,i  #aah? ,,congress  #b;d ,session  ,h4
 ,r4 #icef  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,augu/ #ac1 #bjbd,ms4 
,s*ri] introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to require !      
,secret>y ( ! ,treasury to e/abli% a    
pilot program to provide grants to      
eligible grantees to use = ! purpose (  
provid+ l[-int]e/ con/ruction loans to  
eligible entities4  #a4 ,%ort title ,?is
 ,act may be cit$ z ! ,la/+ ,home       
,af=dability ,act ( #bjbd4  #b4 ,la/+   
,home ,af=dability ,fund  7a7 ,9 g5]al  
,! ,secret>y ( ! ,treasury %all1 n lat] 
?an #ij days ye> aft] ! date ( !        
enactm5t ( ?is section1 e/abli% a       
program to provide grants to eligible   
grantees to use = ! purpose ( provid+   
l[-int]e/ con/ruction loans to eligible 
entities4  7b7 ,application by eligible 
grantees ,to be eligible to receive     
am\nts "u ?is section1 an eligible      
grantee %all submit an application at   
su* "t & 9 su* mann] z ! ,secret>y may  

reasonably require1 includ+ a detail$   
description (-- 7#a7 h[ ! eligible      
grantee int5ds to use any am\nts provid$
 "u ?is section2 &  7#b7 !              
qualifications su* eligible grantee has 
t w all[ su* eligible grantee to        
successfully adm9i/] a grant "u ?is     
section4  7c7 ,use ( am\nts by eligible 
grantees  7#a7 ,9 g5]al ,any eligible   
grantee t receives am\nts "u ?is section
 %all use su* am\nts to e/abli% a       
revolv+ fund & provide l[-int]e/        
con/ruction loans to #a or m eligible   
entities4  7#b7 ,loan requirem5ts  7,a7 
,9 g5]al ,loans provid$ by an eligible  
grantee to an eligible entity us+ am\nts
 provid$ "u ?is section %all-- 7i7 h an 
int]e/ rate ( n m ?an #c p]c5t2 &  7ii7 
h an orig9ation fee ( n m ?an #a p]c5t (
 ! am\nt ( ! loan4  7,b7 ,liquidity     
requirem5ts ,an eligible grantee may n  
require an eligible entity to h m ?an   
#aj p]c5t ( any am\nt to be loan$ z a   
pr]equi/e = provid+ su* loan4  7d7 ,use 
( eligible am\nts by eligible entities  

,an eligible entity may use am\nts loan$
 by an eligible grantee = co/s associat$
 ) ! con/ruction or rehabilitation (    
h\s+ int5d$ to be pur*as$ & us$ z a     
prim>y resid5ce1 includ+ mat]ials1 labor
 7includ+ contractor fees71 l&          
developm5t 7includ+ demolition & grad+71
 p]mit & develop] fees1 on-site         
infra/ructure co/s 7includ+ !           
in/allation ( roads1 wat]1 electrical1  
sew]1 /orm dra9age1 & sidewalks72 &     
pr$evelopm5t 7includ+ ar*itectural co/s 
& eng9e]+ co/s74  7e7 ,af=dability      
requirem5t ,an eligible entity t uses   
am\nts loan$ "u ?is section to con/ruct 
or rehabilitate a prop]ty may only sell 
su* prop]ty to a h\sehold :o's income is
 less ?an or equal to #abj p]c5t ( !    
area m$ian income & %all ensure t if !  
prop]ty is subsequ5tly sold dur+ !      
#cj-ye> p]iod aft] ! date on :i* !      
eligible entity sold ! prop]ty t !      
prop]ty is only sold to h\seholds :o's  
income is less ?an or equal to #abj     
p]c5t ( ! area m$ian income4  7f7       

,rulemak+ ,! ,secret>y may issues rules 
to c>ry out ?is section4  7g7           
,au?orization ( appropriations ,!re is  
au?oriz$ to be appropriat$ to !         
,secret>y1 #ajj1jjj1jjj = fiscal ye>    
#bjbe to c>ry out ?is section4  7h7     
,def9itions ,9 ?is section3 7#a7        
,eligible entity ,! t]m eligible entity 
means a ,/ate1 a unit ( local gov]nm5t1 
an in/rum5tality ( a ,/ate or unit (    
local gov]nm5t1 or a nonpr(it           
organization1 includ+ a community l&    
tru/1 t uses gr\nd leases1 de$          
re/rictions1 & o!r simil> me*anisms :5  
sell+ a prop]ty own$ by ! eligible      
entity to-- 7,a7 ma9ta9 ! prop]ty z     
af=dable = h\seholds :o's income does n 
exce$ #abj p]c5t ( area m$ian income2   
7,b7 apply a resale =mula t limits !    
buy]s proce$s ^u resale to all[ = a fair
 & equitable return :ile ensur+ ! home  
is af=dable = subsequ5t qualifi$        
homebuy]s2 &  7,c7 provides ! ,/ate1    
unit ( local gov]nm5t1 in/rum5tality (  
su* ,/ate or unit ( local gov]nm5t1 or  

nonpr(it organization a preemptive      
option to pur*ase ! prop]ty f ! buy] if 
! buy] *ooses to sell ! prop]ty 9 !     
future4  7#b7 ,eligible grantee ,! t]m  
eligible grantee means-- 7,a7 any ag5cy 
( a ,/ate2 or  7,b7 any au?ority *>t]$  
by a ,/ate to help meet af=dable h\s+   
ne$s ( ! resid5ts ( ! ,/ate4  7#c7      
,secret>y ,! t]m ,secret>y means !      
,secret>y ( ! ,treasury4