,,ii  #aah? ,,congress  #b;d ,session   
,s4 #cgic  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,febru>y #i1 #bjbd,ms4 
,cortez ,ma/o 7= h]self1 ,ms4 ,smi?1    
,mr4 ,fett]man1 & ,ms4 ,ros57 introduc$ 
! foll[+ bill2 :i* 0 read twice & ref]r$
 to ! ,committee on ,bank+1 ,h\s+1 &    
,urban ,affairs  ,a ,,bill  ,to         
reau?orize ! ,,home ,inve/m5t ,p>tn]%ips
 ,program1 & = o!r purposes4  #a4 ,%ort 
title2 table ( cont5ts  7a7 ,%ort title 
,?is ,act may be cit$ z ! ,,home        
,inve/m5t ,p>tn]%ips ,reau?orization &  
,improvem5t ,act ( #bjbd4  7b7 ,table ( 
cont5ts ,! table ( cont5ts = ?is ,act is
 z foll[s3 ,sec4 #a4 ,%ort title2 table 
( cont5ts4,,title ,i--,reau?orization ( 
& re=ms to ,home ,inve/m5t ,p>tn]%ips   
,program,sec4 #aja4 ,reau?orization (   
,program4,sec4 #ajb4 ,increase 9        
,program adm9i/ration res\rces4,sec4    
#ajc4 ,modifications ( p>ticipat+       
jurisdiction qualification ?re%old &    
process = reallocations4,sec4 #ajd4     
,modification ( jurisdictions eligible =

 reallocations4,,title ,,ii--,re=ms     
relat+ to ,home ,inve/m5t ,p>tn]%ips    
,program adm9i/ration & rules,sec4 #bja4
 ,am5dm5ts to qualification z af=dable  
h\s+4,sec4 #bjb4 ,elim9ation ( commitm5t
 deadl9e4,sec4 #bjc4 ,re=m ( home[n]%ip 
resale re/rictions4,sec4 #bjd4 ,home    
prop]ty inspections4,sec4 #bje4         
,revisions to /r5g!n en=cem5t & p5alties
 = noncompliance4,sec4 #bjf4 ,t5ant &   
p>ticipant protections = small-scale    
af=dable h\s+4,sec4 #bjg4 ,e/abli%m5t ( 
home loan gu>antee program4,,title      
,,iii--,re=ms relat+ to community h\s+  
developm5t organization & nonpr(it      
participation,sec4 #cja4 ,modification (
 rules relat$ to community h\s+         
developm5t organizations4,,title        
,,iv--,te*nical corrections,sec4 #dja4  
,te*nical corrections4  ,i              
,reau?orization ( & re=ms to ,home      
,inve/m5t ,p>tn]%ips ,program  #aja4    
,reau?orization ( ,program ,section #bje
 ( ! ,cran/on-,gonzalez ,national       
,af=dable ,h\s+ ,act 7#db ,u4,s4,c4     

#abgbd7 is am5d$ to read z foll[s3      
#bje4 ,au?orization ( appropriations    
,!re are au?oriz$ to be appropriat$ to  
c>ry out ?is title-- 7#a7 #e1jjj1jjj1jjj
 = fiscal ye> #bjbd2  7#b7              
#e1bej1jjj1jjj = fiscal ye> #bjbe2  7#c7
 #e1eab1ejj1jjj = fiscal ye> #bjbf2     
7#d7 #e1ghh1abe1jjj = fiscal ye> #bjbg2 
&  7#e7 #f1jgg1eca1bej = fiscal ye>     
#bjbh4  4  #ajb4 ,increase 9 ,program   
adm9i/ration res\rces ,subtitle ,a (    
title ,,ii ( ! ,cran/on-,gonzalez       
,national ,af=dable ,h\s+ ,act 7#db     
,u4,s4,c4 #abgda et seq47 is am5d$--    
7#a7 9 section #bab7;c7 7#db ,u4,s4,c4  
#abgdb7;c771 by /rik+ #aj p]c5t & ins]t+
 #ae p]c5t2 &  7#b7 9 section #bbj7;b7  
7#db ,u4,s4,c4 #abgej7;b77-- 7,a7 by    
/rik+ ,recognition4-- & all t foll[s    
?r\gh ,a contribution & ins]t+ ! foll[+3
 ,recognition4--,a contribution2 &  7,b7
 by /rik+ p>agraph 7#b74  #ajc4         
,modifications ( p>ticipat+ jurisdiction
 qualification ?re%old & process =      
reallocations ,section #baf ( !         

,cran/on-,gonzalez ,national ,af=dable  
,h\s+ ,act 7#db ,u4,s4,c4 #abgdf7 is    
am5d$-- 7#a7 9 p>agraph 7#c77;,a7-- 7,a7
 by /rik+ 7,a7 ,except z provid$ 9      
p>agraph 7#aj71 a jurisdiction & ins]t+ 
! foll[+3  7,a7 ,eligibility ?re%old    
7i7 ,9 g5]al ,except z provid$ 9        
subp>agraph 7,b71 a jurisdiction  2 &   
7,b7 by /rik+ or if ! ,secret>y f9ds t &
 all t foll[s ?r\gh ! end ( clause 7ii7 
& ins]t+ ! foll[+3 8subject to clause   
7ii74  7ii7 ,inflation adju/m5t to      
eligibility ?re%old ,= ea* fiscal ye>   
aft] fiscal ye> #bjbd1 ! ,secret>y %all 
adju/ ! ?re%old am\nt 9 clause 7i7 =    
inflation4  2  7#b7 9 p>agraph 7#f7--   
7,a7 9 ! matt] prec$+ subp>agraph 7,a71 
by ins]t+ ?is title1 includ+ !          
requirem5ts 9 aft] ! requirem5ts (2 &   
7,b7 by /rik+ meet ! requirem5ts ea*    
place t t]m appe>s & ins]t+ meet or     
comply ) ! requirem5ts2 &  7#c7 by /rik+
 p>agraph 7#aj74  #ajd4 ,modification ( 
jurisdictions eligible = reallocations  
,section #bag7;d7 ( ! ,cran/on-,gonzalez

