#aaith ,,congress #b;d ,session ,in the ,house of ,representatives1 ,u4 ,s41 ,may #bj1 #bjbf ,,house ,,amendment ,,to ,,senate ,,amendment3 ,that the ,house agree to the amendment of the ,senate to the bill 7,h4,r4 #ffdd7 entitled ,an ,act to increase the supply of housing in ,america1 and for other purposes41 with the following ,in lieu of the matter proposed to be inserted by the amendment of the ,senate to the text of the bill1 insert the following3 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the #bast ,century ,,road to ,housing ,act4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,title ,i--,opportunities for ,housing ,sec4 #aja4 ,reforms to housing counseling and financial literacy programs4 ,sec4 #ajb4 ,federal guidelines for point access block buildings4 ,sec4 #ajc4 ,exemption on construction or modification of residential housing located on an infill site4 ,sec4 #ajd4 ,database of publicly owned land4 ,sec4 #aje4 ,,fha ,small-,dollar ,mortgages4 ,sec4 #ajf4 ,temperature ,sensor ,pilot ,program4 ,sec4 #ajg4 ,housing supply frameworks4 ,title ,,ii--,building ,more in ,america ,sec4 #bja4 ,increasing housing in opportunity zones4 ,sec4 #bjb4 ,whole-,home ,repairs ,act4 ,sec4 #bjc4 ,community ,investment and ,prosperity ,act4 ,sec4 #bjd4 ,addition of affordable housing construction as an eligible activity4 ,sec4 #bje4 ,better ,use of ,intergovernmental and ,local ,development 7,,build7 ,housing ,act4 ,sec4 #bjf4 ,unlocking ,housing ,supply ,through ,streamlined and ,modernized ,reviews ,act4 ,sec4 #bjg4 ,grants for planning and implementation associated with affordable housing4 ,sec4 #bjh4 ,innovation ,fund4 ,sec4 #bji4 ,accelerating ,home ,building ,act4 ,sec4 #baj4 ,revitalizing ,empty ,structures ,into ,desirable ,environments 7,,reside7 ,act4 ,sec4 #baa4 ,housing ,affordability ,act4 ,title ,,iii--,manufactured ,housing for ,america ,sec4 #cja4 ,housing ,supply ,expansion ,act4 ,sec4 #cjb4 ,modular ,housing ,production ,act4 ,sec4 #cjc4 ,property ,improvement and ,manufactured ,housing ,loan ,modernization ,act4 ,title ,,iv--,accessing the ,american ,dream ,sec4 #dja4 ,creating incentives for small-dollar loan originators4 ,sec4 #djb4 ,small-dollar mortgage points and fees4 ,sec4 #djc4 ,appraisal ,industry ,improvement ,act4 ,sec4 #djd4 ,helping ,more ,families ,save ,act4 ,sec4 #dje4 ,choice in ,affordable ,housing ,act4 ,title ,v--,program ,reform ,sec4 #eja4 ,,home ,investment ,partnerships ,reauthorization and ,reform ,act4 ,sec4 #ejb4 ,rural ,housing ,service ,reform ,act4 ,sec4 #ejc4 ,incentivizing local solutions to homelessness4 ,title ,,vi--,veterans and ,housing ,sec4 #fja4 ,military ,service ,question4 ,sec4 #fjb4 ,housing ,unhoused ,disabled ,veterans ,act4 ,title ,,vii--,oversight and ,accountability ,sec4 #gja4 ,requiring annual testimony and oversight from housing regulators4 ,sec4 #gjb4 ,,fha reporting requirements on safety and soundness4 ,sec4 #gjc4 ,united ,states ,interagency ,council on ,homelessness oversight4 ,sec4 #gjd4 ,appraisal ,modernization ,act4 ,title ,,viii--,accountability1 ,coordination1 ,studies1 and ,reporting ,sec4 #hja4 ,,hud-,,usda-,,va ,interagency ,coordination ,act4 ,sec4 #hjb4 ,streamlining ,rural ,housing ,act4 ,sec4 #hjc4 ,improving self-sufficiency of families in ,,hud-subsidized housing4 ,sec4 #hjd4 ,,gao studies4 ,sec4 #hje4 ,improving public housing agency accountability4 ,title ,,ix--,strengthening ,community ,banks' ,role in ,housing ,sec4 #ija4 ,community bank deposit access4 ,sec4 #ijb4 ,keeping deposits local4 ,sec4 #ijc4 ,tailored regulatory updates for supervisory testing4 ,sec4 #ijd4 ,credit union board modernization4 ,sec4 #ije4 ,systemic risk authority transparency4 ,sec4 #ijf4 ,least cost exception4 ,sec4 #ijg4 ,failing bank acquisition fairness4 ,sec4 #ijh4 ,advancing the mentor-protg program for small financial institutions4 ,sec4 #iji4 ,american access to banking4 ,sec4 #iaj4 ,promoting new bank formation4 ,sec4 #iaa4 ,rural depositories revitalization study4 ,sec4 #iab4 ,discretionary surplus fund4 ,title ,x--,home-ownership for ,main ,street ,america ,sec4 #ajja4 ,homes are for people1 not corporations4 ,title ,,xi--,central bank digital currency ,sec4 #aaja4 ,central bank digital currency4 ,title ,,xii--,miscellaneous ,sec4 #abja4 ,severability4 ,sec4 #abjb4 ,no additional funds authorized4 ,i ,opportunities for ,housing #aja4 ,reforms to housing counseling and financial literacy programs ,section #ajf of the ,housing and ,urban ,development ,act of #aifh 7#ab ,u4,s4,c4 #agjax7 is amended-- 7#a7 in subsection 7a77#d77;,c71 by striking adequate distribution and all that follows through foreclosure rates and inserting that the recipients are geographically diverse and include organizations that serve urban or rural areas2 7#b7 in subsection 7e71 by adding at the end the following3 7#f7 ,reviews ,the ,secretary-- 7,a7 may conduct periodic reviews2 and 7,b7 shall conduct performance reviews of all organizations receiving assistance under this section that-- 7i7 consist of a review of the organization's compliance with all program requirements2 and 7ii7 may take into account the organization's aggregate counselor performance under paragraph 7#g77;,b74 7#g7 ,considerations 7,a7 ,covered mortgage loan defined ,in this paragraph1 the term covered mortgage loan means any loan which is secured by a first or subordinate lien on residential real property 7including individual units of condominiums and housing cooperatives7 designed principally for the occupancy of between #a and #d families that is-- 7i7 insured by the ,federal ,housing ,administration under title ,,ii of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjg et seq472 or 7ii7 guaranteed under section #ahd or #ahd;,a of the ,housing and ,community ,development ,act of #aiib 7#ab ,u4,s4,c4 #agaez-#ac;a1 #agaez-#ac;b74 7,b7 ,comparison ,for each counselor employed by an organization receiving assistance under this section for prepurchase housing counseling1 the ,secretary may consider the performance of the counselor compared to the default rate of all counseled borrowers of a covered mortgage loan in comparable markets and such other factors as the ,secretary determines appropriate to further the purposes of this section4 7#h7 ,certification ,if1 based on the comparison required under paragraph 7#g77;,b71 the ,secretary determines that a counselor lacks competence to provide counseling in the areas described in subsection 7e77#b7 and such action will not create a significant loss of capacity for housing counseling services in the service area1 the ,secretary may-- 7,a7 require continued education coupled with successful completion of a probationary period2 7,b7 require retesting if the counselor continues to demonstrate a lack of competence under paragraph 7#g77;,b72 and 7,c7 suspend an individual certification if a counselor fails to demonstrate competence after not fewer than #b retesting opportunities under subparagraph 7,b74 2 7#c7 in subsection 7i7-- 7,a7 by redesignating paragraph 7#c7 as paragraph 7#d72 and 7,b7 by inserting after paragraph 7#b7 the following3 7#c7 ,termination of assistance 7,a7 ,in general ,the ,secretary may deny renewal of covered assistance to an organization or entity receiving covered assistance if the ,secretary determines that the organization or entity1 or the individual through which the organization or entity provides counseling1 is not in compliance with program requirements-- 7i7 based on the performance review described in subsection 7e77#f72 and 7ii7 in accordance with regulations issued by the ,secretary4 7,b7 ,notice ,the ,secretary shall give an organization or entity receiving covered assistance not less than #fj days prior written notice of any denial of renewal under this paragraph1 and the determination of renewal shall not be finalized until the end of that notice period4 7,c7 ,informal conference ,if requested in writing by the organization or entity within the notice period described in subparagraph 7,b71 the organization or entity shall be entitled to an informal conference with the ,deputy ,assistant ,secretary of ,housing ,counseling on behalf of the ,secretary at which the organization or entity may present for consideration specific factors that the organization or entity believes were beyond the control of the organization or entity and that caused the failure to comply with program requirements1 such as a lack of lender or servicer coordination or communication with housing counseling agencies and individual counselors4 2 and 7#d7 by adding at the end the following3 7j7 ,offering foreclosure mitigation counseling 7#a7 ,covered mortgage loan defined ,in this subsection1 the term covered mortgage loan means any loan which is secured by a first or subordinate lien on residential real property 7including individual units of condominiums and housing cooperatives7 or stock or membership in a cooperative ownership housing corporation designed principally for the occupancy of between #a and #d families that is-- 7,a7 insured by the ,federal ,housing ,administration under title ,,ii of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjg et seq472 7,b7 guaranteed under section #ahd or #ahd;,a of the ,housing and ,community ,development ,act of #aiib 7#ab ,u4,s4,c4 #agaez-#ac;a1 #agaez-#ac;b72 7,c7 made1 guaranteed1 or insured by the ,department of ,veterans ,affairs2 or 7,d7 made1 guaranteed1 or insured by the ,department of ,agriculture4 7#b7 ,opportunity for borrowers ,a borrower with respect to a covered mortgage loan who is #cj days or more delinquent on payments for the covered mortgage loan shall be given an opportunity to participate in available housing counseling4 7#c7 ,cost ,if the requirements of sections #bjb7;a77#c7 and #bje7;f7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjh7;a77#c71 #agaa7;f77 are met1 the fair market rate cost of counseling for delinquent borrowers described in paragraph 7#b7 with respect to a covered mortgage loan described in paragraph 7#a77;,a7 shall be paid for by the ,mutual ,mortgage ,insurance ,fund1 as authorized under section #bjc7r77#d7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agji7r77#d774 4 #ajb4 ,federal guidelines for point access block buildings 7a7 ,in general ,not later than #ah months after the date of enactment of this section1 the ,secretary of ,housing and ,urban ,development shall issue guidelines to provide ,states1 territories1 ,tribes1 and localities with model code language1 best practices1 and technical guidance that could be used to facilitate the permitting of point-access block residential buildings4 7b7 ,contents ,when developing the guidelines under subsection 7a71 the ,secretary shall consider-- 7#a7 fire safety considerations1 including sprinkler coverage1 smoke detection1 ventilation1 and building egress performance2 7#b7 construction costs and potential impacts on housing affordability1 including the potential for increasing housing supply in high-cost jurisdictions2 7#c7 flexibility for diverse consumer needs1 including family sizes1 unit configurations1 and accessibility2 7#d7 examples of single-stair codes adopted or considered by ,states and cities in the ,united ,states2 7#e7 examples of single-stair codes used in relevant international standards2 7#f7 research and model language relating to single-stair codes produced by organizations that focus on point-access block building design and building-code reform2 7#g7 consulting with experts1 including developers1 architects1 fire marshals1 researchers1 economists1 housing authorities1 and officials in ,states that have enacted or piloted single-stair codes2 and 7#h7 alternative methods of safety compliance1 including options that utilize additional passive or active safety features4 7c7 ,coordination with the international code council ,the ,secretary shall coordinate with the ,international ,code ,council to encourage the ,international ,code ,council to incorporate provisions about point-access block buildings into the ,international ,building ,code4 7d7 ,grants 7#a7 ,in general ,the ,secretary may establish a program to award competitive grants to eligible entities to implement pilot projects that evaluate1 demonstrate1 or validate the safety1 feasibility1 or cost-effectiveness of point-access block residential buildings4 7#b7 ,sunset ,the program established under paragraph 7#a7 shall terminate on the date that is #g years after the date of the enactment of this subsection4 7e7 ,treatment of projects ,projects assisted under this section shall be treated as projects assisted under the ,community ,development ,block ,grant program under title ,i of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecja et seq474 7f7 ,rule of construction ,nothing in this section may be construed to preempt a ,state or local building code4 7g7 ,definitions ,in this section3 7#a7 ,eligible entity ,the term eligible entity means a ,state1 unit of local government1 ,tribal ,government1 public housing agency1 nonprofit housing organization1 community development organization1 private developer1 construction firm1 qualified design firm1 engineering firm1 academic institution1 research institution1 or any partnership or consortium comprised of #b or more such types of entities4 7#b7 ,point-access block building ,the term point-access block building means a ,group ,r-#b occupancy residential structure1 as such term is defined by the ,international ,building ,code1 in which a single internal stairway provides access and egress for all dwelling units in a building that is not greater than #f stories in height4 #ajc4 ,exemption on construction or modification of residential housing located on an infill site 7a7 ,exemption ,in providing assistance under section #eja1 #ejb1 #ejd1 #eae1 #ecc1 or #ech of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adga1 #adgb1 #adgd1 #adhe1 #adijm1 or #adijp-#b7 for the construction or modification of residential housing located on an infill site1 the ,secretary of ,agriculture shall not be required to carry out any study or report on the environmental effects of such assistance4 7b7 ,report ,not later than the date that is #e years after the date of enactment of this section1 the ,secretary of ,agriculture shall submit1 to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 a report that-- 7#a7 determines whether the implementation of this section-- 7,a7 reduced the amount of time it takes to review an application for assistance under the sections of the ,housing ,act of #aidi identified in subsection 7a72 and 7,b7 reduced the administrative cost of providing such assistance2 7#b7 describes how the implementation of this section affects the affordable housing sector in rural ,america2 and 7#c7 includes any legislative recommendations from the ,secretary of ,agriculture4 7c7 ,definitions ,in this section3 7#a7 ,greenfield ,the term greenfield means a site that has not been developed1 including a woodland1 farmland1 and an open field4 7#b7 ,infill site ,the term infill site-- 7,a7 means a site that is served by existing infrastructure1 including water lines1 sewer lines1 and roads2 and 7,b7 does not include-- 7i7 a site that is served by existing infrastructure that only consists of a road2 7ii7 a site within a census tract designated as very high or relatively high risk for wildfire1 coastal flooding1 and riverine flooding under the ,national ,risk ,index of the ,federal ,emergency ,management ,agency pursuant to section #bjf of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eacf72 and 7iii7 a greenfield4 #ajd4 ,database of publicly owned land 7a7 ,in general ,section #ajd7;b7 of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjd7;b77 is amended-- 7#a7 in paragraph 7#e71 by striking and at the end2 7#b7 in paragraph 7#f71 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following3 7#g7 the grantee maintains1 on a publicly accessible website1 a searchable database that identifies all parcels of undeveloped land owned by the grantee4 4 7b7 ,effective date ,the amendment made by this subsection shall take effect on ,october #a1 #bjbf4 #aje4 ,,fha ,small-,dollar ,mortgages 7a7 ,in general ,not later than #a year after the date of the enactment of this section1 the ,secretary of ,housing and ,urban ,development1 acting through the ,federal ,housing ,commissioner1 may establish a ,pilot ,program to increase access to small-dollar mortgages for mortgagors which may include-- 7#a7 authorizing direct payments to mortgagees to incentivize the origination of small-dollar mortgages2 7#b7 adjusting terms and costs imposed by the ,federal ,housing ,administration with respect to small-dollar mortgages2 7#c7 providing direct grants for mortgagors who obtain small-dollar mortgages to cover costs associated with-- 7,a7 down payments2 7,b7 closing costs2 7,c7 appraisals2 and 7,d7 title insurance2 7#d7 conducting outreach to potential mortgagors about the availability of small-dollar mortgages2 and 7#e7 providing technical assistance for mortgagees that originate small-dollar mortgages4 7b7 ,report ,beginning not later than #a year after the establishment of the ,pilot ,program under subsection 7a7 and ending #a year after the sunset of the ,pilot ,program1 the ,federal ,housing ,commissioner shall submit to the ,congress an annual report that-- 7#a7 tracks and evaluates the outcomes of small-dollar mortgages originated by mortgagees as a result of support provided under subsection 7a72 7#b7 analyzes risks of the ,pilot ,program to the solvency of the ,mutual ,mortgage ,insurance ,fund2 7#c7 includes data with respect to-- 7,a7 the number of small-dollar mortgages originated in the #aj-year period preceding the date of the enactment of this section1 including small-dollar mortgages insured or guaranteed by the ,federal ,government and small-dollar mortgages not insured by the ,federal ,government2 7,b7 the original principal balance of each small-dollar mortgage identified under subparagraph 7,a72 7,c7 demographic information about the mortgagors associated with each such small-dollar mortgages2 and 7,d7 the number and type of mortgagees that offer small-dollar mortgages2 7#d7 provides a description of the fixed costs that are associated with mortgages and the impact of such costs on the ability of lenders to earn a market rate return on small-dollar mortgages2 and 7#e7 includes analysis1 by regions of the ,united ,states1 including rural regions1 that identifies regions with the greatest need for1 and the highest likelihood of1 the origination of small-dollar mortgages and regions that could benefit the most from increased availability of small-dollar mortgages4 7c7 ,sunset ,the ,pilot ,program established under subsection 7a7 shall terminate on the date that is #d years after the date on which the ,pilot ,program is established under subsection 7a74 7d7 ,expiration of authority ,after the expiration of the #c-year period beginning on the date of enactment of this section1 neither the ,federal ,housing ,commissioner nor the ,secretary of ,housing and ,urban ,development may newly establish a ,pilot ,program to increase access to small-dollar mortgages for mortgagors4 7e7 ,small-dollar mortgage defined ,the term small-dollar mortgage means a mortgage that-- 7#a7 has an original principal balance of #ajj1jjj or less2 and 7#b7 is secured by a #a- to #d-unit property that is the principal residence of the mortgagor4 #ajf4 ,temperature ,sensor ,pilot ,program 7a7 ,in general ,the ,secretary of ,housing and ,urban ,development shall establish a temperature sensor ,pilot ,program to provide grants to public housing agencies and owners of covered federally assisted rental dwelling units to acquire1 install1 and test the efficacy of approved temperature sensors in residential dwelling units to ensure such units remain in compliance with temperature requirements4 7b7 ,eligibility 7#a7 ,in general ,the ,secretary shall1 not later than #ahj days after the date of the enactment of this ,act1 establish eligibility criteria for public housing agencies and owners of covered federally assisted rental dwelling units to participate in the ,pilot ,program established pursuant to subsection 7a74 7#b7 ,criteria ,in establishing the eligibility criteria described in paragraph 7#a71 the ,secretary shall ensure-- 7,a7 the ,pilot ,program includes a diverse range of participants that represent different geographic regions1 climate regions1 unit sizes1 and types of housing2 and 7,b7 that the functionality of an approved temperature sensor will be installed and tested using amounts awarded under this section1 including internet connectivity requirements4 7c7 ,installation ,each public housing agency or owner of a covered federally assisted rental dwelling unit that acquires #a or more approved temperature sensors under this section shall1 after receiving written permission from the resident of a dwelling unit1 install such temperature sensor and monitor the data from such temperature sensor4 7d7 ,collection of complaint records 7#a7 ,in general ,each public housing agency or owner of a covered federally assisted rental dwelling unit that installs #a or more approved temperature sensors under this section shall collect and retain information about temperature-related complaints and violations4 7#b7 ,definitions ,the ,secretary shall1 not later than #ahj days after the date of the enactment of this ,act1 define the terms temperature-related complaints and temperature-related violations for the purposes of this section4 7e7 ,data collection 7#a7 ,in general ,data collected from temperature sensors acquired and installed by public housing agencies and owners of covered federally assisted rental dwelling units under this section shall be retained until the ,secretary notifies the public housing agency or owner that the ,pilot ,program and the evaluation of the ,pilot ,program are complete4 7#b7 ,personally identifiable information ,the ,secretary shall1 not later than #ahj days after the date of the enactment of this ,act1 establish standards for the protection of personally identifiably information collected during the ,pilot ,program by public housing agencies1 owners of federally assisted rental dwelling units1 and the ,secretary4 7f7 ,pilot program evaluation 7#a7 ,interim evaluation ,not later than #ab months after the establishment of the ,pilot ,program under this section1 the ,secretary shall publicly publish and submit to the ,congress a report that-- 7,a7 examines the number of temperature-related complaints and violations in federally assisted rental dwelling units with temperature sensors1 disaggregated by temperature sensor technology and climate region-- 7i7 that occurred before the installation of such sensor1 if known2 and 7ii7 that occurred after the installation of such sensor2 and 7,b7 identifies any barriers to full utility of temperature sensor capabilities1 including broadband internet access and tenant participation4 7#b7 ,final evaluation ,not later than #cf months after the conclusion of the ,pilot ,program established by the ,secretary under this section1 the ,secretary shall publicly publish and submit to the ,congress a report that-- 7,a7 examines the number of temperature-related complaints and violations in federally assisted rental dwelling units with temperature sensors1 disaggregated by temperature sensor technology and climate region-- 7i7 that occurred before the installation of such sensor2 and 7ii7 that occurred after the installation of such sensor2 7,b7 identifies any barriers to full utility of temperature sensor capabilities1 including broadband internet access and tenant participation2 and 7,c7 compares the utility of various temperature sensor technologies based on-- 7i7 climate zones2 7ii7 cost2 7iii7 features2 and 7iv7 any other factors identified by the ,secretary4 7g7 ,treatment of projects ,projects assisted under this section shall be treated as projects assisted under the ,community ,development ,block ,grant program under title ,i of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecja et seq474 7h7 ,sunset ,the ,pilot ,program established under this section shall terminate on the date that is #c years after the date of the enactment of this section4 7i7 ,definitions ,for the purposes of this section3 7#a7 ,approved temperature sensor ,the term approved temperature sensor means an internet capable temperature reporting device able to measure ambient air temperature to the tenth degree ,fahrenheit and ,celsius selected from a list of such devices approved in advance by the ,secretary4 7#b7 ,assistance ,the term assistance means any grant1 loan1 subsidy1 contract1 cooperative agreement1 or other form of financial assistance1 but such