,,ii #aah? ,,congress #b;d ,session ,s4 #dbfa ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,may #b1 #bjbd,mr4 ,he9ri* introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to direct ! ,secret>y ( ,h\s+ & ,urban ,developm5t to aw>d grants to provide f9ancial assi/ance to c]ta9 educators to make d[n paym5ts on c]ta9 homes1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,educator ,d[n ,paym5t ,assi/ance ,act ( #bjbd4 #b4 ,def9itions ,9 ?is ,act3 7#a7 ,eligible dwell+ ,! t]m eligible dwell+ means a resid5tial prop]ty )-- 7,a7 n m ?an #d dwell+ units2 7,b7 an ap>tm5t2 7,c7 a condom9ium2 or 7,d7 a manufactur$ dwell+ unit4 7#b7 ,eligible educator ,! t]m eligible educator means a public elem5t>y or second>y s*ool tea*]1 pr9cipal1 p>apr(essional1 s*ool lead]1 or o!r /aff :o-- 7,a7 is a fir/-"t homebuy]2 7,b7 has s]v$ 9 _! position or ano!r position 9 ! educational sy/em = n few] ?an a total ( #c ye>s 7)\t reg>d to :e!r su* ye>s 7 consecutive72 7,c7 has a qualify+ income2 & 7,d7 is 9 good /&+4 7#c7 ,eligible entity ,! t]m eligible entity means-- 7,a7 a unit ( local gov]nm5t2 7,b7 a ,/ate h\s+ f9ance ag5cy2 or 7,c7 a local educational ag5cy4 7#d7 ,eligible resid5tial mortgage loan ,! t]m eligible resid5tial mortgage loan means a resid5tial mortgage loan t-- 7,a7 meets ! und]writ+ requirem5ts & doll> am\nt limitations = acquisition by ! ,f$]al ,national ,mortgage ,association or ! ,f$]al ,home ,loan ,mortgage ,corporation2 7,b7 is made1 insur$1 or gu>ante$ "u title ,,ii ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjg et seq47 or title ,v ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adga et seq472 7,c7 is made1 insur$1 or gu>ante$ "u title ,,viii ( ! ,native ,am]ican ,h\s+ ,assi/ance & ,self-,det]m9ation ,act ( #aiif 7#be ,u4,s4,c4 #dbba et seq472 7,d7 is a qualifi$ mortgage1 z def9$ 9 section #abi;,c7b77#b7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;c7b77#b772 or 7,e7 is gu>ante$ "u section #ahd ( ! ,h\s+ & ,community ,developm5t ,act ( #aiib 7#ab ,u4,s4,c4 #agaez-#ac;a74 7#e7 ,em]g5cy ev5t ,! t]m em]g5cy ev5t includes-- 7,a7 milit>y deploym5t2 7,b7 divorce2 7,c7 dea? ( an eligible educator or sp\se2 & 7,d7 o!r simil> un=ese5 ev5ts z det]m9$ by ! ,secret>y4 7#f7 ,,esea t]ms ,! t]ms elem5t>y s*ool1 local educational ag5cy1 o!r /aff1 second>y s*ool1 & ,secret>y h ! mean+s giv5 su* t]ms 9 section #haja ( ! ,elem5t>y & ,second>y ,education ,act ( #aife 7#bj ,u4,s4,c4 #ghja74 7#g7 ,fir/-"t homebuy] ,! t]m fir/-"t homebuy] has ! mean+ giv5 ! t]m 9 section #ib4b ( title #bd1 ,code ( ,f$]al ,regulations 7z 9 effect on ! date ( ! enactm5t ( ?is ,act71 except t any ref]5ce 9 su* section to ! ,am]ican ,dream ,d[npaym5t ,initiative %all be deem$ to be a ref]5ce to ! grant program e/abli%$ "u ?is section4 7#h7 ,good /&+ ,! t]m good /&+ means t1 ) respect to an eligible educator & dur+ ! #c-ye> p]iod beg9n+ on ! date on :i* ! educator submits an application "u section #c7;b71 su* educator has n receiv$ discipl9>y action f ! local educational ag5cy t s]ves ! s*ool at :i* su* educator works z an educator4 7#i7 ,qualify+ income ,! t]m qualify+ income means-- 7,a7 an income t is n great] ?an #abj p]c5t ( ! area m$ian income 9 :i* ! eligible dwell+ to be pur*as$ is locat$2 & 7,b7 if ! ,secret>y det]m9es t ! area describ$ 9 subp>agraph 7,a7 is a high-co/ area1 an income t is n great] ?an #ahj p]c5t ( ! m$ian income ( su* area4 7#aj7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 #c4 ,fir/-"t homebuy] d[n paym5t assi/ance program 7a7 ,e/abli%m5t ,! ,secret>y ( ,h\s+ & ,urban ,developm5t %all aw>d grants1 on a competitive basis1 to eligible entities to provide f9ancial assi/ance to eligible educators 9 accordance ) subsection 7d74 7b7 ,application ,an eligible entity seek+ a grant "u ?is section %all submit to ! ,secret>y an application 9 su* =m1 at su* "t1 & conta9+ su* in=mation z ! ,secret>y det]m9es appropriate1 includ+ an assurance t su* entity w use an exi/+1 or e/abli% a new1 d[n paym5t assi/ance