 ,national ,af=dable ,h\s+ ,act 7#db    
,u4,s4,c4 #abgdg7;d77 is am5d$-- 7#a7 9 
p>agraph 7#a71 by /rik+ ! second s5t5ce 
& ins]t+ ! foll[+3 ,subject to p>agraph 
7#c77;,a71 jurisdictions eligible = su* 
reallocations %all include p>ticipat+   
jurisdictions & jurisdictions meet+ !   
requirem5ts ( ?is title1 includ+ !      
requirem5ts 9 p>agraphs 7#c71 7#d71 &   
7#e7 ( section #baf42 &  7#b7 9 p>agraph
 7#c71 by /rik+ ,limitation4--,unless   
o!rwise specifi$ & ins]t+ ! foll[+3     
,limitations4-- 7,a7 ,removal (         
p>ticipat+ jurisdictions f reallocation 
,! ,secret>y may remove a p>ticipat+    
jurisdiction t fails to meet or comply )
 ! requirem5ts ( ?is title f            
p>ticipation 9 reallocations ( funds    
made available "u ?is title4  7,b7      
,reallocation to same type ( entity     
,unless o!rwise specifi$  4  ,,ii ,re=ms
 relat+ to ,home ,inve/m5t ,p>tn]%ips   
,program adm9i/ration & rules  #bja4    
,am5dm5ts to qualification z af=dable   
h\s+ ,section #bae ( !                  

,cran/on-,gonzalez ,national ,af=dable  
,h\s+ ,act 7#db ,u4,s4,c4 #abgde7 is    
am5d$-- 7#a7 9 subsection 7a7-- 7,a7 9  
p>agraph 7#a77;,e71 by /rik+ all t      
foll[s purposes ( ?is ,act1 & ins]t+ !  
foll[+3 8except--  7i7 ^u a =eclosure by
 a l5d] 7or ^u o!r transf] 9 lieu (     
=eclosure7 if su* action-- 7,i7         
recognizes any contractual or legal     
rights ( public ag5cies1 nonpr(it       
sponsors1 or o!rs to take actions t w\ld
 avoid t]m9ation ( l[-income af=dability
 9 ! case ( =eclosure or transf] 9 lieu 
( =eclosure2 &  7,,ii7 is n = ! purpose 
( avoid+ l[-income af=dability          
re/rictions1 z det]m9$ by ! ,secret>y2  
or  7ii7 :]e exi/+ af=dable h\s+ is no  
long] f9ancially viable due to un=ese5  
acts or occurr5ces beyond ! reasonable  
contemplation or control ( ! p>ticipat+ 
jurisdiction or own] t significantly    
impact ! f9ancial or physical condition 
( ! h\s+1 z det]m9$ by ! ,secret>y2 &  2
 &  7,b7 by add+ at ! end ! foll[+3     
7#g7 ,small-scale h\s+  7,a7 ,def9ition 

,9 ?is p>agraph1 ! t]m small-scale h\s+ 
means h\s+ ) n m ?an #d r5tal units4    
7,b7 ,alt]native requirem5ts            
,small-scale h\s+ %all qualify z        
af=dable h\s+ "u ?is title if-- 7i7 !   
h\s+ be>s r5ts t comply ) p>agraph      
7#a77;,a72  7ii7 ea* unit is occupi$ by 
a h\sehold t qualifies z a l[-income    
family2  7iii7 ! h\s+ is n refus$ =     
leas+ to a hold] ( a v\*] "u section #h 
( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg    
7#db ,u4,s4,c4 #adcg;f7 because ( !     
/atus ( ! prospective t5ant z a hold] ( 
su* v\*]2  7iv7 ! h\s+ meets !          
requirem5ts "u p>agraph 7#a77;,e72 &    
7v7 ! p>ticipat+ jurisdiction monitors  
ongo+ compliance ( ! h\s+ ) requirem5ts 
( ?is title 9 a mann] consi/5t ) !      
purposes ( section #bbf7;b71 z det]m9$  
by ! ,secret>y4  2 &  7#b7 9 subsection 
7b77#a71 by /rik+ #ie p]c5t & ins]t+    
#aaj p]c5t or a p]c5tage e/abli%$ by !  
,secret>y ?r\gh notice1 :i*ev] is       
great]14  #bjb4 ,elim9ation ( commitm5t 
deadl9e  7a7 ,9 g5]al ,section #bah ( ! 