term does not include the insurance or guarantee of a loan1 mortgage1 or pool of loans or mortgages4 7#c7 ,covered federally assisted rental dwelling unit ,the term covered federally assisted rental dwelling unit means a residential dwelling unit that is made available for rental and for which assistance is provided1 or that is part of a housing project for which assistance is provided1 under-- 7,a7 the program for project-based rental assistance under section #h of the ,united ,states ,housing ,act of 7#db ,u4,s4,c4 #adcg;f72 7,b7 the public housing program under the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg et seq472 7,c7 the program for supportive housing for the elderly under section #bjb of the ,housing ,act of #aiei 7#ab ,u4,s4,c4 #agjaq72 or 7,d7 the program for supportive housing for persons with disabilities under section #haa of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #hjac74 7#d7 ,owner ,the term owner means-- 7,a7 with respect to the program for project-based rental assistance under section #h of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f71 any private person or entity1 including a cooperative1 an agency of the ,federal ,government1 or a public housing agency1 having the legal right to lease or sublease dwelling units2 7,b7 with respect to the public housing program under the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 et seq471 a public housing agency or an owner entity of public housing units as defined in section #ije4ajh of title #bd1 ,code of ,federal ,regulations2 7,c7 with respect to the program for supportive housing for the elderly under section #bjb of the ,housing ,act of #aiei 7#ab ,u4,s4,c4 #agjaq71 a private nonprofit organization as defined under section 7k77#d7 of the ,housing ,act of #aiei2 and 7,d7 with respect to the program for supportive housing for persons with disabilities under section #haa of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #hjac71 a private nonprofit organization as defined under section #haa7k77#e7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act4 #ajg4 ,housing supply frameworks 7a7 ,definitions ,in this section3 7#a7 ,affordable housing ,the term affordable housing means housing for which the monthly payment is not more than #cj-percent of the monthly income of the household4 7#b7 ,assistant secretary ,the term ,assistant ,secretary means the ,assistant ,secretary for ,policy ,development and ,research of the ,department of ,housing and ,urban ,development4 7#c7 ,local zoning framework ,the term local zoning framework means the local zoning codes and other ordinances1 procedures1 and policies governing zoning and land-use at the local level4 7#d7 ,secretary ,the term ,secretary means the ,secretary of ,housing and ,urban ,development4 7#e7 ,state zoning framework ,the term ,state zoning framework means the ,state legislation or ,state agency and department procedures1 or such legislation or procedures in an insular area of the ,united ,states1 enabling local planning and zoning authorities and establishing and guiding related policies and programs4 7b7 ,guidelines on state and local zoning frameworks 7#a7 ,in general ,not later than #c years after the date of enactment of this ,act1 the ,assistant ,secretary shall publish documents outlining guidelines and best practices to support production of adequate housing to meet the needs of communities and provide housing opportunities for individuals at every income level across communities with respect to-- 7,a7 ,state zoning frameworks2 and 7,b7 local zoning frameworks4 7#b7 ,consultation2 public comment ,during the #b-year period beginning on the date of enactment of this ,act1 in developing the guidelines and best practices required under paragraph 7#a71 the ,assistant ,secretary shall-- 7,a7 publish draft guidelines and best practices in the ,federal ,register for public comment2 and 7,b7 establish a task force for the purpose of providing consultation to draft the guidelines and best practices published under subparagraph 7,a71 the members of which shall include-- 7i7 urban planners and architects2 7ii7 housing developers1 including affordable and market-rate housing developers1 manufactured housing developers1 cooperative housing developers1 and other business interests2 7iii7 community engagement experts and community members impacted by zoning decisions2 7iv7 public housing agencies and transit authorities2 7v7 members of local zoning and planning boards and local and regional transportation planning organizations2 7vi7 ,state officials responsible for housing or land use1 including members of ,state zoning boards of appeals2 7vii7 academic researchers2 and 7viii7 home builders4 7#c7 ,contents ,the guidelines and best practices required under paragraph 7#a7 shall-- 7,a7 with respect to ,state zoning frameworks1 outline potential models for updated ,state enabling legislation or ,state agency and department procedures2 7,b7 include recommendations regarding-- 7i7 the reduction or elimination of parking minimums2 7ii7 the increase in maximum floor area ratio requirements and maximum building heights and the reduction in minimum lot sizes and set-back requirements2 7iii7 the elimination of restrictions against accessory dwelling units2 7iv7 increasing by-right uses1 including duplex1 triplex1 or quadplex buildings1 across cities or metropolitan areas2 7v7 mechanisms1 including proximity to transit1 to determine the appropriate scope for rezoning and ensure development that does not disproportionately burden residents of economically distressed areas2 7vi7 provisions regarding review of by-right development proposals to streamline review and reduce uncertainty1 including-- 7,i7 nondiscretionary1 ministerial review2 and 7,,ii7 entitlement and design review processes2 7vii7 the reduction of obstacles1 regulatory or otherwise1 to a range of housing types at all levels of affordability1 including manufactured and modular housing2 7viii7 ,state model zoning regulations for directing local reforms1 including mechanisms to encourage adoption2 7ix7 provisions to encourage transit-oriented development1 including increased permissible units per structure and reduced minimum lot sizes near existing or planned public transit stations2 7x7 potential reforms to strengthen the public engagement process2 7xi7 reforms to protest petition statutes2 7xii7 the standardization1 reduction1 or elimination of impact fees2 7xiii7 cost-effective and appropriate building codes2 7xiv7 models for community benefit agreements2 7xv7 mechanisms to preserve affordability1 limit disruption of low-income communities1 and prevent displacement of existing residents2 7xvi7 with respect to ,state zoning frameworks-- 7,i7 ,state model codes for directing local reforms1 including mechanisms to encourage adoption2 7,,ii7 a model for a ,state zoning appeals process1 which would-- 7aa7 create a process for developers or builders requesting a variance1 conditional use1 special permit1 zoning district change1 similar discretionary permit1 or otherwise petitioning a local zoning or planning board for a project including a ,state-defined amount of affordable housing to appeal a rejection to a ,state body or regional body empowered by the ,state2 and 7bb7 establish qualifications for communities to be exempted from the appeals process based on their available stock of affordable housing2 and 7,,iii7 streamlining of ,state environmental review policies2 7xvii7 with respect to local zoning frameworks-- 7,i7 the simplification and standardization of existing zoning codes2 7,,ii7 maximum review timelines2 7,,iii7 best practices for the disposition of land owned by local governments for affordable housing development2 7,,iv7 differentiations between best practices for rural1 suburban1 and urban communities1 and communities with different levels of density or population distribution2 and 7,v7 streamlining of local environmental review policies2 and 7xviii7 other land use measures that promote access to new housing opportunities identified by the ,secretary2 and 7,c7 consider-- 7i7 the effects of adopting any recommendation on eligibility for ,federal discretionary grants and tax credits for the purpose of housing or community development2 7ii7 coordination between infrastructure investments and housing planning2 7iii7 local housing needs1 including ways to set and measure housing goals and targets2 7iv7 a range of affordability for rental units1 with a prioritization of units attainable to extremely low-1 low-1 and moderate-income residents2 7v7 a range of affordability for homeownership2 7vi7 accountability measures2 7vii7 the long-term cost to residents and businesses if more housing is not constructed2 7viii7 barriers to individuals seeking to access affordable housing in growing communities and communities with economic opportunity2 7ix7 with respect to ,state zoning frameworks-- 7,i7 distinctions between ,states providing constitutional or statutory home rule authority to municipalities and ,states operating under the ,dillon ,rule1 as articulated in ,hunter v4 ,pittsburgh1 #bjg ,u4,s4 #afa 7#aijg72 and 7,,ii7 ,statewide mechanisms to preserve existing affordability over the long term1 including support for land banks and community land trusts2 7x7 public comments elicited under paragraph 7#b77;,a72 and 7xi7 other considerations1 as identified by the ,assistant ,secretary4 7c7 ,abolishment of the regulatory barriers clearinghouse 7#a7 ,in general ,the ,regulatory ,barriers ,clearinghouse established pursuant to section #abje of the ,housing and ,community ,development ,act of #aiib 7#db ,u4,s4,c4 #abgje;d7 is abolished4 7#b7 ,repeal ,section #abje of the ,housing and ,community ,development ,act of #aiib 7#db ,u4,s4,c4 #abgje;d7 is repealed4 7d7 ,reporting ,not later than #e years after the date on which the ,assistant ,secretary publishes the final guidelines and best practices for ,state and local zoning frameworks under this section1 the ,assistant ,secretary shall submit to the ,congress a report describing-- 7#a7 the ,states that have adopted recommendations from the guidelines and best practices1 pursuant to subsection 7b72 7#b7 a summary of the localities that have adopted recommendations from the guidelines and best practices1 pursuant to subsection 7b72 7#c7 a list of ,states that adopted a ,state zoning framework2 7#d7 a summary of the modifications that each ,state has made in their ,state zoning framework2 7#e7 a general summary of the types of updates localities have made to their local zoning framework2 7#f7 with respect to the ,states that have adopted a ,state zoning framework or recommendations from the guidelines and best practices1 the effect of such adoptions2 and 7#g7 a summary of any recommendations that were routinely not adopted by ,states or by localities4 7e7 ,rule of construction ,nothing in this section may be construed to permit the ,department of ,housing and ,urban ,development to take an adverse action against or fail to provide otherwise offered actions or services for any ,state or locality if the ,state or locality declines to adopt a guideline or best practice under subsection 7b74 ,,ii ,building ,more in ,america #bja4 ,increasing housing in opportunity zones 7a7 ,covered grant defined ,in this section1 the term covered grant means any competitive grant relating to the construction1 modification1 rehabilitation1 or preservation of housing1 as determined by the ,secretary of ,housing and ,urban ,development4 7b7 ,priority ,when awarding a covered grant1 the ,secretary of ,housing and ,urban ,development may give additional weight to applicants with proposed activities or projects that are located in or substantially and directly benefit a community designated as a qualified opportunity zone under section #adjj,z-#a of the ,internal ,revenue ,code of #aihf4 #bjb4 ,whole-,home ,repairs ,act 7a7 ,definitions ,in this section3 7#a7 ,affordable unit ,the term affordable unit means a unit for which the monthly rental payment is not more than #cj percent of the gross income of an individual earning at or below #hj percent of the area median income1 as defined by the ,secretary4 7#b7 ,assisted unit ,the term assisted unit means a unit that undergoes repair or rehabilitation work through a whole-home repairs program administered by an implementing organization under this section4 7#c7 ,eligible home-owner ,the term eligible home-owner means a home-owner-- 7,a7 with a household income that-- 7i7 is not more than #hj percent of the area median income2 or 7ii7 meets the income eligibility requirements for receiving assistance or benefits under a specified program1 as defined in paragraph 7#aa72 and 7,b7 who is-- 7i7 an owner of record as evidenced by a publicly recorded deed1 or other document recorded by the ,bureau of ,indian ,affairs1 and occupies the home on which repairs are to be conducted as their principal residence2 7ii7 an owner-occupant of the manufactured home on which repairs are to be conducted2 7iii7 an owner-occupant of the cooperative housing unit on which repairs are to be conducted2 or 7iv7 an owner who can demonstrate an ownership interest in the property1 or trust land leasehold1 on which repairs are to be conducted1 including a person who has inherited an interest in that property4 7#d7 ,eligible landlord ,the term eligible landlord means an individual-- 7,a7 who owns1 as determined by the relevant implementing organization1 fewer than #aj eligible rental properties1 with a majority of affordable units and not more than #be total units1 operated as primary residences in which a majority ownership interest is held by the individual1 the spouse of the individual1 or the dependent children of the individual1 or any closely held legal entity controlled by the individual1 the spouse of the individual1 or the dependent children of the individual1 either individually or collectively2 and 7,b7 who agrees to the provisions described in subsection 7b77#c74 7#e7 ,eligible rental property ,the term eligible rental property means a residential property that-- 7,a7 is leased1 or offered exclusively for lease1 as a primary residence by an eligible landlord2 and 7,b7 includes affordable units4 7#f7 ,forgivable loan ,the term forgivable loan means a loan-- 7,a7 made to an eligible landlord2 7,b7 that is secured by a lien recorded against a residential property2 and 7,c7 that may be forgiven by the implementing organization not later than the date that is #c years after the completion of the repairs if the eligible landlord has maintained compliance with the loan agreement described in subsection 7b77#c74 7#g7 ,implementing organization ,the term implementing organization-- 7,a7 means a unit of general local government or a ,state that-- 7i7 will administer a whole-home repairs program through an agency1 department1 or other entity2 or 7ii7 enters into agreements with #a or more local governments1 ,indian ,tribes1 municipal authorities1 other governmental authorities1 including a tribally designated housing entity1 or qualified nonprofit organizations1 to administer a whole-home repairs program as a subrecipient2 and 7,b7 does not include a redundant entity in a jurisdiction already served by a grantee under subsection 7b74 7#h7 ,indian ,tribe ,the term ,indian ,tribe has the meaning given the term in section #d of the ,native ,american ,housing ,assistance and ,self-,determination ,act of #aiif 7#be ,u4,s4,c4 #dajc74 7#i7 ,qualified nonprofit ,the term qualified nonprofit means a nonprofit organization that-- 7,a7 has received funding1 as a recipient or subrecipient1 through-- 7i7 the ,community ,development ,block ,grant program under title ,i of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecja et seq472 7ii7 the ,,home ,investment ,partnerships program under subtitle ,a of title ,,ii of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgda et seq472 7iii7 the ,lead-,based ,paint ,hazard ,reduction grant program under section #ajaa of the ,residential ,lead-,based ,paint ,hazard ,reduction ,act of #aiib 7#db ,u4,s4,c4 #dheb71 a grant under the ,healthy ,homes ,initiative administered by the ,secretary pursuant to sections #eja and #ejb of the ,housing and ,urban ,development ,act of #aigj 7#ab ,u4,s4,c4 #agjaz-#a1 #agjaz-#b71 or a grant under the ,older ,adult ,home ,modification ,grants ,program authorized under the ,consolidated ,appropriations ,act1 #bjbd 7,public ,law #aah-db71 or any successor ,act1 to make safety and functional home modification repairs and renovations to meet the needs of low-income seniors to enable them to remain in their primary residence2 7iv7 the ,self-,help and ,assisted home-ownership ,opportunity program authorized under section #aa of the ,housing ,opportunity ,program ,extension ,act of #aiif 7#db ,u4,s4,c4 #abhje note72 7v7 a rural housing program under title ,v of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adga et seq472 or 7vi7 the ,neighborhood ,reinvestment ,corporation established under the ,neighborhood ,reinvestment ,corporation ,act 7#db ,u4,s4,c4 #haja et seq472 7,b7 has coordinated1 performed1 or otherwise been engaged in weatherization1 lead remediation1 or home-repair work for not less than #b years2 7,c7 has been certified by the ,environmental ,protection ,agency1 or by a ,state authorized by the ,environmental ,protection ,agency to administer a certification program1 as-- 7i7 eligible to carry out activities under the lead renovation1 repair1 and painting program under section #djb7;c7 or #djd of the ,toxic ,substances ,control ,act 7#ae ,u4,s4,c4 #bfhb7;c71 #bfhd72 or 7ii7 a ,home ,certification ,organization under the ,energy ,star program established by section #cbd;,a of the ,energy ,policy and ,conservation ,act 7#db ,u4,s4,c4 #fbid;a7 or the ,water,sense program under section #cbd;,b of that ,act 7#db ,u4,s4,c4 #fbid;b71 or recognized or otherwise approved by the ,environmental ,protection ,agency as a ,home ,certification ,organization under either of those programs2 or 7,d7 is a community development financial institution1 as defined in section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb74 7#aj7 ,secretary ,the term ,secretary means the ,secretary of ,housing and ,urban ,development4 7#aa7 ,specified program ,for purposes of paragraph 7#c77;,a77ii71 the term specified program means any of the following3 7,a7 ,the ,medicaid program established under title ,,xix of the ,social ,security ,act 7#db ,u4,s4,c4 #acif et seq474 7,b7 ,the ,state ,children's ,health ,insurance ,program established under title ,,xxi of the ,social ,security ,act 7#db ,u4,s4,c4 #acig;aa et seq474 7,c7 ,the supplemental security income benefits program established under title ,,xvi of the ,social ,security ,act 7#db ,u4,s4,c4 #acha et seq474 7,d7 ,the supplemental nutrition assistance program established under the ,food and ,nutrition ,act of #bjjh 7#g ,u4,s4,c4 #bjaa et seq474 7,e7 ,the temporary assistance for needy families program established under part ,a of title ,,iv of the ,social ,security ,act 7#db ,u4,s4,c4 #fja et seq474 7#ab7 ,state ,the term ,state means-- 7,a7 each ,state of the ,united ,states2 7,b7 the ,district of ,columbia2 7,c7 the ,commonwealth of ,puerto ,rico2 7,d7 any territory or possession of the ,united ,states2 and 7,e7 an ,indian ,tribe4 7#ac7 ,tribally designated housing entity ,the term tribally designated housing entity has the meaning given the term in section #d of the ,native ,american ,housing ,assistance and ,self-,determination ,act of #aiif 7#be ,u4,s4,c4 #dajc74 7#ad7 ,whole-home repairs ,the term whole-home repairs means modifications1 repairs1 or updates to home-owner or renter-occupied units to address-- 7,a7 physical and sensory accessibility for individuals with disabilities and older adults1 such as bathroom and kitchen modifications1 installation of grab bars and handrails1 guards and guardrails1 lifting devices1 ramp additions or repairs1 sidewalk addition or repair1 or doorway or hallway widening2 7,b7 habitability and safety concerns1 such as repairs needed to ensure residential units are fit for human habitation and free from defective conditions or health and safety hazards2 or 7,c7 energy and water efficiency1 resilience1 and weatherization4 7b7 ,pilot program 7#a7 ,establishment ,there is authorized a ,pilot ,program to provide grants to implementing organizations to administer a whole-home repairs program for eligible home-owners and eligible landlords4 7#b7 ,use of funds ,an implementing organization that receives a grant from appropriated funds made available for this subsection-- 7,a7 shall provide grants to eligible home-owners to implement whole-home repairs not covered by other ,federal home repair programs up to a maximum amount per unit1 which maximum amount should-- 7i7 reflect local construction costs and the level of repairs needed in each unit2 and 7ii7 be calculated and approved by the ,secretary2 7,b7 shall provide loans1 which may be forgivable1 to eligible landlords to implement whole-home repairs not covered by other ,federal home repair programs for individual affordable units1 public and common use areas within the property1 and common structural elements up to a maximum amount per unit1 area1 or element1 as applicable1 which maximum amount should-- 7i7 reflect local construction costs2 and 7ii7 be calculated and approved by the ,secretary2 7,c7 shall evaluate1 or provide assistance to eligible home-owners and eligible landlords to evaluate1 whole-home repair program funds provided under this subsection with ,federal1 ,state1 ,tribal1 and local home repair programs to provide the greatest benefit to the greatest number of eligible landlords and eligible home-owners and avoid duplication of benefits and redundancies for the same home repairs2 7,d7 shall require that-- 7i7 all repairs funded or facilitated through an award under this subsection have been completed2 7ii7 if repairs are not completed and the plan for whole-home repairs is not updated to reflect the new scope of work1 that the loan or grant is repaid on a prorated basis based on completed work2 and 7iii7 any unused grant or loan balance is returned to the implementing organization1 and is reused by the implementing organization for a new whole-home repair grant or loan under this subsection2 7,e7 may use not more than #e percent of the awarded funds to carry out related functions1 including workforce training for home repair professions1 which shall be related to efforts to increase the number of home repairs performed and approved by the ,secretary2 7,f7 may use not more than #aj percent of the awarded funds for administrative expenses2 7,g7 shall comply with ,federal accessibility requirements and standards under applicable ,federal fair housing and civil rights laws and regulations1 including section #ejd of the ,rehabilitation ,act of #aigc 7#bi ,u4,s4,c4 #gid72 and 7,h7 shall ensure that rental properties assisted under subparagraph 7,b7 shall be treated as projects assisted under title ,i of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecja et seq474 7#c7 ,loan agreement ,in a loan agreement with an eligible landlord under this subsection1 an implementing organization shall include provisions establishing that the eligible landlord shall1 for each eligible rental property for which a loan is used to fund repairs under this subsection-- 7,a7 comply with ,federal accessibility requirements and standards under applicable ,federal fair housing and civil rights laws and regulations1 including section #ejd of the ,rehabilitation ,act of #aigc 7#bi ,u4,s4,c4 #gid72 and 7,b7 7i7 if the landlord is renting the assisted units available in the eligible rental property to tenants receiving tenant-based rental assistance under section #h7o7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f7o771 under another tenant-based rental assistance program administered by the ,secretary or the ,secretary of ,agriculture1 or under a tenant-based rental subsidy provided by a ,state or local government1 comply with the program requirements under the relevant tenant-based rental assistance program2 or 7ii7 if the eligible landlord is not renting to tenants receiving rental-based assistance as described in clause 7i7-- 7,i7 7aa7 offer to extend the lease of current tenants on current terms1 other than the terms described in subclause 7iv7 for not less than #c years beginning after the completion of the repairs1 unless the lease is terminated due to failure to pay rent1 performance of an illegal act within the rental unit1 or a violation of an obligation of tenancy that the tenants failed to correct after notice2 and 7bb7 if the tenant of an assisted unit moves out of the