i* %all mean a c5sus tract-- 7i7 ) a non-,:ite population ( #ej p]c5t or m2 & 7ii7 7,i7 9 :i* n less ?an #dj p]c5t ( families liv+ 9 ! c5sus tract h incomes t are at or bel[ ! pov]ty l9e2 or 7,,ii7 9 :i* ! av]age tract pov]ty rate is #c or m times ! av]age tract pov]ty tract = ! metropolitan or micropolitan area2 7#b7 f9alize regulations relat+ to ! disbursem5t ( funds "u ?is section to ensure t eligible resid5ts are able to receive funds be=e ! clos+ date = _! home1 :i* may include creat+ a program t all[s a l5d] to be reimburs$ by ! fund e/abli%$ "u subsection 7c7 if ! l5d]-- 7,a7 provides ! eligible resid5t ) funds = ! clos+2 or 7,b7 all[s eligible resid5ts to be preapprov$ to receive assi/ance "u ?is section :5 arrang+ f9anc+ = _! home2 7#c7 create a publicly accessible database t all[s individuals1 real e/ate pr(essionals1 & l5d]s to det]m9e :e!r a borr[] is eligible = assi/ance "u ?is section2 & 7#d7 e/abli% me?ods to v]ify t an individual is an eligible resid5t4 7h7 ,appropriations ,out ( funds 9 ! ,treasury n o!rwise appropriat$1 !re is appropriat$ to ! fund e/abli%$ "u subsection 7c7 su* sums z may be necess>y = ea* ( fiscal ye>s #bjbj ?r\gh #bjbi to provide grants "u ?is section & to c>ry out consum] education ef=ts relat$ to ?is section4 7i7 ,inclusion ( program 9 home buy+ in=mation booklets ,section #e7;b7 ( ! ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4 #bfjd7;b77 is am5d$ by ins]t+ aft] p>agraph 7#ad7 ! foll[+3 7#ae7 ,in=mation relat+ to ! d[n paym5t assi/ance program e/abli%$ "u section #bja ( ! ,am]ican ,h\s+ & ,economic ,mobility ,act ( #bjai4 4 7j7 ,inclusion ( program z mortgage product ,section #bjc7;f77#a7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agji7;f77#a77 is am5d$ by ins]t+ 1 includ+ ! d[n paym5t assi/ance program e/abli%$ "u section #bja ( ! ,am]ican ,h\s+ & ,economic ,mobility ,act ( #bjai1 aft] mortgage products4 #bjb4 ,=mula grant program = communities t h n recov]$ f ! f9ancial crisis 7a7 ,e/abli%m5t ,! ,secret>y ( ,h\s+ & ,urban ,developm5t %all e/abli% a =mula grant program to provide fund+ to ,/ates to assi/ borr[]s ) negative equity 9 _! prim>y resid5ce ?r\gh-- 7#a7 measures t provide funds to borr[]s to-- 7,a7 pay d[n arre>s on an o!rwise af=dable loan2 7,b7 pay d[n arre>s or pr9cipal on a loan 9 ord] to qualify = a loan modification t w all[ ! borr[] to keep _! home2 7,c7 pay (f ! entire or pay d[n "p ( a second mortgage or home equity l9e ( cr$it2 7,d7 pay (f a small-doll> mortgage2 7,e7 pay del9qu5t taxes & tax li5s2 7,f7 pay (f del9qu5t wat] or sew] bills & li5s2 & 7,g7 pay = home repairs or ma9t5ance or = modifications to br+ ! home into compliance ) any applicable codes2 & 7#b7 programs to pur*ase or rehabilitate vacant l& & =eclos$ homes to enhance neighborhood prop]ty values4 7b7 ,=mula ,! ,secret>y ( ,h\s+ & ,urban ,developm5t %all di/ribute am\nts "u ?is section bas$ on ! numb] ( borr[]s 9 ! ,/ate ) a prim>y resid5ce ) negative equity4 7c7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ to c>ry out ?is section #b1jjj1jjj1jjj = fiscal ye> #bjbj4 #bjc4 ,/r5g!n+ ! ,community ,re9ve/m5t ,act ( #aigg 7a7 ,%ort title ,?is section may be cit$ z ! ,community ,re9ve/m5t ,re=m ,act ( #bjai4 7b7 ,am5dm5ts to ! ,community ,re9ve/m5t ,act ( #aigg ,! ,community ,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4 #bija et seq47 is am5d$-- 7#a7 by am5d+ sections #hjb & #hjc 7#ab ,u4,s4,c4 #bija1 #bijb7 to read z foll[s3 #hjb4 ,f9d+s & purpose 7a7 ,f9d+s ,congress f9ds t-- 7#a7 regulat$ f9ancial in/itutions are requir$ by law to demon/rate t !y s]ve ! conv5i5ce & ne$s ( ! communities 9 :i* !y are *>t]$ or d bus9ess1 9 p>ticul> l[- & mod]ate-income communities2 7#b7 ! conv5i5ce & ne$s ( communities include ! ne$ = cr$it s]vices1 deposit s]vices1 transaction s]vices1 o!r f9ancial s]vices1 & community developm5t loans & inve/m5ts2 & 7#c7 regulat$ f9ancial in/itutions h a cont9u+ & affirmative obligation to meet ! cr$it or o!r f9ancial ne$s ( ! local communities 9 :i* !y are *>t]$ or d bus9ess4 7b7 ,purpose ,x is ! purpose ( ?is title to require ea* appropriate ,f$]al f9ancial sup]visory ag5cy to use its au?ority :5 exam9+ regulat$ f9ancial in/itutions to ensure t ^? in/itutions meet ! cr$it or o!r f9ancial ne$s ( ! local communities 9 :i* !y are *>t]$ or d bus9ess consi/5t ) ! safe & s\nd op]ation ( ^? in/itutions4 #hjc4 ,def9itions ,9 ?is title3 7#a7 ,application = a deposit facility ,! t]m application = a deposit facility means an application to ! appropriate ,f$]al f9ancial sup]visory ag5cy o!rwise requir$ "u ,f$]al law or regulations !reund] =-- 7,a7 a *>t] = a national bank or ,f$]al sav+s & loan association2 7,b7 deposit insurance 9 connection ) a newly *>t]$ ,/ate bank1 sav+s bank1 sav+s & loan association1 or simil> in/itution2 7,c7 ! e/abli%m5t ( a dome/ic bran* or o!r facility ) ! ability to accept deposits ( a regulat$ f9ancial in/itution2 7,d7 ! relocation ( ! home (fice or a bran* (fice ( a regulat$ f9ancial in/itution2 7,e7 ! m]g] or consolidation )1 ! acquisition ( ! assets (1 or ! assumption ( ! liabilities ( a regulat$ f9ancial in/itution requir+ approval "u section #ah7;c7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbh7;c772 or 7,f7 ! acquisition ( %>es 91 or ! assets (1 a regulat$ f9ancial in/itution requir+ approval "u section #c ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahdb74 7#b7 ,appropriate ,f$]al bank+ ag5cy ,! t]m appropriate ,f$]al bank+ ag5cy has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#c7 ,appropriate ,f$]al f9ancial sup]visory ag5cy ,! t]m appropriate ,f$]al f9ancial sup]visory ag5cy means-- 7,a7 ! appropriate ,f$]al bank+ ag5cy ) respect to depository in/itutions & depository in/itution hold+ companies2 & 7,b7 ! ,bureau ( ,consum] ,f9ancial ,protection ) respect to any cov]$ p]son sup]vis$ by ! ,bureau pursuant to section #ajbd ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #eead74 7#d7 ,assessm5t area ,! t]m assessm5t area means1 ) respect to a regulat$ f9ancial in/itution1 ea* community1 includ+ a ,/ate1 metropolitan area1 & urban or rural c\nty1 9 :i* ! in/itution-- 7,a7 ma9ta9s deposit-tak+ bran*es1 automat$ tell] ma*9es1 or retail (fices2 7,b7 is repres5t$ by an ag5t2 7,c7 issues a significant numb] ( loans or o!r products relative to ! total numb] ( loans or o!r products made by ! in/itution2 7,d7 has issu$ n less ?an #ge p]c5t ( ! loans ( ! in/itution2 or 7,e7 has conduct$ n less ?an #ge p]c5t ( ! bus9ess ( ! in/itution4 7#e7 ,community b5efits plan ,! t]m community b5efits plan means a plan t provides measurable goals = future am\nts ( safe & s\nd loans1 inve/m5ts1 s]vices1 & o!r f9ancial