,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #bhea  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #bf1 #bjba ,ms4
 ,om> 7= h]self & ,mrs4 ,c>olyn ,b4     
,maloney ( ,new ,york7 introduc$ !      
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to require ! ,secret>y ( ,h\s+ 
& ,urban ,developm5t to c>ry out a      
demon/ration program to evaluate !      
effectiv5ess ( ! ,dep>tm5t assi/+       
nonpr(it organizations to develop1      
acquire1 rehabilitate1 conv]t1 or       
pres]ve af=dable h\s+ t is gov]n$ by !  
resid5ts ( su* h\s+1 & = o!r purposes4  
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,af=dable ,h\s+ ,pres]vation ,act (   
#bjba4  #b4 ,resid5t-controll$ h\s+     
demon/ration program  7a7 ,purpose ,!   
purposes ( ?is section are--  7#a7 to   
e/abli% a demon/ration program to       
evaluate ! effectiv5ess ( assi/+        
nonpr(it organizations1 t may h         
nonpr(it1 =-pr(it1 gov]nm5t1 or         
int]gov]nm5tal p>tn]s1 to acquire1      

rehabilitate1 con/ruct1 conv]t1 or      
pres]ve limit$- or z]o-equity           
resid5t-controll$ corporations1 includ+ 
manufactur$ home communities1 z af=dable
 h\s+ t is gov]n$ by a majority ( !     
resid5ts ( su* h\s+2  7#b7 to provide   
alt]native home[n]%ip opportunities to  
^? 9 ! private m>ket1 :i* increase      
access to home[n]%ip = h\seholds at l[] 
income levels2  7#c7 to prev5t          
displacem5t ( exi/+ resid5ts ?r\gh      
conv]t+ to limit$- or z]o-equity        
resid5t-controll$ corporations or ?r\gh 
pres]v+ exi/+ limit$- or z]o-equity     
resid5t-controll$ corporations2  7#d7 to
 create or pres]ve mix$-income h\s+     
corporations to advance economic &      
racial div]sity & inclusion2 &  7#e7 to 
evaluate ! efficacy & promote !         
expansion ( limit$- or z]o-equity       
resid5t-controll$ corporations ?r\gh\t !
 ,nation t are /ew>d$ & monitor$ by     
nonpr(it organizations to ensure        
compliance1 su/a9ability ( corporations1
 resid5t gov]nance1 & t ! af=dability ( 

! resid5t-controll$ h\s+ la/s ov] "t to 
s]ve curr5t & future income-eligible    
h\seholds4  7b7 ,eligible entities  7#a7
 ,9 g5]al ,eligibility to p>ticipate 9 !
 program "u ?is section & = f9ancial    
assi/ance "u su* program %all be limit$ 
to only nonpr(it organizations t--  7,a7
 h su* exp]i5ce z ! ,secret>y %all      
require 9 develop+1 pres]v+1 manag+1    
f9anc+1 or monitor+ limit$- or          
z]o-equity resid5t-controll$            
corporations2 &  7,b7 h submitt$ to !   
,secret>y su* in=mation & assurances z !
 ,secret>y %all require to ensure t !   
organization w comply ) ! purposes &    
requirem5ts ( ?is section & w use       
assi/ance to address ! local ne$s (     
communities4  7#b7 ,p>tn]%ips ,eligible 
entities may p>tn] )1 & seek            
consultation f1 =-pr(it1 nonpr(it1      
public1 or quasi-gov]nm5tal entities on 
projects "u ! program4  7c7 ,f9ancial   
assi/ance  7#a7 ,mortgage insurance ,"u 
! program "u ?is section1 ! ,secret>y ( 
,h\s+ & ,urban ,developm5t may insure1  