assisted unit at any point in the #c-year period following the loan agreement1 maintain the unit as an affordable unit for the remainder of the #c-year period2 7,,ii7 provide documentation verifying that the property1 upon completion of approved renovations1 has met all applicable ,state and local housing and building codes2 7,,iii7 attest that the landlord has no known serious violations of renter protections that have resulted in fines1 penalties1 or judgments during the preceding #aj years2 and 7,,iv7 cap annual rent increases for each assisted unit at #e percent of base rent or at the rate of inflation1 whichever is lower1 for not less than #c years beginning after the completion of the repairs4 7#d7 ,application 7,a7 ,in general ,an implementing organization desiring an award under this subsection shall submit to the ,secretary an application that includes-- 7i7 the geographic scope of the whole-home repairs program to be administered by the implementing organization1 including the plan to address need in any rural1 ,tribal1 suburban1 or urban area within a jurisdiction2 7ii7 a plan for selecting subrecipients1 if applicable2 7iii7 a description of how the implementing organization plans to execute the coordination of ,federal1 ,state1 ,tribal1 and local home repair programs1 including programs administered by the ,department of ,energy1 the ,department of the ,interior1 the ,department of ,veteran ,affairs1 or the ,department of ,agriculture1 to increase efficiency and reduce redundancy2 7iv7 available data on the need for affordable and quality housing within the geographic scope of the whole-home repairs program1 and any plans to preserve affordability through the term of the award2 7v7 a description of how the implementing organization plans to process and verify applications for grants from eligible home-owners and applications for loans from eligible landlords2 and 7vi7 such other information as the ,secretary requires to determine the ability of an applicant to carry out a program under this subsection4 7,b7 ,considerations ,in making awards under this subsection1 the ,secretary shall-- 7i7 with respect to applications submitted by ,states other than the ,district of ,columbia and the territories of the ,united ,states1 prioritize those applications with a demonstrated plan to-- 7,i7 make a good-faith effort to implement the ,pilot ,program in every jurisdiction2 and 7,,ii7 provide nonmetropolitan areas1 or subrecipients serving non-metropolitan areas if applicable1 with a share of total funds commensurate with their population2 7ii7 aim to select applicants so that the awardees collectively span diverse geographies1 with an intent to understand the impact of the ,pilot ,program under this subsection in urban1 suburban1 rural1 and ,tribal settings2 and 7iii7 not disqualify implementing organizations that were awarded grants under the ,pilot ,program in prior application cycles4 7#e7 ,program information ,the ,secretary shall make available to grant recipients under this subsection information regarding existing ,federal programs for which grant recipients may coordinate or provide assistance in coordinating applications for those programs in accordance with paragraph 7#b77;,c74 7#f7 ,grant number ,in each year in which an award is made under this subsection1 the ,secretary shall award assistance to-- 7,a7 not less than #b1 and not more than #aj1 implementing organizations1 as application numbers and funding permit2 and 7,b7 not more than #a implementing organization in any ,state4 7#g7 ,loans that are not forgiven ,if a loan made by an implementing organization under paragraph 7#b77;,b7 is not forgiven1 the loan repayment funds shall be reused by the implementing organization for a new whole-home repair grant or loan under this subsection1 which shall remain subject to the original terms of the assistance awarded under this subsection4 7#h7 ,supplement1 not supplant ,amounts awarded under this subsection to implementing organizations shall supplement1 not supplant1 other ,federal1 ,state1 ,tribal1 and local funds made available to those entities4 7#i7 ,streamlining program delivery and ensuring efficiency ,to the extent possible1 in carrying out the ,pilot ,program under this subsection1 the ,secretary shall-- 7,a7 endeavor to improve efficiency of service delivery1 as well as the experience of and impact on the taxpayer1 by encouraging programmatic collaboration and information sharing across ,federal1 ,state1 ,tribal1 and local programs for home repair or improvement1 including programs administered by the ,department of ,agriculture1 the ,department of the ,interior1 the ,department of ,veterans ,affairs1 or the ,department of ,energy2 and 7,b7 enhance collaboration and cross-agency streamlining efforts that reduce the burden of multiple income verification processes and applications on the eligible home-owner1 the eligible landlord1 the implementing organization1 and the ,federal ,government1 including by establishing assistance application procedures for income eligibility under this subsection that recognize income eligibility determinations for assistance using any of the criteria under subsection 7a77#c77;,a7 that have been used for assistance applications during the #a-year period preceding the date on which an eligible home-owner or eligible landlord applies for assistance under this subsection4 7#aj7 ,reporting requirements 7,a7 ,annual report ,an implementing organization that receives a grant under this subsection shall submit to the ,secretary an annual report on initial funding that includes-- 7i7 the number of units served1 including reporting on both home-ownership and rental units1 as well as accessible units2 7ii7 the average cost per unit for modifications or repairs and the nature of those modifications or repairs1 including reporting on accessibility in both home-ownership and rental units2 7iii7 the number of applications received1 served1 denied1 or not completed1 disaggregated by geographic area2 7iv7 the aggregated demographic data of grant recipients1 which may include data on income range1 urban1 suburban1 and rural residency1 age1 and racial and ethnic identity2 7v7 the aggregated demographic data of loan recipients1 which may include data on income range1 urban1 suburban1 and rural residency1 age1 and racial and ethnic identity2 7vi7 an affirmation that the implementation organization has complied with the applicable regulations1 including compliance with ,federal accessibility requirements2 7vii7 in the first year of receiving a grant1 and as certified in subsequent reports1 a comprehensive plan to prevent waste1 fraud1 and abuse in the administration of the ,pilot ,program1 which shall include1 at a minimum-- 7,i7 a policy enacted and enforced by the implementing organization to monitor ongoing expenditures under this subsection and ensure compliance with applicable regulations2 7,,ii7 a policy enacted and enforced by the implementing organization to detect and deter fraudulent activity1 including fraud occurring in individual projects and patterns of fraud by parties involved in the expenditure of funds under this subsection2 7,,iii7 a statement setting forth any violations detected by the implementing organization during the previous calendar year1 including details about steps taken to achieve compliance and any remedial measures2 and 7,,iv7 a certification by the chief executive or most senior compliance officer of the organization that the organization maintains sufficient staff and resources to effectively carry out the above-mentioned policies2 and 7viii7 such other information as the ,secretary may require4 7,b7 ,reporting requirement alignment ,to limit the costs of implementing the ,pilot ,program under this subsection1 the ,secretary shall endeavor1 to the extent possible1 to structure reporting requirements such that they align with the data reporting requirements in place for funding streams that implementing organizations are likely to use together with funding from this subsection1 including the reporting requirements under-- 7i7 the ,community ,development ,block ,grant program under title ,i of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecja et seq472 7ii7 the ,,home ,investment ,partnerships program under subtitle ,a of title ,,ii of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgda et seq472 7iii7 the ,weatherization ,assistance ,program for low-income persons established under part ,a of title ,,iv of the ,energy ,conservation and ,production ,act 7#db ,u4,s4,c4 #fhfa et seq472 and 7iv7 the ,native ,american ,housing ,assistance and ,self-,determination ,act of #aiif 7#be ,u4,s4,c4 #daja et seq474 7,c7 ,pilot program period reports ,not less frequently than twice during the period in which the ,pilot ,program established under this subsection operates1 the ,office of ,inspector ,general of the ,department of ,housing and ,urban ,development shall complete an assessment of the implementation of measures to ensure the fair and legitimate use of the ,pilot ,program4 7,d7 ,summary to ,congress ,the ,secretary shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives an annual report providing a summary of the data provided under subparagraphs 7,a7 and 7,c7 during the #a-year period preceding the report and all data previously provided under those subparagraphs4 7#aa7 ,environmental review ,a grant under this subsection shall be-- 7,a7 treated as assistance for a special project for purposes of section #cje7;c7 of the ,multifamily ,housing ,property ,disposition ,reform ,act of #aiid 7#db ,u4,s4,c4 #cedg72 and 7,b7 subject to the regulations promulgated by the ,secretary to implement such section4 7#ab7 ,termination ,the ,pilot ,program established under this subsection shall terminate on ,october #a1 #bjca4 #bjc4 ,community ,investment and ,prosperity ,act 7a7 ,revised ,statutes ,the paragraph designated as the ,eleventh of section #eacf of the ,revised ,statutes of the ,united ,states 7#ab ,u4,s4,c4 #bd7 is amended1 in the fifth sentence1 by striking #ae each place the term appears and inserting #bj4 7b7 ,federal ,reserve ,act ,section #i7bc7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cch;a7 is amended1 in the fifth sentence1 by striking #ae each place the term appears and inserting #bj4 7c7 ,study ,not later than #b years after the date of the enactment of this section1 and every #b years thereafter1 the ,comptroller of the ,currency and the ,board of ,governors of the ,federal ,reserve ,system shall each submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 a report1 after consulting with the other agency in the development of such report1 about public welfare investments that were made by associations under section #eacf of the ,revised ,statutes of the ,united ,states and ,state member banks under section #i7bc7 of the ,federal ,reserve ,act in the #b previous calendar years1 that-- 7#a7 identifies the number of such investments1 broken down by-- 7,a7 purpose2 7,b7 type2 7,c7 amount of assets of the association or ,state member bank that made the investment1 using not less than #d categories to describe the amount of assets of the associations and banks2 and 7,d7 ,state1 or other location2 7#b7 identifies the dollar amounts of such investments1 broken down by-- 7,a7 purpose2 7,b7 type2 7,c7 amount of assets of the association or ,state member bank that made the investment1 using not less than #d categories to describe the amount of assets of the associations and banks2 and 7,d7 ,state or other location2 and 7#c7 for each type of public welfare investment identified under paragraphs 7#a7 and 7#b71 a description of the substantive and procedural requirements that apply to each type of investment made under-- 7,a7 in the case of a report by the ,comptroller of the ,currency1 section #eacf of the ,revised ,statutes of the ,united ,states2 or 7,b7 in the case of a report by the ,board of ,governors1 section #i7bc7 of the ,federal ,reserve ,act4 #bjd4 ,addition of affordable housing construction as an eligible activity 7a7 ,eligible activity ,section #aje7;a7 of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecje7;a77 is amended-- 7#a7 in paragraph 7#be77;,d71 by striking and at the end2 7#b7 in paragraph 7#bf71 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following3 7#bg7 the new construction of affordable housing1 within the meaning given such term under section #bae of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgde71 and which shall not exceed #bj percent of the amounts allocated to the recipient4 4 7b7 ,low- and moderate-income requirement ,section #aje7;c77#c7 of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecje7;c77#c77 is amended by striking or rehabilitation and inserting 1 rehabilitation1 or new construction4 7c7 ,applicability ,the amendments made by this section shall apply with respect only to amounts appropriated after the date of enactment of this ,act4 #bje4 ,better ,use of ,intergovernmental and ,local ,development 7,,build7 ,housing ,act 7a7 ,designation of environmental review procedure ,the ,department of ,housing and ,urban ,development ,act 7#db ,u4,s4,c4 #ceca et seq47 is amended by inserting after section #ab 7#db ,u4,s4,c4 #cecg;a7 the following3 #ac4 ,designation of environmental review procedure 7a7 ,in general ,except as provided in subsection 7b71 the ,secretary may1 for purposes of environmental review1 decision making1 and action pursuant to the ,national ,environmental ,policy ,act of #aifi 7#db ,u4,s4,c4 #dcba et seq471 and other provisions of law that further the purposes of such ,act1 designate the treatment of assistance administered by the ,secretary as funds for a special project for purposes of section #cje7;c7 of the ,multifamily ,housing ,property ,disposition ,reform ,act of #aiid 7#db ,u4,s4,c4 #cedg74 7b7 ,exception ,the designation described in subsection 7a7 shall not apply to assistance for which a procedure for carrying out the responsibilities of the ,secretary under the ,national ,environmental ,policy ,act of #aifi 7#db ,u4,s4,c4 #dcba et seq471 and other provisions of law that further the purposes of such ,act1 is otherwise specified in law4 4 7b7 ,tribal assumption of environmental review obligations ,section #cje7;c7 of the ,multifamily ,housing ,property ,disposition ,reform ,act of #aiid 7#db ,u4,s4,c4 #cedg7 is amended-- 7#a7 by striking ,state or unit of general local government each place it appears and inserting ,state1 ,indian ,tribe1 or unit of general local government2 7#b7 in paragraph 7#a77;,c71 in the heading1 by striking ,state or unit of general local government and inserting ,state1 ,indian ,tribe1 or unit of general local government2 and 7#c7 by adding at the end the following3 7#e7 ,definition of ,indian ,tribe ,for purposes of this subsection1 the term ,indian ,tribe means a federally recognized ,tribe1 as defined in section #d7ac77;,b7 of the ,native ,american ,housing ,assistance and ,self-,determination ,act of #aiif 7#be ,u4,s4,c4 #dajc7ac77;,b774 4 7c7 ,implementation 7#a7 ,in general ,except as provided in paragraph 7#b71 a designation of assistance under section #ac of the ,department of ,housing and ,urban ,development ,act1 as added by subsection 7a71 shall only apply with respect to funds appropriated after the date of enactment of this ,act4 7#b7 ,exception ,if a grantee of assistance administered by the ,secretary of ,housing and ,urban ,development combines funds appropriated before and after the date of enactment of this ,act to carry out a project1 section #ac of the ,department of and ,urban ,development ,act1 as added by subsection 7a71 shall not apply to that assistance4 #bjf4 ,unlocking ,housing ,supply ,through ,streamlined and ,modernized ,reviews ,act 7a7 ,definitions ,in this section3 7#a7 ,infill project ,the term infill project means a project that-- 7,a7 occurs within the geographic limits of a municipality2 7,b7 is adequately served by existing utilities and public services as required under applicable law2 7,c7 is located on a site of previously disturbed land of not more than #e acres and substantially surrounded by residential or commercial development2 7,d7 will repurpose a vacant or underutilized parcel of land1 or a dilapidated or abandoned structure2 and 7,e7 will serve a residential or commercial purpose4 7#b7 ,secretary ,the term ,secretary means the ,secretary of ,housing and ,urban ,development4 7b7 ,,nepa streamlining for ,,hud housing-related activities 7#a7 ,in general ,the ,secretary shall1 in accordance with section #eec of title #e1 ,united ,states ,code1 and section #ajc of the ,national ,environmental ,policy ,act of #aifi 7#db ,u4,s4,c4 #dccc71 expand and reclassify housing-related activities under the necessary administrative regulations as follows3 7,a7 ,the following housing-related activities shall be subject to regulations equivalent or substantially similar to the regulations entitled exempt activities as set forth in section #eh4cd of title #bd1 ,code of ,federal ,regulations1 as in effect on ,january #a1 #bjbe3 7i7 ,tenant-based rental assistance4 7ii7 ,supportive services1 including health care1 housing services1 permanent housing placement1 day care1 nutritional services1 short-term payments for rent1 mortgage1 or utility costs1 and assistance in gaining access to ,federal ,government and ,state and local government benefits and services4 7iii7 ,operating costs1 including maintenance1 security1 operation1 utilities1 furnishings1 equipment1 supplies1 staff training1 and recruitment and other incidental costs4 7iv7 ,economic development activities1 including equipment purchases1 inventory financing1 interest subsidies1 operating expenses1 and similar costs not associated with construction or expansion of existing operations4 7v7 ,activities to assist home-buyers in the purchase of existing dwelling units or dwelling units under construction1 including closing costs and down payment assistance1 interest rate buydowns1 and similar activities that result in the transfer of title4 7vi7 ,affordable housing predevelopment costs related to obtaining site options1 project financing1 administrative costs and fees for loan commitment1 zoning approvals1 and other related activities that do not have a physical impact4 7vii7 ,approval of supplemental assistance1 including insurance or guarantee1 to a project previously approved by the ,secretary4 7viii7 ,emergency home-owner or renter assistance for the repair or replacement of ,,hvac1 hot water heaters1 and other necessary existing utilities required under applicable law4 7,b7 ,the following housing-related activities shall be subject to regulations equivalent or substantially similar to the regulations entitled1 7i7 categorical exclusions not subject to section #eh4e and 7ii7 categorical exclusions not subject to the ,federal laws and authorities cited in section #ej4d in section #eh4ce7;b7 and section #ej4ai1 respectively of title #bd1 ,code of ,federal ,regulations1 as in effect on ,january #a1 #bjbe1 if such activities do not materially alter environmental conditions and do not materially exceed the original scope of the project3 7i7 ,acquisition1 repair1 improvement1 reconstruction1 or rehabilitation of public facilities and improvements 7other than buildings7 if the facilities and improvements are in place and will be retained in the same use without change in size or capacity of more than #bj percent1 including replacement of water or sewer lines1 reconstruction of curbs and sidewalks1 and repaving of streets4 7ii7 ,rehabilitation of #a-to-#d unit residential buildings1 and existing housing-related infrastructure1 such as repairs or rehabilitation of existing wells1 septics1 or utility lines that connect to that housing4 7iii7 ,new construction1 development1 demolition1 acquisition1 or disposition of up to #d scattered site existing dwelling units where there is a maximum of #d units on any #a site4 7iv7 ,acquisitions 7including leasing7 of1 disposition of1 or equity loans on an existing structure1 or acquisition 7including leasing7 of vacant land if the structure or land acquired1 financed1 or disposed of will be retained for the same use4 7,c7 ,the following housing-related activities shall be subject to regulations equivalent or substantially similar to the regulations entitled1 7i7 categorical exclusions subject to section #eh4e and 7ii7 categorical exclusions subject to the ,federal laws and authorities cited in section #ej4d in section #eh4ce7;a7 and section #ej4bj1 respectively1 of title #bd1 ,code of ,federal ,regulations1 as in effect on ,january #a1 #bjbe1 if such activities do not materially alter environmental conditions and do not materially exceed the original scope of the project3 7i7 ,acquisitions of open space or residential property1 where such property will be retained for the same use or will be converted to open space to help residents relocate out of an area designated as a high-risk area by the ,secretary4 7ii7 ,conversion of existing office buildings into residential development1 subject to-- 7,i7 a maximum number of units to be determined by the ,secretary2 and 7,,ii7 a limitation on the change in building size of not more than #bj percent4 7iii7 ,new construction1 development1 demolition1 acquisition1 or disposition of #e to #ae dwelling units where there is a maximum of #ae units on any #a site4 ,the units can be #ae #a-unit buildings or #a #ae-unit building1 or any combination in between4 7iv7 ,new construction1 development1 demolition1 acquisition1 or disposition of #ae or more housing units developed on scattered sites when there are not more than #ae housing units on any #a site1 and the sites are more than a set number of feet apart as determined by the ,secretary4 7v7 ,rehabilitation of buildings and improvements in the case of a building for residential use with #e to #ae units1 if the density is not increased beyond #ae units and the land use is not changed4 7vi7 ,infill projects consisting of new construction1 rehabilitation1 or development of residential housing units4 7vii7 ,the voluntary acquisition of properties-- 7,i7 located in-- 7aa7 a floodway2 7bb7 a floodplain2 or 7cc7 any other area1 clearly delineated by the grantee2 and 7,,ii7 that have been impacted by a predictable environmental threat to the safety and well-being of program beneficiaries caused or exacerbated by a federally declared disaster4 7c7 ,implementation ,for purposes of implementing the streamlining of environmental review for housing-related activities under subsection 7b71 the agency actions carried out under that subsection-- 7#a7 shall only apply with respect to funds appropriated after the effective date of those actions2 and 7#b7 shall not apply with respect to a grantee that combines funds appropriated before and after the effective date of those actions to carry out a project4 7d7 ,report ,the ,secretary shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives an annual report during the #e-year period beginning on the date that is #b years after the date of enactment of this ,act that provides a summary of findings of reductions in review times and administrative cost reduction1 with a particular focus on the affordable housing sector1 as a result of the actions set forth in this section1 and any recommendations of the ,secretary for future congressional action with respect to revising categorical exclusions or exemptions under title #bd1 ,code of ,federal ,regulations4 #bjg4 ,grants for planning and implementation associated with affordable housing 7a7 ,definitions ,in this section3 7#a7 ,eligible entity ,the term eligible entity means-- 7,a7 a ,state1 insular area1 metropolitan city1 or urban county1 as those terms are defined in section #ajb of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjb72 or 7,b7 a regional planning agency or consortia of regional planning agencies4 7#b7 ,housing plan ,the term housing plan means a plan to1 with respect to an area within the jurisdiction of an eligible entity-- 7,a7 increase the amount of available housing to meet the demand for such housing and any projected increase in the demand for such housing2 7,b7 increase the affordability of housing2 7,c7 increase the accessibility of housing for people with disabilities1 including location-efficient housing2 7,d7 preserve or improve the quality of housing2 7,e7 reduce barriers to housing development2 and 7,f7 coordinate with transportation-related agencies4 7#c7 ,housing strategy ,the term housing strategy means a housing strategy required under section #aje of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgje74 7#d7 ,secretary ,the term ,secretary means the ,secretary of ,housing and ,urban ,development4 7b7 ,establishment ,not later than #a year after the date of enactment of this ,act1 the ,secretary shall establish a program to award grants on a competitive basis to eligible entities to assist planning and implementation activities associated with affordable housing1 except that such grant awards may not be used for construction1 alteration1 or repair work4 7c7 ,use of amounts 7#a7 ,by regional planning agencies ,if an eligible entity that receives amounts under this section is an eligible entity described in subsection 7a77#a77;,b71 the eligible entity shall use those amounts to assist planning activities with respect to affordable housing1 including-- 7,a7 the development of housing plans2 7,b7 the substantial improvement of ,state or local housing strategies2 7,c7 the development of new regulatory requirements and processes2 7,d7 updating zoning codes2 7,e7 increasing the capacity to conduct housing inspections2 7,f7 increasing the capacity to reduce barriers to housing supply elasticity and housing affordability2 7,g7 the development of local or regional plans for community development2 and 7,h7 the substantial improvement of community development strategies1 including strategies designed to-- 7i7 increase the availability of affordable housing and access to affordable housing2 7ii7 increase access to public transportation2 and 7iii7 advance sustainable or location-efficient community development goals4 7#b7 ,by ,states1 insular areas1 metropolitan cities1 and urban counties ,if an eligible entity that receives amounts under this section is an eligible entity described in subsection 7a77#a77;,a71 the eligible entity shall use those amounts to-- 7,a7 implement and administer housing strategies and housing plans2 7,b7 implement and administer any plans to increase housing choice1 address disparities in housing needs1 and provide greater access to opportunity2 7,c7 fund any community investments that support goals identified in a housing strategy or housing plan2 7,d7 implement and administer regulatory requirements and processes with respect to reformed zoning codes2 7,e7 increase the capacity to conduct housing inspections2 7,f7 increase the capacity to reduce barriers to housing supply elasticity and housing affordability2 7,g7 implement and administer local or regional plans for community development2 and 7,h7 fund any planning to increase-- 7i7 the availability of affordable housing and access to affordable housing2 7ii7 access to public transportation2 and 7iii7 any location-efficient community development goals4 7#c7 ,use for administrative costs ,a eligible entity that receives amounts under this section may not use more than #aj percent of those amounts for administrative costs4 7d7 ,coordination ,to the extent practicable1 the ,secretary shall coordinate with the ,administrator of the ,federal ,transit ,administration in carrying out this section4 7e7 ,expiration of authority ,after the expiration of the #e-year period beginning on the date of enactment of this ,act1 the ,secretary may not newly establish a program as described in this section4 7f7 ,sunset ,the program established under this section shall terminate on the date that is #e years after the date of enactment of this ,act4 #bjh4 ,innovation ,fund 7a7 ,definitions ,in this section3 7#a7 ,attainable housing ,the term attainable housing means housing that serves households earning not more than #abj percent of the area median income1 if the majority of the housing units are affordable to households earning not more than #fj percent of the area median income4 7#b7 ,eligible entity ,the term eligible entity means-- 7,a7 a metropolitan city or urban county1 as those terms are defined in section #ajb of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjb71 that has demonstrated an objective improvement in housing supply growth1 as determined by the ,secretary1 whose methodology for determining such growth is published in the ,federal ,register to allow for public comment not less than #ij days before the date on which the notice of funding opportunity is made available2 or 7,b7 a unit of general local government or an ,indian ,tribe1 as those terms are defined in section #ajb of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjb71 that has demonstrated an objective improvement in housing supply growth1 as determined by the ,secretary1 whose methodology for determining such improvement is published in the ,federal ,register to allow for public comment not less than #ij days before the date on which the notice of funding opportunity is made available4 7#c7 ,secretary ,the term ,secretary means the ,secretary of ,housing and ,urban ,development4 7b7 ,establishment of a grant program 7#a7 ,establishment ,not later than #a year after the date of enactment of this ,act1 the ,secretary shall establish a program to award grants on a competitive basis to eligible entities that have increased their local housing supply4 7#b7 ,list of eligible entities ,the ,secretary shall make a list of eligible entities publicly available on the website of the ,department of ,housing and ,urban ,development4 7#c7 ,eligible purposes ,an eligible entity receiving a grant under this section may use funds to-- 7,a7 carry out any of the activities described in section #aje of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecje72 7,b7 carry out any of the activities permitted under the ,local and ,regional ,project ,assistance ,program established under section #fgjb of title #di1 ,united ,states ,code2 and 7,c7 carry out initiatives of the eligible entity that facilitate the expansion of the supply of attainable housing and that supplement initiatives the eligible entity has carried out1 or is in the process of carrying out1 as specified in the application submitted under paragraph 7#d74 7#d7 ,application 7,a7 ,in general ,an eligible entity seeking a grant under this section shall submit to the ,secretary an application that provides-- 7i7 a description of each purpose for which the eligible entity will use the grant1 and an attestation that the grant will be used only for #a or more eligible purposes described in paragraph 7#c72 7ii7 data on characteristics of increased housing supply during the #c-year period ending on the date on which the application is submitted1 which may include whether such housing-- 7,i7 serves households at a range of income levels2 and 7,,ii7 has improved the quality and affordability of housing in the jurisdiction of the eligible entity2 7iii7 a description of how each eligible purpose described in clause 7i7 may address a community need or advance an objective1 or an aspect of an objective1 included in the comprehensive housing affordability strategy and community development plan of the eligible entity under part #ia of title #bd1 ,code of ,federal ,regulations1 or any successor regulation 7commonly referred to as a consolidated plan72 and 7iv7 a description of how the eligible entity has carried out1 or is in the process of carrying out1 initiatives that facilitate the expansion of the supply of housing4 7,b7 ,initiatives ,initiatives that meet the criteria described in paragraph 7#c77;,c7 include1 but shall not be limited to-- 7i7 increasing by-right uses1 including duplex1 triplex1 quadplex1 and multifamily buildings1 in areas of opportunity2 7ii7 revising or eliminating off-street parking requirements to reduce the cost of housing production2 7iii7 revising minimum lot size requirements1 floor area ratio requirements1 set-back requirements1 building heights1 and bans or limits on construction that allow for denser and more affordable development2 7iv7 instituting incentives to promote dense development for communities where increased density is needed2 7v7 passing zoning overlays or other ordinances that enable the development of mixed-income housing2 7vi7 streamlining regulatory requirements and shortening processes1 increasing code enforcement and permitting capacity1 reforming zoning codes1 or other initiatives that reduce barriers to increasing housing supply and affordability2 7vii7 eliminating restrictions against accessory dwelling units and expanding their by-right use2 7viii7 using local tax incentives or public financing to promote development of attainable housing2 7ix7 streamlining environmental regulations2 7x7 eliminating unnecessary manufactured-housing or cooperative housing regulations and restrictions2 7xi7 minimizing the impact of overburdensome energy and water efficiency standards on housing costs2 and 7xii7 other activities that reduce the cost of construction1 as determined by the ,secretary4 7#e7 ,grants 7,a7 ,in general ,the ,secretary shall make not fewer than #be grants on an annual basis 7unless amounts appropriated to provide grant amounts consistent with subsection 7b7 are insufficient1 in which case fewer grants may be awarded71 with strong consideration of different geographical areas and a relatively even spread of rural1 suburban1 and urban communities4 7,b7 ,limitations on awards ,no grant awarded under this paragraph may be-- 7i7 more than #aj1jjj1jjj2 or 7ii7 less than #bej1jjj4 7,c7 ,priority ,when awarding grants under this paragraph1 the ,secretary shall give priority to an eligible entity that has-- 7i7 demonstrated the use of innovative policies1 interventions1 or programs for increasing housing supply2 and 7ii7 demonstrated a marked improvement in housing supply growth1 as needed4 7,d7 ,grant administration and terms ,projects assisted under this section for activities described in sector #bc of the ,north ,american ,industry ,classification ,system shall be treated as projects assisted under the ,community ,development ,block ,grant program under title ,i of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecja et seq474 7c7 ,rules of construction ,nothing in this section shall be construed-- 7#a7 to authorize the ,secretary to mandate1 supersede1 or preempt any local zoning or land use policy2 or 7#b7 to affect the requirements of section #aje7;c77#a7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgje7;c77#a774 7d7 ,sunset ,the program established under this section shall terminate on the date that is #g years after the date of enactment of this ,act4 7e7 ,authorization of appropriations 7#a7 ,in general ,there is authorized to be appropriated to carry out this section #bjj1jjj1jjj for each of fiscal years #bjbg through #bjca4 7#b7 ,adjustment ,the amount authorized to be appropriated under paragraph 7#a7 shall be adjusted for inflation based on the ,consumer ,price ,index for all ,urban ,customers published by the ,bureau of ,labor ,statistics of the ,department of ,labor4 #bji4 ,accelerating ,home ,building ,act 7a7 ,definitions ,in this section3 7#a7 ,affordable housing ,the term affordable housing means housing for which the total monthly housing cost payment is not more than #cj percent of the monthly household income for a household earning not more than #hj percent of the area median income4 7#b7 ,covered structure ,the term covered structure means-- 7,a7 a low-rise or mid-rise structure with not more than #be dwelling units2 and 7,b7 includes-- 7i7 an accessory dwelling unit2 7ii7 infill development2 7iii7 a duplex2 7iv7 a triplex2 7v7 a fourplex2 7vi7 a cottage court2 7vii7 a courtyard building2 7viii7 a townhouse2 7ix7 a multiplex2 and 7x7 any other structure with not less than #b dwelling units that the ,secretary considers appropriate4 7#c7 ,eligible entity ,the term eligible entity means-- 7,a7 a unit of general local government1 as defined in section #ajb7;a7 of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjb7;a772 7,b7 a municipal membership organization2 and 7,c7 an ,indian ,tribe1 as defined in section #ajb7;a7 of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjb7;a774 7#d7 ,high opportunity area ,the term high opportunity area has the meaning given the term in section #abhb4a of title #ab1 ,code of ,federal ,regulations1 or any successor regulation4 7#e7 ,infill development ,the term infill development means residential development on small parcels in previously established areas for replacement with new or refurbished housing that utilizes existing utilities and infrastructure4 7#f7 ,mixed-income housing ,the term mixed-income housing means a housing development that is comprised of housing units that promote differing levels of affordability in the community4 7#g7 ,prereviewed designs ,the term prereviewed designs1 also known as pattern books1 means sets of construction plans that are assessed and approved by localities for compliance with local building and permitting standards to streamline and expedite approval pathways for housing construction4 7#h7 ,rural area ,the term rural area means any area other than a city or town that has a population of less than #ej1jjj inhabitants4 7#i7 ,secretary ,the term ,secretary means the ,secretary of ,housing and ,urban ,development4 7b7 ,authority ,the ,secretary is authorized to award grants to eligible entities utilizing funds appropriated for such purpose to select prereviewed designs of covered structures of mixed-income housing for use in the jurisdiction of the eligible entity1 except that such grant awards may not be used for construction1 alteration1 or repair work4 7c7 ,considerations ,in reviewing applications submitted by eligible entities for a grant under this section1 the ,secretary shall consider-- 7#a7 the need for affordable housing in the service area of the eligible entity2 7#b7 the presence of high opportunity areas in the jurisdiction of the eligible entity2 7#c7 coordination between the eligible entity and a ,state agency2 and 7#d7 coordination between the eligible entity and ,state1 local1 and regional transportation planning authorities4 7d7 ,set-,aside for rural areas ,of the amount made available in each fiscal year for grants under this section1 the ,secretary shall ensure that not less than #aj percent shall be used for grants to eligible entities that are located in rural areas4 7e7 ,reports ,the ,secretary shall require eligible entities receiving grants under this section to report on-- 7#a7 the impacts of the activities carried out using the grant amounts in improving the production and supply of affordable housing2 7#b7 the prereviewed designs selected using the grant amounts in their communities2 7#c7 the number of permits issued for housing development utilizing prereviewed designs2 and 7#d7 the number of housing units produced in developments utilizing the prereviewed designs4 7f7 ,availability of information ,the ,secretary shall-- 7#a7 to the extent possible1 encourage localities to make publicly available through a website information on the prereviewed designs selected and submitted to the ,secretary by eligible entities receiving grants under this section1 including information on the benefits of use of those designs2 and 7#b7 collect1 identify1 and disseminate best practices regarding such designs and make such information publicly available on the website of the ,department of ,housing and ,urban ,development4 7g7 ,design adoption and repayment ,the ,secretary may require an eligible entity to return to the ,secretary any grant funds received under this section if the selected prereviewed designs submitted under this section have not been adopted during the #e-year period following receipt of the grant1 unless that period is extended by the ,secretary4 7h7 ,technical assistance ,the ,secretary may set aside not more than #e percent of amounts appropriated in a fiscal year to provide technical assistance to grant recipients under this section and pregrant technical assistance to prospective applicants4 #baj4 ,revitalizing ,empty ,structures ,into ,desirable ,environments 7,,reside7 ,act 7a7 ,in general ,subtitle ,a of title ,,ii of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgda et seq47 is amended by adding at the end the following3 #bbg4 ,revitalizing empty structures into desirable environments 7a7 ,definitions ,in this section3 7#a7 ,attainable housing ,the term attainable housing means housing that serves households earning not more than #abj percent of the area median income1 if the majority of the housing units are affordable to households earning not more than #fj percent of the area median income4 7#b7 ,converted housing unit ,the term converted housing unit means a housing unit that is created using a covered grant4 7#c7 ,covered grant ,the term covered grant means a grant awarded under the ,pilot ,program4 7#d7 ,eligible entity ,the term eligible entity means a participating jurisdiction4 7#e7 ,pilot ,program ,the term ,pilot ,program means the ,pilot ,program established under subsection 7b74 7#f7 ,vacant and abandoned building ,the term vacant and abandoned building means a property-- 7,a7 that was constructed for use as a warehouse1 factory1 mall1 strip mall1 or hotel1 or for another industrial or commercial use2 and 7,b7 7i7 with respect to which-- 7,i7 a code enforcement inspection has determined that the property is not safe2 and 7,,ii7 not less than #ij days have elapsed since the owner was notified of the deficiencies in the property and the owner has taken no corrective action2 or 7ii7 that is subject to a court-ordered receivership or nuisance abatement related to abandonment pursuant to ,state or local law or otherwise meets the definition of an abandoned property under ,state law4 7b7 ,purpose of grant program ,subject to the availability of funds appropriated for this subsection1 the ,secretary is authorized to establish a ,pilot ,program1 spanning from fiscal years #bjbg through #bjca1 which shall have the purpose of awarding grants on a competitive basis to eligible entities to convert vacant and abandoned buildings into attainable housing4 7c7 ,amount of grant 7#a7 ,in general ,for any fiscal year for which not less than #ajj1jjj1jjj is made available to carry out the ,pilot ,program1 the amount of a covered grant shall be not less than #a1jjj1jjj and not more than #aj1jjj1jjj4 7#b7 ,fiscal years with lower funding ,for any fiscal year for which less than #ajj1jjj1jjj is made available to carry out the ,pilot ,program pursuant to subsection 7b71 the ,secretary shall seek to maximize the number of covered grants awarded4 7d7 ,relation to formula allocation ,a covered grant awarded to an eligible entity shall be in addition to1 and shall not affect1 the formula allocation for the eligible entity under section #bag4 7e7 ,priority ,in awarding covered grants1 the ,secretary shall give priority to an eligible entity that-- 7#a7 will use the covered grant in a community that is experiencing economic distress2 7#b7 will use the covered grant in a qualified opportunity zone 7as defined in section #adjj,z-#a7;a7 of the ,internal ,revenue ,code of #aihf72 7#c7 will use the covered grant to construct housing that will serve a need identified in the comprehensive housing affordability strategy and community development plan of the eligible entity under part #ia of title #bd1 ,code of ,federal ,regulations1 or any successor regulation 7commonly referred to as a consolidated plan72 or 7#d7 has enacted ordinances to reduce regulatory barriers to conversion of vacant and abandoned buildings to housing1 which shall not include any alteration of an ordinance that governs safety and habitability4 7f7 ,use of funds ,an eligible entity may use a covered grant for-- 7#a7 property acquisition2 7#b7 demolition2 7#c7 health hazard remediation2 7#d7 site preparation2 7#e7 construction1 renovation1 or rehabilitation2 or 7#f7 the establishment1 maintenance1 or expansion of community land trusts or housing cooperatives4 7g7 ,waiver authority ,in administering covered grants1 the ,secretary may waive1 or specify alternative requirements for1 any statute or regulation that the ,secretary administers in connection with the obligation by the ,secretary or the use by eligible entities of covered grant funds 7except for requirements related to fair housing1 nondiscrimination1 labor standards1 or the environment7 if the ,secretary makes a public finding that good cause exists for the waiver or alternative requirement4 7h7 ,study2 report ,not later than #ahj days after the termination of the ,pilot ,program1 the ,secretary shall study and submit to ,congress a report on the impact of the ,pilot ,program on-- 7#a7 improving the tax base of local communities2 7#b7 increasing access to affordable housing1 especially for elderly individuals1 disabled individuals1 and veterans2 7#c7 increasing home-ownership2 and 7#d7 removing blight4 4 7b7 ,technical and conforming amendment ,the table of contents in section #a7;b7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7,public ,law #aja-fbe2 #ajd ,stat4 #djgi7 is amended by inserting after the item relating to section #bbf the following3 ,sec4 #bbg4 ,revitalizing empty structures into desirable environments4 4 #baa4 ,housing ,affordability ,act 7a7 ,in general ,title ,,ii of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjg et seq47 is amended-- 7#a7 in section #bjf;,a 7#ab ,u4,s4,c4 #agab;a7-- 7,a7 in subsection 7a71 in the matter following paragraph 7#g71 by striking 7commencing in #bjjd and all that follows through the period at the end and inserting the following3 1 commencing on ,july #a1 #bjbe4 ,the adjustment of the dollar amounts shall be calculated by the ,secretary using the percentage change in the ,price ,deflator ,index of ,multifamily ,residential ,units ,under ,construction released by the ,bureau of the ,census from ,march of the previous year to ,march of the year in which the adjustment is made1 or by the ,secretary using an alternative indicator after publishing information about such alternative indicator in the ,federal ,register for public comment if the ,price ,deflator ,index of ,multifamily ,residential ,units ,under ,construction is not available or published42 and 7,b7 by amending subsection 7b7 to read as follows3 7b7 ,publication 7#a7 ,in general ,the ,secretary shall publish in the ,federal ,register any adjustments made to the ,dollar ,amounts4 7#b7 ,rounding ,the dollar amount of any adjustment described in paragraph 7#a7 shall be rounded to the next lower dollar4 2 7#b7 in section #bjg7;c77#c77;,a7 7#ab ,u4,s4,c4 #agac7;c77#c77;,a77-- 7,a7 by striking #ch1jbe and inserting #afg1caj2 7,b7 by striking #db1abj and inserting #ahe1cbh2 7,c7 by striking #ej1caj and inserting #bba1cfd2 7,d7 by striking #fb1jaj and inserting #bgb1hdd2 7,e7 by striking #gj1bjj and inserting #cjh1hhj2 7,f7 by striking 1 or not to exceed #ag1dfj per space2 7,g7 by striking #dc1hge and inserting #aic1jej2 7,h7 by striking #di1adj and inserting #baf1baf2 7,i7 by striking #fj1bee and inserting #bfe1abb2 7,j7 by striking #ge1dfe and inserting #ccb1jdf2 and 7,k7 by striking #he1cbh and inserting #cge1ddc2 7#c7 in section #bac7;b77#b7 7#ab ,u4,s4,c4 #agae;e7b77#b77-- 7,a7 by striking #da1bjg and inserting #aha1caa2 7,b7 by striking #dg1eaa and inserting #bji1jdh2 7,c7 by striking #eg1cjj and inserting #beb1abj2 7,d7 by striking #gc1cdc and inserting #cbb1gji2 7,e7 by striking #ha1gjh and inserting #cei1eae2 7,f7 by striking #dc1hge and inserting #aic1jej2 7,g7 by striking #di1gaj and inserting #bah1gbd2 7,h7 by striking #fj1ddf and inserting #bfe1ifb2 7,i7 by striking #gh1aig and inserting #cdd1jfg2 and 7,j7 by striking #he1hcf and inserting #cgg1fgh2 7#d7 in section #bbj7;d77#c77;,b77iii77,i7 7#ab ,u4,s4,c4 #agaek7d77#c77;,b77iii77,i77-- 7,a7 by striking #ch1jbe and inserting #afg1caj2 7,b7 by striking #db1abj and inserting #ahe1cbh2 7,c7 by striking #ej1caj and inserting #bba1cfd2 7,d7 by striking #fb1jaj and inserting #bgb1hdd2 7,e7 by striking #gj1bjj and inserting #cjh1hhj2 7,f7 by striking #dc1hge and inserting #aic1jej2 7,g7 by striking #di1adj and inserting #baf1baf2 7,h7 by striking #fj1bee and inserting #bfe1abb2 7,i7 by striking #ge1dfe and inserting #ccb1jdf2 and 7,j7 by striking #he1cbh and inserting #cge1ddc2 7#e7 in section #bba7;d77#d77;ii77,i7 7#ab ,u4,s4,c4 #agael7d77#d77;ii77,i77-- 7,a7 by striking #cg1hdc and inserting #aff1eji2 7,b7 by striking #db1ied and inserting #ahh1iig2 7,c7 by striking #ea1ibj and inserting #bbh1ddh2 7,d7 by striking #fe1afi and inserting #bhf1gdd2 7,e7 by striking #gc1hdf and inserting #cbd1ibb2 7,f7 by striking #dj1hgf and inserting #agi1hed2 7,g7 by striking #df1hei and inserting #bjf1ahj2 7,h7 by striking #ef1igi and inserting #bej1gjh2 7,i7 by striking #gc1gaj and inserting #cbd1cbd2 and 7,j7 by striking #hj1iac and inserting #cef1jag2 7#f7 in section #bca7;c77#b77;,a7 7#ab ,u4,s4,c4 #agaev7c77#b77;,a77-- 7,a7 by striking #ce1igh and inserting #aff1eji2 7,b7 by striking #dj1bbj and inserting #ahh1iig2 7,c7 by striking #dh1jbi and