,,ii  #aag? ,,congress  #a/ ,session    
,s4 #afhd  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #ah1 #bjba ,ms4   
,cortez ,ma/o 7= h]self1 ,mr4 ,leahy1 & 
,mr4 ,s&]s7 introduc$ ! foll[+ bill2 :i*
 0 read twice & ref]r$ to ! ,committee  
on ,f9ance  ,a ,,bill  ,to /r5g!n !     
ability ( ! ,f$]al ,home ,loan ,bank    
sy/em to provide critical f9anc+ to     
address ! economic crisis caus$ by !    
,,covid-#ai p&emic & to meet ! %ort- &  
long-t]m h\s+ & community economic      
developm5t ne$s ( l[-income communities1
 includ+ ,tribal communities1 & = o!r   
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,f$]al ,home ,loan ,banks' 
,mission ,implem5tation ,act4  #b4      
,purpose ,! purpose ( ?is ,act is to    
promote economic recov]y 9 response to !
 ,,covid-#ai p&emic & to meet ! %ort- & 
long-t]m h\s+ & community economic      
developm5t ne$s ( l[-income communities1
 includ+ ,tribal communities1 by--  7#a7
 increas+ ! ability ( ! ,f$]al ,home    
,loan ,banks to accept1 z collat]al1    

small bus9ess loans gu>ante$ by ! ,small
 ,bus9ess ,adm9i/ration2  7#b7 au?oriz+ 
! ,f$]al ,home ,loan ,banks to accept   
gov]nm5t gu>ante$ loans z collat]al to  
support ,,covid-#ai programs2  7#c7     
all[+ community developm5t f9ancial     
in/itutions & cr$it unions to pl$ge     
community f9ancial in/itution collat]al1
 su* z small bus9ess1 small agriculture1
 & community developm5t loans1 & enable 
! ,f$]al ,h\s+ ,f9ance ,ag5cy to raise !
 ?re%old = qualification z a community  
f9ancial in/itution2  7#d7 provid+      
lett]s ( cr$it to provide liquidity1 &  
support1 /abilize & /r5g!n local1       
,tribal1 ,/ate & ,f$]al gov]nm5tal      
entities public unit deposits1 h\s+ &   
community developm5t ef=ts1 & vital     
public f9anc+2  7#e7 increas+ fund+ = ! 
,af=dable ,h\s+ ,program e/abli%$ by ea*
 ,f$]al ,home ,loan ,bank "u section    
#aj7;j7 ( ! ,f$]al ,home ,loan ,bank    
,act 7#ab ,u4,s4,c4 #adcj7;j77 &        
e/abli%+ a #b p]c5t set aside = ,native 
,am]ican ,tribes2 &  7#f7 creat+ a      

community economic developm5t inve/m5t  
program )9 ! ,f$]al ,home ,loan ,bank   
sy/em to g5]ate f9ancial opportunity1   
create jobs1 & /imulate economic        
developm5t 9 di/ress$ urban1 rural1     
,tribal1 & suburban communities 9 !     
,unit$ ,/ates4  #c4 ,,fhlb advances     
secur$ by ,,sba loans ,section #g ( !   
,small ,bus9ess ,act 7#ae ,u4,s4,c4     
#fcf7 is am5d$ by add+ at ! end !       
foll[+3  7o7 ,f$]al home loan bank      
advances  7#a7 ,def9ition ( ,bank ,9 ?is
 subsection1 ! t]m ,bank means a ,f$]al 
,home ,loan ,bank1 z def9$ 9 section #b 
( ! ,f$]al ,home ,loan ,bank ,act 7#ab  
,u4,s4,c4 #adbb74  7#b7 ,advances ,a    
,bank t1 9 ! ex]cise ( its au?ority "u  
section #aj ( ! ,f$]al ,home ,loan ,bank
 ,act 7#ab ,u4,s4,c4 #adcj7 to make     
secur$ advances1 accepts z collat]al a  
loan gu>ante$ by ! ,adm9i/ration "u ?is 
,act or any o!r provision ( law1 includ+
 loans gu>ante$ "u section #g7;a7-- 7,a7
 may ex]cise all ( ! rights & rem$ies   
conta9$ 9 any pl$ge or simil> security  