,cran/on-,gonzalez ,national ,af=dable  
,h\s+ ,act 7#db ,u4,s4,c4 #abgdh7 is    
am5d$-- 7#a7 by /rik+ subsection 7g72 & 
7#b7 by r$esignat+ subsection 7h7 z     
subsection 7g74  7b7 ,con=m+ am5dm5t    
,section #bah7;c7 ( ! ,cran/on-,gonzalez
 ,national ,af=dable ,h\s+ ,act 7#db    
,u4,s4,c4 #abgdh7;c77 is am5d$-- 7#a7 9 
p>agraph 7#a71 by add+ & at ! end2  7#b7
 by /rik+ p>agraph 7#b72  7#c7 by       
r$esignat+ p>agraph 7#c7 z p>agraph     
7#b72 &  7#d7 9 p>agraph 7#b71 z s      
r$esignat$1 by /rik+ section #bbd &     
ins]t+ section #bbc4  #bjc4 ,re=m (     
home[n]%ip resale re/rictions ,section  
#bae ( ! ,cran/on-,gonzalez ,national   
,af=dable ,h\s+ ,act 7#db ,u4,s4,c4     
#abgde71 z am5d$ by section #bja1 is    
am5d$-- 7#a7 9 subsection 7b7-- 7,a7 9  
p>agraph 7#b71 by r$esignat+            
subp>agraphs 7,a71 7,b71 & 7,c7 z       
clauses 7i71 7ii71 & 7iii71             
respectively1 & adju/+ ! m>g9s          
accord+ly2  7,b7 by /rik+ p>agraph 7#c72
  7,c7 by r$esignat+ p>agraphs 7#a71    

7#b71 & 7#d7 z subp>agraphs 7,a71 7,b71 
& 7,d71 respectively1 & adju/+ ! m>g9s  
accord+ly2  7,d7 by ins]t+ aft]         
subp>agraph 7,b71 z s r$esignat$1 !     
foll[+3  7,c7 is subject to re/rictions 
t are e/abli%$ by ! p>ticipat+          
jurisdiction & det]m9$ by ! ,secret>y to
 be appropriate1 includ+ ) respect to ! 
af=dability p]iod1 to-- 7i7 require t   
any subsequ5t pur*ase ( ! prop]ty be--  
7,i7 only by a p]son :o meets !         
qualifications specifi$ "u subp>agraph  
7,b72 &  7,,ii7 at a price t is det]m9$ 
by a =mula or me?od e/abli%$ by !       
p>ticipat+ jurisdiction t provides !    
own] ) a reasonable return on inve/m5t1 
:i* may include a p]c5tage ( ! co/ ( any
 improvem5ts2 or  7ii7 recapture !      
inve/m5t provid$ "u ?is title 9 ord] to 
assi/ o!r p]sons 9 accordance ) !       
requirem5ts ( ?is title1 except :]e !re 
are no net proce$s or :]e ! net proce$s 
are insuffici5t to repay ! full am\nt ( 
! assi/ance2 &  2  7,e7 by /rik+ ,h\s+ t
 is = home[n]%ip & ins]t+ ! foll[+3     

7#a7 ,qualification ,h\s+ t is =        
home[n]%ip  2 &  7,f7 by add+ at ! end !
 foll[+3  7#b7 ,pur*ase by community l& 
tru/ ,not)/&+ subp>agraph 7,c77i7 (     
p>agraph 7#a7 & "u t]ms det]m9$ by !    
,secret>y1 ! ,secret>y may p]mit a      
p>ticipat+ jurisdiction to all[ a       
community l& tru/ t us$ assi/ance       
provid$ "u ?is subtitle = ! developm5t (
 h\s+ t meets ! crit]ia "u p>agraph     
7#a71 to acquire ! h\s+-- 7,a7 9        
accordance ) ! t]ms ( ! preemptive      
pur*ase option1 lease1 cov5ant on ! l&1 
or o!r simil> legal in/rum5t ( !        
community l& tru/ :5 ! t]ms & rights 9 !
 preemptive pur*ase option1 lease1      
cov5ant1 or legal in/rum5t are & rema9  
subject to ! requirem5ts ( ?is title2   
7,b7 :5 ! pur*ase is =-- 7i7 ! purpose  
(-- 7,i7 ent]+ into ! *a9 ( title2      
7,,ii7 enabl+ a pur*ase by a p]son :o   
meets ! qualifications specifi$ "u      
p>agraph 7#a77;,b7 & is on a waitli/    
ma9ta9$ by ! community l& tru/1 subject 
to en=cem5t by ! p>ticipat+ jurisdiction

 ( all applicable requirem5ts ( ?is     
subtitle1 z det]m9$ by ! ,secret>y2     
7,,iii7 p]=m+ necess>y rehabilitation & 
improvem5ts2 or  7,,iv7 add+ a subsidy  
to pres]ve af=dability2 or  7ii7 ano!r  
purpose det]m9$ appropriate by !        
,secret>y2 &  7,c7 if1 )9 a reasonable  
p]iod ( "t aft] ! applicable purpose "u 
subp>agraph 7,b7 ( ?is p>agraph is      
fulfill$1 z det]m9$ by ! ,secret>y1 !   
h\s+ is !n sold to a p]son :o meets !   
qualifications specifi$ "u p>agraph     
7#a77;,b74  7#c7 ,susp5sion or waiv] (  
requirem5ts = milit>y memb]s ,a         
p>ticipat+ jurisdiction1 9 accordance ) 
t]ms e/abli%$ by ! ,secret>y1 may susp5d
 or waive a requirem5t "u p>agraph      
7#a77;,b7 ) respect to h\s+ t o!rwise   
meets ! crit]ia "u p>agraph 7#a7 if !   
own] ( ! h\s+-- 7,a7 is a memb] ( a     
regul> compon5t ( ! arm$ =ces or a memb]
 ( ! ,national ,gu>d on full-"t         
,national ,gu>d duty1 active ,gu>d &    
,res]ve duty1 or inactive-duty tra9+ 7z 
^? t]ms are def9$ 9 section #aja7;d7 (  