inserting #bbh1ddh2 7,d7 by striking #eg1gih and inserting #bhf1gdd2 7,e7 by striking #fg1iej and inserting #cbd1ibb2 7,f7 by striking #dj1hgf and inserting #agi1hed2 7,g7 by striking #df1hei and inserting #bjf1ahj2 7,h7 by striking #ef1igi and inserting #bej1gjh2 7,i7 by striking #gc1gaj and inserting #cbd1cbd2 and 7,j7 by striking #hj1iac and inserting #cef1jag2 and 7#g7 in section #bcd7;e77#c77;,a7 7#ab ,u4,s4,c4 #agaey7e77#c77;,a77-- 7,a7 by striking #db1jdh and inserting #ahe1jaa2 7,b7 by striking #dh1dha and inserting #bac1caf2 7,c7 by striking #eh1dfi and inserting #beg1bfc2 7,d7 by striking #gd1hdj and inserting #cbi1bif2 7,e7 by striking #hc1cge and inserting #cff1hej2 7,f7 by striking #dd1bej and inserting #aid1gjj2 7,g7 by striking #ej1gbd and inserting #bbc1ahf2 7,h7 by striking #fa1fhj and inserting #bga1cib2 7,i7 by striking #gi1gic and inserting #cea1jhi2 and 7,j7 by striking #hg1ehh and inserting #che1chg4 7b7 ,rule of construction ,nothing in this section or the amendments made by this section may be construed to limit the authority of the ,secretary of ,housing and ,urban ,development to revise the statutory exceptions for high-cost percentage and high-cost areas annual indexing4 ,,iii ,manufactured ,housing for ,america #cja4 ,housing ,supply ,expansion ,act 7a7 ,in general ,section #fjc7f7 of the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edjb7f77 is amended by striking on a permanent chassis and inserting with or without a permanent chassis4 7b7 ,standards for manufactured homes built without a permanent chassis ,section #fjd7;a7 of the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edjc7;a77 is amended by adding the following3 7#g7 ,standards for manufactured homes built without a permanent chassis 7,a7 ,in general ,the ,secretary1 in consultation with the consensus committee1 shall issue revised standards for manufactured homes built without a permanent chassis using the process described in paragraph 7#d74 7,b7 ,creating final standards ,the ,secretary shall1 after consulting and conferring with the consensus committee1 establish standards to ensure that manufactured homes without a permanent chassis have-- 7i7 a distinct label1 with revenue generated to be deposited into the ,manufactured ,housing ,fees ,trust ,fund established under section #fbj7;e77#a71 to be issued by the ,secretary distinguishing manufactured home built without a permanent chassis from manufactured homes built on a permanent chassis2 7ii7 a data plate1 as described in section #cbhj4e of title #bd1 ,code of ,federal ,regulations 7or any successor regulation71 distinguishing manufactured homes built without a permanent chassis from manufactured homes built on a permanent chassis2 and 7iii7 a notation on any invoice produced by the manufacturer of a manufactured home that is distinguishable from the invoice for a manufactured home constructed with a permanent chassis4 4 7c7 ,manufactured home certifications ,section #fjd of the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edjc7 is amended by adding at the end the following3 7i7 ,manufactured home certifications 7#a7 ,in general 7,a7 ,initial certification ,subject to subparagraph 7,b71 not later than #a year after the date of enactment of the #bast ,century ,,road to ,housing ,act1 a ,state shall submit to the ,secretary an initial certification that the laws and regulations of the ,state-- 7i7 treat any manufactured home in parity with a manufactured home 7as defined and regulated by the ,state72 and 7ii7 subject a manufactured home without a permanent chassis to the same laws and regulations of the ,state as a manufactured home built on a permanent chassis1 including with respect to financing1 title1 insurance1 manufacture1 sale1 taxes1 transportation1 installation1 and other areas as the ,secretary determines1 after consultation with and approval by the consensus committee1 are necessary to give effect to the purpose of this section4 7,b7 ,state plan submission ,any ,state plan submitted under section #fbc7;b7 shall contain the required ,state certification under subparagraph 7,a7 and1 if contained therein1 no additional or ,state certification under subparagraph 7,a7 or paragraph 7#c74 7,c7 ,extended deadline ,with respect to a ,state with a legislature that meets biennially1 the deadline for the submission of the initial certification required under subparagraph 7,a7 shall be #b years after the date of enactment of the #bast ,century ,,road to ,housing ,act4 7,d7 ,late certification 7i7 ,no waiver ,the ,secretary may not waive the prohibition described in paragraph 7#e77;,b7 with respect to a certification submitted after the deadline under subparagraph 7,a7 or paragraph 7#c7 unless the ,secretary approves the late certification4 7ii7 ,rule of construction ,nothing in this subsection shall be construed to prevent a ,state from submitting the initial certification required under subparagraph 7,a7 after the required deadline under that subparagraph4 7#b7 ,form of ,state certification not presented in a ,state plan ,the initial certification required under paragraph 7#a77;,a71 if not submitted with a ,state plan under paragraph 7#a77;,b71 shall contain1 in a form prescribed by the ,secretary1 an attestation by an official that the ,state has taken the steps necessary to ensure the veracity of the certification required under paragraph 7#a77;,a71 including1 as necessary1 by-- 7,a7 amending the definition of manufactured home in the laws and regulations of the ,state2 and 7,b7 directing ,state agencies to amend the definition of manufactured home in regulations4 7#c7 ,annual recertification ,not later than a date to be determined by the ,secretary each year1 a ,state shall submit to the ,secretary an additional certification that-- 7,a7 confirms the accuracy of the initial certification submitted under subparagraph 7,a7 or 7,b7 of paragraph 7#a72 and 7,b7 certifies that any new laws or regulations enacted or adopted by the ,state since the date of the previous certification do not change the veracity of the initial certification submitted under paragraph 7#a77;,a74 7#d7 ,list ,the ,secretary shall publish and maintain in the ,federal ,register and on the website of the ,department of ,housing and ,urban ,development a list of ,states that are up to date with the submission of initial and subsequent certifications required under this subsection4 7#e7 ,prohibition 7,a7 ,definition ,in this paragraph1 the term covered manufactured home means a home that is-- 7i7 not considered a manufactured home under the laws and regulations of a ,state because the home is constructed without a permanent chassis2 7ii7 considered a manufactured home under the definition of the term in section #fjc2 and 7iii7 constructed after the date of enactment of the #bast ,century ,,road to ,housing ,act4 7,b7 ,building1 installation1 and sale ,if a ,state does not submit a certification under paragraph 7#a77;,a7 or 7#c7 by the date on which those certifications are required to be submitted-- 7i7 with respect to a ,state in which the ,state administers the installation of manufactured homes1 the ,state shall prohibit the manufacture1 installation1 or sale of a covered manufactured home within the ,state2 and 7ii7 with respect to a ,state in which the ,secretary administers the installation of manufactured homes1 the ,state and the ,secretary shall prohibit the manufacture1 installation1 or sale of a covered manufactured home within the ,state4 4 7d7 ,other ,federal laws regulating manufactured homes ,the ,secretary of ,housing and ,urban ,development may coordinate with the heads of other ,federal agencies to ensure that ,federal agencies treat a manufactured home 7as defined in ,federal laws and regulations other than section #fjc of the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edjb77 in the same manner as a manufactured home 7as defined in section #fjc of the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edjb71 as amended by this ,act74 7e7 ,assistance to ,states ,section #fji of the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edjh7 is amended-- 7#a7 in paragraph 7#a71 by striking and at the end2 7#b7 in paragraph 7#b71 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following3 7#c7 model guidance to support the submission of the certification required under section #fjd7;i74 4 7f7 ,preemption ,nothing in this section or the amendments made by this section may be construed as limiting the scope of ,federal preemption under section #fjd7;d7 of the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edjc7;d774 7g7 ,primary authority to establish manufactured home construction and safety standards ,the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edja et seq47 is further amended-- 7#a7 in section #fjc7g71 by inserting energy efficiency1 after design12 and 7#b7 in section #fjd1 by adding at the end the following3 7j7 ,primary authority to establish standards 7#a7 ,in general ,the ,secretary shall have the primary authority to establish ,federal manufactured home construction and safety standards4 7#b7 ,approval from secretary 7,a7 ,in general ,the head of any ,federal agency that seeks to establish a manufactured home construction and safety standard on or after the date of the enactment of this subsection-- 7i7 shall submit to the ,secretary a proposal describing such standard2 and 7ii7 may not establish such standard without approval from the ,secretary4 7,b7 ,rejection of standards ,the ,secretary shall reject a standard submitted to the ,secretary for approval under subparagraph 7,a7-- 7i7 if the standard would significantly increase the cost of producing manufactured homes1 as determined by the ,secretary2 7ii7 if the standard would conflict with existing manufactured home construction and safety standards established by the ,secretary2 or 7iii7 for any other reason as determined appropriate by the ,secretary4 7,c7 ,rule of construction ,nothing in this subsection may be construed to require the ,secretary to establish new or revised ,federal manufactured home construction and safety standards4 4 #cjb4 ,modular ,housing ,production ,act 7a7 ,definitions ,in this section3 7#a7 ,manufactured home ,the term manufactured home has the meaning given the term in section #fjc of the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edjb74 7#b7 ,modular home ,the term modular home means a home that is constructed in a factory in #a or more modules1 each of which meets applicable ,state and local building codes of the area in which the home will be located1 and that are transported to the home building site1 installed on foundations1 and completed4 7#c7 ,secretary ,the term ,secretary means the ,secretary of ,housing and ,urban ,development4 7b7 ,,fha construction financing programs 7#a7 ,in general ,the ,secretary shall conduct a review of ,federal ,housing ,administration construction financing programs to identify barriers to the use of modular home methods4 7#b7 ,requirements ,in conducting the review under paragraph 7#a71 the ,secretary shall-- 7,a7 identify and evaluate regulatory and programmatic features that restrict participation in construction financing programs by modular home developers1 including construction draw schedules2 and 7,b7 identify administrative measures authorized under section #ebe of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agce;f-#c7 to facilitate program utilization by modular home developers4 7#c7 ,report ,not later than #a year after the date of enactment of this ,act1 the ,secretary shall publish a report that describes the results of the review conducted under paragraph 7#a71 which shall include a description of programmatic and policy changes that the ,secretary recommends to reduce or eliminate identified barriers to the use of modular home methods in ,federal ,housing ,administration construction financing programs4 7#d7 ,rulemaking 7,a7 ,in general ,not later than #abj days after the date on which the ,secretary publishes the report under paragraph 7#c71 the ,secretary shall initiate a rulemaking to examine an alternative draw schedule for construction financing loans provided to modular and manufactured home developers1 which shall include the ability for interested stakeholders to provide robust public comment4 7,b7 ,determination ,following the period for public comment under subparagraph 7,a71 the ,secretary shall-- 7i7 issue a final rule regarding an alternative draw schedule described in subparagraph 7,a72 or 7ii7 provide an explanation as to why the rule shall not become final4 7c7 ,standardized uniform commercial code for modular homes ,the ,secretary may award a grant to study the design and feasibility of a standardized uniform commercial code for modular homes1 which shall evaluate-- 7#a7 the utility of a standardized coding system for serializing and securing modules1 streamlining design and construction1 and improving modular home innovation2 and 7#b7 a means to coordinate a standardized code with financing incentives4 #cjc4 ,property ,improvement and ,manufactured ,housing ,loan ,modernization ,act 7a7 ,national ,housing ,act amendments 7#a7 ,in general ,section #b of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjc7 is amended-- 7,a7 in subsection 7a71 by inserting construction of additional or accessory dwelling units1 as defined by the ,secretary1 after energy conserving improvements12 and 7,b7 in subsection 7b7-- 7i7 in paragraph 7#a7-- 7,i7 by striking subparagraph 7,a7 and inserting the following3 7,a7 #ge1jjj if made for the purpose of financing alterations1 repairs1 and improvements upon or in connection with an existing single-family structure1 including a manufactured home2 2 7,,ii7 in subparagraph 7,b7-- 7aa7 by striking #fj1jjj and inserting #aej1jjj2 7bb7 by striking #ab1jjj and inserting #cg1ejj2 and 7cc7 by striking an apartment house or2 7,,iii7 by striking subparagraphs 7,c7 and 7,d7 and inserting the following3 7,c7 7i7 #ajf1dje if made for the purpose of financing the purchase of a single-section manufactured home2 and 7ii7 #aie1cbb if made for the purpose of financing the purchase of a multi-section manufactured home2 7,d7 7i7 #adi1ghb if made for the purpose of financing the purchase of a single-section manufactured home and a suitably developed lot on which to place the home2 and 7ii7 #bch1fii if made for the purpose of financing the purchase of a multi-section manufactured home and a suitably developed lot on which to place the home2 2 7,,iv7 in subparagraph 7,e7-- 7aa7 by striking #bc1bbf and inserting #dc1cgg2 and 7bb7 by striking the period at the end and inserting a semicolon2 7,v7 in subparagraph 7,f71 by striking and at the end2 7,,vi7 in subparagraph 7,g71 by striking the period at the end and inserting 2 and2 and 7,,vii7 by inserting after subparagraph 7,g7 the following3 7,h7 such principal amount as the ,secretary may prescribe if made for the purpose of financing the construction of an accessory dwelling unit4 2 7ii7 in the matter immediately preceding paragraph 7#b7-- 7,i7 by striking regulation and inserting notice2 7,,ii7 by striking increase and inserting set2 7,,iii7 by striking 7,a77ii71 7,c71 7,d71 and 7,e7 and inserting 7,a7 through 7,h72 7,,iv7 by inserting 1 or as necessary to achieve the goals of the ,federal ,housing ,administration1 periodically reset the dollar amount limitations in subparagraphs 7,a7 through 7,h7 based on justification and methodology set forth in advance by regulation before the period at the end2 and 7,v7 by adjusting the margins appropriately2 7iii7 in paragraph 7#c71 by striking exceeds-- and all that follows through the period at the end and inserting exceeds such period of time as determined by the ,secretary1 not to exceed #cj years42 7iv7 by striking paragraph 7#i7 and inserting the following3 7#i7 ,annual indexing of certain dollar amount limitations ,the ,secretary shall develop or choose #a or more methods of indexing in order to annually set the loan limits established in paragraph 7#a71 based on data the ,secretary determines is appropriate for purposes of this section4 2 and 7v7 in paragraph 7#aa71 by striking lease-- and all that follows through the period at the end and inserting lease meets the terms and conditions established by the ,secretary4 7#b7 ,deadline for development or choice of new index2 interim index 7,a7 ,deadline for development or choice of new index ,not later than #a year after the date of enactment of this ,act1 the ,secretary of ,housing and ,urban ,development shall develop or choose #a or more methods of indexing as required under section #b7;b77#i7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjc7;b77#i771 as amended by paragraph 7#a7 of this subsection4 7,b7 ,interim index ,during the period beginning on the date of enactment of this ,act and ending on the date on which the ,secretary of ,housing and ,urban ,development develops or chooses #a or more methods of indexing as required under section #b7;b77#i7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjc7;b77#i771 as amended by paragraph 7#a7 of this subsection1 the method of indexing established by the ,secretary under such section #b7;b77#i7 before the date of enactment of this ,act shall apply4 7b7 ,,hud study of offsite construction 7#a7 ,definitions ,in this subsection3 7,a7 offsite construction housing ,the term offsite construction housing includes manufactured homes and modular homes4 7,b7 ,manufactured home ,the term manufactured home means any home constructed in accordance with the construction and safety standards established under the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edja et seq474 7,c7 ,modular home ,the term modular home means a home that is constructed in a factory in #a or more modules1 each of which meets applicable ,state and local building codes of the area in which the home will be located1 and that are transported to the home building site1 installed on foundations1 and completed4 7#b7 ,study ,not later than #a year after the date of the enactment of this section the ,secretary of ,housing and ,urban ,development shall conduct a study and submit to ,congress a report on the cost effectiveness of offsite construction housing1 that includes-- 7,a7 an analysis of the advantages and the impact of centralization in a factory and transportation to a construction site on cost1 precision1 and materials waste2 7,b7 the extent to which offsite construction housing meets housing quality standards under the ,national ,standards for the ,physical ,inspection of ,real ,estate1 or other standards as the ,secretary may prescribe1 compared to the extent for site-built homes1 for such standards2 7,c7 the expected replacement and maintenance costs over the first #dj years of life of offsite construction homes compared to those costs for site-built homes2 and 7,d7 opportunities for use beyond single-family housing1 such as applications in accessory dwelling units1 two- to four-unit housing1 and large multifamily housing4 ,,iv ,accessing the ,american ,dream #dja4 ,creating incentives for small-dollar loan originators 7a7 ,definitions ,in this section3 7#a7 ,director ,the term ,director means the ,director of the ,bureau of ,consumer ,financial ,protection4 7#b7 ,small-dollar mortgage ,the term small-dollar mortgage means a mortgage loan having an original principal obligation of not more than #ajj1jjj that is-- 7,a7 secured by real property designed for #a to #d dwelling units2 and 7,b7 7i7 insured by the ,federal ,housing ,administration under title ,,ii of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjg et seq472 7ii7 made1 guaranteed1 or insured by the ,department of ,veterans ,affairs2 7iii7 made1 guaranteed1 or insured by the ,department of ,agriculture2 or 7iv7 eligible to be purchased or securitized by the ,federal ,home ,loan ,mortgage ,corporation or the ,federal ,national ,mortgage ,association4 7b7 ,requirement regarding loan originator compensation practices ,not later than #bgj days after the date of enactment of this ,act1 the ,director shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report on loan originator compensation practices throughout the residential mortgage market1 including the relative frequency of loan originators being compensated-- 7#a7 with a salary2 7#b7 with a commission reflecting a fixed percentage of the amount of credit extended2 7#c7 with a commission based on a factor other than a fixed percentage of the amount of credit extended2 7#d7 with a combination of salary and commission2 7#e7 on a loan volume basis2 and 7#f7 with a commission reflecting a percentage of the amount of credit extended1 for which a minimum or maximum compensation amount is set4 7c7 ,community ,development ,financial ,institution ,loan ,originators ,in performing the study required under subsection 7b71 the ,secretary shall1 in coordination with relevant ,federal agencies that regulate federally backed small-dollar mortgages and in consultation with the ,director of the ,community ,development ,financial ,institutions ,fund established under section #ajd of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjc71 give due consideration to the practices for compensating loan originators that are employed by or originate loans on behalf of community development financial institutions4 7d7 ,contents ,the report required under subsection 7b7 shall include-- 7#a7 data and other analyses regarding the effect of the approaches to loan originator compensation described in subsection 7b7 on the availability of small-dollar mortgage loans2 and 7#b7 an analysis and a discussion regarding potential barriers to small-dollar mortgage lending4 #djb4 ,small-dollar mortgage points and fees 7a7 ,small-dollar mortgage defined ,in this section1 the term small-dollar mortgage means a mortgage with an original principal obligation of less than #ajj1jjj4 7b7 ,amendments ,not later than #bgj days after the date of enactment of this ,act1 the ,director of the ,bureau of ,consumer ,financial ,protection1 in consultation with the ,secretary of ,housing and ,urban ,development and the ,director of the ,federal ,housing ,finance ,agency1 shall evaluate the impact of the thresholds under section #ajbf4dc of title #ab1 ,code of ,federal ,regulations 7as in effect on the date of enactment of this ,act71 on small-dollar mortgage originations4 #djc4 ,appraisal ,industry ,improvement ,act 7a7 ,appraisal standards 7#a7 ,certification or licensing 7,a7 ,in general ,section #bjb7;g77#e7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjh7;g77#e77 is amended-- 7i7 by moving the paragraph two ems to the left2 and 7ii7 by striking subparagraphs 7,a7 and 7,b7 and inserting the following3 7,a7 be certified or licensed by the ,state in which the property to be appraised is located1 except that an appraiser who has as their primary duty conducting appraisal-related activities and who chooses to become a ,state-licensed or certified real estate appraiser need only to be licensed or certified in #a ,state or territory to perform appraisals on mortgages insured by the ,federal ,housing ,administration in all ,states and territories2 7,b7 meet the requirements under the competency rule set forth in the ,uniform ,standards of ,professional ,appraisal ,practice before accepting an assignment2 and 7,c7 have demonstrated verifiable education in the appraisal requirements established by the ,federal ,housing ,administration under this subsection1 which shall include the completion of a course or seminar that educates appraisers on those appraisal requirements1 which shall be provided by-- 7i7 the ,federal ,housing ,administration2 or 7ii7 a third party1 if the course is approved by the ,secretary or a ,state appraiser certifying or licensing agency4 4 7,b7 ,application ,subparagraph 7,c7 of section #bjb7;g77#e7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjh7;g77#e771 as added by subparagraph 7,a71 shall not apply with respect to any certified appraiser approved by the ,federal ,housing ,administration to conduct appraisals on property securing a mortgage to be insured by the ,federal ,housing ,administration on or before the effective date described in paragraph 7#c77;,c74 7#b7 ,compliance with verifiable education and competency requirements ,on and after the effective date described in paragraph 7#c77;,c71 no appraiser may conduct an appraisal on a property securing a mortgage to be insured by the ,federal ,housing ,administration unless-- 7,a7 the appraiser is in compliance with the requirements of subparagraphs 7,a7 and 7,b7 of section #bjb7;g77#e7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjh7;g77#e771 as amended by paragraph 7#a72 and 7,b7 if the appraiser was not approved by the ,federal ,housing ,administration to conduct appraisals on mortgages insured by the ,federal ,housing ,administration before the date on which the mortgagee letter or guidance takes effect under paragraph 7#c77;,c71 the appraiser is in compliance with subparagraph 7,c7 of such section #bjb7;g77#e74 7#c7 ,implementation ,not later than the #bdj days after the date of enactment of this ,act1 the ,secretary of ,housing and ,urban ,development shall issue a mortgagee letter or guidance that-- 7,a7 implements the amendments made by paragraph 7#a72 7,b7 clearly sets forth all of the specific requirements under section #bjb7;g77#e7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjh7;g77#e771 as amended by paragraph 7#a71 for approval to conduct appraisals on property secured by a mortgage to be insured by the ,federal ,housing ,administration1 which shall include-- 7i7 providing that1 before the effective date of the mortgagee letter or guidance1 compliance with the requirements under subparagraphs 7,a71 7,b71 and 7,c7 of such section #bjb7;g77#e71 as amended by paragraph 7#a71 shall be considered to fulfill the requirements under such subparagraphs2 and 7ii7 providing a method for appraisers to demonstrate such prior compliance2 and 7,c7 takes effect not later than the date that is #ahj days after the date on which the ,secretary issues the mortgagee letter or guidance4 7b7 ,annual registry fees for appraisal management companies ,section #aaji7;a7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ccch7;a77 is amended1 in the matter following clause 7ii7 of paragraph 7#d77;,b71 by adding at the end the following3 ,subject to the approval of the ,council1 the ,appraisal ,subcommittee may adjust fees established under clause 7i7 or 7ii7 to carry out its functions under this ,act44 7c7 ,state credentialed trainees 7#a7 ,maintenance on national registry ,section #aajc7;a7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #cccb7;a77 is amended-- 7,a7 in paragraph 7#c7-- 7i7 by inserting and ,state credentialed trainee appraisers after licensed appraisers2 and 7ii7 by striking and at the end2 7,b7 by striking paragraph 7#d72 7,c7 by redesignating paragraphs 7#e7 and 7#f7 as paragraphs 7#d7 and 7#e71 respectively2 and 7,d7 in paragraph 7#d71 as so redesignated-- 7i7 by striking year4 ,the report shall also detail and inserting year1 detailing2 7ii7 by striking provide and inserting provides2 and 7iii7 by striking the period at the end and inserting 2 and4 7#b7 ,annual registry fees 7,a7 ,in general ,section #aaji of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ccch7 is amended-- 7i7 in the section heading1 by striking certified or licensed and inserting 1 certified1 licensed1 and credentialed trainee2 and 7ii7 in subsection 7a7-- 7,i7 in paragraph 7#a71 by inserting 1 and in the case of a ,state with a supervisory or trainee program1 a roster listing individuals who have received a ,state trainee credential after this title2 and 7,,ii7 by striking paragraph 7#b7 and inserting the following3 7#b7 transmit reports on the issuance and renewal of licenses1 certifications1 credentials1 sanctions1 and disciplinary actions1 including license1 credential1 and certification revocations1 on a timely basis to the national registry of the ,appraisal ,subcommittee2 4 7,b7 ,rule of construction ,nothing in the amendments made by subparagraph 7,a7 shall require a ,state to establish or operate a program for ,state credentialed trainee appraisers1 as defined in paragraph 7#ab7 of section #aaba of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi1 as added by paragraph 7#d7 of this subsection4 7#c7 ,transactions requiring the services of a ,state certified appraiser ,section #aaac of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ccdb7 is amended-- 7,a7 by striking ,in determining and inserting 7a7 ,in general4--,in determining2 and 7,b7 by adding at the end the following3 7b7 ,use of ,state credentialed trainee appraisers ,in performing an appraisal under this section1 a ,state certified appraiser may use the assistance of a ,state credentialed trainee appraiser or an unlicensed trainee appraiser1 except that the ,state certified appraiser assisted by a trainee shall be liable for appraisal and valuation work4 4 7#d7 ,definition ,section #aaba of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ccej7 is amended by adding at the end the following3 7#ab7 ,state credentialed trainee appraiser ,the term ,state credentialed trainee appraiser means an individual who-- 7,a7 meets the minimum criteria established by the ,appraiser ,qualification ,board for a trainee appraiser credential2 and 7,b7 is credentialed by a ,state appraiser certifying and licensing agency4 4 7d7 ,grants for workforce and training ,section #aaji7;b7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ccch7;b77 is amended-- 7#a7 in paragraph 7#e77;,b71 by striking and at the end2 7#b7 in paragraph 7#f71 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following3 7#g7 to make grants to ,state appraiser certifying and licensing agencies to support the carrying out of education and training activities or other activities related to addressing appraiser industry workforce needs1 including recruiting and retaining workforce talent1 such as through scholarship assistance and career pipeline development1 and such agencies shall report on the use of funds and outcomes4 4 7e7 ,appraisal ,subcommittee ,section #ajaa of the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccaj7 is amended1 in the first sentence1 by inserting the ,department of ,veterans ,affairs1 the ,rural ,housing ,service of the ,department of ,agriculture1 the ,department of ,housing and ,urban ,development1 after ,financial ,protection14 #djd4 ,helping ,more ,families ,save ,act ,section #bc of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcgu7 is amended by adding at the end the following3 7p7 ,escrow expansion ,pilot ,program 7#a7 ,definitions ,in this subsection3 7,a7 ,covered family ,the term covered family means a family that receives assistance under section #h or #i of this ,act and is enrolled in the ,pilot ,program4 7,b7 ,eligible entity ,the term eligible entity means an entity described in subsection 7c77#b74 7,c7 ,pilot program ,the term ,pilot ,program means the ,pilot ,program established under paragraph 7#b74 7,d7 ,welfare assistance ,the term welfare assistance has the meaning given the term in section #ihd4ajc of title #bd1 ,code of ,federal ,regulations1 or any successor regulation4 7#b7 ,establishment ,the ,secretary may establish a ,pilot ,program under which the ,secretary shall select not more than #be eligible entities to establish and manage escrow accounts for not more than #e1jjj covered families1 in accordance with this subsection4 7#c7 ,escrow accounts 7,a7 ,in general ,an eligible entity selected to participate in the ,pilot ,program-- 7i7 shall establish an interest-bearing escrow account and place into the account an amount equal to any increase in the amount of rent paid by each covered family in accordance with the provisions of section #c1 #h7o71 or #h7y71 as applicable1 that is attributable to increases in earned income by the covered families during the participation of each covered family in the ,pilot ,program2 and 7ii7 notwithstanding any other provision of law1 may use funds it controls under section #h or #i for purposes of making the escrow deposit for covered families assisted under1 or residing in units assisted under1 section #h or #i1 respectively1 provided such funds are offset by the increase in the amount of rent paid by the covered family4 7,b7 ,income limitation ,an eligible entity may not escrow any amounts for any covered family whose adjusted income exceeds #hj percent of the area median income at the time of enrollment4 7,c7 ,withdrawals ,a covered family may withdraw funds1 including interest earned1 from an escrow account established by an eligible entity under the ,pilot ,program-- 7i7 after the covered family ceases to receive welfare assistance2 and 7ii7 7,i7 not earlier than the date that is #e years after the date on which the eligible entity establishes the escrow account under this subsection2 7,,ii7 not later than the date that is #g years after the date on which the eligible entity establishes the escrow account under this subsection1 if the covered family chooses to continue to participate in the ,pilot ,program after the date that is #e years after the date on which the eligible entity establishes the escrow account2 7,,iii7 on the date the covered family ceases to receive housing assistance under section #h or #i1 if such date is earlier than #e years after the date on which the eligible entity establishes the escrow account2 7,,iv7 earlier than #e years after the date on which the eligible entity establishes the escrow account1 if the covered family is using the funds to advance a self-sufficiency goal as approved by the eligible entity2 7,v7 for any reason listed under section #ihd4cjc7k7 of title #bd1 ,code of ,federal ,regulations2 or 7,,vi7 under other circumstances in which the ,secretary determines an exemption for good cause is warranted4 7,d7 ,interim recertification ,for purposes of the ,pilot ,program1 a covered family may recertify the income of the covered family multiple times per year at the request of the participating family1 as determined by the ,secretary1 and not less frequently than once per year1 unless the eligible entity has established an alternative rent structure with approval from the ,secretary4 7,e7 ,contract or plan ,a covered family is not required to complete a standard contract of participation or an individual training and services plan in order to participate in the ,pilot ,program4 7#d7 ,effect of increases in family income ,any increase in the earned income of a covered family during the enrollment of the family in the ,pilot ,program may not be considered as income or a resource for purposes of eligibility of the family for other benefits1 or amount of benefits payable to the family1 under any program administered by the ,secretary4 7#e7 ,application 7,a7 ,in general ,an eligible entity seeking to participate in the ,pilot ,program shall submit to the ,secretary an application-- 7i7 at such time1 in such manner1 and containing such information as the ,secretary may require by notice2 and 7ii7 that includes the number of proposed covered families to be served by the eligible entity under this subsection4 7,b7 ,geographic and entity variety ,the ,secretary shall ensure that eligible entities selected to participate in the ,pilot ,program-- 7i7 are located across various ,states and in both urban and rural areas2 and 7ii7 vary by size and type1 including both public housing agencies and private owners of projects receiving project-based rental assistance under section #h4 7#f7 ,notification and opt-out ,an eligible entity participating in the ,pilot ,program shall-- 7,a7 notify covered families of their enrollment in the ,pilot ,program2 7,b7 provide covered families with a detailed description of the ,pilot ,program1 including how the ,pilot ,program will impact their rent and finances2 7,c7 inform covered families that the families cannot simultaneously participate in the ,pilot ,program and the ,family ,self-,sufficiency program under this section2 and 7,d7 provide covered families with the ability to elect not to participate in the ,pilot ,program-- 7i7 not less than #b weeks before the date on which the escrow account is established under paragraph 7#c72 and 7ii7 at any point during the duration of the ,pilot ,program4 7#g7 ,maximum rents ,during the term of participation by a covered family in the ,pilot ,program1 the amount of rent paid by the covered family shall be calculated under the rental provisions of section #c or #h7o71 as applicable4 7#h7 ,pilot program timeline 7,a7 ,awards ,not later than #a year after establishing the ,pilot ,program1 the ,secretary shall select the eligible entities to participate in the ,pilot ,program4 7,b7 ,establishment and term of accounts ,an eligible entity selected to participate in the ,pilot ,program shall-- 7i7 not later than #f months after selection1 establish escrow accounts under paragraph 7#c7 for covered families2 and 7ii7 maintain those escrow accounts for not less than #e years1 or until a determination is made for termination with ,,fss escrow disbursement under section #ihd4cjc7k7 of title #bd1 ,code of ,federal ,regulations1 or until the date the family ceases to receive assistance under section #h or #i1 and1 at the discretion of the covered family1 not more than #g years after the date on which the escrow account is established4 7#i7 ,nonparticipation and housing assistance 7,a7 ,in general ,assistance under section #h or #i for a family that elects not to participate in the ,pilot ,program shall not be delayed or denied by reason of such election4 7,b7 ,no termination ,housing assistance may not be terminated as a consequence of participating1 or not participating1 in the ,pilot ,program under this subsection for any period4 7#aj7 ,study ,not later than #aj years after the date the ,secretary selects eligible entities to participate in the ,pilot ,program under this subsection1 the ,secretary shall1 if awards were made1 conduct a study and submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report on outcomes for covered families under the ,pilot ,program1 which shall evaluate the effectiveness of the ,pilot ,program in assisting families to achieve economic independence and self-sufficiency1 and the impact coaching and supportive services1 or the lack thereof1 had on individual incomes4 7#aa7 ,waivers ,to allow selected eligible entities to effectively administer the ,pilot ,program and make the required escrow account deposits under this subsection1 the ,secretary may waive requirements under this section4 7#ab7 ,termination ,the ,pilot ,program under this subsection shall terminate on the date that is #aj years after the date of enactment of this subsection4 7#ac7 ,eligible uses of appropriations ,subject to the appropriation of funds1 the ,secretary may use funds-- 7,a7 for technical assistance related to implementation of the ,pilot ,program2 and 7,b7 to carry out an evaluation of the ,pilot ,program under paragraph 7#aj74 4 #dje4 ,choice in ,affordable ,housing ,act 7a7 ,satisfaction of inspection requirements through participation in other housing programs ,section #h7o77#h7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f7o77#h77 is amended by adding at the end the following3 7,i7 ,satisfaction of inspection requirements through participation in other housing programs 7i7 ,low-income housing tax credit-financed buildings ,a dwelling unit shall be deemed to meet the inspection requirements under this paragraph if-- 7,i7 the dwelling unit is in a building1 the acquisition1 rehabilitation1 or construction of which was done by a building owner who may be eligible for low-income housing credits because the building had been allocated a housing credit dollar amount under section #db7;h7 of the ,internal ,revenue ,code of #aihf or is described in section #db7;h77#d7 of such ,code 7concerning buildings that meet a criterion for a certain amount of tax-exempt financing72 7,,ii7 the dwelling unit1 during the preceding #ab-month period1 was physically inspected and satisfied the suitability-for-occupancy requirement in section #db7;i77#c77;,b77ii7 of such ,code2 and 7,,iii7 the applicable public housing agency performed the inspection itself or is able to obtain the results of the inspection described in subclause 7,,ii74 7ii7 ,home ,investment ,partnerships ,program ,a dwelling shall be deemed to meet the inspection requirements under this paragraph if-- 7,i7 the dwelling unit is assisted under the ,,home ,investment ,partnerships ,program under title ,,ii of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgba et seq472 7,,ii7 the dwelling unit was physically inspected and passed inspection as part of the program described in subclause 7,i7 during the preceding #ab-month period2 and 7,,iii7 the applicable public housing agency is able to obtain the results of the inspection described in subclause 7,,ii74 7iii7 ,rural ,housing ,service ,a dwelling unit shall be deemed to meet the inspection requirements under this paragraph if-- 7,i7 the dwelling unit is assisted by the ,rural ,housing ,service of the ,department of ,agriculture2 7,,ii7 the dwelling unit was physically inspected and passed inspection in connection with the assistance described in subclause 7,i7 during the preceding #ab-month period2 and 7,,iii7 the applicable public housing agency is able to obtain the results of the inspection described in subclause 7,,ii74 7iv7 ,remote or video inspections ,when complying with inspection requirements for a housing unit located in a rural or small area using assistance under this section1 the ,secretary may allow a grantee to conduct a remote or video inspection of a unit if the remote or video inspection-- 7,i7 is thorough2 7,,ii7 does not misrepresent the condition of the unit2 and 7,,iii7 provides the information necessary to fully and accurately evaluate the conditions of the unit to ensure that the unit meets the relevant standards4 7v7 ,rule of construction ,nothing in clause 7i71 7ii71 7iii71 or 7iv7 shall be construed to affect the operation of a housing program described in1 or authorized under a provision of law described in1 that clause4 4 7b7 ,pre-approval of units ,section #h7o77#h77;,a7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f7o77#h77;,a77 is amended by adding at the end the following3 7iv7 ,initial inspection prior to lease agreement 7,i7 ,definition ,in this clause1 the term new landlord means an owner of a dwelling unit who has not previously entered into a housing assistance payment contract with a public housing agency under this subsection for any dwelling unit4 7,,ii7 ,early inspection ,upon the request of a new landlord1 a public housing agency may inspect the dwelling unit owned by the new landlord to determine whether the unit meets the housing quality standards under subparagraph 7,b7 before the unit is selected by a tenant assisted under this subsection4 7,,iii7 ,effect ,an inspection conducted under subclause 7,,ii7 that determines that the dwelling unit meets the housing quality standards under subparagraph 7,b7 shall satisfy this subparagraph and subparagraph 7,c7 if the new landlord enters into a lease agreement with a tenant assisted under this subsection not later than #fj days after the date of the inspection4 7,,iv7 ,information when family is selected ,when a public housing agency selects a family to participate in the tenant-based assistance program under this subsection1 the public housing agency shall include in the information provided to the family a list of dwelling units that have been inspected under subclause 7,,ii7 and determined to meet the housing quality standards under subparagraph 7,b74 4 ,v ,program ,reform #eja4 ,,home ,investment ,partnerships ,reauthorization and ,reform ,act 7a7 ,authorization ,section #bje of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgbd7 is amended to read as follows3 #bje4 ,authorization of program ,the ,,home ,investment ,partnerships ,program under subtitle ,a is hereby authorized4 4 7b7 ,definition of community housing development organization ,section #ajd7f77;,b7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgjd7f77;,b77 is amended by striking significant4 7c7 ,assistance for low-income families ,title ,,ii of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgba et seq47 is amended-- 7#a7 in section #bad7b7 7#db ,u4,s4,c4 #abgdb7b771 by striking households that qualify as low-income families and inserting families with a household income that does not exceed #ajj percent of the median family income of the area1 as determined by the ,secretary2 and 7#b7 in section #bga7;c7 7#db ,u4,s4,c4 #abhba7;c77-- 7,a7 in paragraph 7#a77;,b71 by striking low-income and inserting families with a household income that does not exceed #ajj percent of the median family income of the area as determined by the ,secretary with adjustments for smaller and larger families2 and 7,b7 in paragraph 7#b77;,a71 by striking low-income families and inserting families with a household income that does not exceed #ajj percent of the median family income of the area as determined by the ,secretary with adjustments for smaller and larger families4 7d7 ,choices made by participating jurisdictions ,section #bab7;a77#b7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgdb7;a77#b77 is amended to read as follows3 7#b7 ,limitation ,the ,secretary may not restrict the choice by a participating jurisdiction of rehabilitation1 substantial rehabilitation1 new construction1 reconstruction1 acquisition1 or other eligible housing uses authorized in paragraph 7#a7 unless the restriction is explicitly authorized under section #bbc7b74 4 7e7 ,use of amounts by certain jurisdictions for infrastructure improvements 7#a7 ,in general ,section #bab7;a7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgdb7;a77 is amended by inserting after paragraph 7#c7 the following3 7#d7 ,infrastructure improvements in nonentitlement areas 7,a7 ,in general ,a participating jurisdiction may use funds provided under this subtitle for infrastructure improvements1 including the installation or repair of water and sewer lines1 sidewalks1 roads1 and utility connections if-- 7i7 such participating jurisdiction does not receive assistance under title ,i of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecaj72 and 7ii7 such improvements are directly related to1 and located within or immediately adjacent to-- 7,i7 housing assisted under this subtitle2 or 7,,ii7 housing assisted under section #db of the ,internal ,revenue ,code of #aihf4 7,b7 ,application of labor standards ,the labor standards and requirements set forth in section #aaj of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecaj7 shall apply to any infrastructure improvement conducted using funds provided under this subtitle4 7,c7 ,rule of construction ,nothing in this paragraph may be construed to impose any requirements of the ,,home ,investment ,partnerships program on housing that benefits from an infrastructure improvement conducted using funds provided under this subtitle but was not otherwise assisted under the ,,home ,investment ,partnerships program4 4 7#b7 ,rulemaking ,not later than #a year after the date of enactment of this ,act1 the ,secretary of ,housing and ,urban ,development shall issue rules to carry out the amendment made by paragraph 7#a74 7f7 ,per unit investment limitations ,section #bab7;e77#a7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgdb7;e77#a77 is amended by striking the second sentence4 7g7 ,affordable rental housing qualifications ,section #bae7;a7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgde7;a77 is amended by adding at the end the following3 7#g7 ,qualification exception ,notwithstanding paragraph 7#a77;,a71 a rental unit shall be considered to qualify as affordable housing under this title if-- 7,a7 the unit is occupied by a tenant receiving tenant-based rental assistance under section #h of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f72 7,b7 the contribution of the tenant toward rent does not exceed the amount permitted under the assistance described in subparagraph 7,a72 and 7,c7 the total rent for the unit does not exceed the amount approved by the public housing agency administering the assistance described in subparagraph 7,a74 4 7h7 ,affordable home-ownership housing qualifications ,section #bae of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgde7 is amended-- 7#a7 in subsection 7b7-- 7,a7 in paragraph 7#b71 by redesignating subparagraphs 7,a71 7,b71 and 7,c7 as clauses 7i71 7ii71 and 7iii71 respectively1 and adjusting the margins accordingly2 7,b7 in paragraph 7#c7-- 7i7 in subparagraph 7,a71 by redesignating clauses 7i7 and 7ii7 as subclauses 7,i7 and 7,,ii71 respectively1 and adjusting the margins accordingly2 and 7ii7 by redesignating subparagraphs 7,a7 and 7,b7 as clauses 7i7 and 7ii71 respectively1 and adjusting the margins accordingly2 7,c7 by redesignating paragraphs 7#a7 through 7#d7 as subparagraphs 7,a7 through 7,d71 respectively1 and adjusting the margins accordingly2 7,d7 by striking ,housing that is for home-ownership and inserting the following3 7#a7 ,qualification ,housing that is for home-ownership 2 7,e7 in paragraph 7#a71 as so designated-- 7i7 in subparagraph 7,a71 as so redesignated-- 7,i7 by striking #ie percent and inserting #aaj percent2 and 7,,ii7 by inserting 7defined as the