agreem5t betwe5 ! ,bank & ! l5d+ or     
p>ticipat+ in/itution t made or pur*as$ 
! loan2 &  7,b7 9 ! ev5t ( default on ! 
loan1 %all possess ! same rights &      
rem$ies z su* a l5d+ or p>ticipat+      
in/itution w\ld possess 9 ! same        
circum/ance1 includ+ collect+ monies due
 on ! gu>antee directly f !             
,adm9i/ration4  7#c7 ,transf] ( gu>antee
 ,) respect to a gu>ante$ loan t a ,bank
 accepts z collat]al "u p>agraph 7#b71 !
 gu>antee obligation ( ! ,adm9i/ration  
on ! loan %all transf] to ! ,bank4  4   
#d4 ,mak+ gov]nm5t gu>ante$ loans 9     
response to ! ,,covid-#ai crisis        
eligible collat]al = ! f$]al home loan  
banks ,section #aj7;a77#c7 ( ! ,f$]al   
,home ,loan ,bank ,act 7#ab ,u4,s4,c4   
#adcj7;a77#c77 is am5d$ by add+ at ! end
 ! foll[+3  7,f7 ,loans gu>ante$ or     
insur$ by ! ,unit$ ,/ates ,gov]nm5t or  
any ag5cy !re( & made by any memb] "u   
programs or facilities e/abli%$ by !    
,secret>y ( ! ,treasury or ! ,bo>d (    
,gov]nors ( ! ,f$]al ,res]ve ,sy/em "u !

 ,,c>es ,act 7,public ,law #aaf-acf7 or 
o!r simil> programs or facilities 9     
subsequ5tly enact$ ,acts to address !   
impact to ! economy f ! ,,covid-#ai     
crisis1 includ+ o!r simil> programs or  
facilities e/abli%$ "u section #ac7c7 ( 
! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4    
#cdc7c774  7,g7 ,loans gu>ante$ by !    
,small ,bus9ess ,adm9i/ration "u !      
,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fca
 et seq47 or any o!r provision ( law4  4
  #e4 ,add+ cr$it unions to ! def9ition 
( community f9ancial in/itutions & exp&+
 ! purposes ( advances & collat]al      
available to c]ta9 community developm5t 
f9ancial in/itutions  7a7 ,9 g5]al      
,section #aj7;a7 ( ! ,f$]al ,home ,loan 
,bank ,act 7#ab ,u4,s4,c4 #adcj7;a77 is 
am5d$--  7#a7 9 p>agraph 7#b77;,b71 by  
ins]t+ or qualify+ community developm5t 
f9ancial in/itution aft] community      
f9ancial in/itution2 &  7#b7 9 p>agraph 
7#c77;,e71 by ins]t+ or qualify+        
community developm5t f9ancial in/itution
 aft] community f9ancial in/itution4    

7b7 ,def9itions ,section #b ( ! ,f$]al  
,home ,loan ,bank ,act 7#ab ,u4,s4,c4   
#adbb7 is am5d$-- 7#a7 9 p>agraph       
7#aj7--  7,a7 by /rik+ in/itution4-- &  
all t foll[s ?r\gh ,! t]m & ins]t+      
in/itution4--,! t]m2  7,b7 by /rik+     
subp>agraph 7,b72  7,c7 by r$esignat+   
clauses 7i7 & 7ii7 z subp>agraphs 7,a7 &
 7,b71 respectively1 & adju/+ ! m>g9s   
accord+ly2  7,d7 9 subp>agraph 7,a71 z s
 r$esignat$1 by ins]t+ 7#ab ,u4,s4,c4   
#ahaa et seq47 or ! ,f$]al ,cr$it ,union
 ,act 7#ab ,u4,s4,c4 #agea et seq47 be=e
 ! semicolon2 &  7,e7 9 subp>agraph     
7,b71 z s r$esignat$1 by /rik+          
#a1jjj1jjj1jjj & ins]t+ assets at a     
level set by ! ,ag5cy1 b n m ?an        
#aj1jjj1jjj1jjj2 &  7#b7 by add+ at !   
end ! foll[+3  7#ac7 ,qualify+ community
 developm5t f9ancial in/itution ,! t]m  
qualify+ community developm5t f9ancial  
in/itution means an entity t-- 7,a7 has 
be5 c]tifi$ z a community developm5t    
f9ancial in/itution 7z su* t]m is def9$ 
9 section #ajc ( ! ,riegle ,community   