title #aj1 ,unit$ ,/ates ,code72 &  7,b7
 has receiv$-- 7i7 tempor>y duty ord]s  
to deploy ) a milit>y unit or milit>y   
ord]s to deploy z an individual act+ 9  
support ( a milit>y op]ation1 to a      
location t is n )9 a reasonable di/ance 
f ! h\s+1 z det]m9$ by ! ,secret>y1 = a 
p]iod ( n less ?an #ij days2 or  7ii7   
ord]s = a p]man5t *ange ( /ation4  7#d7 
,susp5sion or waiv] ( requirem5ts = heir
 or b5efici>y ( deceas$ own] ,not)/&+   
subp>agraph 7,c7 ( p>agraph 7#a71 h\s+ t
 meets ! crit]ia "u t p>agraph prior to 
! dea? ( an own] may cont9ue to qualify 
z af=dable h\s+ if-- 7,a7 ! h\s+ is !   
pr9cipal resid5ce ( an heir or b5efici>y
 ( ! deceas$ own]1 z def9$ by !         
,secret>y2 &  7,b7 ! heir or b5efici>y1 
9 accordance ) t]ms e/abli%$ by !       
,secret>y1 assumes ! duties &           
obligations ( ! deceas$ own] ) respect  
to funds provid$ "u ?is title4  4  #bjd4
 ,home prop]ty inspections ,section     
#bbf7;b7 ( ! ,cran/on-,gonzalez         
,national ,af=dable ,h\s+ ,act 7#db     

,u4,s4,c4 #abgef7;b77 is am5d$-- 7#a7 by
 /rik+ ,ea* p>ticipat+ jurisdiction &   
ins]t+ ! foll[+3  7#a7 ,9 g5]al ,ea*    
p>ticipat+ jurisdiction  2 &  7#b7 by   
/rik+ ,su* review %all include & all t  
foll[s & ins]t+ ! foll[+3  7#b7 ,on-site
 inspections  7,a7 ,inspections by units
 ( g5]al local gov]nm5t ,a review       
conduct$ "u p>agraph 7#a7 by a          
p>ticipat+ jurisdiction t is a unit (   
g5]al local gov]nm5t %all include an    
on-site inspection to det]m9e compliance
 ) h\s+ codes & o!r applicable          
regulations4  7,b7 ,inspections by      
,/ates ,a review conduct$ "u p>agraph   
7#a7 by a p>ticipat+ jurisdiction t is a
 ,/ate %all include an on-site          
inspection to det]m9e compliance ) a    
national /&>d z det]m9$ by ! ,secret>y4 
7#c7 ,inclusion 9 p]=mance report &     
publication ,a p>ticipat+ jurisdiction  
%all include 9 ! p]=mance report ( !    
p>ticipat+ jurisdiction submitt$ to !   
,secret>y "u section #ajh7;a71 & make   
available to ! public1 ! results ( ea*  

review conduct$ "u p>agraph 7#a74  4    
#bje4 ,revisions to /r5g!n en=cem5t &   
p5alties = noncompliance ,section #bbc (
 ! ,cran/on-,gonzalez ,national         
,af=dable ,h\s+ ,act 7#db ,u4,s4,c4     
#abgec7 is am5d$-- 7#a7 9 ! head+1 by   
/rik+ ,,p5alties ,,= ,,misuse ,,(       
,,funds & ins]t+ ,,program ,,en=cem5t   
,,& ,,p5alties ,,= ,,noncompliance2     
7#b7 9 ! matt] prec$+ p>agraph 7#a71 by 
ins]t+ aft] any provision ( ?is subtitle
 ! foll[+3 1 includ+ any provision      
applicable ?r\gh\t ! p]iod requir$ by   
section #bae7;a77#a77;,e7 & applicable  
regulations12  7#c7 9 p>agraph 7#b71 by 
/rik+ or at ! end2  7#d7 9 p>agraph     
7#c71 by /rik+ ! p]iod at ! end & ins]t+
 2 or2 &  7#e7 by add+ at ! end !       
foll[+3  7#d7 r$uce paym5ts to !        
p>ticipat+ jurisdiction "u ?is subtitle 
by an am\nt equal to ! am\nt ( su*      
paym5ts :i* 7 n exp5d$ 9 accordance )   
?is title4  4  #bjf4 ,t5ant & p>ticipant
 protections = small-scale af=dable h\s+
 ,section #bbe ( ! ,cran/on-,gonzalez   

,national ,af=dable ,h\s+ ,act 7#db     
,u4,s4,c4 #abgee7 is am5d$ by add+ at ! 
end ! foll[+3  7e7 ,t5ant selection =   
small-,scale h\s+ ,p>agraphs 7#b7 ?r\gh 
7#d7 ( subsection 7d7 %all n apply to ! 
own] ( small-scale h\s+ 7z def9$ 9      
section #bae7;a774  4  #bjg4 ,e/abli%m5t
 ( home loan gu>antee program ,subtitle 
,a ( title ,,ii ( ! ,cran/on-,gonzalez  
,national ,af=dable ,h\s+ ,act 7#db     
,u4,s4,c4 #abgda et seq47 is am5d$ by   
add+ at ! end ! foll[+3  #bbg4 ,gu>antee
 & commitm5t to gu>antee loans =        
acquisition ( prop]ty  7a7 ,au?ority    
7#a7 ,9 g5]al ,! ,secret>y may1 "u su*  
t]ms & conditions z ! ,secret>y may     
prescribe1 gu>antee & make commitm5ts to
 gu>antee1 only to su* ext5t or 9 su*   
am\nts z provid$ 9 appropriation ,acts1 
! notes or obligations issu$ by         
p>ticipat+ jurisdictions = ! purposes ( 
f9anc+ ! developm5t or pres]vation (    
af=dable r5tal & home[n]%ip h\s+ ?r\gh !
 acquisition1 new con/ruction1          
recon/ruction1 or mod]ate or sub/antial 