products = l[- & mod]ate-income communities & o!r di/ress$ or und]s]v$ communities4 7#f7 ,community developm5t ,! t]m community developm5t means-- 7,a7 af=dable h\s+ = l[- or mod]ate-income individuals & avoidance ( patt]ns ( l5d+ result+ 9 ! loss ( af=dable h\s+ units2 7,b7 community developm5t s]vices1 includ+ c\nsel+ & successful mortgage or loan modifications ( del9qu5t loans2 7,c7 activities t promote integration2 7,d7 activities t promote economic developm5t by f9anc+ small bus9esses or f>ms t meet ! size eligibility requirem5ts ( ! developm5t company or small bus9ess inve/m5t company programs "u section #aba4cja ( title #ac1 ,code ( ,f$]al ,regulations1 or any successor regulation1 ) an emphasis on small bus9esses t h gross annual rev5ues ( n m ?an #a1jjj1jjj2 7,e7 activities t revitalize or /abilize-- 7i7 l[- or mod]ate-income geographies2 7ii7 designat$ disa/] areas2 7iii7 di/ress$ or und]s]v$ nonmetropolitan middle-income geographies designat$ by ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil1 bas$ on-- 7,i7 rates ( pov]ty1 unemploym5t1 & population loss2 or 7,,ii7 population size1 d5sity1 & disp]sion1 if ^? activities help to meet ess5tial community ne$s1 includ+ ! ne$s ( l[- & mod]ate-income individuals2 or 7iv7 o!r di/ress$ or und]s]v$ communities2 or 7,f7 activities t promote physical1 environm5tal1 & s5sory accessibility 9 h\s+ /ock t is integrat$ into ! community4 7#g7 ,depository in/itution2 depository in/itution hold+ company ,! t]ms depository in/itution & depository in/itution hold+ company h ! mean+s giv5 ^? t]ms 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#h7 ,entire community ,! t]m entire community means all ( ! assessm5t areas ( a regulat$ f9ancial in/itution4 7#i7 ,enum]at$ consum] laws ,! t]m enum]at$ consum] laws has ! mean+ giv5 ! t]m 9 section #ajjb ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha74 7#aj7 ,geography ,! t]m geography means a c5sus tract del9eat$ by ! ,bureau ( ! ,c5sus 9 ! mo/ rec5t dec5nial c5sus4 7#aa7 ,insur$ depository in/itution ,! t]m insur$ depository in/itution has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#ab7 ,o!r di/ress$ or und]s]v$ community ,! t]m o!r di/ress$ or und]s]v$ community means an area t1 accord+ to a p]iodic review & data analysis by ! appropriate ,f$]al f9ancial sup]visory ag5cies on an int]ag5cy basis ?r\gh ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil1 is exp]i5c+ economic h>d%ip or is und]s]v$ by f9ancial in/itutions4 7#ac7 ,regulat$ f9ancial in/itution ,! t]m regulat$ f9ancial in/itution means-- 7,a7 an insur$ depository in/itution2 7,b7 a depository in/itution hold+ company2 & 7,c7 a ,u4,s4 nonbank mortgage orig9ator4 7#ad7 ,u4,s4 nonbank mortgage orig9ator ,! t]m ,u4,s4 nonbank mortgage orig9ator means a cov]$ p]son subject to section #ajbd ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #eead7 t (f]s or provides-- 7,a7 orig9ation ( loans secur$ by real e/ate = use by consum]s prim>ily = p]sonal1 family1 or h\sehold purposes2 or 7,b7 loan modification or =eclosure relief s]vices 9 connection ) a loan describ$ 9 subp>agraph 7,a74 2 7#b7 9 section #hjd 7#ab ,u4,s4,c4 #bijc7-- 7,a7 by r$esignat+ subsections 7c7 & 7d7 z subsections 7f7 & 7g71 respectively2 7,b7 by /rik+ subsections 7a7 & 7b7 & ins]t+ ! foll[+3 7a7 ,depository in/itutions & bank hold+ companies ,9 connection ) its exam9ation ( a regulat$ f9ancial in/itution o!r ?an a ,u4,s4 nonbank mortgage orig9ator1 ! appropriate ,f$]al f9ancial sup]visory ag5cy %all p]=m ! foll[+3 7#a7 ,assess ! record ( ! in/itution 9 meet+ ! cr$it or o!r f9ancial ne$s ( its entire community1 9 p>ticul> l[- & mod]ate-income p & communities1 & o!r di/ress$ or und]s]v$ communities1 consi/5t ) ! safe & s\nd op]ation ( ! in/itution4 7#b7 ,assess ! effectiv5ess ( ! foll[+ activities 9 meet+ ! cr$it or o!r f9ancial ne$s ( ! assessm5t areas ( ! in/itution1 consi/5t ) ! safe & s\nd op]ation ( ! in/itution3 7,a7 ,retail l5d+1 includ+ home1 small bus9ess1 consum]1 & o!r l5d+ & f9ancial products1 t responds to cr$it ne$s or o!r f9ancial ne$s4 7,b7 ,community developm5t l5d+ & inve/m5ts1 :i* may include a consid]ation (-- 7i7 ! orig9ation ( loans & o!r ef=ts by ! in/itution to assi/ exi/+ l[- & mod]ate-income resid5ts to rema9 9 af=dable h\s+ 9 _! community2 & 7ii7 ! orig9ation ( loans by ! in/itution t result 9 ! con/ruction1 rehabilitation1 or pres]vation ( af=dable h\s+ units4 7,c7 ,retail f9ancial s]vices & community developm5t s]vices4 7#c7 ,) respect to its evaluation ( an application = a deposit facility by ! in/itution-- 7,a7 consid] ! record describ$ 9 p>agraph 7#a71 ! ov]all rat+ ( ! in/itution "u ?is section1 & any improvem5t plans submitt$ pursuant to ?is section2 7,b7 provide an opportunity = public comm5t = a p]iod ( n less ?an #fj days2 7,c7 consid] *anges 9 ! community re9ve/m5t p]=mance ( ! in/itution s9ce ! mo/ rec5t rat+ "u ?is section by ! appropriate ,f$]al f9ancial sup]visory ag5cy2 & 7,d7 require-- 7i7 a demon/ration ( public b5efit1 includ+ a community b5efits plan ) measurable goals reg>d+ increas+ responsible l5d+ & o!r f9ancial products2 7ii7 t ! in/itution consult ) community-bas$ organizations & o!r community /akehold]s 9 develop+ ! community b5efits plan2 & 7iii7 a public he>+ = any in/itution t has a receiv$ a ne$-to-improve or suffici5t grade 9 any individual assessm5t area dur+ ! mo/ rec5t exam9ation4 7b7 ,u4,s4 nonbank mortgage orig9ator ,9 connection ) its exam9ation ( a ,u4,s4 nonbank mortgage orig9ator1 ! appropriate ,f$]al f9ancial sup]visory ag5cy %all p]=m ! foll[+3 7#a7 ,assess ! record ( ! ,u4,s4 nonbank mortgage orig9ator 9 meet+ ! cr$it or o!r f9ancial ne$s ( its entire community1 9 p>ticul> l[-income & mod]ate-income p & communities & o!r di/ress$ or und]s]v$ communities1 consi/5t ) ! safe & s\nd op]ation ( ! ,u4,s4 nonbank mortgage orig9ator4 7#b7 ,assess1 z appropriate1 ! foll[+ activities 9 ! assessm5t areas ( ! ,u4,s4 nonbank mortgage orig9ator3 7,a7 ,retail l5d+1 includ+ home loans4 7,b7 ,community developm5t s]vices4 7,c7 ,community developm5t l5d+ & inve/m5ts1 :i* may include a consid]ation (-- 7i7 ! orig9ation ( loans & o!r ef=ts by ! in/itution to assi/ exi/+ l[- & mod]ate-income resid5ts to rema9 9 af=dable h\s+ 9 _! community2 7ii7 ! orig9ation ( loans by ! in/itution t result 9 ! con/ruction1 rehabilitation or pres]vation ( af=dable h\s+ units2 & 7iii7 inve/m5ts 9 or loans to community developm5t f9ancial in/itutions 7z def9$ 9 section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb771 community developm5t corporations 7z def9$ 9 section #fac ( ! ,community ,economic ,developm5t ,act ( #aiha 7#db ,u4,s4,c4 #ihjb771 & o!r nonpr(it organizations s]v+ ! h\s+ & developm5t ne$s ( ! community4 7#c7 ,) respect to its evaluation ( an application = a deposit facility by ! ,u4,s4 nonbank mortgage orig9ator-- 7,a7 consid] ! record describ$ 9 p>agraph 7#a71 ! ov]all rat+ ( ! ,u4,s4 nonbank mortgage orig9ator "u ?is section1 & any improvem5t plans submitt$ pursuant to ?is section2 7,b7 provide an opportunity = public comm5t = a p]iod ( n less ?an #fj days2 7,c7 consid] *anges 9 ! community re9ve/m5t p]=mance ( ! ,u4,s4 nonbank mortgage orig9ator s9ce ! mo/ rec5t rat+ "u ?is section by ! appropriate ,f$]al f9ancial sup]visory ag5cy2 & 7,d7 require-- 7i7 a demon/ration t grant+ ! application = a deposit facility is 9 ! public int]e/1 :i* %all include a submission ( a community b5efits plan by ! ,u4,s4 nonbank mortgage orig9ator to ! appropriate ,f$]al f9ancial sup]visory ag5cy2 7ii7 t ! ,u4,s4 nonbank mortgage orig9ator consult ) community-bas$ organizations & o!r community /akehold]s 9 develop+ ! community b5efits plan2 & 7iii7 a public he>+ = any ,u4,s4 nonbank mortgage orig9ator t has a receiv$ a ne$-to-improve or suffici5t grade 9 any individual assessm5t area dur+ ! mo/ rec5t exam9ation4 7c7 ,requirem5ts 7#a7 ,9 g5]al ,9 connection ) its exam9ation ( a regulat$ f9ancial in/itution "u subsection 7a7 or 7b71 ! appropriate ,f$]al f9ancial sup]visory ag5cy %all-- 7,a7 consid] public comm5ts receiv$ by ! appropriate ,f$]al f9ancial sup]visory ag5cy reg>d+ ! record ( ! in/itution 9 meet+ ! cr$it or o!r f9ancial ne$s ( its entire community1 includ+ l[- & mod]ate-income communities2 & 7,b7 require an improvem5t plan = an in/itution t receives a rat+ ( suffici5t or l[] on ! writt5 evaluation ( ! in/itution1 or su* a rat+ 9 any individual assessm5t area1 & require ! improvem5t plan to result 9 ! reasonable likelihood t ! in/itution w obta9 a rat+ ( at lea/ satisfactory record ( meet+ community cr$it or o!r f9ancial ne$s 9 ! relevant measure on ! next exam9ation4 7#b7 ,improvem5t plan 7,a7 ,9 g5]al ,a regulat$ f9ancial in/itution t is requir$ to submit an improvem5t plan requir$ "u p>agraph 7#a77;,b7 %all submit ! plan 9 writ+ to ! appropriate ,f$]al f9ancial sup]visory ag5cy n lat] ?an #ij days aft] receiv+ notice t ! regulat$ f9ancial in/itution is requir$ to submit ! plan4 7,b7 ,public comm5t ,^u receipt ( an improvem5t plan ( a regulat$ f9ancial in/itution requir$ "u p>agraph 7#a77;,b71 ! appropriate ,f$]al f9ancial sup]visory ag5cy %all-- 7i7 make ! plan available to ! public = review & comm5t = a p]iod ( n less ?an #fj days2 & 7ii7 require ! regulat$ f9ancial in/itution to revise1 z appropriate1 ! improvem5t plan 9 response to ! public comm5ts receiv$ "u ! public review & comm5t p]iod describ$ 9 clause 7i7 & submit ! plan to ! appropriate ,f$]al f9ancial sup]visory ag5cy n lat] ?an #fj days aft] ! end ( t p]iod4 7#c7 ,exam9ation ( c]ta9 regulat$ f9ancial in/itutions ,9 ! case ( a regulat$ f9ancial in/itution ^: l5d+ or o!r bus9ess is n clu/]$ 9 geographical areas & is ?9ly disp]s$ across ! c\ntry1 ! in/itution %all-- 7,a7 be evaluat$ "u subsection 7a7 or 7b71 z applicable-- 7i7 by consid]+ ! effectiv5ess ( ! in/itution 9 s]v+ cu/om]s or borr[]s1 ) a special emphasis on l[- & mod]ate-income individuals across ! c\ntry reg>dless ( :]e ! individuals reside2 & 7ii7 bas$ on objective ?re%olds develop$ by ! appropriate ,f$]al f9ancial sup]visory ag5cies to cl>ify :5 l5d+ or o!r bus9ess is disp]s$ across ! c\ntry & n clu/]$ 9 di/9ct geographical areas1 :i* may include l[ levels ( l5d+ or o!r f9ancial products across ,/ates or o!r areas2 & 7,b7 meet ! ne$s ( o!r di/ress$ or und]s]v$ communities4 7d7 ,consid]ation ,rem$iation ( consum]s pursuant to an ord] by an c\rt or adm9i/rative body or a settlem5t ) a gov]nm5t ag5cy or a private p>ty %all n be consid]$ 9 an assessm5t conduct$ "u subsection 7a77#b7 or 7b77#b74 7e7 ,rule ( con/ruction ,an evaluation ( a bank hold+ company "u ?is section %all incorporate evaluations ( subsidi>y regulat$ f9ancial in/itutions made by ! appropriate ,f$]al f9ancial sup]visory ag5cy ( ea* subsidi>y1 if applicable4 2 7,c7 9 subsection 7f71 z s r$esignat$-- 7i7 by /rik+ p>agraph 7#b72 7ii7 by r$esignat+ p>agraph 7#c7 z p>agraph 7#b72 & 7iii7 9 p>agraph 7#b71 z s r$esignat$1 by /rik+ subp>agraph 7,c72 & 7,d7 9 subsection 7g71 z s r$esignat$1 by /rik+ subsection 7a7 & ins]t+ subsections 7a7 & 7b72 7#c7 9 section #hjg 7#ab ,u4,s4,c4 #bijf7-- 7,a7 9 subsection 7a7-- 7i7 by /rik+ an insur$ depository in/itution & ins]t+ a regulat$ f9ancial in/itution2 & 7ii7 by ins]t+ or f9ancial aft] cr$it2 7,b7 9 subsection 7b7-- 7i7 9 p>agraph 7#a7-- 7,i7 9 subp>agraph 7,a7-- 7aa7 9 clause 7ii71 by /rik+ & at ! end2 7bb7 by r$esignat+ clause 7iii7 z clause 7iv72 & 7cc7 by ins]t+ aft] clause 7ii7 ! foll[+3 7iii7 disclose :e!r ! in/itution engag$ 9 acts or practices t ! ,bureau ( ,consum] ,f9ancial ,protection has det]m9$1 & has publicly disclos$1 violate ! enum]at$ consum] laws2 & 2 & 7,,ii7 by /rik+ subp>agraph 7,b7 & ins]t+ ! foll[+3 7,b7 ,metropolitan area di/9ctions ,! in=mation requir$ "u clauses 7i7 & 7ii7 ( subp>agraph 7,a7 %all be pres5t$ sep>ately = ea* assessm5t area4 7,c7 ,treatm5t ) respect to violations ( enum]at$ consum] laws ,if a regulat$ f9ancial in/itution has engag$ 9 acts or practices t ! appropriate ,f$]al f9ancial sup]visory ag5cy has det]m9$ to be unfair1 deceptive1 or abusive or acts or practices t violate enum]at$ consum] laws int5d$ to ensure ! fair1 equitable1 & nondiscrim9atory access to cr$it = individuals & communities t are en=c$ by ! ,bureau ( ,consum] ,f9ancial ,protection or o!r ,f$]al or ,/ate ag5cies1 ! writt5 evaluation %all be negatively influ5c$ 9 a mann] comm5surate ) ! ext5t ( ! h>m suff]$ by ^? individuals & communities4 2 7ii7 9 p>agraph 7#b7-- 7,i7 by /rik+ subp>agraphs 7,a71 7,b71 7,c71 & 7,d7 & ins]t+ ! foll[+3 7,a7 ,out/&+ record ( meet+ community cr$it or o!r f9ancial ne$s4 7,b7 ,satisfactory record ( meet+ community cr$it or o!r f9ancial ne$s4 7,c7 ,suffici5t record ( meet+ community cr$it or o!r f9ancial ne$s4 7,d7 ,ne$s to improve record ( meet+ community cr$it or o!r f9ancial ne$s4 7,e7 ,sub/antial noncompliance 9 meet+ community cr$it or o!r f9ancial ne$s4 2 & 7iii7 by ins]t+ aft] ! flu% text foll[+ p>agraph 7#b7 ! foll[+3 7#c7 ,additional au?ority ,! appropriate ,f$]al f9ancial sup]visory ag5cies may-- 7,a7 alt] ! rat+s "u ?is subsection to *ange or include additional rat+s2 & 7,b7 develop an accompany+ po9t sy/em t includes ranges = ea* rat+ category "u p>agraph 7#b74 2 7,c7 by r$esignat+ subsection 7e7 z subsection 7f72 & 7,d7 by ins]t+ aft] subsection 7d7 ! foll[+3 7e7 ,appeals ( rat+ ,if a regulat$ f9ancial in/itution appeals ! assign$ rat+ "u ?is section1 ! appropriate ,f$]al f9ancial sup]visory ag5cy %all po/ a public notice ( ! appeal on ! website ( ! appropriate ,f$]al f9ancial sup]visory ag5cy4 2 & 7#d7 by add+ at ! end ! foll[+3 #haj4 ,data collection & report+ requirem5ts 7a7 ,data collection 7#a7 ,small bus9ess & small f>m loans ,ea* regulat$ f9ancial in/itution %all collect & ma9ta9 9 ma*9e readable =m1 z prescrib$ by ! appropriate ,f$]al f9ancial sup]visory ag5cy1 until ! completion ( ! next exam9ation "u ?is title1 ! foll[+ data = ea* small bus9ess or small f>m loan orig9at$ or pur*as$ by ! regulat$ f9ancial in/itution3 7,a7 ,a unique numb] or alpha-num]ic symbol t c be us$ to id5tify ! relevant loan4 7,b7 ,! loan am\nt at orig9ation4 7,c7 ,! loan location4 7,d7 ,an indicator :e!r ! loan 0 to a bus9ess or f>m ) gross annual rev5ues ( #a1jjj1jjj or less4 7#b7 ,consum] loans ,ea* regulat$ f9ancial in/itution %all collect & ma9ta9 9 ma*9e readable =m1 z prescrib$ by ! appropriate ,f$]al f9ancial sup]visory ag5cy1 data = consum] loans orig9at$ or pur*as$ by ! regulat$ f9ancial in/itution1 includ+ motor vehicle loans1 cr$it c>ds1 home equity loans1 & o!r secur$ or unsecur$ loans4 ,! regulat$ f9ancial in/itution %all ma9ta9 data sep>ately = ea* category ( consum] loan1 includ+ ! foll[+ = ea* loan3 7,a7 ,a unique numb] or alpha-num]ic symbol t c be us$ to id5tify ! relevant loan4 7,b7 ,! loan am\nt at orig9ation or pur*ase4 7,c7 ,! loan location4 7,d7 ,! gross annual income ( ! borr[] t ! regulat$ f9ancial in/itution consid]$ 9 mak+ its cr$it decision4 7#c7 ,community developm5t loans & inve/m5ts ,ea* regulat$ f9ancial in/itution %all collect & ma9ta9 9 ma*9e readable =m1 z prescrib$ by ! appropriate ,f$]al f9ancial sup]visory ag5cy1 data on ! categories ( community developm5t l5d+ & inve/m5ts1 includ+ data reg>d+ f9anc+ af=dable h\s+1 small bus9ess developm5t1 & economic developm5t4 7#d7 ,assessm5t area data ,ea* regulat$ f9ancial in/itution %all collect & report to ! appropriate ,f$]al f9ancial sup]visory ag5cy by ,m>* #a ( ea* ye> a li/ = ea* assessm5t area %[+ ! geographies )9 ! area4 7#e7 ,deposits ,! appropriate ,f$]al ,sup]visory ag5cy %all collect data f regulat$ f9ancial in/itutions t reflects h[ _m ( ! cu/om]s ( ^? in/itutions are l[- & mod]ate-income cu/om]s & ! s]vices t are us$ by ^? cu/om]s4 7b7 ,,cra ,small ,bus9ess ,disclosure ,/atem5t ,! appropriate ,f$]al f9ancial sup]visory ag5cy %all prep>e annually = ea* regulat$ f9ancial in/itution t reports data pursuant to ?is section a /atem5t to be kn[n z ! ,,cra ,small ,bus9ess ,disclosure ,/atem5t t conta9s1 on a ,/ate-by-,/ate basis1 ! foll[+3 7#a7 ,= ea* c\nty 7& = ea* assessm5t area small] ?an a c\nty7 ) a population ( #ejj1jjj p]sons or few] 9 :i* ! regulat$ f9ancial in/itution report$ a small bus9ess or small f>m loan3 7,a7 ,! numb] & am\nt ( small bus9ess & small f>m loans report$ z orig9at$ or pur*as$ locat$ 9 l[-1 mod]ate-1 middle-1 & upp]-income geographies4 7,b7 ,a li/ gr\p+ ea* geography accord+ to :e!r ! geography is l[-1 mod]ate-1 middle-1 or upp]-income4 7,c7 ,a li/ %[+ ea* geography 9 :i* ! regulat$ f9ancial in/itution report$ a small bus9ess or small f>m loan4 7,d7 ,! numb] & am\nt ( small bus9ess & small f>m loans to bus9esses & f>ms ) gross annual rev5ues ( #a1jjj1jjj or less4 7#b7 ,= ea* c\nty 7& = ea* assessm5t area small] ?an a c\nty7 ) a population 9 excess ( #ejj1jjj 9 :i* ! regulat$ f9ancial in/itution report$ a small bus9ess or small f>m loan3 7,a7 ,! numb] & am\nt ( small bus9ess & small f>m loans report$ z orig9at$ or pur*as$ locat$ 9 geographies ) m$ian income relative to ! area m$ian income ( less ?an #aj p]c5t1 #aj or m b less ?an #bj p]c5t1 #bj or m b less ?an #cj p]c5t1 #cj or m b less ?an #dj p]c5t1 #dj or m b less ?an #ej p]c5t1 #ej or m b less ?an #fj p]c5t1 #fj or m b less ?an #gj p]c5t1 #gj or m b less ?an #hj p]c5t1 #hj or m b less ?an #ij p]c5t1 #ij or m b less ?an #ajj p]c5t1 #ajj or m b less ?an #aaj p]c5t1 #aaj or m b less ?an #abj p]c5t1 & #abj p]c5t or m4 7,b7 ,a li/ gr\p+ ea* geography 9 ! c\nty or assessm5t area accord+ to :e!r ! m$ian income 9 ! geography relative to ! area m$ian income is less ?an #aj p]c5t1 #aj or m b less ?an #bj p]c5t1 #bj or m b less ?an #cj p]c5t1 #cj or m b less ?an #dj p]c5t1 #dj or m b less ?an #ej p]c5t1 #ej or m b less ?an #fj p]c5t1 #fj or m b less ?an #gj p]c5t1 #gj or m b less ?an #hj p]c5t1 #hj or m b less ?an #ij p]c5t1 #ij or m b less ?an #ajj p]c5t1 #ajj or m b less ?an #aaj p]c5t1 #aaj or m b less ?an #abj p]c5t1 & #abj p]c5t or m4 7,c7 ,a li/ %[+ ea* geography 9 :i* ! regulat$ f9ancial in/itution report$ a small bus9ess or small f>m loan4 7,d7 ,! numb] & am\nt ( small bus9ess & small f>m loans to bus9esses & f>ms ) gross annual rev5ues ( #a1jjj1jjj or less4 7#c7 ,! numb] & am\nt ( small bus9ess & small f>m loans locat$ inside ea* assessm5t area report$ by ! regulat$ f9ancial in/itution & ! numb] & am\nt ( small bus9ess & small f>m loans locat$ outside ! assessm5t areas report$ by ! regulat$ f9ancial in/itution4 7#d7 ,! numb] & am\nt ( community developm5t loans report$ z orig9at$ or pur*as$4 7c7 ,aggregate disclosure /atem5ts 7#a7 ,9 g5]al ,ea* appropriate ,f$]al f9ancial sup]visory ag5cy %all prep>e annually1 = ea* c\nty & = ea* assessm5t area small] ?an a c\nty1 an aggregate disclosure /atem5t ( small bus9ess1 small f>m1 & consum] l5d+ by all regulat$ f9ancial in/itutions subject to report+ "u ?is section1 :i* %all indicate1 = ea* geography1 ! numb] & am\nt ( all small bus9ess1 small f>m1 & consum] loans orig9at$ or pur*as$ by report+ regulat$ f9ancial in/itutions4 7#b7 ,adju/$ =m ,an appropriate ,f$]al f9ancial sup]visory ag5cy may adju/ ! =m ( ! disclosure /atem5t prep>$ "u p>agraph 7#a7 if necess>y1 because ( special circum/ances1 to protect ! privacy ( a borr[] or ! competitive position ( a regulat$ f9ancial in/itution4 7d7 ,c5tral data depositories ,! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil1 9 consultation ) ! appropriate ,f$]al f9ancial sup]visory ag5cies1 %all implem5t a sy/em-- 7#a7 to all[ ! public to access onl9e & 9 a se>*able =mat ! data ma9ta9$ "u p>agraphs 7#a7 ?r\gh 7#d7 ( subsection 7a72 & 7#b7 t ensures t p]sonally id5tifiable f9ancial in=mation is n disclos$ to public4 7e7 ,limitation ,an appropriate ,f$]al f9ancial sup]visory ag5cy may n use ! au?orities ( ! appropriate ,f$]al f9ancial sup]visory ag5cy "u ?is section to obta9 a record f a regulat$ f9ancial in/itution = ! purpose ( ga!r+ or analyz+ ! p]sonally id5tifiable f9ancial in=mation ( a consum]4 4 7c7 ,am5dm5t to ! ,bank ,hold+ ,company ,act ( #aief ,section #d7k77#f7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahdc7k77#f77 is am5d$ to read z foll[s3 7#f7 ,notice & opportunity = comm5t requir$ 7,a7 ,9 g5]al ,no f9ancial hold+ company %all directly or indirectly acquire1 & no company t becomes a f9ancial hold+ company %all directly or indirectly acquire control (1 any company 9 ! ,unit$ ,/ates1 includ+ ?r\gh m]g]1 consolidation1 or o!r type ( bus9ess comb9ation1 t is engag$ 9 activities p]mitt$ "u ?is subsection or subsection 7n7 or 7o71 unless-- 7i7 ! hold+ company has provid$ notice to ! ,bo>d1 n lat] ?an #fj days prior to ! propos$ acquisition or prior to becom+ a f9ancial hold+ company1 & dur+ t "t p]iod1 or su* long] "t p]iod n exce$+ an additional #fj days1 z e/abli%$ by ! ,bo>d2 7ii7 ! ,bo>d has provid$ public notice & opportunity = comm5t = n less ?an #fj days2 & 7iii7 ! ,bo>d has n issu$ a notice disapprov+ ! propos$ acquisition or ret5tion4 7,b7 ,factors = consid]ation ,9 review+ any prior notice fil$ "u ?is p>agraph1 ! ,bo>d %all-- 7i7 consid] ! ov]all rat+ ( ! f9ancial hold+ company "u ! ,community ,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4 #bija et seq47 & any improvem5t plans submitt$ pursuant to t ,act2 7ii7 provide opportunity = public comm5t = a p]iod ( n less ?an #fj days2 7iii7 consid] *anges 9 ! community re9ve/m5t p]=mance ( ! f9ancial hold+ company s9ce ! la/ rat+ "u ! ,community ,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4 #bija et seq47 by ! appropriate ,f$]al f9ancial sup]visory ag5cy2 & 7iv7 require-- 7,i7 a demon/ration t grant+ ! application = a deposit facility is 9 ! public int]e/1 :i* %all include submission to ! appropriate ,f$]al f9ancial sup]visory ag5cy ( a community b5efits plan2 7,,ii7 t ! in/itution consult ) community-bas$ organizations & o!r community /akehold]s 9 develop+ ! community b5efits plan2 & 7,,iii7 a public he>+ = any bank t has receiv$ a ne$-to-improve or suffici5t grade 9 any assessm5t area dur+ ! la/ exam9ation "u ! ,community ,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4 #bija et seq474 4 7d7 ,te*nical & con=m+ am5dm5t ,section #aj7;c77#b77;,h77i7 ( ! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7c77#b77;,h77i77 is am5d$ by /rik+ section #hjd7;c7 ( ! ,community ,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4 #bijc7;c77 & ins]t+ section #hjd7;f7 ( ! ,community ,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4 #bijc7;f774 #bjd4 ,am5dm5ts relat+ to cr$it union s]vice to und]s]v$ areas 7a7 ,9 g5]al ,! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #agea et seq47 is am5d$-- 7#a7 9 section #aja 7#ab ,u4,s4,c4 #ageb7-- 7,a7 9 p>agraph 7#h71 by /rik+ & at ! end2 7,b7 9 p>agraph 7#i71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7,c7 by add+ at ! end ! foll[+3 7#aj7 ! t]m und]s]v$ area-- 7,a7 means a local community1 neighborhood1 or rural di/rict t-- 7i7 is an inve/m5t area1 z def9$ 9 section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb71 t meets su* additional requirem5ts t ! ,bo>d may impose2 & 7ii7 is und]s]v$1 bas$ on data ( ! ,bo>d & ! ,f$]al bank+ ag5cies 7z def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac771 by o!r depository in/itutions 7z def9$ 9 section #ai7;b77#a77;,a7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #dfa7;b77#a77;,a772 & 7,b7 not)/&+ subp>agraph 7,a71 includes1 ) respect to any ,f$]al cr$it union1 any geographic area )9 :i* ! cr$it union-- 7i7 has receiv$ approval to provide s]vice be=e ! date ( enactm5t ( ?is p>agraph f ! ,adm9i/ration2 & 7ii7 has e/abli%$ a s]vice facility be=e t date ( enactm5t4 2 7#b7 9 section #ajf 7#ab ,u4,s4,c4 #agef71 by add+ at ! end ! foll[+3 ,! ,bo>d %all monitor adh]5ce by a ,f$]al cr$it union to a significant unmet ne$s plan submitt$ "u section #aji7;h7 by t ,f$]al cr$it union t describes h[ ! ,f$]al cr$it union w s]ve ! deposit & o!r f9ancial ne$s ( ! community42 & 7#c7 9 section #aji 7#ab ,u4,s4,c4 #agei7-- 7,a7 9 subsection 7c71 by am5d+ p>agraph 7#b7 to read z foll[s3 7#b7 ,exception = und]s]v$ areas 7,a7 ,9 g5]al ,not)/&+ subsection 7b71 ! ,bo>d may approve an application by a ,f$]al cr$it union to all[ ! memb]%ip ( ! cr$it union to include any p]son or organization ^: pr9cipal resid5ce or place ( bus9ess is locat$ )9 a local community1 neighborhood1 or rural di/rict if-- 7i7 ! ,bo>d det]m9es-- 7,i7 at any "t aft] ,augu/ #g1 #aiih1 t ! local community1 neighborhood1 or rural di/rict tak5 into acc\nt = purposes ( ?is p>agraph is an und]s]v$ area2 & 7,,ii7 at ! "t ( ! approval1 t ! cr$it union is well capitaliz$ or adequately capitaliz$ 7z def9$ 9 section #baf7;c77#a772 & 7ii7 be=e ! end ( ! #bd-mon? p]iod beg9n+ on ! date ( ! approval1 ! cr$it union has e/abli%$ & ma9ta9s an ongo+ me?od to provide s]vices 9 ! local community1 neighborhood1 or rural di/rict4 7,b7 ,t]m9ation ( approval 7i7 ,9 g5]al ,any failure ( a ,f$]al cr$it union to meet ! requirem5t ( clause 7ii7 ( subp>agraph 7,a7 by ! end ( ! #bd-mon? p]iod ref]r$ to 9 t clause %all con/itute a t]m9ation1 z a matt] ( law1 ( any approval ( an application "u ?is p>agraph by ! ,bo>d ) respect to ! memb]%ip ( ! cr$it union4 7ii7 ,significant unmet ne$s plan ,! ,bo>d may t]m9ate ! memb]%ip ( a ,f$]al cr$it union ^u a f9d+ t ! cr$it union is n meet+ ! t]ms ( ! significant unmet ne$s plan ( ! cr$it union submitt$ "u subsection 7h77#a74 7,c7 ,cr$it union report+ requirem5t ,any ,f$]al cr$it union t has an application approv$ "u ?is p>agraph %all1 z "p ( ! ord9>y c\rse ( ! exam9ation cycle & sup]vision process1 submit a report to ! ,adm9i/ration t includes-- 7i7 ! numb] ( memb]s ( ! cr$it union :o are memb]s by reason ( ! application2 7ii7 ! numb] ( (fices or facilities ma9ta9$ by ! cr$it union 9 ! local community1 neighborhood1 or rural di/rict tak5 into acc\nt by ! ,bo>d 9 approv+ ! application2 & 7iii7 evid5ce1 z specifi$ by ! ,bo>d by regulation1 demon/rat+ compliance by ! cr$it union ) ! significant unmet ne$s plan submitt$ by ! cr$it union "u subsection 7h77#a71 z specifi$ by ! ,adm9i/ration4 7,d7 ,publication by adm9i/ration ,! ,adm9i/ration %all publi% an annual report conta9+-- 7i7 a li/ ( all ! applications approv$ "u ?is p>agraph be=e ! date on :i* ! report is publi%$2 7ii7 ! numb] & locations ( ! und]s]v$ areas tak5 into acc\nt 9 approv+ ^? applications2 7iii7 ! total numb] ( memb]s ( cr$it unions :o are memb]s by reason ( ! approval ( ^? applications2 & 7iv7 evid5ce demon/rat+ compliance by cr$it unions ) significant unmet ne$s plans submitt$ by ! cr$it unions "u subsection 7h77#a71 z specifi$ by ! ,adm9i/ration4 2 7,b7 9 subsection 7e77#b71 by ins]t+ subsection 7c77#b7 & aft] provid$ 92 & 7,c7 by add+ at ! end ! foll[+3 7h7 ,additional requirem5ts = community cr$it unions 7#a7 ,9 g5]al ,a ,f$]al cr$it union desir+ memb]%ip z a cr$it union describ$ 9 subsection 7b77#c7 %all submit to ! ,bo>d a bus9ess plan1 :i* %all include1 among o!r issues1 a m>ket+ plan t id5tifies-- 7,a7 ! unique ne$s ( ! v>i\s demographic gr\ps 9 ! propos$ community2 & 7,b7 h[ ! cr$it union w m>ket to ea* gr\p1 p>ticul>ly und]s]v$ gr\ps1 to address ^? ne$s4 7#b7 ,public comm5t & he>+ ,) respect to a ,f$]al cr$it union desir+ memb]%ip z a cr$it union describ$ 9 subsection 7b77#c7 = an area ) multiple political jurisdictions ) a population ( n less ?an #b1ejj1jjj1 ! ,adm9i/ration %all-- 7,a7 publi% a notice 9 ! ,f$]al ,regi/] seek+ comm5t f int]e/$ p>ties ab\t ! propos$ community2 & 7,b7 conduct a public he>+ reg>d+ ! application ( ! ,f$]al cr$it union4 4 7b7 ,regulations ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,national ,cr$it ,union ,adm9i/ration ,bo>d %all issue f9al regulations to implem5t ! am5dm5ts made by subsection 7a74 ,,iii ,remov+ b>ri]s t isolate communities #cja4 ,exp&+ rights "u ! ,fair ,h\s+ ,act 7a7 ,purposes ,! purposes ( ! am5dm5ts made "u ?is section are-- 7#a7 to exp&1 z well z cl>ify1 confirm1 & create great] consi/5cy 91 ! protections aga9/ discrim9ation on ! basis ( all cov]$ *>act]i/ics2 & 7#b7 to provide guidance & notice to individuals1 organizations1 corporations1 & ag5cies reg>d+ _! obligations "u ,f$]al law4 7b7 ,am5dm5ts to ! ,fair ,h\s+ ,act ,! ,fair ,h\s+ ,act 7#db ,u4,s4,c4 #cfja et seq47 is am5d$-- 7#a7 9 section #hjb 7#db ,u4,s4,c4 #cfjb71 by add+ at ! end ! foll[+3 7p7 ,g5d] id5tity means ! g5d]-relat$ id5tity1 appe>ance1 or mann]isms or o!r g5d]-relat$ *>act]i/ics ( an individual1 ) or )\t reg>d to ! individual's designat$ sex at bir?4 7q7 ,m>ital /atus has ! mean+ giv5 ! t]m 9 section #bjb4b ( title #ab1 ,code ( ,f$]al ,regulations1 or any successor regulation4 7r7 ,sexual ori5tation means homosexuality1 het]osexuality1 or bisexuality4 7s7 ,s\rce ( income includes income = :i* !re is a reasonable expectation t ! income w cont9ue f-- 7#a7 a pr(ession1 occupation or job2 7#b7 any gov]nm5t or private assi/ance1 grant1 loan or r5tal assi/ance program1 includ+ l[-income h\s+ assi/ance c]tificates & v\*]s issu$ "u ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg et seq472 7#c7 a gift1 an inh]itance1 a p5sion1 an annuity1 alimony1 *ild support1 or o!r consid]ation or b5efit2 or 7#d7 ! sale or pl$ge ( prop]ty or an int]e/ 9 prop]ty4 7t7 ,vet]an /atus means-- 7#a7 a memb] ( ! uni=m$ s]vices1 z def9$ 9 section #aja ( title #aj1 ,unit$ ,/ates ,code2 or 7#b7 a vet]an1 z def9$ 9 section #aja ( title #ch1 ,unit$ ,/ates ,code4 2 7#b7 9 section #hjd 7#db ,u4,s4,c4 #cfjd7-- 7,a7 by ins]t+ actual or p]ceiv$ be=e race1 color ea* place t t]m appe>s2 7,b7 by ins]t+ sexual ori5tation1 g5d] id5tity1 m>ital /atus1 s\rce ( income1 vet]an /atus1 aft] sex1 ea* place t t]m appe>s2 & 7,c7 9 subsection 7c7-- 7i7 by ins]t+ 7#a7 be=e ,to make2 & 7ii7 by add+ at ! end ! foll[+3 7#b7 ,no?+ 9 ?is title %all be con/ru$ to-- 7,a7 prohibit a l5d] f implem5t+ a loan program = vet]ans or bas$ ^u vet]an /atus2 or 7,b7 prohibit an entity f provid+ h\s+ assi/ance "u section #h7o77#ai7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f7o77#ai771 ! ,homeless ,provid]s ,grant & ,p] ,diem program ( ! ,dep>tm5t ( ,vet]ans ,affairs1 or any o!r ,f$]al h\s+ assi/ance program = vet]ans or bas$ ^u vet]ans /atus4 2 7#c7 9 section #hje 7#db ,u4,s4,c4 #cfje7-- 7,a7 by ins]t+ actual or p]ceiv$ be=e race1 color ea* place t t]m appe>s2 & 7,b7 by ins]t+ sexual ori5tation1 g5d] id5tity1 m>ital /atus1 s\rce ( income1 vet]an /atus1 aft] sex1 ea* place t t]m appe>s2 7#d7 9 section #hjf 7#db ,u4,s4,c4 #cfjf7-- 7,a7 by ins]t+ actual or p]ceiv$ be=e race1 color2 & 7,b7 by ins]t+ sexual ori5tation1 g5d] id5tity1 m>ital /atus1 s\rce ( income1 vet]an /atus1 aft] sex12 & 7#e7 9 section #hjg 7#db ,u4,s4,c4 #cfjg71 by add+ at ! end ! foll[+3 7c7 ,no?+ 9 ?is title limits ! ability ( ! own] ( a dwell+ own] to det]m9e1 9 a comm]cially reasonable & non-discrim9atory mann]1 ! ability ( a p]son to af=d to pur*ase or r5t ! dwell+4 4 7c7 ,prev5tion ( intimidation ,section #ija ( ! ,civil ,rights ,act ( #aifh 7#db ,u4,s4,c4 #cfca7 is am5d$-- 7#a7 by ins]t+ actual or p]ceiv$ be=e race1 color ea* place t t]m appe>s2 & 7#b7 by ins]t+ sexual ori5tation 7z def9$ 9 section #hjb71 g5d] id5tity 7z def9$ 9 section #hjb71 m>ital /atus 7z def9$ 9 section #hjb71 s\rce ( income 7z def9$ 9 section #hjb71 vet]an /atus 7z def9$ 9 section #hjb71 aft] sex1 ea* place t t]m appe>s4 7d7 ,rule ( con/ruction ,no?+ 9 ! am5dm5ts made by ?is section %all be con/ru$ to mean t a p>ticul> class ( individuals 0 n protect$ aga9/ discrim9ation "u exi/+ ,f$]al law4 #cjb4 ,improv+ outcomes 9 h\s+ assi/ance programs 7a7 ,indian h\s+ assi/ance ,section #ejb ( ! ,native ,am]ican ,h\s+ ,assi/ance & ,self-,det]m9ation ,act ( #aiif 7#be ,u4,s4,c4 #daha7 is am5d$ by add+ at ! end ! foll[+3 7c7 ,applicability ,subsections 7a7 & 7b7 %all n apply ) respect to t5ant-bas$ assi/ance provid$ "u section #h7o7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f7o774 4 7b7 ,supplem5tal adm9i/rative fee ,section #h7q77#b77;,b7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f7q77#b77;,b77 is am5d$ by ins]t+ 1 includ+ ! co/ ( assi/+ families ) *ildr5 or families ) a memb] ) a disability t move to l[] pov]ty1 high] opportunity neighborhoods 7z det]m9$ by ! ,secret>y bas$ on objective1 evid5ce-bas$ crit]ia7 aft] programs4 7c7 ,regional plann+ ,to increase access to high] opportunity areas ,section #h7o7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f7o77 is am5d$ by add+ at ! end ! foll[+3 7#ba7 ,increase access to high] opportunity areas 7,a7 ,location analysis 7i7 ,9 g5]al ,a public h\s+ ag5cy t adm9i/]s ! program "u ?is subsection 9 a metropolitan area %all-- 7,i7 analyze ! locations :]e ! p>ticipants ( ! program ( ! public h\s+ ag5cy live2 & 7,,ii7 bas$ on ! analysis describ$ 9 subclause 7,i71 e/abli% policies & practices to r$uce disp>ities & b>ri]s to access to locations ?r\gh\t ! metropolitan area t evid5ce indicates are m likely to improve outcomes = *ildr5 or adults4 7ii7 ,consid]ations ,! location analysis requir$ "u ?is subp>agraph %all-- 7,i7 consid] sep>ately ! locations ( families ) *ildr51 h\seholds t include a p]son ) disabilities1 & o!r gr\ps protect$ "u ! ,fair ,h\s+ ,act 7#db ,u4,s4,c4 #cfja et seq472 & 7,,ii7 include an analysis ( ! locations 9 relation to dwell+ units ) r5ts t are pot5tially af=dable to v\*] hold]s & ! likely impact ( key neighborhood attributes on _! well-be+ & long-t]m success1 bas$ on ,f$]al & available local data4 7iii7 ,mapp+ tools ,! ,secret>y %all-- 7,i7 provide mapp+ tools & o!r in=mation necess>y = a public h\s+ ag5cy to p]=m ! location analysis "u ?is subp>agraph us+ ! demographic data on p>ticipat+ families submitt$ to ! ,secret>y "u "p #ijh ( title #bd1 ,code ( ,f$]al ,regulations1 or any successor regulation2 7,,ii7 publi% a notice 9 ! ,f$]al ,regi/]1 subject to public comm5t1 t specifies ! data s\rces & def9itions t w be incorporat$ 9 ea* mapp+ tool requir$ "u subclause 7,i72 & 7,,iii7 update ! notice requir$ "u subclause 7,,ii7 z ne$$ bas$ on *anges 9 ! availability ( relevant data or evid5ce ( neighborhood attributes likely to impact ! well-be+ & long-t]m success ( p>ticipants 9 ! program "u ?is subsection4 7iv7 ,frequ5cy & availability ,! location analysis requir$ "u ?is subp>agraph %all-- 7,i7 be p]=m$ by ea* public h\s+ ag5cy describ$ 9 clause 7i7 n less frequ5tly ?an once e #e ye>s2 7,,ii7 be p]=m$ by all public h\s+ ag5cies 9 a metropolitan area 9 ! same ye>1 z det]m9$ by ! ,secret>y2 & 7,,iii7 be made available to ! public 9 a mann] t protects ! privacy ( program p>ticipants4 7,b7 ,regional policies to increase access to high] opportunity neighborhoods ,ea* public h\s+ ag5cy describ$ 9 subp>agraph 7,a77i7 %all-- 7i7 consult ) o!r su* public h\s+ ag5cies 9 ! same metropolitan area1 or small] regional area approv$ by ! ,secret>y1 ab\t ! possible b>ri]s & o!r reasons = ! disp>ities id5tifi$ 9 ! location analysis requir$ "u subp>agraph 7,a72 7ii7 id5tify policies or practices t ^? public h\s+ ag5cies c\ld adopt individually or 9 collaboration1 or o!r /rategies t recipi5ts ( grants or o!r fund+ f ! ,secret>y c\ld adopt1 to r$uce ! b>ri]s & disp>ities & increase ! %>e ( families ) *ildr5 & o!r demographic gr\ps us+ v\*]s 9 high]-opportunity neighborhoods 9 ! metropolitan area or region2 & 7iii7 include 9 ! adm9i/rative plan requir$ "u section #ihb4ed ( title #bd1 ,code ( ,f$]al ,regulations1 or any successor regulation1 ! policies t ! public h\s+ ag5cy has adopt$ "u ?is p>agraph4 7,c7 ,assessm5t ,! ,secret>y %all include public h\s+ ag5cy p]=mance 9 a*iev+ ! goal describ$ 9 subp>agraph 7,a77i77,,ii7 9 ! p]iodic assessm5t ( ag5cy p]=mance 9 manag+ ! program "u ?is subsection requir$ "u "p #ihe ( title #bd1 ,code ( ,f$]al ,regulations1 or any successor regulation4 4 7d7 ,requir$ regulatory *anges to public h\s+ ag5cy consortia 7#a7 ,def9itions ,9 ?is subsection3 7,a7 ,mov+ to ,"w demon/ration program ,! t]m ,mov+ to ,"w demon/ration program means ! program e/abli%$ "u section #bjd ( ! ,dep>tm5ts ( ,vet]ans ,affairs & ,h\s+ & ,urban ,developm5t1 & ,indep5d5t ,ag5cies ,appropriations ,act1 #aiif 7,public ,law #ajd-acd2 #aaj ,/at4 #acba-bha74 7,b7 ,public h\s+ ag5cy ,! t]m public h\s+ ag5cy has ! mean+ giv5 ! t]m 9 section #c7;b77#f7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;a7b77#f774 7#b7 ,requirem5t ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t %all e/abli% policies & proc$ures t-- 7,a7 enable public h\s+ ag5cies t elect to op]ate 9 consortia "u section #ac7;a7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcgk7a771 exclud+ public h\s+ ag5cies p>ticipat+ 9 ! ,mov+ to ,"w demon/ration program-- 7i7 to consolidate _! fund+ contracts = assi/ance provid$ "u section #h7o7 ( su* ,act 7#db ,u4,s4,c4 #adcg;f7o77 into a s+le contract2 7ii7 to consolidate _! fund+ contracts = assi/ance provid$ "u subsections 7d7 & 7e7 ( section #i ( su* ,act 7#db ,u4,s4,c4 #adcg;g72 or 7iii7 to ex]cise ! consolidation options "u ea* ( clauses 7i7 & 7ii72 & 7,b7 enable public h\s+ ag5cies to =m p>tial consortia "u su* section #ac7;a7 7#db ,u4,s4,c4 #adcgk7a77 t consolidate ! adm9i/ration ( c]ta9 aspects ( _! h\s+ programs to increase access to high]-opportunity areas or = o!r purposes1 subject to su* requirem5ts z ! ,secret>y may e/abli%4 7#c7 ,mov+ to ,"w ag5cies ,any flexibility or waiv] applicable to ! ,mov+ to ,"w demon/ration program %all n apply to any activities or funds adm9i/]$ ?r\gh a p>tial consortia =m$ "u p>agraph 7#b77;,b7 by #a or m public h\s+ ag5cies p>ticipat+ 9 ! ,mov+ to ,"w demon/ration program4 ,,iv ,e/ate ,tax ,re=m #dja4 ,am5dm5t to ,int]nal ,rev5ue ,code ( #aihf ,except z o!rwise expressly provid$1 :5ev] 9 ?is title an am5dm5t or repeal is express$ 9 t]ms ( an am5dm5t to1 or repeal (1 a section or o!r provision1 ! ref]5ce %all be consid]$ to be made to a section or o!r provision ( ! ,int]nal ,rev5ue ,code ( #aihf4 #djb4 ,rate adju/m5t 7a7 ,increase 9 e/ate tax rates ,! table conta9$ 9 section #bjja7;c7 is am5d$ to read z foll[s3 ,if ! am\nt ) respect to :i* ! t5tative tax to be comput$ is3,! t5tative tax is3,n ov] #ac1jjj1jjjee p]c5t ( su* am\nt4,ov] #ac1jjj1jjj b n ov] #ic1jjj1jjjg1aej1jjj1 plus #fj p]c5t ( ! excess ( su* am\nt ov] #ac1jjj1jjj4,ov] #ic1jjj1jjjee1aej1jjj1 plus #fe p]c5t ( ! excess ( su* am\nt ov] #ic1jjj1jjj4 7b7 ,r$uction ( basic exclusion am\nt ,p>agraph 7#c7 ( section #bjaj7;c7 is am5d$ to read z foll[s3 7#c7 ,basic exclusion am\nt ,= purposes ( ?is subsection1 ! basic exclusion am\nt is #c1ejj1jjj4 4 7c7 ,surtax on billion doll> e/ates ,section #bjja is am5d$-- 7#a7 9 subsection 7b71 by /rik+ ,! tax & ins]t+ ,subject to subsection 7h71 ! tax1 & 7#b7 by add+ at ! end ! foll[+ new subsection3 7h7 ,surtax on billion doll> e/ates 7#a7 ,9 g5]al ,9 ! case ( a taxable e/ate = :i* ! applicable am\nt is 9 excess ( #a1jjj1jjj1jjj1 ! tax det]m9$ "u subsection 7b7 %all be increas$ by an am\nt equal to #aj p]c5t ( su* applicable am\nt4 7#b7 ,applicable am\nt ,= purposes ( ?is subsection1 ! applicable am\nt %all be equal to ! sum ( ! am\nts "u subp>agraphs 7,a7 & 7,b7 ( p>agraph 7#a7 ( subsection 7b7 = ! taxable e/ate4 4 #djc4 ,requir$ m9imum #aj-ye> t]m1 etc41 = grantor reta9$ annuity tru/s 7a7 ,9 g5]al ,subsection 7b7 ( section #bgjb is am5d$-- 7#a7 by r$esignat+ p>agraphs 7#a71 7#b71 & 7#c7 z subp>agraphs 7,a71 7,b71 & 7,c71 respectively1 & by mov+ su* subp>agraphs 7z s r$esignat$7 #b ems to ! "r2 7#b7 by /rik+ ,= purposes ( & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,= purposes ( 2 7#c7 by /rik+ p>agraph 7#a7 or 7#b7 9 p>agraph 7#a77;,c7 7z s r$esignat$7 & ins]t+ subp>agraph 7,a7 or 7,b72 & 7#d7 by add+ at ! end ! foll[+ new p>agraph3 7#b7 ,additional requirem5ts ) respect to grantor reta9$ annuities ,= purposes ( subsection 7a71 9 ! case ( an int]e/ describ$ 9 p>agraph 7#a77;,a7 7det]m9$ )\t reg>d to ?is p>agraph7 :i* is reta9$ by ! transf]or1 su* int]e/ %all be treat$ z describ$ 9 su* p>agraph only if-- 7,a7 ! "r to receive ! fix$ am\nts ref]r$ to 9 su* p>agraph is = a t]m ( n less ?an #aj ye>s1 7,b7 su* fix$ am\nts1 :5 det]m9$ on an annual