,developm5t & ,regulatory ,improvem5t   
,act ( #aiid 7#ab ,u4,s4,c4 #dgjb7 by ! 
,secret>y ( ! ,treasury2 &  7,b7        
satisfies ! av]age total assets ?re%old 
requirem5t = a community f9ancial       
in/itution set =? 9 p>agraph 7#aj74  4  
#f4 ,/&by lett]s ( cr$it ,! ,f$]al ,home
 ,loan ,bank ,act 7#ab ,u4,s4,c4 #adba  
et seq47 is am5d$--  7#a7 9 section #b  
7#ab ,u4,s4,c4 #adbb71 z am5d$ by       
section #e ( ?is ,act1 is am5d$ by add+ 
at ! end ! foll[+3  7#ad7 ,employee- or 
community-own$ company ,! t]m employee- 
or community-own$ company means--  7,a7 
an organization describ$ 9 section #acha
 ( ! ,int]nal ,rev5ue ,code ( #aihf2    
7,b7 an eligible work]-own$ coop]ative1 
z def9$ 9 section #ajdb7;c77#b7 ( !     
,int]nal ,rev5ue ,code ( #aihf2 &  7,c7 
an employee /ock own]%ip plan1 z def9$ 9
 section #dige7;e77#g7 ( ! ,int]nal     
,rev5ue ,code ( #aihf1 :i* meets !      
requirem5ts ( section #dji ( su* ,code4 
2  7#b7 9 section #aa 7#ab ,u4,s4,c4    
#adca71 by add+ at ! end ! foll[+3  7m7 

,/&by lett]s ( cr$it  7#a7 ,9 g5]al ,ea*
 ,f$]al ,home ,loan ,bank is au?oriz$ to
 issue & confirm /&by lett]s ( cr$it1   
secur$ by collat]al eligible to secure  
advances1 to support any activity       
p]mitt$ "u law or regulation applicable 
to ! memb] or non-memb] mortgagee       
eligible to receive advances "u section 
#aj;b1 subject to safety & s\ndness     
ov]sight1 includ+ ! purposes describ$ 9 
p>agraph 7#b74  7#b7 ,purposes ,ea*     
,bank is au?oriz$ to issue or confirm on
 behalf ( memb]s or non-memb] mortgagees
 /&by lett]s ( cr$it t comply ) !       
requirem5ts ( ?is subsection = any ( !  
foll[+ purposes3  7,a7 ,to assi/ memb]s 
or non-memb] mortgagees 9 facilitat+    
resid5tial h\s+ f9ance4  7,b7 ,to assi/ 
memb]s or non-memb] mortgagees 9        
facilitat+ community l5d+4  7,c7 ,to    
assi/ memb]s or non-memb] mortgagees )  
asset or liability managem5t4  7,d7 ,to 
provide memb]s or non-memb] mortgagees )
 liquidity or o!r fund+4  7,e7 ,to assi/
 memb]s 9 facilitat+ bus9ess ret5tion or