rehabilitation ( af=dable h\s+4  7#b7   
,eligible exp5ses ,:5 9 support ( !     
activities describ$ 9 p>agraph 7#a71 !  
exp5ses = :i* ! ,secret>y may gu>antee &
 make commitm5ts to gu>antee notes or   
obligations "u t p>agraph include real  
prop]ty acquisition1 site improvem5t1   
conv]sion1 demolition1 & o!r exp5ses1   
includ+ f9anc+ co/s & relocation exp5ses
 ( any displac$ p]son1 family1 or       
bus9ess4  7b7 ,limitations & requirem5ts
  7#a7 ,eligibility ,a gu>antee "u ?is  
section may be us$ to assi/ a p>ticipat+
 jurisdiction 9 obta9+ f9anc+ only if ! 
p>ticipat+ jurisdiction-- 7,a7 has made 
ef=ts to obta9 su* f9anc+ )\t ! use ( ! 
gu>antee1 z det]m9$ by ! ,secret>y2 &   
7,b7 _c complete su* f9anc+ consi/5t ) !
 timely execution ( ! project plans )\t 
! gu>antee1 z det]m9$ by ! ,secret>y4   
7#b7 ,=m1 d5om9ations1 maturities1 &    
conditions ,notes or o!r obligations    
gu>ante$ "u ?is section %all be 9 su* =m
 & d5om9ations1 h su* maturities1 & be  
subject to su* conditions z may be      

prescrib$ by regulations issu$ by !     
,secret>y4  7#c7 ,repaym5t p]iod ,!     
,secret>y may n d5y a gu>antee "u ?is   
section on ! basis ( ! propos$ repaym5t 
p]iod = ! note or o!r obligation        
unless-- 7,a7 ! p]iod is m ?an #bj ye>s2
 or  7,b7 ! ,secret>y det]m9es t ! p]iod
 causes ! gu>antee to con/itute an      
unacceptable f9ancial risk4  7#d7       
,aggregate pr9cipal am\nt ,not)/&+ any  
o!r provision ( law & subject only to ! 
abs5ce ( qualifi$ applicants or propos$ 
activities & to ! au?ority provid$ 9 ?is
 section1 to ! ext5t approv$ or provid$ 
9 appropriation ,acts1 ! ,secret>y %all 
ent] into commitm5ts to gu>antee notes &
 obligations "u ?is section ) an        
aggregate pr9cipal am\nt ( n m ?an--    
7,a7 #b1jjj1jjj1jjj = fiscal ye> #bjbc2 
&  7,b7 = ea* subsequ5t fiscal ye>1 an  
am\nt t is increas$ = inflation z       
det]m9$ by ! ,secret>y4  7c7            
,pr]equisites ,! ,secret>y may n make a 
gu>antee or commitm5t to gu>antee )     
respect to any note or o!r obligation   

if-- 7#a7 ! total out/&+ notes or       
obligations ( ! issu] gu>ante$ "u ?is   
section w\ld !reby exce$ an am\nt equal 
to #e times ! mo/ rec5t allocation = !  
issu] "u ?is title2 or  7#b7 ! ,secret>y
 det]m9es t ! gu>antee con/itutes an    
unacceptable risk4  7d7 ,paym5t (       
pr9cipal1 int]e/1 & co/s ,not)/&+ any   
o!r provision ( ?is ,act1 a p>ticipat+  
jurisdiction allocat$ funds "u ?is ,act 
may use ! funds 7includ+ program income 
d]iv$ !refrom7 = ! paym5t ( pr9cipal &  
int]e/ due 7includ+ su* s]vic+1         
und]writ+1 or o!r co/s z may be specifi$
 9 regulations ( ! ,secret>y71 & any    
associat$ fee to be paid 9 accordance ) 
subsection 7j71 on a note or o!r        
obligation gu>ante$ "u ?is section4  7e7
 ,repaym5t contract2 security2 pl$ge by 
p>ticipat+ jurisdiction ,to assure !    
repaym5t ( a note or o!r obligation     
gu>ante$ "u ?is section & relat$ *>ges  
incurr$ "u ?is section1 & z a condition 
( receiv+ su* a gu>antee1 ! ,secret>y   
%all require ! issu] ( ! note or o!r    