basis1 d n decrease relative to any prior ye> dur+ ! fir/ #aj ye>s ( ! t]m ref]r$ to 9 subp>agraph 7,a71 & 7,c7 ! rema9d] int]e/ has a value equal to or great] ?an #aj p]c5t ( ! value ( ! assets transf]r$ to ! tru/1 det]m9$ z ( ! "t ( ! transf]4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to transf]s made aft] ! date ( ! enactm5t ( ?is ,act4 #djd4 ,c]ta9 transf] tax rules applicable to grantor tru/s 7a7 ,9 g5]al ,subtitle ,b is am5d$ by add+ at ! end ! foll[+ new *apt]3 #af ,special rules = grantor tru/s ,sec4 #bija4 ,application ( transf] taxes4 #bija4 ,application ( transf] taxes 7a7 ,9 g5]al ,9 ! case ( any portion ( a tru/ to :i* ?is section applies-- 7#a7 ! value ( ! gross e/ate ( ! deceas$ deem$ own] ( su* portion %all include all assets attributable to t portion at ! "t ( ! dea? ( su* own]1 7#b7 any di/ribution f su* portion to "o or m b5efici>ies dur+ ! life ( ! deem$ own] ( su* portion %all be treat$ z a transf] by gift = purposes ( *apt] #ab1 & 7#c7 if at any "t dur+ ! life ( ! deem$ own] ( su* portion1 su* own] ceases to be treat$ z ! own] ( su* portion "u subp>t ,e ( "p #a ( sub*apt] ,j ( *apt] #a1 all assets attributable to su* portion at su* "t %all be treat$ = purposes ( *apt] #ab z a transf] by gift made by ! deem$ own]4 7b7 ,portion ( tru/ to :i* section applies ,?is section %all apply to-- 7#a7 ! portion ( a tru/ ) respect to :i* ! grantor is ! deem$ own]1 & 7#b7 ! portion ( ! tru/ to :i* a p]son :o is n ! grantor is a deem$ own] by reason ( ! rules ( subp>t ,e ( "p #a ( sub*apt] ,j ( *apt] #a1 & su* deem$ own] engages 9 a sale1 ex*ange1 or comp>able transaction ) ! tru/ t is disreg>d$ = purposes ( subtitle ,a4 ,= purposes ( p>agraph 7#b71 ! portion ( ! tru/ describ$ ) respect to a transaction is ! portion ( ! tru/ attributable to ! prop]ty receiv$ by ! tru/ 9 su* transaction1 includ+ all reta9$ income !refrom1 appreciation !reon1 & re9ve/m5ts !re(1 net ( ! am\nt ( consid]ation receiv$ by ! deem$ own] 9 su* transaction4 7c7 ,exceptions ,?is section %all n apply to-- 7#a7 any tru/ t is includible 9 ! gross e/ate ( ! deem$ own] 7)\t reg>d to subsection 7a77#a771 & 7#b7 any o!r type ( tru/ t ! ,secret>y det]m9es by regulations or o!r guidance does n h z a significant purpose ! avoidance ( transf] taxes4 7d7 ,deem$ own] def9$ ,= purposes ( ?is section1 ! t]m deem$ own] means any p]son :o is treat$ z ! own] ( a portion ( a tru/ "u subp>t ,e ( "p #a ( sub*apt] ,j ( *apt] #a4 7e7 ,r$uction = taxable gifts to tru/ made by own] ,! am\nt to :i* subsection 7a7 applies %all be r$uc$ by ! value ( any transf] by gift by ! deem$ own] to ! tru/ previ\sly tak5 into acc\nt by ! deem$ own] "u *apt] #ab4 7f7 ,liability = paym5t ( tax ,any tax impos$ pursuant to subsection 7a7 %all be a liability ( ! tru/4 4 7b7 ,cl]ical am5dm5t ,! table ( *apt]s = subtitle ,b is am5d$ by add+ at ! end ! foll[+ new item3 ,*apt] #af4 ,special rules = grantor tru/s 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply-- 7#a7 to tru/s creat$ on or aft] ! date ( ! enactm5t ( ?is ,act2 7#b7 to any portion ( a tru/ e/abli%$ be=e ! date ( ! enactm5t ( ?is ,act :i* is attributable to a contribution made on or aft] su* date2 & 7#c7 to any portion ( a tru/ e/abli%$ be=e ! date ( ! enactm5t ( ?is ,act to :i* section #bija7;a7 ( ! ,int]nal ,rev5ue ,code ( #aihf 7z add$ by subsection 7a77 applies by reason ( a transaction describ$ 9 section #bija7;b77#b7 ( su* ,code on or aft] su* date4 #dje4 ,elim9ation ( g5]ation-skipp+ transf] tax exemption = c]ta9 tru/s 7a7 ,9 g5]al ,section #bfdb is am5d$ by add+ at ! end ! foll[+ new subsection3 7h7 ,elim9ation ( ,,g/ exemption = c]ta9 tru/s 7#a7 ,9 g5]al 7,a7 ,transf]s f non-qualify+ tru/s ,9 ! case ( any g5]ation-skipp+ transf] made f a tru/ t is n a qualify+ tru/1 ! inclusion ratio ) respect to any prop]ty transf]r$ 9 su* transf] %all be #a4 7,b7 ,qualify+ tru/ ,= purposes ( ?is subsection1 ! t]m qualify+ tru/ means a tru/ = :i* ! date ( t]m9ation ( su* tru/ is n great] ?an #ej ye>s aft] ! date on :i* su* tru/ is creat$4 7#b7 ,tru/s creat$ be=e date ( enactm5t ,9 ! case ( any tru/ creat$ be=e ! date ( ! enactm5t ( ?is subsection1 su* tru/ %all be deem$ to be a qualify+ tru/ = a p]iod ( #ej ye>s aft] ! date ( ! enactm5t ( ?is subsection4 7#c7 ,date ( creation ( c]ta9 deem$ sep>ate tru/s ,9 ! case ( any portion ( a tru/ :i* is treat$ z a sep>ate tru/ "u section #bfed7;b77#a71 su* sep>ate tru/ %all be treat$ z creat$ on ! date ( ! fir/ transf] describ$ 9 su* section ) respect to su* sep>ate tru/4 7#d7 ,date ( creation ( p\r-ov] tru/s ,9 ! case ( any g5]ation-skipp+ transf] ( prop]ty :i* involves ! transf] ( prop]ty f #a tru/ to ano!r tru/1 ! date ( ! creation ( ! transf]ee tru/ %all be treat$ z be+ ! e>li] (-- 7,a7 ! date ( ! creation ( su* transf]ee tru/1 or 7,b7 ! date ( ! creation ( ! transf]or tru/4 ,9 ! case ( multiple transf]s to :i* ! prec$+ s5t5ce applies1 ! date ( ! creation ( ! transf]or tru/ %all be det]m9$ "u ! prec$+ s5t5ce be=e ! application ( ! prec$+ s5t5ce to det]m9e ! date ( ! creation ( ! transf]ee tru/4 7#e7 ,regulations ,! ,secret>y may prescribe su* regulations or o!r guidance z may be necess>y or appropriate to c>ry out ?is subsection4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all take effect on ! date ( ! enactm5t ( ?is ,act4 #djf4 ,simplify+ gift tax exclusion = annual gifts 7a7 ,9 g5]al ,p>agraph 7#a7 ( section #bejc7;b7 is am5d$ to read z foll[s3 7#a7 ,9 g5]al 7,a7 ,limit p] donee ,9 ! case ( gifts made to any p]son by ! donor dur+ ! cal5d> ye>1 ! fir/ #aj1jjj ( su* gifts to su* p]son %all n1 = purposes ( subsection 7a71 be includ$ 9 ! total am\nt ( gifts made dur+ su* ye>4 7,b7 ,cumulative limit p] donor 7i7 ,9 g5]al ,! aggregate am\nt exclud$ "u subp>agraph 7,a7 ) respect to all transf]s describ$ 9 clause 7ii7 made by ! donor dur+ ! cal5d> ye> %all n exce$ twice ! doll> am\nt 9 effect "u su* subp>agraph = su* cal5d> ye>4 7ii7 ,transf]s subject to limitation ,! transf]s describ$ 9 ?is clause are-- 7,i7 a transf] 9 tru/1 7,,ii7 a transf] ( an int]e/ 9 a pas/hr\gh entity1 7,,iii7 a transf] ( an int]e/ subject to a prohibition on sale1 & 7,,iv7 any o!r transf] ( prop]ty t1 )\t reg>d to )drawal1 put1 or o!r su* rights 9 ! donee1 _c imm$iately be liquidat$ by ! donee4 4 7b7 ,con=m+ am5dm5t ,section #bejc is am5d$ by /rik+ subsection 7c74 7c7 ,regulations ,! ,secret>y ( ! ,treasury1 or ! ,secret>y ( ! ,treasury's delegate1 may prescribe su* regulations or o!r guidance z may be necess>y or appropriate to c>ry out ! am5dm5ts made by ?is section4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to any cal5d> ye> beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4