 facilitat+ bus9ess transition to       
employee- or community-own$ companies or
 assi/+ ^? companies4  4  #g4 ,lett]s ( 
cr$it on tax exempt bonds  7a7 ,9 g5]al 
,clause 7iv7 ( section #adi7;b77#c77;,a7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by /rik+ a bond dur+ ! p]iod      
beg9n+ on ! date ( ! enactm5t ( ?is     
clause & end+ on ,decemb] #ca1 #bjaj &  
ins]t+ a municipal bond 7z def9$ 9      
section #ge7;b77#a77 on or aft] ! date (
 enactm5t ( ! ,f$]al ,home ,loan ,banks'
 ,mission ,implem5tation ,act4  7b7     
,safety & s\ndness requirem5ts          
,subp>agraph 7,e7 ( section #adi7;b77#c7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by /rik+ :i* are at lea/ & all t  
foll[s ?r\gh ! p]iod & ins]t+ z are     
e/abli%$ by ! ,director ( ! ,f$]al ,h\s+
 ,f9ance ,ag5cy f "t to "t44  7c7       
,effective date ,! am5dm5ts made by ?is 
section %all apply to gu>antees made    
aft] ! date ( enactm5t ( ?is ,act4  7d7 
,sunset ,effective on ! date t is #b    
ye>s aft] ! date on :i* ! ,f$]al        

,em]g5cy ,managem5t ,ag5cy t]m9ates !   
em]g5cy decl>$ on ,m>* #ac1 #bjbj by !  
,presid5t "u ! ,rob]t ,t4 ,/af=d ,disa/]
 ,relief & ,em]g5cy ,assi/ance ,act 7#db
 ,u4,s4,c4 #daba et seq47 relat+ to !   
,coronavirus ,disease #bjai             
7,,covid-#ai7 p&emic1 section           
#adi7;b77#c7 ( ! ,int]nal ,rev5ue ,code 
( #aihf is am5d$-- 7#a7 9 subp>agraph   
7,a77iv71 by /rik+ a municipal bond 7z  
def9$ 9 section #ge7;b77#a77 on or aft] 
! date ( enactm5t ( ! ,f$]al ,home ,loan
 ,banks' ,mission ,implem5tation ,act & 
ins]t+ a bond dur+ ! p]iod beg9n+ on !  
date ( ! enactm5t ( ?is clause & end+ on
 ,decemb] #ca1 #bjaj2 &  7#b7 9         
subp>agraph 7,e71 by /rik+ z are        
e/abli%$ by ! ,director ( ! ,f$]al ,h\s+
 ,f9ance ,ag5cy f "t to "t & ins]t+ :i* 
are at lea/ z /r+5t z su* requirem5ts   
:i* apply "u regulations applicable to  
su* gu>antees by ,f$]al home loan banks 
z 9 effect on ,april #i1 #bjjh4  #h4    
,af=dable h\s+ program  7a7 ,9 g5]al    
,section #aj ( ! ,f$]al ,home ,loan     

,bank ,act 7#ab ,u4,s4,c4 #adcj7 is     
am5d$--  7#a7 9 subsection 7j7-- 7,a7 9 
p>agraph 7#c7--  7i7 9 ! matt] prec$+   
subp>agraph 7,a71 by /rik+ su* z !      
foll[+3 & ins]t+ su* z--2  7ii7 9       
subp>agraph 7,a7--  7,i7 by ins]t+ !    
be=e pur*ase2 &  7,,ii7 by /rik+ ! comma
 at ! end & ins]t+ a semicolon2  7iii7 9
 subp>agraph 7,b7-- 7,i7 by ins]t+ !    
be=e pur*ase2 &  7,,ii7 by /rik+ & at ! 
end2  7iv7 9 subp>agraph 7,c7--  7,i7 by
 ins]t+ ! be=e pur*ase2 &  7,,ii7 by    
/rik+ ! p]iod at ! end & ins]t+ a       
semicolon2 &  7v7 by add+ at ! end !    
foll[+3  7,d7 ! pur*ase or              
rehabilitation ( h\s+ f9anc$ by a       
community l& tru/2 &  7,e7 ! pur*ase or 
rehabilitation ( h\s+ 9 qualifi$        
manufactur$ home communities own$ by    
nonpr(it organizations or ! resid5ts4  2
 &  7,b7 9 p>agraph 7#e77;,c7--  7i7 by 
/rik+ #aj & ins]t+ #bj2  7ii7 by /rik+  
#ajj1jjj1jjj & ins]t+ #bjj1jjj1jjj2 &   
7iii7 by add+ at ! end ! foll[+3 ,( su* 
contribution1 an am\nt equal to n less  