obligation to-- 7#a7 ent] into a        
contract1 9 a =m acceptable to !        
,secret>y1 = repaym5t ( ! note or o!r   
obligation2  7#b7 pl$ge z security !    
proce$s ( any grant = :i* ! issu] may   
become eligible "u ?is ,act2 &  7#c7    
furni%1 at ! discretion ( ! ,secret>y1  
su* o!r security z may be det]m9$       
appropriate by ! ,secret>y 9 mak+ !     
gu>antee1 includ+ increm5ts 9 local tax 
receipts g5]at$ by ! activities assi/$  
"u ?is ,act or proce$s f ! sale ( l& or 
rehabilitat$ prop]ty4  7f7 ,pl$g$ grants
 = repaym5ts ,! ,secret>y may1 not)/&+  
any o!r provision ( ?is ,act1 apply !   
proce$s ( a grant pl$g$ by a p>ticipat+ 
jurisdiction "u subsection 7e77#b7 to   
any repaym5t due ! ,unit$ ,/ates z a    
result ( ! gu>antee "u ?is section ( a  
note or o!r obligation issu$ by !       
p>ticipat+ jurisdiction4  7g7 ,full fai?
 & cr$it ( ,unit$ ,/ates2 conclusiv5ess 
& validity ( gu>antee  7#a7 ,full fai? &
 cr$it ( unit$ /ates pl$g$ = paym5t ,!  
full fai? & cr$it ( ! ,unit$ ,/ates is  

pl$g$ to ! paym5t ( a note or o!r       
obligation gu>ante$ "u ?is section4     
7#b7 ,conclusiv5ess & validity (        
gu>antee  7,a7 ,conclusiv5ess ,a        
gu>antee made by ! ,secret>y "u ?is     
section %all be conclusive evid5ce ( !  
eligibility ( ! obligation = ! gu>antee 
) respect to pr9cipal & int]e/4  7,b7   
,validity ,! validity ( a gu>antee made 
by ! ,secret>y "u ?is section %all be   
inconte/able 9 ! h&s ( a hold] ( !      
gu>ante$ obligation4  7#c7 ,limitation  
on p]c5tage ,a gu>antee made "u ?is     
section %all gu>antee repaym5t ( #ajj   
p]c5t ( ! unpaid pr9cipal & int]e/ due  
on ! notes or o!r obligations gu>ante$4 
7h7 ,limit on out/&+ obligations2       
monitor+ use ( gu>antees  7#a7 ,limit on
 out/&+ obligations ,! total am\nt (    
out/&+ obligations gu>ante$ on a        
cumulative basis by ! ,secret>y "u ?is  
section may n at any "t exce$ ! great]  
(-- 7,a7 #d1ejj1jjj1jjj2 or  7,b7 su*   
high] am\nt z may be au?oriz$ to be     
appropriat$ to c>ry out ?is section = a 

fiscal ye>4  7#b7 ,monitor+ use (       
gu>antees  7,a7 ,9 g5]al ,! ,secret>y   
%all monitor ! use ( gu>antees "u ?is   
section by p>ticipat+ jurisdictions4    
7,b7 ,actions to ensure suffici5t       
au?ority ,if ! ,secret>y f9ds "u        
subp>agraph 7,a7 t #ej p]c5t ( !        
aggregate gu>antee au?ority "u p>agraph 
7#a7 has be5 committ$1 ! ,secret>y may--
 7i7 provide t a unit ( g5]al local     
gov]nm5t t receives a grant "u section  
#baa may n receive m ?an #ce1jjj1jjj 9  
gu>antees "u ?is section2 or  7ii7      
submit to ,congress a reque/ = !        
enactm5t ( legislation increas+ ! am\nt 
( ! aggregate gu>antee au?ority4  7i7   
,pur*ase ( gu>ante$ obligations by f$]al
 f9anc+ bank ,! ,f$]al ,f9anc+ ,bank may
 n pur*ase a note or o!r obligation     
gu>ante$ "u ?is section4  7j7           
,imposition ( fee or *>ge ,! ,secret>y  
%all collect fees f borr[]s to result 9 
a cr$it subsidy co/ ( z]o = gu>antee+   
notes or o!r obligations "u ?is section4
  7k7 ,gu>antee ( obligations back$ by  

loans  7#a7 ,au?ority ,! ,secret>y may1 
^u su* t]ms & conditions z ! ,secret>y  
consid]s appropriate1 gu>antee ! timely 
paym5t ( ! pr9cipal ( & int]e/ on su*   
tru/ c]tificates or o!r obligations z   
may be-- 7,a7 (f]$ by ! ,secret>y or by 
any o!r (f]or approv$ = purposes ( ?is  
subsection by ! ,secret>y2 &  7,b7 bas$ 
on & back$ by a tru/ or pool compos$ (  
notes or o!r obligations gu>ante$ or    
eligible = gu>antee by ! ,secret>y "u   
?is section4  7#b7 ,full fai? & cr$it   
,to ! same ext5t z provid$ 9 subsection 
7g71 ! full fai? & cr$it ( ! ,unit$     
,/ates is pl$g$ to ! paym5t ( all am\nts
 t may be requir$ to be paid "u any     
gu>antee made by ! ,secret>y "u ?is     
subsection4  7#c7 ,subrogation ,if !    
,secret>y pays a claim "u a gu>antee    
made "u ?is section1 ! ,secret>y %all be
 subrogat$ = all ! rights ( ! hold] ( ! 
gu>ante$ c]tificate or obligation )     
respect to ! c]tificate or obligation4  
7#d7 ,effect ( o!r laws ,no ,/ate or    
local law1 & no ,f$]al law1 %all        

preclude or limit ! ex]cise by !        
,secret>y (-- 7,a7 ! p[] to contract )  
respect to public (f]+s & o!r sales (   
notes1 tru/ c]tificates1 & o!r          
obligations gu>ante$ "u ?is section ^u  
su* t]ms & conditions z ! ,secret>y     
det]m9es appropriate2  7,b7 ! "r to     
en=ce any contract describ$ 9           
subp>agraph 7,a7 by any means det]m9$   
appropriate by ! ,secret>y2 or  7,c7 any
 own]%ip rights ( ! ,secret>y1 z        
applicable1 9 notes1 c]tificates1 or o!r
 obligations gu>ante$ "u ?is section1 or
 con/itut+ ! tru/ or pool aga9/ :i* tru/
 c]tificates1 or o!r obligations        
gu>ante$ "u ?is section1 are (f]$4  4   
,,iii ,re=ms relat+ to community h\s+   
developm5t organization & nonpr(it      
p>ticipation  #cja4 ,modification (     
rules relat$ to community h\s+          
developm5t organizations  7a7           
,def9itions ( community h\s+ developm5t 
organization & community l& tru/  7#a7  
,9 g5]al ,section #ajd ( !              
,cran/on-,gonzalez ,national ,af=dable  