pursuant to section #bac1 #bbc7;f71 or  
#bcb ( ! ,national ,h\s+ ,act 7#ab      
,u4,s4,c4 #agae;e1 #agaen7f71 #agaew71 a
 mortgage = ! developm5t1 acquisition1  
rehabilitation1 or pres]vation (        
eligible h\s+ held by an eligible       
entity1 except t ! ,secret>y may =      
purposes ( ! demon/ration program "u ?is
 section waive1 or specify alt]native   
requirem5ts =1 any provision ( any      
/atute or regulation t ! ,secret>y      
adm9i/]s 9 connection ) ! mortgage      
insurance programs "u su* sections if ! 
,secret>y det]m9es t su* waiv] or       
alt]native requirem5t advances !        
demon/ration program4  7#b7 ,grants ,"u 
! program "u ?is section1 ! ,secret>y   
may provide a grant to an eligible      
entity p>ticipat+ 9 ! program = use = ! 
foll[+ purposes3 7,a7 ,pre-developm5t & 
o!r co/s ,= up-front & pre-developm5t   
co/s1 includ+ fees & exp5ses to obta9   
f9anc+1 or = o!r co/s dur+ developm5t1  
su* z capital requir$ be=e %>es to      
resid5ts are sold4  7,b7 ,/ew>d monitor+

 fee res]ve ,= pre-fund+ a monitor+ fee 
res]ve "u ! program t is paid by !      
limit$- or z]o-equity resid5t-controll$ 
corporations to ! nonpr(it organization 
to fund co/s ( compliance monitor+1 :i* 
%all be held 9 res]ve 9 an am\nt        
suffici5t to cov] at lea/ ?ree ye>s (   
su* monitor+ co/s4  7,c7 ,te*nical      
assi/ance ,= nonpr(it organizations to  
provide te*nical assi/ance & tra9+ to-- 
7i7 nonpr(it organizations develop+ !   
capacity to develop1 conv]t1 or pres]ve 
limit$- or z]o-equity resid5t-controll$ 
corporations2 &  7ii7 limit$- or        
z]o-equity resid5t-controll$            
corporations t are =m+ or already       
e/abli%$4  7,d7 ,gap fund+ ,= cov]+ gap 
fund+ to ensure limit$- or z]o-equity   
resid5t-controll$ corporations are      
af=dable to bel[ ! t>get$ income level4 
7,e7 ,int]m$i>y f9anc+ ,= community     
developm5t f9ancial in/itutions t are   
c]tifi$ by ! ,secret>y ( ! ,treasury1 h 
demon/rat$ exp]tise 9 f9anc+ limit$- or 
z]o-equity resid5t-controll$            

corporations1 & are qualifi$ to f9ance1 
provide tra9+ & te*nical assi/ance1 &   
ensure compliance ) ! program "u ?is    
section1 = provid+ bel[ m>ket-rate loans
 & recov]able grants to projects "u !   
program4  7d7 ,applicability ( ,,cdbg   
program requirem5ts  7#a7 ,9 g5]al      
,except z provid$ 9 p>agraph 7#b71 any  
h\s+ develop$1 acquir$1 conv]t$1 or     
pres]ve ) assi/ance "u subsection 7c7   
%all comply ) ! requirem5ts applicable  
"u ! community developm5t block grant   
program "u title ,i ( ! ,h\s+ &         
,community ,developm5t ,act ( #aigd 7#db
 ,u4,s4,c4 #ecja et seq47 to h\s+ t is  
assi/$ "u su* title4  7#b7 ,waiv]s ,9   
adm9i/]+ ! program "u ?is section1 !    
,secret>y may waive1 or specify         
alt]native requirem5ts =1 any provision 
( ! community developm5t block grant    
program 7except = requirem5ts relat$ to 
fair h\s+1 nondiscrim9ation1 labor      
/&>ds1 & ! environm5t71 if ! ,secret>y  
f9ds t good cause exi/s = ! waiv] or    
alt]native requirem5t & su* waiv] or    

alt]native requirem5t w\ld n be         
inconsi/5t ) ! ov]all purpose ( ?is     
section4  7e7 ,gov]nance ,except 9 cases
 ( noncompliance ) any requirem5ts "u ! 
demon/ration program "u ?is section1 any
 h\s+ develop$1 acquir$1 con/ruct$1 or  
pres]v$ ) assi/ance "u subsection 7c7   
%all be gov]n$ by a bo>d ( directors    
elect$ by ! memb]s ( ! limit$- or       
z]o-equity resid5t-controll$ corporation
 ) vot+ /ructur$ equitably among all    
memb]s & z ! eligible entity %all       
e/abli%4  7f7 ,role ( eligible entity   
,dur+ a p]iod n %ort] ?an #cj ye>s t    
beg9s ^u initial occupancy ( any h\s+   
develop$1 acquir$1 con/ruct$1 conv]t$1  
or pres]v$ "u ! program "u ?is section1 
! eligible entity t develop$1 acquir$1  
con/ruct$1 or pres]v$ su* h\s+1 or its  
consult+ p>tn]1 %all take su* actions z 
! ,secret>y %all require--  7#a7 to     
ensure compliance ) ?is section & !     
regulations issu$ "u ?is section2  7#b7 
to assi/ ) elections ( bo>d ( directors 
( ! limit$- or z]o-equity               