?an #b p]c5t ( #bj p]c5t ( ! prec$+     
ye>'s net income %all be us$ to support 
subsidiz$ grants or advances ?r\gh !    
,af=dable ,h\s+ ,program b5efitt+       
f$]ally recogniz$ ,indian ,tribes &     
communities1 :i* includes aw>ds outside 
( ! di/rict ( a ,bank44  7b7 ,def9itions
 ,section #b ( ! ,f$]al ,home ,loan     
,bank ,act 7#ab ,u4,s4,c4 #adbb71 z     
am5d$ by section #f ( ?is ,act1 is am5d$
 by add+ at ! end ! foll[+3  7#af7      
,manufactur$ home ,! t]m manufactur$    
home has ! mean+ giv5 ! t]m 9 section   
#fjc ( ! ,national ,manufactur$ ,h\s+   
,con/ruction & ,safety ,/&>ds ,act (    
#aigd 7#db ,u4,s4,c4 #edjb74  7#ag7     
,qualifi$ manufactur$ home community    
7,a7 ,9 g5]al ,! t]m qualifi$           
manufactur$ home community means--  7i7 
a coop]ative controll$ by resid5ts or a 
nonpr(it or municipal h\s+ corporation  
e/abli%$ pursuant to ! laws ( ! ,/ate 9 
:i* ! prop]ty us$ z a manufactur$ home  
community is locat$2 &  7ii7 7,i7 9 !   
case ( a community own$ by a coop]ative 

corporation or memb]%ip nonpr(it1 )     
memb]%ip int]e/s t are sold on a        
non-appreciat+ basis1 has only #a class 
( memb]%ip consi/+ solely ( resid5ts &  
home[n]s t occupy a home 9 t manufactur$
 home community2 or  7,,ii7 9 ! case ( a
 community own$ by a nonpr(it           
corporation-- 7aa7 ! nonpr(it exi/s = ! 
purposes ( pres]v+ & improv+ af=dable   
h\s+ & is prim>ily = resid5tial         
purposes2 &  7bb7 ! int5t ( ! nonpr(it 9
 acquir+ ! community is = ! purposes (  
pres]v+ & improv+ ! manufactur$ home    
community4  7,b7 ,gov]nance ,an entity  
%all n be treat$ z a qualifi$           
manufactur$ home community unless       
gov]nance ( ! entity is c>ri$ out by    
memb]s elect$ to a bo>d ( directors )   
vot+ /ructur$ equitably among all       
memb]s4  4  7c7 ,te*nical & con=m+      
am5dm5ts ,section #aj ( ! ,f$]al ,home  
,loan ,bank ,act 7#ab ,u4,s4,c4 #adcj7  
is am5d$-- 7#a7 9 subsection 7c71 by    
/rik+ ,f$]al home loan bank & ins]t+    
,f$]al ,home ,loan ,bank2  7#b7 9       

subsection 7h77#b71 by /rik+ section    
#aj7;a7 ( ?is ,act & ins]t+ subsection  
7a72 &  7#c7 9 subsection 7j7--  7,a7 9 
p>agraph 7#b71 9 ! matt] prec$+         
subp>agraph 7,a71 by /rik+ ,bo>d's      
regulations & ins]t+ regulations        
promulgat$ by ! ,director2  7,b7 9      
p>agraph 7#f7--  7i7 9 subp>agraph 7,a71
 by /rik+ ?is p>agraph & ins]t+ p>agraph
 7#e72  7ii7 9 subp>agraph 7,c71 9 !    
second s5t5ce1 by /rik+ ,bo>d's decision
 & ins]t+ decision ( ! ,director2 &     
7iii7 9 subp>agraph 7,f71 by ins]t+     
,notification4-- be=e ,! ,director2     
7,c7 9 p>agraph 7#h71 9 ! matt] prec$+  
subp>agraph 7,a71 by /rik+ p>agraph &   
ins]t+ subsection2  7,d7 9 p>agraph     
7#ab7-- 7i7 9 subp>agraph 7,a71 by      
ins]t+ ,9 g5]al4-- be=e ,! ,director2 & 
7ii7 9 subp>agraph 7,b71 by ins]t+      
,analyses4-- be=e ,! analyses2 &  7,e7 9
 p>agraph 7#ac71 9 ! matt] prec$+       
subp>agraph 7,a71 by /rik+ subsection-- 
& ins]t+ subsection34  #i4 ,community   
inve/m5t ca% advance & community        