,h\s+ ,act 7#db ,u4,s4,c4 #abgjd7 is    
am5d$-- 7,a7 9 p>agraph 7#f77;,b7-- 7i7 
by /rik+ significant2 &  7ii7 by /rik+ &
 o!rwise & ins]t+ or z o!rwise det]m9$  
acceptable by ! ,secret>y2 &  7,b7 by   
add+ at ! end ! foll[+3  7#bf7 ,! t]m   
community l& tru/ means a nonpr(it      
entity or a ,/ate or local gov]nm5t or  
in/rum5tality !re( t-- 7,a7 is n        
sponsor$ by a =-pr(it organization2     
7,b7 has z a prim>y purpose ! provision 
& ma9t5ance ( h\s+ t provides long-t]m  
af=dability = l[- & mod]ate-income      
p]sons2  7,c7 provides h\s+ describ$ 9  
subp>agraph 7,b7 us+ a gr\nd lease1 de$ 
cov5ant1 or o!r simil> legally en=ceable
 measure1 z det]m9$ by ! ,secret>y1 t-- 
7i7 keeps ! h\s+ af=dable to l[- &      
mod]ate-income p]sons = n less ?an #cj  
ye>s2 &  7ii7 enables l[- &             
mod]ate-income p]sons to pur*ase ! h\s+ 
= home[n]%ip2 &  7,d7 ma9ta9s preemptive
 pur*ase options to pur*ase ! prop]ty s 
! h\s+ rema9s af=dable to l[-&          
mod]ate-income p]sons4  4  7#b7         

,elim9ation ( exi/+ def9ition (         
community l& tru/ ,section #bcc ( !     
,cran/on-,gonzalez ,national ,af=dable  
,h\s+ ,act 7#db ,u4,s4,c4 #abggc7 is    
am5d$ by /rik+ subsection 7f74  7b7     
,set-,aside = community h\s+ developm5t 
organizations ,section #bca ( !         
,cran/on-,gonzalez national ,af=dable   
,h\s+ ,act 7#db ,u4,s4,c4 #abgga7 is    
am5d$-- 7#a7 9 subsection 7a71 by /rik+ 
to be develop$1 sponsor$1 or own$ by    
community h\s+ developm5t organizations 
& ins]t+ :5 a community h\s+ developm5t 
organization mat]ially p>ticipates 9 !  
own]%ip or developm5t ( su* h\s+1 z     
det]m9$ by ! ,secret>y2  7#b7 by /rik+  
subsection 7b7 & ins]t+ ! foll[+3  7b7  
,recapture & reuse ,if any funds res]v$ 
"u subsection 7a7 rema9 un9ve/$ = a     
p]iod ( #bd mon?s1 !n ! ,secret>y %all  
make su* funds available to ! p>ticipat+
 jurisdiction = any eligible activities 
"u ?is title )\t reg>d to :e!r a        
community h\s+ developm5t organization  
mat]ially p>ticipates 9 ! use ( ! funds4

  2 &  7#c7 by /rik+ subsection 7c74    
,,iv ,te*nical corrections  #dja4       
,te*nical corrections ,!                
,cran/on-,gonzalez ,national ,af=dable  
,h\s+ ,act 7#db ,u4,s4,c4 #abgja et     
seq47 is am5d$-- 7#a7 9 section #ajd    
7#db ,u4,s4,c4 #abgjd7-- 7,a7 by        
r$esignat+ p>agraph 7#bc7 7relat+ to !  
def9ition ( ! t]m to demon/rate to !    
,secret>y7 z p>agraph 7#bb72 &  7,b7 by 
r$esignat+ p>agraph 7#bd7 7relat+ to !  
def9ition ( ! t]m insul> area1 z add$ by
 section #b7b7 ( ,public ,law #ajb-bcj7 
z p>agraph 7#bc72  7#b7 9 section       
#aje7;b7 7#db ,u4,s4,c4 #abgje7;b77--   
7,a7 9 p>agraph 7#g71 by /rik+ ,/ew>t   
,b4 ,mc,kinney ,homeless ,assi/ance ,act
 & ins]t+ ,mc,kinney-,v5to ,homeless    
,assi/ance ,act2 &  7,b7 9 p>agraph     
7#h71 by /rik+ subp>agraphs & ins]t+    
p>agraphs2  7#c7 9 section #ajf 7#db    
,u4,s4,c4 #abgjf71 by /rik+ ,/ew>t ,b4  
,mc,kinney ,homeless ,assi/ance ,act &  
ins]t+ ,mc,kinney-,v5to ,homeless       
,assi/ance ,act2  7#d7 9 section        