amount borrowed by the homebuyer to purchase the home1 or the estimated value after rehabilitation1 which may be adjusted to account for the limits on future value imposed by the resale restriction7 after purchase price2 7ii7 in subparagraph 7,b71 as so redesignated1 in the matter preceding clause 7i71 by striking whose family qualifies as a low-income family and inserting with a family income that does not exceed #ajj percent of the median family income of the area as determined by the ,secretary with adjustments for smaller and larger families2 7iii7 in subparagraph 7,c71 as so redesignated-- 7,i7 in clause 7i77,,ii7-- 7aa7 by striking low-income home-buyers and inserting home-buyers with a household income that does not exceed #ajj percent of the median family income of the area1 as determined by the ,secretary with adjustments for smaller and larger families2 and 7bb7 by striking or at the end2 7,,ii7 in clause 7ii71 by striking and at the end and inserting or2 and 7,,iii7 by adding at the end the following3 7iii7 maintain long-term affordability through a shared equity ownership model1 a community land trust1 a limited equity cooperative1 a community development corporation1 or other mechanism approved by the ,secretary1 that preserves affordability for future eligible home-buyers and ensures compliance with the purposes of this title1 including through the use of purchase options1 rights of first refusal1 or other preemptive rights to purchase housing2 2 7iv7 in subparagraph 7,d71 as so redesignated1 by striking the period at the end and inserting 2 and2 and 7v7 by adding at the end the following3 7,e7 is subject to restrictions that are established by the participating jurisdiction and determined by the ,secretary to be appropriate1 including with respect to the useful life of the property1 to-- 7i7 require that any subsequent purchase of the property be-- 7,i7 only by a person who meets the qualifications specified under subparagraph 7,b72 and 7,,ii7 at a price that is determined by a formula or method established by the participating jurisdiction that provides the owner with a reasonable return on investment1 which may include a percentage of the cost of any improvements2 or 7ii7 recapture the investment provided under this title in order to assist other persons in accordance with the requirements of this title1 except where there are no net proceeds or where the net proceeds are insufficient to repay the full amount of the assistance4 2 and 7,f7 by adding at the end the following3 7#b7 ,purchase by community land trust or cooperative housing corporation ,notwithstanding subparagraph 7,c77i7 of paragraph 7#a7 and under terms determined by the ,secretary1 the ,secretary may permit a participating jurisdiction to allow a community land trust1 housing cooperative1 or a community development corporation that used assistance provided under this subtitle for the development of housing that meets the criteria under paragraph 7#a71 to acquire the housing-- 7,a7 in accordance with the terms of the preemptive purchase option1 lease1 covenant on the land1 or other similar legal instrument of the community land trust or housing cooperative when the terms and rights in the preemptive purchase option1 lease1 covenant1 or legal instrument are and remain subject to the requirements of this title2 7,b7 when the purchase is for-- 7i7 the purpose of-- 7,i7 entering into the chain of title2 7,,ii7 enabling a purchase by a person who meets the qualifications specified under paragraph 7#a77;,b7 and is on a waitlist maintained by the community land trust or housing cooperative1 subject to enforcement by the participating jurisdiction of all applicable requirements of this title1 as determined by the ,secretary2 7,,iii7 performing necessary rehabilitation and improvements2 or 7,,iv7 adding a subsidy to preserve affordability1 which may be from ,federal or non-,federal sources2 or 7ii7 another purpose determined appropriate by the ,secretary2 and 7,c7 if1 within a reasonable period of time after the applicable purpose under subparagraph 7,b7 of this paragraph is fulfilled1 as determined by the ,secretary1 the housing is then sold to a person who meets the qualifications specified under paragraph 7#a77;,b74 2 and 7#b7 by adding at the end the following3 7c7 ,qualification exceptions for home-ownership 7#a7 ,military members ,a participating jurisdiction1 in accordance with terms established by the ,secretary1 may suspend or waive the income qualifications described in subsection 7b77#a77;,b7 with respect to housing that otherwise meets the criteria described in subsection 7b77#a7 if the owner of the housing-- 7,a7 is a member of a regular component of the armed forces or a member of the ,national ,guard on full-time ,national ,guard duty1 active ,guard and ,reserve duty1 or inactive-duty training 7as those terms are defined in section #aja of title #aj1 ,united ,states ,code72 and 7,b7 has received-- 7i7 temporary duty orders to deploy with a military unit or military orders to deploy as an individual acting in support of a military operation1 to a location that is not within a reasonable distance from the housing1 as determined by the ,secretary1 for a period of not less than #ij days2 or 7ii7 orders for a permanent change of station4 7#b7 ,heirs and beneficiaries of deceased owners ,housing that meets the criteria described in subsection 7b77#a77;,c7 prior to the death of an owner of such housing shall continue to qualify as affordable housing under this title if-- 7,a7 the housing is the principal residence of an heir or beneficiary of the deceased owner1 as defined by the ,secretary2 and 7,b7 the heir or beneficiary1 in accordance with terms established by the ,secretary1 assumes the duties and obligations of the deceased owner with respect to funds provided under this title4 4 7i7 ,elimination of expiration of right to draw home investment trust funds ,section #bah of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgdh7 is amended-- 7#a7 by striking subsection 7g72 and 7#b7 by redesignating subsection 7h7 as subsection 7g74 7j7 ,adjusted recapture and reuse of set-aside for community housing developmental organizations ,section #bca7;b7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgga7;b77 is amended to read as follows3 7b7 ,recapture and reuse ,if any funds reserved under subsection 7a7 remain uninvested for a period of #bd months1 the ,secretary shall make such funds available to the participating jurisdiction for any eligible activities under this title without regard to whether a community housing development organization materially participates in the use of such funds4 4 7k7 ,asset recycling information dissemination expansion ,section #bde7;b77#b7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abghe7;b77#b77 is amended by striking #ie percent and inserting #aaj percent4 7l7 ,environmental review requirements 7#a7 ,in general ,section #bhh of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abhch7 is amended by adding at the end the following3 7e7 ,categorical exemptions ,the following categories of activities carried out under this title shall be statutorily exempt from environmental review under the ,national ,environmental ,policy ,act of #aifi 7#db ,u4,s4,c4 #dcba et seq471 and shall not require further review under such ,act-- 7#a7 new construction infill housing projects2 7#b7 acquisition of real property for affordable housing purposes2 7#c7 rehabilitation projects carried out pursuant to section #bab7;a77#a72 and 7#d7 new construction projects of #ae units or less4 7f7 ,removing duplicative reviews 7#a7 ,in general ,to the extent practicable and permitted by law1 the ,secretary shall ensure that a project that has undergone an environmental review under this section shall not be subject to a duplicative environmental review solely due to the addition1 substitution1 or reallocation of other sources of ,federal assistance1 if the scope1 scale1 and location of the project remain substantially unchanged4 7#b7 ,coordination of environmental review responsibilities ,the ,secretary shall1 by regulation1 provide for coordination of environmental review responsibilities with other ,federal agencies to streamline interagency compliance and avoid unnecessary duplication of effort under the ,national ,environmental ,policy ,act of #aifi 7#db ,u4,s4,c4 #dcba et seq47 and other applicable laws4 7#c7 ,recognition of prior reviews by responsible entities ,a project may not be subject to an environmental review under this section if a substantially similar review has already been completed by an entity designated under section #ajd7;g77#a7 of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjd7;g77#a77 or by another entity the ,secretary determines to have equivalent authority1 if the scope1 scale1 and location of the project remain substantially unchanged4 4 7#b7 ,rulemaking ,not later than #a year after the date of the enactment of this ,act1 the ,secretary shall issue such rules as the ,secretary determines necessary to carry out the amendment made by this subsection4 7#c7 ,applicability ,any activity generated under this subsection would be subject to an authorization of appropriations4 7#d7 ,definition ,section #ajd of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgjd7 is amended by adding at end the following new paragraph3 7#bg7 ,the term infill housing project means a residential housing project that-- 7,a7 is located within the geographic limits of a municipality2 7,b7 is adequately served by existing utilities and public services as required under applicable law2 7,c7 is located on a site of previously disturbed land of not more than #e acres2 and 7,d7 is substantially surrounded by residential or commercial development1 as determined by the ,secretary4 4 7m7 ,application of build america1 buy america requirements for home investment partnerships program 7#a7 ,in general ,not later than #ahj days after the date of the enactment of this section1 the ,secretary of ,housing and ,urban ,development shall complete a review of the implementation of the ,build ,america1 ,buy ,america ,act 7title ,,iv of division ,g of ,public ,law #aag-eh2 #db ,u4,s4,c4 #hcja note7 with respect to the activities assisted under title ,,ii of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgba et seq474 7#b7 ,updated guidance ,not later than #ij days after the review described in subsection 7a7 is completed1 the ,secretary shall issue updated guidance to clarify the application of the ,build ,america1 ,buy ,america ,act 7title ,,iv of division ,g of ,public ,law #aag-eh2 #db ,u4,s4,c4 #hcja note7 with respect to the activities assisted under title ,,ii of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgba et seq474 7#c7 ,report ,not later than #bgj days after the date of the enactment of this section1 the ,secretary shall submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate a report that describes-- 7,a7 the results of the review required under subsection 7a72 and 7,b7 the guidance issued as described in subsection 7b74 7n7 ,application of other specified statutory requirements ,title ,,ii of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgba et seq47 is amended by adding at the end the following3 #bia4 ,nonapplicability of certain requirements for small projects ,notwithstanding any other provision of law1 the requirements of section #c of the ,housing and ,urban ,development ,act of #aifh 7#ab ,u4,s4,c4 #agjau71 and any implementing regulations or guidance1 shall not apply to an activity assisted under this title that involves rehabilitation1 construction1 or other development of housing if-- 7#a7 the recipient of assistance under this title is-- 7,a7 a ,state recipient pursuant to section #baf2 or 7,b7 a participating jurisdiction that received a total allocation of less than #c1jjj1jjj in the most recent fiscal year pursuant to section #baf2 and 7#b7 the total number of dwelling units assisted as a part of such activity is not more than #ej4 4 7o7 ,reallocation not available for certain jurisdictions ,section #bag7;d7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgdg7;d77 is amended-- 7#a7 in paragraph 7#a71 by striking the second sentence and inserting the following3 ,subject to paragraph 7#d71 jurisdictions eligible for such reallocations shall include participating jurisdictions and jurisdictions meeting the requirements of this title1 including the requirements in paragraphs 7#c71 7#d71 and 7#e7 of section #baf42 and 7#b7 by adding at the end the following3 7#d7 ,reallocation not available for certain jurisdictions ,the ,secretary may decline to make a reallocation available to a jurisdiction eligible for such reallocation if such jurisdiction has failed to meet or comply with any requirement under this title4 4 7p7 ,amendments to qualification as affordable housing ,section #bae7;a77#a77;,e7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgde7;a77 is amended by striking except upon a foreclosure by a lender 7or upon other transfer in lieu of foreclosure7 if such action 7i7 recognizes any contractual or legal rights of public agencies1 nonprofit sponsors1 or others to take actions that would avoid termination of low-income affordability in the case of foreclosure or transfer in lieu of foreclosure1 and 7ii7 is not for the purpose of avoiding low-income affordability restrictions1 as determined by the ,secretary2 and and inserting the following3 except-- 7i7 upon a foreclosure by a lender 7or upon other transfer in lieu of foreclosure7 if such action-- 7,i7 recognizes any contractual or legal rights of public agencies1 nonprofit sponsors1 or others to take actions that would avoid termination of low-income affordability in the case of foreclosure or transfer in lieu of foreclosure2 and 7,,ii7 is not for the purpose of avoiding low-income affordability restrictions1 as determined by the ,secretary2 or 7ii7 where existing affordable housing is no longer financially viable due to unforeseen acts or occurrences beyond the reasonable contemplation or control of the participating jurisdiction in which the affordable housing is located or the owner of the affordable housing that significantly impact the financial or physical condition of the affordable housing1 as determined by the ,secretary2 and 4 7q7 ,tenant and participant protections for affordable housing ,section #bbe of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgee7 is amended by adding at the end the following3 7e7 ,exception ,paragraphs 7#b71 7#c71 and 7#d7 of subsection 7d7 shall not apply to housing under this section that meets the following criteria3 7#a7 ,the housing is affordable housing with not more than #d dwelling units1 each of which is made available for rental4 7#b7 ,each dwelling unit in the housing bears rent in an amount that complies with the requirements described in paragraph 7#a77;,a74 7#c7 ,each dwelling unit in the housing is accompanied by a low-income family4 7#d7 ,no dwelling in the housing is refused for leasing to a holder of a voucher under section #h of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f7 because of the status of the prospective tenant as a holder of that voucher4 7#e7 ,the housing complies with the requirement described in paragraph 7#a77;,e74 7#f7 ,the participating jurisdiction in which the housing is located monitors the compliance of the housing with the requirements of this title in a manner consistent with the purposes of section #bbf7;b71 as determined by the ,secretary4 4 7r7 ,revision of definition of community land trust ,section #ajd of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgjd7 is amended by adding at the end the following3 7#bf7 ,the term community land trust means a nonprofit entity1 a ,state1 a unit of local government1 or an instrumentality of a ,state or unit of local government that-- 7,a7 is not managed by1 or an affiliate of1 a forprofit organization2 7,b7 has as a primary purpose of acquiring1 developing1 or holding land to provide housing that is permanently affordable to low- and moderate-income persons2 7,c7 monitors properties to ensure affordability is preserved2 7,d7 provides housing that is permanently affordable to low- and moderate-income persons using a ground lease1 deed covenant1 or other similar legally enforceable measure1 determined acceptable by the ,secretary1 that-- 7i7 keeps housing affordable to low- and moderate-income persons for not less than #cj years2 and 7ii7 enables low- and moderate-income persons to rent or purchase the housing for home-ownership2 and 7,e7 maintains preemptive purchase options to purchase the property if such purchase would allow the housing to remain affordable to low-and moderate-income persons4 4 7s7 ,set-aside for community housing development organizations ,section #bca7;a7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgga7;a77 is amended1 in the first sentence1 by striking to be developed1 sponsored1 or owned by community housing development organizations and inserting when a community housing development organization materially participates in the ownership or development of that housing1 as determined by the ,secretary4 7t7 ,administrative reforms 7#a7 ,increase in program administration resources ,section #bbj7;b7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgej7;b77 is amended-- 7,a7 by striking ,recognition4-- and all that follows through ,a contribution and inserting ,recognition4--,a contribution2 7,b7 by redesignating subparagraphs 7,a7 and 7,b7 as paragraphs 7#a7 and 7#b71 respectively and 7,c7 by striking paragraph 7#b74 7#b7 ,modification of jurisdictions eligible for reallocations ,section #bag7;d77#c7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgdg7;d77#c77 is amended-- 7,a7 in the paragraph heading1 by striking ,limitation and inserting ,limitations2 and 7,b7 by striking ,unless otherwise specified and inserting the following3 7,a7 ,removal of participating jurisdictions from reallocation ,the ,secretary may1 upon a finding that the participating jurisdiction has failed to meet or comply with the requirements of this title1 remove a participating jurisdiction from participation in reallocations of funds made available under this title4 7,b7 ,reallocation to same type of entity ,unless otherwise specified 4 7#c7 ,home property inspections ,section #bbf7;b7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgef7;b77 is amended-- 7,a7 by striking ,each participating jurisdiction and inserting the following3 7#a7 ,in general ,each participating jurisdiction 2 and 7,b7 by striking ,such review shall include and all that follows and inserting the following3 7#b7 ,onsite inspections 7,a7 ,inspections by units of general local government ,a review conducted under paragraph 7#a7 by a participating jurisdiction that is a unit of general local government shall include an onsite inspection to determine compliance with housing codes and other applicable regulations4 7,b7 ,inspections by states ,a review conducted under paragraph 7#a7 by a participating jurisdiction that is a ,state shall include an onsite inspection to determine compliance with a national standard as determined by the ,secretary4 7#c7 ,inclusion in performance report and publication ,a participating jurisdiction shall include in the performance report of the participating jurisdiction submitted to the ,secretary under section #ajh7;a71 and make available to the public1 the results of each review conducted under paragraph 7#a74 4 7#d7 ,revisions to strengthen enforcement and penalties for noncompliance ,section #bbc of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgec7 is amended-- 7,a7 in the section heading1 by striking ,penalties for misuse of funds and inserting ,program enforcement and penalties for noncompliance2 7,b7 in the matter preceding paragraph 7#a71 by inserting after any provision of this subtitle the following3 1 including any provision applicable throughout the period required by section #bae7;a77#a77;,e7 and applicable regulations12 7,c7 in paragraph 7#b71 by striking or at the end2 7,d7 in paragraph 7#c71 by striking the period at the end and inserting 2 or2 and 7,e7 by adding at the end the following3 7#d7 reduce payments to the participating jurisdiction under this subtitle by an amount equal to the amount of such payments that were not expended by the participating jurisdiction in accordance with this title4 4 7u7 ,minimum allocations ,section #bag7;b7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgdg 7b77 is amended-- 7#a7 in paragraph 7#b71 by striking #ejj1jjj each place that term appears and inserting #gej1jjj2 7#b7 in paragraph 7#c7-- 7,a7 by striking jurisdictions that are allocated an amount of #ejj1jjj or more and inserting jurisdictions that are allocated an amount of #gej1jjj or more2 7,b7 by striking that are allocated an amount less than #ejj1jjj and inserting that are allocated an amount less than #ejj1jjj before the date of enactment of the #bast ,century ,,road to ,housing ,act or less than #gej1jjj on or after the date of enactment of the #bast ,century ,,road to ,housing ,act2 and 7,c7 by striking 1 except as provided in paragraph 7#d72 and 7#c7 by striking paragraph 7#d74 7v7 ,technical and conforming amendments ,the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgja et seq47 is amended-- 7#a7 by striking ,stewart ,b4 ,mc,kinney ,homeless ,assistance ,act each place that term appears and inserting ,mc,kinney-,vento ,homeless ,assistance ,act2 7#b7 by striking ,committee on ,banking1 ,finance and ,urban ,affairs each place that term appears and inserting ,committee on ,financial ,services2 7#c7 in the table of contents in section #a7;b7 7,public ,law #aja-fbe2 #ajd ,stat4 #djgi7-- 7,a7 by striking the item relating to section #bje and inserting the following3 ,sec4 #bje4 ,authorization of program4 2 7,b7 by striking the item relating to section #bbc and inserting the following3 ,sec4 #bbc4 ,program enforcement and penalties for noncompliance4 2 and 7,c7 by inserting after the item relating to section #bij the following3 ,sec4 #bia4 ,nonapplicability of certain requirements for small projects4 2 7#d7 in section #ajd 7#db ,u4,s4,c4 #abgjd7-- 7,a7 by redesignating paragraph 7#bc7 7relating to the definition of the term to demonstrate to the ,secretary7 as paragraph 7#bb72 and 7,b7 by redesignating paragraph 7#bd7 7relating to the definition of the term insular area1 as added by section #b7b7 of ,public ,law #ajb-bcj7 as paragraph 7#bc72 7#e7 in section #aje7;b77#h7 7#db ,u4,s4,c4 #abgje7;b77#h771 by striking subparagraphs and inserting paragraphs2 7#f7 in section #ajh7;a77#a7 7#db ,u4,s4,c4 #abgjh7;a77#a771 by striking section #aje7;b77#ae7 and inserting section #aje7;b77#ah72 7#g7 in section #bab 7#db ,u4,s4,c4 #abgdb7-- 7,a7 in subsection 7a77#c77;,a77ii71 by inserting ,united ,states before ,housing ,act2 7,b7 in subsection 7d77#e71 by inserting ,united ,states before ,housing ,act2 and 7,c7 in subsection 7e77#a7-- 7i7 by striking section #bba7;d77#c77;ii7 and inserting section #bba7;d77#d72 and 7ii7 by striking not to exceed #adj percent and inserting as determined by the ,secretary2 7#h7 in section #bae7;a77#f77;,b7 7#db ,u4,s4,c4 #abgde7;a77#f77;,b771 by striking grand children and inserting grandchildren2 7#i7 in section #bag 7#db ,u4,s4,c4 #abgdg7-- 7,a7 in subsection 7a7-- 7i7 in paragraph 7#a71 by striking 7#c7 and inserting 7#b72 7ii7 by striking paragraph 7#c71 as added by section #baa7;a77#b77;,d7 of the ,housing and ,community ,development ,act of #aiib 7,public ,law #ajb-eej2 #ajf ,stat4 #cgef72 and 7iii7 by redesignating the remaining paragraph 7#c71 as added by the matter under the heading ,home investment partnerships program under the heading ,housing programs in title ,,ii of the ,departments of ,veterans ,affairs and ,housing and ,urban ,development1 and ,independent ,agencies ,appropriations ,act1 #aiic 7,public ,law #ajb-chi2 #ajf ,stat4 #aeha71 as paragraph 7#b72 and 7,b7 in subsection 7b77#a7-- 7i7 in subparagraph 7,a71 in the first sentence-- 7,i7 by striking in regulation and inserting 1 by regulation12 and 7,,ii7 by striking eligible jurisdiction and inserting eligible jurisdictions2 and 7ii7 in subparagraph 7,f71 in the first sentence-- 7,i7 in clause 7i71 by striking ,subcommittee on ,housing and ,urban ,affairs and inserting ,subcommittee on ,housing1 ,transportation1 and ,community ,development2 and 7,,ii7 in clause 7ii71 by striking ,subcommittee on ,housing and ,community ,development and inserting ,subcommittee on ,housing and ,insurance2 7#aj7 in section #bbj7;c7 7#db ,u4,s4,c4 #abgej7;c77-- 7,a7 in paragraph 7#c71 by striking ,secretary and all that follows and inserting ,secretary22 