resid5t-controll$ corporation2  7#c7 to 
assi/ 9 prep>+ annual budgets = ! h\s+ &
 o!r f9ancial plann+2  7#d7 to e/abli% a
 regulatory process = unit or %>e sales 
& resales to ensure compliance2 &  7#e7 
to p]=m su* o!r functions z ! ,secret>y 
%all provide4  7g7 ,sale ,a limit$- or  
z]o-equity resid5t-controll$ corporation
 may sell corporate %>es 9 h\s+ assi/$  
"u ! program "u ?is section to an       
eligible h\sehold only = a pur*ase price
 t ensures dwell+ units 9 ! h\s+ w rema9
 af=dable = at lea/ #cj ye>s to         
h\seholds hav+ incomes t are less ?an ! 
maximum income eligibility4  7h7        
,applications2 priority  7#a7           
,applications ,to apply to p>ticipate 9 
! program "u ?is section1 an eligible   
entity %all submit to ! ,secret>y an    
application at su* "t1 9 su* mann]1 &   
conta9+ su* in=mation z ! ,secret>y may 
require4  7#b7 ,priority ,9 select+     
eligible entities to p>ticipate 9 !     
program "u ?is section & receive        
f9ancial assi/ance "u su* program1 !    

,secret>y give priority bas$ on ! ext5t 
to :i* an eligible entity--  7,a7 w     
promote mix$-income developm5t to prev5t
 ! displacem5t ( exi/+ resid5ts or      
enable r5t]s to become %>ehold]s or     
memb]s ( ! limit$-equity or z]o-equity  
resid5t-controll$ h\s+ corporation2     
7,b7 w maximize ! numb] ( %>es or       
memb]%ip 9 ! limit$-equity or z]o-equity
 resid5t-controll$ h\s+ corporation t   
are af=dable to h\seholds ^: initial    
incomes d n exce$ #hj p]c5t ( ! m$ian   
income ( ! area 9 :i* ! h\s+ is locat$2 
7,c7 demon/rates t ! entity & any       
p>tn]s1 if applicable1 h ! capacity to  
develop1 pres]ve1 manage1 f9ance1 &     
monitor limit$- or z]o-equity           
resid5t-controll$ h\s+ corporations2 &  
7,d7 demon/rates ! feasibility ( !      
projects to be assi/$ "u ! program giv5 
local m>ket conditions4  7i7            
,re/rictions on scre5+  7#a7            
,prohibition ,a h\sehold apply+ to      
pur*ase a %>e or memb]%ip 9 a limit$- or
 z]o-equity resid5t-controll$ h\s+      

corporation1 :i* conveys a "r to occupy 
a specific dwell+ unit assi/$ "u !      
program "u ?is section1 may n be d5i$   
su* pur*ase or admission bas$ on vet]an 
/atus ( any memb] ( ! h\sehold or any   
/atus z any o!r protect$ class "u !     
,fair ,h\s+ ,act4  7#b7 ,consid]ation ( 
crim9al & eviction hi/ory ,a            
resid5t-controll$ h\s+ corporation %all 
n unreasonably exclude applicants hav+ a
 crim9al hi/ory or eviction hi/ory f    
occupancy 9 dwell+ units assi/$ "u !    
program "u ?is section4  7j7 ,report+ ,!
 ,secret>y %all submit a report annually
 to ! ,congress reg>d+ ! activities     
conduct$ & ! populations be+ s]v$ "u !  
demon/ration program "u ?is section1    
disaggregat$ by race_/e?nicity & income1
 & %all make ea* su* report publicly    
available on a website ( ! ,dep>tm5t4   
7k7 ,evaluations  7#a7 ,9 g5]al ,!      
,secret>y %all conduct evaluations ( !  
demon/ration program "u ?is section &   
report to ! ,congress reg>d+ su*        
evaluations1 z foll[s3  7,a7 ,int]im ,n 