#ajh7;a77#a7 7#db ,u4,s4,c4             
#abgjh7;a77#a771 by /rik+ section       
#aje7;b77#ae7 & ins]t+ section          
#aje7;b77#ah72  7#e7 9 section #bab 7#db
 ,u4,s4,c4 #abgdb7-- 7,a7 9 subsection  
7a7-- 7i7 9 p>agraph 7#c77;,a77ii71 by  
ins]t+ ,unit$ ,/ates be=e ,h\s+ ,act2 & 
7ii7 by r$esignat+ p>agraph 7#e7 z      
p>agraph 7#d72  7,b7 9 subsection       
7d77#e71 by ins]t+ ,unit$ ,/ates be=e   
,h\s+ ,act2 &  7,c7 9 subsection        
7e77#a7-- 7i7 by /rik+ section          
#bba7;d77#c77;ii7 & ins]t+ section      
#bba7;d77#d72 &  7ii7 by /rik+ n to     
exce$ #adj p]c5t & ins]t+ z det]m9$ by !
 ,secret>y2  7#f7 9 section             
#bae7;a77#f77;,b7 7#db ,u4,s4,c4 #bj    
#abgde7;a77#f77;,b771 by /rik+ gr&      
*ildr5 & ins]t+ gr&*ildr52  7#g7 9      
section #bag 7#db ,u4,s4,c4 #abgdg7--   
7,a7 9 subsection 7a7-- 7i7 9 p>agraph  
7#a71 by /rik+ 7#c7 & ins]t+ 7#b72  7ii7
 by /rik+ p>agraph 7#c71 z add$ by      
section #baa7;a77#b77;,d7 ( ! ,h\s+ &   
,community ,developm5t ,act ( #aiib     

7,public ,law #ajb-eej2 #ajf ,/at4      
#cgef72 &  7iii7 by r$esignat+ ! rema9+ 
p>agraph 7#c71 z add$ by ! matt] "u !   
head+ ,home inve/m5t p>tn]%ips program  
"u ! head+ ,h\s+ programs 9 title ,,ii (
 ! ,dep>tm5ts ( ,vet]ans ,affairs &     
,h\s+ & ,urban ,developm5t1 & ,indep5d5t
 ,ag5cies ,appropriations ,act1 #aiic   
7,public ,law #ajb-chi2 #ajf ,/at4      
#aeha71 z p>agraph 7#b72 &  7,b7 9      
subsection 7b7-- 7i7 9 p>agraph 7#a7--  
7,i7 9 ! fir/ s5t5ce ( subp>agraph      
7,a7-- 7aa7 by /rik+ 9 regulation &     
ins]t+ 1 by regulation12 &  7bb7 by     
/rik+ eligible jurisdiction & ins]t+    
eligible jurisdictions2 &  7,,ii7 9     
subp>agraph 7,f7-- 7aa7 9 ! fir/        
s5t5ce-- 7,,aa7 9 clause 7i71 by /rik+  
,subcommittee on ,h\s+ & ,urban ,affairs
 & ins]t+ ,subcommittee on ,h\s+1       
,transportation1 & ,community           
,developm5t2 & 7,,bb7 9 clause 7ii71 by 
/rik+ ,subcommittee on ,h\s+ &          
,community ,developm5t ( ! ,committee on
 ,bank+1 ,f9ance & ,urban ,affairs &    

ins]t+ ,subcommittee on ,h\s+ &         
,insurance ( ! ,committee on ,f9ancial  
,s]vices2 &  7bb7 9 ! second s5t5ce1 by 
/rik+ ! ,committee on ,bank+1 ,f9ance & 
,urban ,affairs ( ! ,h\se (             
,repres5tatives & ins]t+ ! ,committee on
 ,f9ancial ,s]vices ( ! ,h\se (         
,repres5tatives2  7ii7 9 p>agraph       
7#b77;,b71 by /rik+ #ejj1jjj ea* place t
 t]m appe>s & ins]t+ #gej1jjj2  7iii7 9 
p>agraph 7#c7-- 7,i7 by /rik+ #ejj1jjj  
ea* place t t]m appe>s & ins]t+         
#gej1jjj2 &  7,,ii7 by /rik+ 1 except z 
provid$ 9 p>agraph 7#d72 &  7iv7 by     
/rik+ p>agraph 7#d72  7#h7 9 section    
#bbj7;c7 7#db ,u4,s4,c4 #abgej7;c77--   
7,a7 9 p>agraph 7#c71 by /rik+ ,secret>y
 & all t foll[s & ins]t+ ,secret>y22    
7,b7 9 p>agraph 7#d71 by /rik+ "u ?is   
title & all t foll[s & ins]t+ "u ?is    
title22 &  7,c7 by r$esignat+ p>agraphs 
7#f71 7#g71 & 7#h7 z p>agraphs 7#e71    
7#f71 & 7#g71 respectively2  7#i7 9     
section #bbe7;d77#d77;,b7 7#db ,u4,s4,c4
 #abgee7;d77#d77;,b771 by /rik+ = ! fir/

 place t t]m appe>s2 &  7#aj7 9 section 
#bhc 7#db ,u4,s4,c4 #abhcc7-- 7,a7 9    
subsection 7a71 by /rik+ ,bank+1 ,f9ance
 & ,urban ,affairs & ins]t+ ,f9ancial   
,s]vices2 &  7,b7 9 subsection 7b71 by  
/rik+ ,g5]al ,acc\nt+ ,(fice ea* place t
 t]m appe>s & ins]t+ ,gov]nm5t          
,acc\ntability ,(fice4