economic developm5t program  7a7 ,9     
g5]al ,section #aj ( ! ,f$]al ,home     
,loan ,bank ,act 7#ab ,u4,s4,c4 #adcj7  
is am5d$ by ins]t+ aft] subsection 7e7 !
 foll[+3  7f7 ,community inve/m5t ca%   
advance & community economic developm5t 
program  7#a7 ,9 g5]al ,pursuant to     
regulations promulgat$ by ! ,director1  
ea* ,bank--  7,a7 may e/abli% community 
inve/m5t ca% advance programs to provide
 f9anc+ = memb]s or nonmemb] mortgagees 
eligible to receive advances "u section 
#aj;b to provide projects t>get$ to     
c]ta9 economic developm5t activities &  
specific b5efici>ies1 includ+ c]ta9     
geographic areas & at c]ta9 t>get$      
income levels e/abli%$ by ! ,bank ) !   
prior approval ( ,director2 &  7,b7 %all
 provide t>get$ community economic      
developm5t grants & l5d+4  7#b7         
,mix$-use projects ,) respect to a      
project fund$ "u a program e/abli%$ "u  
?is subsection involv+ a comb9ation (   
h\s+ projects & economic developm5t     
projects1 only ! economic developm5t    

compon5ts ( ! project %all be requir$ to
 meet ! appropriate t>get$ income level 
= ! program4  7#c7 ,pric+ & availability
 ( advances ,a ,bank %all price advances
 to memb]s "u ?is subsection z provid$ 9
 section #abff4e ( title #ab1 ,code (   
,f$]al ,regulations1 or any successor   
regulation1 & may price su* advances at 
rates bel[ ! price ( advances ( simil>  
am\nts1 maturities1 & t]ms made pursuant
 to subsection 7a74  7#d7 ,advances to  
non-memb] mortgagees eligible to receive
 advances  7,a7 ,9 g5]al ,a ,bank may   
(f] advances "u a program e/abli%$ "u   
?is subsection to non-memb] mortgagees  
eligible to receive advances "u         
subsection 7b7 at ! ,bank's option4     
7,b7 ,pric+ ,a ,bank %all price advances
 "u ?is p>agraph to non-memb] mortgagees
 eligible to receive advances "u section
 #aj;b z provid$ 9 section #abff4ag (   
title #ab1 ,code ( ,f$]al ,regulations1 
or any successor regulation1 & may price
 su* advances at rates bel[ ! price (   
advances ( simil> am\nts1 maturities1 & 

t]ms made pursuant to section #aj;b4    
7#e7 ,pric+ pass-?r\gh ,a ,bank may     
require t borr[]s receiv+ advances made 
"u a program e/abli%$ "u ?is subsection 
pass ?r\gh ! b5efit ( any price r$uction
 f regul> advance pric+ to borr[]s ( !  
,bank4  7#f7 ,disc\nt fund  7,a7 ,9     
g5]al ,a ,bank may e/abli% a disc\nt    
fund t ! ,bank may use to r$uce ! price 
( advances made "u a program e/abli%$ "u
 ?is subsection bel[ ! advance prices   
provid$ = by "p #abib ( title #ab1 ,code
 ( ,f$]al ,regulations1 or any successor
 regulation4  7,b7 ,fair di/ribution    
s*eme ,price r$uctions made ?r\gh a     
disc\nt fund "u subp>agraph 7,a7 %all be
 made 9 accordance ) a fair di/ribution 
s*eme4  7#g7 ,community economic        
develop+ grants & l5d+  7,a7 ,def9itions
 ,9 ?is p>agraph3  7i7 ,eligible entity 
,! t]m eligible entity means-- 7,i7 a   
locally-own$ nonpr(it organization      
describ$ 9 section #eja7;c77#c7 ( !     
,int]nal ,rev5ue ,code ( #aihf & exempt 
f taxation "u section #eja7;a7 ( su*    