program to provide f9ancial assi/ance to eligible educators4 7c7 ,geographic areas ,9 ! case ( a geographic area t is s]v$ by an eligible entity t is a unit ( local gov]nm5t & an eligible entity t is a local educational ag5cy1 ! ,secret>y may only aw>d a grant to #a su* entity 9 su* geographic area4 7d7 ,use ( am\nts ,to provide f9ancial assi/ance 7#a7 ,9 g5]al ,an eligible entity t receives a grant "u subsection 7a7 %all use su* grant funds to provide f9ancial assi/ance to eligible educators4 7#b7 ,application ,an eligible educator seek+ a f9ancial assi/ance "u ?is subsection %all submit to ! eligible entity an application 9 su* =m1 at su* "t1 & conta9+ su* in=mation z ! eligible entity det]m9es appropriate1 includ+ an assurance t su* educator w-- 7,a7 complete ! h\s+ c\nsel+ requir$ "u p>agraph 7#h72 & 7,b7 use an eligible resid5tial mortgage loan to pur*ase an eligible dwell+4 7#c7 ,use ( f9ancial assi/ance ,an eligible educator :o receives f9ancial assi/ance "u ?is subsection %all use su* f9ancial assi/ance to pay1 ) respect to ! pur*ase ( an eligible dwell+ us+ an eligible resid5tial mortgage loan1 =-- 7,a7 direct d[n paym5t co/s associat$ ) su* pur*ase2 7,b7 clos+ co/s associat$ ) su* pur*ase2 & 7,c7 co/s relat$ to r$uc+ ! rates ( int]e/ on su* eligible resid5tial mortgage loan associat$ ) su* pur*ase4 7#d7 ,am\nt ( f9ancial assi/ance 7,a7 ,9 g5]al ,except z provid$ "u subp>agraph 7,b71 ! am\nt ( f9ancial assi/ance aw>d$ to an eligible educator "u ?is subsection may n be great] ?an #be1jjj4 7,b7 ,exception ,9 ! case ( an eligible educator pur*as+ an eligible dwell+ t is locat$ 9 an area describ$ 9 section #cje7;a77#b7 ( ! ,f$]al ,home ,loan ,mortgage ,corporation ,act 7#ab ,u4,s4,c4 #aded7;a77#b771 ! am\nt ( f9ancial assi/ance aw>d$ to an eligible educator "u ?is subsection may be great] ?an #be1jjj4 7#e7 ,limitation ,an eligible educator may only receive f9ancial assi/ance "u ?is subsection #a "t4 7#f7 ,additional funds ,an eligible entity may aw>d f9ancial assi/ance "u ?is subsection to an eligible educator :o is receiv+ funds f o!r s\rces1 includ+ o!r ,/ate1 ,f$]al1 local1 private1 public1 & nonpr(it s\rces1 = ! purpose ( pur*as+ an eligible dwell+4 7#g7 ,occupancy requirem5t 7,a7 ,9 g5]al ,an eligible educator :o is aw>d$ f9ancial assi/ance "u ?is subsection %all use ! eligible dwell+ pur*as$ us+ su* f9ancial assi/ance z a prim>y resid5ce = a p]iod ( n few] ?an #c ye>s beg9n+ on ! date on :i* ! eligible educator receives f9ancial assi/ance "u ?is subsection4 7,b7 ,en=cem5t 7i7 ,return ( funds ,an eligible educator :o does n comply ) ! requirem5t "u subp>agraph 7,a7 %all return to ! eligible entity ! total am\nt ( ! f9ancial assi/ance aw>d$ to su* educator "u ?is subsection4 7ii7 ,tim+ ,su* funds %all be return$ 9 accordance ) clause 7i7 n lat] ?an #a ye> aft] su* educator ceases to use su* dwell+ z a prim>y resid5ce 9 violation ( ! requirem5t "u subp>agraph 7,a74 7iii7 ,exception ,an eligible educator :o does n comply ) ! requirem5t "u subp>agraph 7,a7 due to an em]g5cy ev5t %all n be requir$ to return f9ancial assi/ance "u clause 7i74 7#h7 ,s]vice requirem5t 7,a7 ,9 g5]al ,an eligible educator :o is aw>d$ f9ancial assi/ance "u ?is subsection %all be requir$ by ! ,secret>y to cont9ue 9 _! role z a public elem5t>y or second>y s*ool tea*]1 pr9cipal1 p>apr(essional1 s*ool lead]1 or o!r /aff = n less ?an #c ye>s aft] ! date on :i* ! eligible educator is aw>d$ f9ancial assi/ance4 7,b7 ,exception ,subp>agraph 7,a7 %all n apply if an eligible educator is a milit>y sp\se1 z def9$ 9 section #de;,,aa7d77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf4 7e7 ,report+ requirem5ts ,! ,secret>y %all submit to ,congress an annual report t includes include a breakd[n ( f9ancial assi/ance provid$ "u ?is section1 by demographic breakd[n1 mean income1 & mean pur*ase price4 7f7 ,au?orization ( appropriations ,!re are au?oriz$ to be appropriat$ to c>ry out ?is section #cj1jjj1jjj = ea* ( fiscal ye>s #bjbe ?r\gh #bjcj4