lat] ?an ! expiration ( ! #d-ye> p]iod  
beg9n+ on ! date ( ! enactm5t ( ?is     
,act1 ! ,secret>y %all complete an      
int]im evaluation ( ! program & submit a
 report reg>d+ su* evaluation to !      
,congress4  7,b7 ,f9al ,n lat] ?an !    
expiration ( ! #h-ye> p]iod beg9n+ on ! 
date ( ! enactm5t ( ?is ,act1 !         
,secret>y %all complete a f9al          
evaluation ( ! program & submit a report
 reg>d+ su* evaluation to ! ,congress4  
7#b7 ,requirem5ts ,ea* evaluation       
conduct$ pursuant to ?is subsection %all
 be conduct$ 9 a robu/ mann] & involve  
rigor\s rese>*1 %all id5tify !          
populations s]v$ by ! demon/ration1 &   
%all assess ! effects ( ! demon/ration  
on su* populations1 includ+ h[ af=dable 
h\s+ 0 ma9ta9$ 9 mod]ate- to l[-income  
areas4 ,! f9al evaluation "u p>agraph   
7#a77;,b7 %all include an indep5d5t     
analysis & recomm5dations by ! ,dep>tm5t
 ( ,h\s+ & ,urban ,developm5t reg>d+    
:e!r ! program c\ld & %\ld be exp&$ &   
e/abli%$ z a p]man5t program &1 if s1   

%all id5tify any actions1 includ+       
/atutory & adm9i/rative actions1        
necess>y to d s4  7#c7 ,public          
availability ,! ,secret>y %all make ea* 
report requir$ "u p>agraph 7#a7 publicly
 available on a website ( ! ,dep>tm5t4  
7l7 ,implem5tation ,! ,secret>y %all1 by
 notice1 implem5t ! demon/ration program
 "u ?is section1 includ+ its t]ms1      
proc$ures1 requirem5ts1 & conditions1   
subject only to ! availability (        
appropriations pursuant to subsection   
7n74  7m7 ,def9itions ,= purposes ( ?is 
section1 ! foll[+ def9itions %all apply3
  7#a7 ,eligible entity ,! t]m eligible 
entity means an entity eligible "u      
subsection 7b7 = p>ticipation 9 !       
demon/ration program "u ?is section4    
7#b7 ,eligible h\s+ ,! t]m eligible h\s+
 means h\s+ t complies ) ! requirem5ts  
"u subsection 7d74  7#c7 ,limit$- or    
z]o-equity resid5t-controll$ corporation
 ,! t]m limit$- or z]o-equity           
resid5t-controll$ corporation means a   
coop]ative-l corporation1 association1  

or consum] coop]ative t1 9 a mann]      
acceptable to ! ,secret>y1 re/ricts !   
initial & resale price ( ! %>es ( /ock  
or memb]%ip int]e/s 9 ! resid5t entity1 
:i* may include a manufactur$ home      
community1 s t ! %>es or int]e/s rema9  
fix$ or resale-re/rict$ to rema9        
af=dable to families ( designat$        
incomes4 ,! corporation may or may n own
 ! l& or improvem5ts4  7#d7 ,manufactur$
 home community ,! t]m #8manufactur$    
home community' means a community       
compris$ prim>ily ( manufactur$ homes 7z
 su* t]m is def9$ 9 section #fjc ( !    
,national ,manufactur$ ,h\s+            
,con/ruction & ,safety ,/&>ds ,act (    
#aigd 7#db ,u4,s4,c4 #edjb77 t are us$  
prim>ily = resid5tial purposes4  7#e7   
,secret>y ,! t]m ,secret>y means !      
,secret>y ( ,h\s+ & ,urban ,developm5t4 
7n7 ,au?orization ( appropriations =    
grants ,!re is au?oriz$ to be           
appropriat$ #bjj1jjj1jjj = fiscal ye>   
#bjbb = grants "u subsection 7c77#b71   
:i* %all rema9 available ?r\gh ! end (  

fiscal ye> #bjbe4  7o7 ,regulations ,!  
,secret>y may issue any regulations     
necess>y to c>ry out ! program "u ?is   
section4