,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #ajjec  ,,9 ,,! ,,h\se ,,(         
,,repres5tatives  ,augu/ #f1 #bjbf,mr4  
,lawl] introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to au?orize !     
,secret>y ( ,h\s+ & ,urban ,developm5t  
to issue loans to c]ta9 public          
employees1 & = o!r purposes4  #a4 ,%ort 
title  ,?is ,act may be cit$ z ! ,public
 ,s]vice ,home[n]%ip ,assi/ance ,act4   
#b4 ,d[npaym5t assi/ance program = c]ta9
 public employees  7a7 ,9 g5]al ,beg9n+ 
,janu>y #a1 #bjbg1 ! ,secret>y ( ,h\s+ &
 ,urban ,developm5t may1 subject to     
appropriations made available to c>ry   
out ?is section1 issue to cov]$ public  
employees loans t are secur$ by an      
eligible prop]ty pur*as$ by su*         
employee4  7b7 ,subord9ate li5 ,! li5   
held by ! ,secret>y aga9/ an eligible   
prop]ty z "p ( a loan "u ?is section    
%all be subord9ate to any fir/ mortgage 
aga9/ su* prop]ty4  7c7 ,loan am\nt ,a  
loan issu$ to a cov]$ public employee "u

 ?is section may n be 9 an am\nt t is-- 
7#a7 less ?an #aj1jjj2 or  7#b7 m ?an   
#bj1jjj4  7d7 ,use ( am\nts ,a cov]$    
public employee :o receives a loan "u   
?is section may only use loan am\nts = !
 paym5t ( a d[npaym5t1 or any clos+     
co/s1 ) respect to ! pur*ase ( an       
eligible prop]ty by su* employee4  7e7  
,requirem5t ,a cov]$ public employee t  
receives a loan "u ?is section %all     
occupy ! eligible prop]ty t secures su* 
loan n lat] ?an #fj days aft] ! date ( !
 issuance ( su* loan4  7f7 ,loan        
repaym5t ,a cov]$ public employee :o    
receives a loan "u ?is section %all beg9
 repaym5t ( su* loan1 amortiz$ ov] #aj  
ye>s1 ^u ! e>lie/ ( ! foll[+3  7#a7 ,!  
date on :i* su* employee sells or       
transf]s to ano!r p]son ! eligible      
prop]ty t secures su* loan4  7#b7       
,janu>y #a ( any ye> foll[+ a ye> dur+  
:i* su* employee did n occupy ! eligible
 prop]ty t secures su* loan = at lea/   
#ahb cal5d> days4  7#c7 ,! date ( !     
clos+ ( a ca% out ref9ance initiat$ by  

su* employee ) respect to ! eligible    
prop]ty t secures su* loan4  7g7 ,rule (
 con/ruction ,no?+ 9 ?is section may be 
con/ru$ to prohibit a cov]$ public      
employee f us+ any o!r s\rce ( ,f$]al or
 ,/ate assi/ance1 includ+ any o!r loan  
program1 9 conjunction ) a loan issu$ "u
 ?is section4  7h7 ,def9itions ,9 ?is   
section3 7#a7 ,ca% out ref9ance ,! t]m  
ca% out ref9ance means a f9ancial       
transaction 9 :i* a cov]$ public        
employee--  7,a7 ref9ances ! fir/       
mortgage aga9/ an eligible prop]ty2 &   
7,b7 receives an excess balance 9 ca% z 
a result ( ! new mortgage result+ f su* 
ref9anc+4  7#b7 ,clos+ co/ ,! t]m clos+ 
co/ means any fee1 *>ge1 or prepaid item
 requir$ to orig9ate1 process1 or       
complete a mortgage or real e/ate       
settlem5t ) respect to an eligible      
prop]ty1 exclusive ( ! pur*ase price ( !
 eligible prop]ty4  7#c7 ,cov]$ public  
employee ,! t]m cov]$ public employee   
means an individual :o is employ$ by an 
ag5cy or dep>tm5t ( ,f$]al1 ,/ate1      

,tribal1 or local gov]nm5t4  7#d7       
,eligible prop]ty ,! t]m eligible       
prop]ty means a resid5tial prop]ty t--  
7,a7 consi/s ( #a to #d dwell+ units2   
7,b7 meets any /&>ds requir$ by !       
,secret>y2  7,c7 is locat$ 9 ! ,unit$   
,/ates or a t]ritory !re(2 &  7,d7 w be 
occupi$ by ! cov]$ public employee = n  
less ?an #ahb days ea* cal5d> ye>4