,code or a community developm5t         
corporation--  7aa7 t has exp]i5ce 9    
develop+ & manag+ economic developm5t   
projects2  7bb7 t gov]n$ by a bo>d (    
directors consi/+ ( resid5ts ( !        
community & bus9ess & civic lead]s2 &   
7cc7 ! pr9cipal purpose ( :i* is to     
plan1 develop1 or manage l[-income h\s+ 
or community developm5t projects2       
7,,ii7 a non-depository community       
developm5t f9ancial in/itution1 z def9$ 
9 section #ajc ( ! ,riegle ,community   
,developm5t & ,regulatory ,improvem5t   
,act ( #aiid 7#ab ,u4,s4,c4 #dgjb71 t is
 c]tifi$ by ! ,community ,developm5t    
,f9ancial ,in/itutions ,fund "u section 
#ahje4bja ( title #ab1 ,code ( ,f$]al   
,regulations1 or any successor          
regulation2  7,,iii7 a f$]ally recogniz$
 ,indian ,tribe or community2 or  7,,iv7
 a regional or national nonpr(it        
community developm5t or coop]ative      
developm5t int]m$i>y4  7ii7 ,l[-income  
community ,! t]m l[-income community has
 ! mean+ giv5 ! t]m 9 section #de;,d7e7 

( ! ,int]nal ,rev5ue ,code ( #aihf4     
7iii7 ,rural community ,! t]m rural     
community means a city1 t[n1 or ,c5sus  
,designat$ ,place ) a population ( n m  
?an #bj1jjj1 accord+ to ! mo/ rec5t     
dec5nial c5sus conduct$ by ! ,bureau ( !
 ,c5sus4  7iv7 ,v l[-income h\sehold ,! 
t]m v l[-income h\sehold means a        
h\sehold ) an income t is n great] ?an  
#ej p]c5t ( ! area m$ian income4  7,b7  
,requirem5t ,ea* ,bank %all e/abli% a   
program to provide grants or subsidize !
 int]e/ rate on advances to memb]s      
engag$ 9 l5d+ to eligible entities =    
economic developm5t activities t s]ve   
l[-income or rural communities4  7,c7   
,use ( funds ,! entire am\nt ( a grant  
or subsidiz$ advance provid$ "u ?is     
p>agraph-- 7i7 %all b5efit ! communities
 assi/$ by ! recipi5t ( ! grant or      
subsidiz$ advance2  7ii7 %all n be us$ =
 ! purpose ( f9ancial education or to   
support a sports /adium or ar5a2 &      
7iii7 %all provide at lea/ #b p]c5t (   
grants or advance funds to b5efit       

f$]ally recogniz$ ,indian ,tribes or    
communities1 :i* may include a ,bank    
provid+ grants or advance funds outside 
( ! di/rict ( ! ,bank4  7,d7 ,eligible  
activities ,economic developm5t         
activities t are eligible to be c>ri$   
out "u ?is p>agraph include-- 7i7       
provid+ grants & equity inve/m5ts1      
includ+ ^? t capitalize a revolv+ loan  
fund ( a ,treasury-c]tifi$              
non-depository community developm5t     
f9ancial in/itution = eligible economic 
developm5t activities simil> to !       
au?ority provid$ )9 ! ,af=dable ,h\s+   
,program "u subsection 7j72  7ii7       
provid+ aw>ds consi/5t ) aw>ds provid$  
"u section #fhj ( ! ,community ,block   
,grant ,act 7#db ,u4,s4,c4 #iiba72      
7iii7 f9anc+ bus9ess transitions to     
work]-own$ coop]atives or f9anc+ ! sales
 ( bus9ess assets to employees or       
community /akehold]s t pres]ve jobs 9   
l[- & mod]ate-income communities2  7iv7 
f9anc+ capital exp5ditures1 su* z !     
pur*ase ( equipm5t or real prop]ty =    

nonpr(it organizations1 includ+ *ild c>e
 or heal? c>e facilities 9 l[-income    
communities1 t provide s]vice to        
l[-income h\seholds2  7v7 f9anc+ op]at+ 
exp5ses = nonpr(it community developm5t 
organizations engag$ 9 community        
economic developm5t activities b5efitt+ 
v l[-income h\seholds2  7vi7 wat]1 road1
 broadb&1 clean en]gy1 or municipal     
infra/ructure inve/m5ts1 includ+        
inve/m5ts to address climate *ange1 9   
,native ,am]ican tribal l&s &           
economically di/ress$ rural communities2
  7vii7 provid+ community facilities or 
infra/ructure1 includ+ public transit1  
gre5 space consi/+ ( p>ks ) trees &     
%rubb]y1 heat-reflect+ road & sidewalk  
upgrades1 tornado %elt]s1 public        
re/rooms1 or environm5tal cool+         
locations accessible to ! public 9      
l[-income communities2 &  7viii7 any o!r
 activity e/abli%$ by ! ,director 9     
consultation ) ,congress1 ! ,f$]al ,home
 ,loan ,banks & _! h\s+ advisory        
c\ncils1 & ! public4  7,e7 ,priorities =

 mak+ grants & advances ,9 us+ am\nts   
provid$ "u ?is p>agraph1 ea* ,bank memb]
 %all give priority to qualifi$ projects
 su* z--  7i7 grants or advances =      
mix$-use h\s+ developm5ts t provide     
economic activity & af=dable h\s+ =     
l[-income & rural communities2  7ii7    
grants or advances = *ild c>e facilities
 t s]ve l[-income h\seholds2  7iii7     
grants or advances = programs t provide 
economic opportunities = =m]ly inc>c]at$
 individuals2  7iv7 grants or advances t
 enable conv]sion to employee- or       
community-own$ companies or f9anc+ !    
sales ( bus9ess assets to employees or  
community /akehold]s2  7v7 grants or    
advances to e/abli%$ regional & national
 int]m$i>y organizations t already      
receive ,f$]al funds & h ! capacity to  
deliv] economic developm5t activities to
 l[-income h\seholds2 &  7vi7 any o!r   
priority e/abli%$ by ! ,ag5cy 9         
consultation ) ! ,banks1 ,bank memb]s1  
h\s+ advisory c\ncils ( ! ,banks1       
,congress1 & ! public4  7,f7            

,requirem5ts = projects 9 rural         
communities ,) respect to a project     
c>ri$ out by an eligible entity 9 a     
rural community "u ?is p>agraph-- 7i7 n 
less ?an #ea p]c5t ( ! population s]v$  
by ! project %all reside 9 ! rural      
community2  7ii7 ! projects %all        
prim>ily s]ve & b5efit rural resid5ts & 
communities2 &  7iii7 ! rural community 
%all be )9 ! jurisdiction ( ! eligible  
entity4  7,g7 ,report ,ea* memb] receiv+
 a grant or advance "u ?is p>agraph %all
 report annually to ! ,bank mak+ ! grant
 or advance conc]n+ ! use by ! memb] ( !
 grant or advance4  7,h7 ,contribution  
to program ,ea* ,bank %all annually     
contribute #aj p]c5t ( ! prec$+ ye>'s   
net income1 or su* prorat$ sums z may be
 requir$ to ensure t ! aggregate        
contribution ( ! ,banks %all n be less  
?an #ajj1jjj1jjj = ea* su* ye>1 to      
support grants & subsidiz$ advances made
 "u ?is p>agraph4  4