7,b7 in paragraph 7#d71 by striking under this title and all that follows and inserting under this title22 and 7,c7 by redesignating paragraphs 7#f71 7#g71 and 7#h7 as paragraphs 7#e71 7#f71 and 7#g71 respectively2 7#aa7 in section #bbe7;d77#d77;,b7 7#db ,u4,s4,c4 #abgee7;d77#d77;,b771 by striking for the first place that term appears2 and 7#ab7 in section #bcc 7#db ,u4,s4,c4 #abggc7-- 7,a7 in subsection 7b77#f71 by striking to community land trusts 7as such term is defined in subsection 7f77 and inserting to community land trusts 7as such term is defined in section #ajd72 and 7,b7 by striking subsection 7f74 #ejb4 ,rural ,housing ,service ,reform ,act 7a7 ,application of multifamily mortgage foreclosure procedures to multifamily mortgages held by the ,secretary of ,agriculture and preservation of the rental assistance contract upon foreclosure 7#a7 ,multifamily mortgage procedures ,section #cfc7b7 of the ,multifamily ,mortgage ,foreclosure ,act of #aiha 7#ab ,u4,s4,c4 #cgjb7b77 is amended-- 7,a7 in subparagraph 7,e71 by striking and at the end2 7,b7 in subparagraph 7,f71 by striking the period at the end and inserting 2 or2 and 7,c7 by adding at the end the following3 7,f7 section #ead1 #eae1 or #ech of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adhd1 #adhe1 #adijp-#b74 4 7#b7 ,preservation of contract ,section #eba7;d7 of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adij;a7d77 is amended by adding at the end the following3 7#c7 ,notwithstanding any other provision of law1 in managing and disposing of any multifamily property that is owned or has a mortgage held by the ,secretary1 and during the process of foreclosure on any property with a contract for rental assistance under this section-- 7,a7 the ,secretary shall maintain any rental assistance payments that are attached to any dwelling units in the property2 and 7,b7 the rental assistance contract may be used to provide further assistance to existing projects under #ead1 #eae1 or #eaf4 4 7b7 ,study on rural housing loans for housing for low- and moderate-income families ,not later than #f months after the date of enactment of this ,act1 the ,secretary of ,agriculture shall conduct a study and submit to ,congress a publicly available report on the loan program under section #eba of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adij;a71 including-- 7#a7 the total amount provided by the ,secretary in subsidies under such section #eba to borrowers with loans made pursuant to section #ejb of such ,act 7#db ,u4,s4,c4 #adgb72 7#b7 how much of the subsidies described in paragraph 7#a7 are being recaptured2 and 7#c7 the amount of time and costs associated with recapturing those subsidies4 7c7 ,staffing and information technology upgrades ,utilizing funds appropriated for such purposes1 the ,secretary of ,agriculture may increase staffing capacity and upgrade information technology to support all ,rural ,housing ,service programs4 7d7 ,technical improvements 7#a7 ,authorization of appropriations ,utilizing funds appropriated for such purposes1 the ,secretary of ,agriculture may make improvements to the technology of the ,rural ,housing ,service of the ,department of ,agriculture used to process and manage housing loans4 7#b7 ,availability ,amounts appropriated pursuant to paragraph 7#a7 shall remain available until the date that is #e years after the date of the appropriation4 7#c7 ,timeline ,the ,secretary of ,agriculture shall make the improvements described in paragraph 7#a7 during the #e-year period beginning on the date on which amounts are appropriated under paragraph 7#a74 7e7 ,permanent establishment of housing preservation and revitalization program ,title ,v of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adga et seq47 is amended by adding at the end the following3 #ede4 ,housing preservation and revitalization program 7a7 ,establishment ,the ,secretary shall carry out a program under this section for the preservation and revitalization of multifamily rental housing projects financed under section #ead1 #eae1 or #eaf4 7b7 ,notice of maturing loans 7#a7 ,to owners ,on an annual basis1 the ,secretary shall provide written notice to each owner of a property financed under section #ead1 #eae1 or #eaf that will mature within the #d-year period beginning upon the provision of the notice1 setting forth the options and financial incentives that are available to facilitate the extension of the loan term or the option to decouple a rental assistance contract pursuant to subsection 7f74 7#b7 ,to tenants 7,a7 ,in general ,on an annual basis1 for each property financed under section #ead1 #eae1 or #eaf1 not later than the date that is #b years before the date that the loan will mature1 the ,secretary shall provide written notice to each household residing in the property that informs them of-- 7i7 the date of the loan maturity2 7ii7 the possible actions that may happen with respect to the property upon that maturity2 and 7iii7 how to protect their right to reside in federally assisted housing1 or how to secure housing voucher1 after that maturity4 7,b7 ,language ,notice under this paragraph shall be provided in plain ,english and shall be translated to other languages in the case of any property located in an area in which a significant number of residents speak such other languages4 7c7 ,loan restructuring ,under the program under this section1 in any circumstance in which the ,secretary proposes a restructuring to an owner or an owner proposes a restructuring to the ,secretary1 the ,secretary may restructure such existing housing loans1 as the ,secretary considers appropriate1 for the purpose of ensuring that those projects have sufficient resources to preserve the projects to provide safe and affordable housing for low-income residents and farm laborers1 by-- 7#a7 reducing or eliminating interest2 7#b7 deferring loan payments2 7#c7 subordinating1 reducing1 or reamortizing loan debt2 7#d7 providing other financial assistance1 including advances1 payments1 and incentives 7including the ability of owners to obtain reasonable returns on investment7 required by the ,secretary2 and 7#e7 permanently removing a portion of the housing units from income restrictions when sustained vacancies have occurred4 7d7 ,renewal of rental assistance 7#a7 ,in general ,when the ,secretary proposes to restructure a loan or agrees to the proposal of an owner to restructure a loan pursuant to subsection 7c71 the ,secretary shall offer to renew the rental assistance contract under section #eba7;a77#b7 for a term that is the shorter of #bj years and the term of the restructured loan1 subject to annual appropriations1 provided that the owner agrees to bring the property up to such standards that will ensure maintenance of the property as decent1 safe1 and sanitary housing for the full term of the rental assistance contract4 7#b7 ,additional rental assistance ,with respect to a project described in paragraph 7#a71 if rental assistance is not available for all households in the project for which the loan is being restructured pursuant to subsection 7c71 the ,secretary may extend such additional rental assistance to unassisted households at that project as is necessary to make the project safe and affordable to low-income households4 7e7 ,restrictive use agreements 7#a7 ,requirement ,as part of the preservation and revitalization agreement for a project1 the ,secretary shall obtain a restrictive use agreement that is recorded and obligates the owner to operate the project in accordance with this title4 7#b7 ,term 7,a7 ,no extension of rental assistance contract ,except when the ,secretary enters into a #bj-year extension of the rental assistance contract for a project1 the term of the restrictive use agreement for the project shall be consistent with the term of the restructured loan for the project4 7,b7 ,extension of rental assistance contract ,if the ,secretary enters into a #bj-year extension of the rental assistance contract for a project1 the term of the restrictive use agreement for the project shall be for the longer of-- 7i7 #bj years2 or 7ii7 the remaining term of the loan for that project4 7,c7 ,termination ,the ,secretary may terminate the #bj-year restrictive use agreement for a project before the end of the term of the agreement if the #bj-year rental assistance contract for the project with the owner is terminated at any time for reasons outside the control of the owner4 7f7 ,decoupling of rental assistance 7#a7 ,renewal of rental assistance contract ,if the ,secretary determines that a loan maturing during the #d-year period beginning upon the provision of the notice required under subsection 7b77#a7 for a project cannot reasonably be restructured in accordance with subsection 7c7 because it is not financially feasible or the owner does not agree with the proposed restructuring1 and the project was operating with rental assistance under section #eba and the recipient is a borrower under section #ead or #eae1 the ,secretary may renew the rental assistance contract1 notwithstanding any requirement under section #eba that the recipient be a current borrower under section #ead or #eae1 for a term of #bj years1 subject to annual appropriations4 7#b7 ,additional rental assistance ,with respect to a project described in paragraph 7#a71 if rental assistance is not available for all households in the project for which the loan is being restructured pursuant to subsection 7c71 the ,secretary may extend such additional rental assistance to unassisted households at that project as is necessary to make the project safe and affordable to low-income households4 7#c7 ,rents 7,a7 ,in general ,any agreement to extend the term of the rental assistance contract under section #eba for a project shall obligate the owner to continue to maintain the project as decent1 safe1 and sanitary housing and to operate the development as affordable housing in a manner that meets the goals of this title4 7,b7 ,rent amounts ,subject to subparagraph 7,c71 in setting rents1 the ,secretary-- 7i7 shall determine the maximum initial rent based on current fair market rents established under section #h of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f72 and 7ii7 may annually adjust the rent determined under clause 7i7 by the operating cost adjustment factor as provided under section #ebd of the ,multifamily ,assisted ,housing ,reform and ,affordability ,act of #aiig 7#db ,u4,s4,c4 #adcg;f note74 7,c7 ,higher rent 7i7 ,in general ,subparagraph 7,b7 shall not apply if the ,secretary determines that the budget-based needs of a project require a higher rent than the rent described in subparagraph 7,b74 7ii7 ,rent ,if the ,secretary makes a positive determination under clause 7i71 the ,secretary may approve a budget-based rent level for the project4 7#d7 ,conditions for approval ,before the approval of a rental assistance contract authorized under this section1 the ,secretary shall require1 through an annual notice in the ,federal ,register1 the owner to submit to the ,secretary a plan that identifies financing sources and a timetable for renovations and improvements determined to be necessary by the ,secretary to maintain and preserve the project4 7g7 ,multifamily housing transfer technical assistance ,under the program under this section1 the ,secretary may provide grants to qualified nonprofit organizations1 housing cooperative corporations1 and public housing agencies to provide technical assistance1 including financial and legal services1 to borrowers under loans under this title for multifamily housing to facilitate the acquisition or preservation of such multifamily housing properties in areas where the ,secretary determines there is a risk of loss of affordable housing4 7h7 ,administrative expenses ,of any amounts made available for the program under this section for any fiscal year1 the ,secretary may use not more than #a1jjj1jjj for administrative expenses for carrying out such program4 7i7 ,rulemaking 7#a7 ,in general ,not later than #ahj days after the date of enactment of the #bast ,century ,,road to ,housing ,act1 the ,secretary shall-- 7,a7 publish an advance notice of proposed rulemaking2 and 7,b7 consult with appropriate stakeholders4 7#b7 ,interim final rule ,not later than #a year after the date of enactment of the #bast ,century ,,road to ,housing ,act1 the ,secretary shall publish an interim final rule to carry out this section4 4 7f7 ,rental assistance contract authority ,section #eba7;d7 of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adij;a7d771 as amended by this section1 is amended-- 7#a7 in paragraph 7#a7-- 7,a7 by redesignating subparagraphs 7,b7 and 7,c7 as subparagraphs 7,c7 and 7,d71 respectively2 7,b7 by inserting after subparagraph 7,a7 the following3 7,b7 upon request of an owner of a project financed under section #ead or #eae1 the ,secretary is authorized to enter into renewal of such agreements for a period of #bj years or the term of the loan1 whichever is shorter1 subject to amounts made available in appropriations ,acts2 2 7,c7 in subparagraph 7,c71 as so redesignated1 by striking subparagraph 7,a7 and inserting subparagraphs 7,a7 and 7,b72 and 7,d7 in subparagraph 7,d71 as so redesignated1 by striking subparagraphs 7,a7 and 7,b7 and inserting subparagraphs 7,a71 7,b71 and 7,c72 7#b7 in paragraph 7#b71 by striking shall and inserting may2 and 7#c7 by adding at the end the following3 7#d7 ,in the case of any rental assistance contract authority that becomes available because of the termination of assistance on behalf of an assisted family-- 7,a7 at the option of the owner of the rental project1 the ,secretary shall provide the owner a period of not more than #f months before unused assistance is made available pursuant to subparagraph 7,b7 during which the owner may use such authority to provide assistance on behalf of an eligible unassisted family that-- 7i7 is residing in the same rental project in which the assisted family resided before the termination2 or 7ii7 newly occupies a dwelling unit in the rental project during that #f-month period2 and 7,b7 except for assistance used as provided in subparagraph 7,a71 the ,secretary shall use such remaining authority to provide assistance on behalf of eligible families residing in other rental projects originally financed under section #ead1 #eae1 or #eaf4 4 7g7 ,modifications to loans and grants for minor improvements to farm housing and buildings2 income eligibility ,section #ejd7;a7 of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adgd7;a77 is amended-- 7#a7 in the first sentence1 by inserting and may make a loan to an eligible low-income applicant after applicant2 and 7#b7 by striking #g1ejj and inserting #ae1jjj4 7h7 ,rural community development initiative ,subtitle ,e of the ,consolidated ,farm and ,rural ,development ,act 7#g ,u4,s4,c4 #bjji et seq47 is amended by adding at the end the following3 #cha,o4 ,rural community development initiative 7a7 ,definitions ,in this section3 7#a7 ,eligible entity ,the term eligible entity means-- 7,a7 a private1 nonprofit community-based housing or community development organization2 7,b7 a rural community2 or 7,c7 a federally recognized ,indian ,tribe4 7#b7 ,eligible intermediary ,the term eligible intermediary means a qualified-- 7,a7 private1 nonprofit organization2 or 7,b7 public organization4 7b7 ,establishment ,the ,secretary shall establish a ,rural ,community ,development ,initiative1 under which the ,secretary shall provide grants1 subject to the availability of appropriations1 to eligible intermediaries to carry out programs to provide financial and technical assistance to eligible entities to develop the capacity and ability of eligible entities to carry out projects to improve housing1 community facilities1 and community and economic development projects in rural areas4 7c7 ,amount of grants ,the amount of a grant provided to an eligible intermediary under this section shall be not more than #ejj1jjj4 7d7 ,matching funds 7#a7 ,in general ,an eligible intermediary receiving a grant under this section shall provide matching funds from other sources1 including ,federal funds for related activities1 in an amount not less than the amount of the grant4 7#b7 ,waiver ,the ,secretary may waive paragraph 7#a7 with respect to a project that would be carried out in a persistently poor rural region1 as determined by the ,secretary4 4 7i7 ,annual report on rural housing programs ,title ,v of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adga et seq471 as amended by this section1 is amended by adding at the end the following3 #edf4 ,annual report 7a7 ,in general ,the ,secretary shall submit to the appropriate committees of ,congress and publish on the website of the ,department of ,agriculture an annual report on rural housing programs carried out under this title1 which shall include significant details on the health of ,rural ,housing ,service programs1 including-- 7#a7 raw data sortable by programs and by region regarding loan performance2 7#b7 the housing stock of those programs1 including information on why properties end participation in those programs1 such as for maturation1 prepayment1 foreclosure1 or other servicing issues2 and 7#c7 risk ratings for properties assisted under those programs4 7b7 ,protection of information ,the data included in each report required under subsection 7a7 may be aggregated or anonymized to protect participant financial or personal information4 4 7j7 ,,gao report on ,rural ,housing ,service technology ,not later than #a year after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall submit to ,congress a report that includes-- 7#a7 an analysis of how the outdated technology used by the ,rural ,housing ,service impacts participants in the programs of the ,rural ,housing ,service2 7#b7 an estimate of the amount of funding that is needed to modernize the technology used by the ,rural ,housing ,service2 and 7#c7 an estimate of the number and type of new employees the ,rural ,housing ,service needs to modernize the technology used by the ,rural ,housing ,service4 7k7 ,adjustment to rural development voucher amount 7#a7 ,in general ,not later than #b years after the date of enactment of this ,act1 the ,secretary of ,agriculture shall issue regulations to establish a process for adjusting the voucher amount provided under section #edb of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adijr7 after the issuance of the voucher following an interim or annual review of the amount of the voucher4 7#b7 ,interim review ,the interim review described in paragraph 7#a7 shall1 at the request of a tenant1 allow for a recalculation of the voucher amount when the tenant experiences a reduction in income1 change in family composition1 or change in rental rate4 7#c7 ,annual review 7,a7 ,in general ,the annual review described in paragraph 7#a7 shall require tenants to annually recertify the family composition of the household and that the family income of the household does not exceed #hj percent of the area median income at a time determined by the ,secretary of ,agriculture4 7,b7 ,considerations ,if a tenant does not recertify the family composition and family income of the household within the time frame required under subparagraph 7,a71 the ,secretary of ,agriculture-- 7i7 shall consider whether extenuating circumstances caused the delay in recertification2 and 7ii7 may alter associated consequences for the failure to recertify based on those circumstances4 7,c7 ,effective date ,following the annual review of a voucher under paragraph 7#a71 the updated voucher amount shall be effective on the #ast day of the month following the expiration of the voucher4 7#d7 ,deadline ,the process established under paragraph 7#a7 shall require the ,secretary of ,agriculture to review and update the voucher amount described in paragraph 7#a7 for a tenant not later than #fj days before the end of the voucher term4 7l7 ,eligibility for rural housing vouchers ,section #edb of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adijr7 is amended by adding at the end the following3 7c7 ,eligibility of households in sections #ead1 #eae1 and #eaf projects ,the ,secretary may provide rural housing vouchers under this section for any low-income household 7including those not receiving rental assistance7 residing for a term longer than the remaining term of their lease that is in effect on the date of prepayment1 foreclosure1 or mortgage maturity1 in a property financed with a loan under section #ead or #eae or a grant under section #eaf that has-- 7#a7 been prepaid with or without restrictions imposed by the ,secretary pursuant to section #ejb7;c77#e77;,g77ii77,i72 7#b7 been foreclosed2 or 7#c7 matured after ,september #cj1 #bjje4 4 7m7 ,amount of voucher assistance ,notwithstanding any other provision of law1 in the case of any rural housing voucher provided pursuant to section #edb of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adijr71 the amount of the monthly assistance payment for the household on whose behalf the assistance is provided shall be determined as provided in subsection 7a7 of such section #edb1 including providing for interim and annual review of the voucher amount in the event of a change in household composition or income or rental rate4 7n7 ,transfer of multifamily rural housing projects ,section #eae of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adhe7 is amended-- 7#a7 in subsection 7h71 by adding at the end the following3 7#c7 ,transfer to nonprofit organizations ,a nonprofit or public body purchaser1 including a limited partnership with a general partner with the principal purpose of providing affordable housing1 may purchase a property for which a loan is made or insured under this section that has received a market value appraisal1 without addressing rehabilitation needs at the time of purchase1 if the purchaser-- 7,a7 makes a commitment to address rehabilitation needs during ownership and long-term use restrictions on the property2 and 7,b7 at the time of purchase1 accepts long-term use restrictions on the property4 2 and 7#b7 in subsection 7w77#a71 in the first sentence in the matter preceding subparagraph 7,a71 by striking #i percent and inserting #be percent4 7o7 ,extension of loan term 7#a7 ,in general ,section #ejb7;a77#b7 of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adgb7;a77#b77 is amended-- 7,a7 by inserting 7,a7 before ,the ,secretary2 7,b7 in subparagraph 7,a71 as so designated1 by striking paragraph and inserting subparagraph2 and 7,c7 by adding at the end the following3 7,b7 ,the ,secretary may refinance or modify the period of any loan1 including any refinanced loan1 made under this section in accordance with terms and conditions as the ,secretary shall prescribe1 but in no event shall the total term of the loan from the date of the refinance or modification exceed #dj years4 4 7#b7 ,application ,the amendment made under paragraph 7#a7 shall apply with respect to loans made under section #ejb of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adgb7 before1 on1 or after the date of enactment of this ,act4 7p7 ,release of liability for section #ejb guaranteed borrower upon assumption of original loan by new borrower ,section #ejb7;h7 of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adgb7;h77 is amended-- 7#a7 by striking paragraph 7#aj7 and inserting the following3 7#aj7 ,transfer and assumption ,upon the transfer of property for which a guaranteed loan under this subsection was made1 and the assumption of the guaranteed loan by an approved eligible borrower1 the original borrower of a guaranteed loan under this subsection shall be relieved of liability with respect to the loan4 2 7#b7 by redesignating paragraph 7#af7 as paragraph 7#ag72 and 7#c7 by inserting after paragraph 7#ae7 the following3 7#af7 ,fee 7,a7 ,in general ,the mortgagee may charge an assuming borrower a reasonable and customary processing fee for an assumption request made under this subsection4 7,b7 ,maximum fee ,the ,secretary shall set a maximum allowable fee described in subparagraph 7,a71 which may be indexed for inflation4 4 7q7 ,department of ,agriculture loan restrictions 7#a7 ,definitions ,in this subsection1 the terms ,state and tribal organization have the meanings given those terms in section #feh,p of the ,child ,care and ,development ,block ,grant ,act of #aiij 7#db ,u4,s4,c4 #ihehn74 7#b7 ,revision ,the ,secretary of ,agriculture shall revise section #ceee4ajb7;c7 of title #g1 ,code of ,federal ,regulations1 to exclude from the restriction under that section-- 7,a7 a home-based business that is a licensed1 registered1 or regulated child care provider under ,state law or by a tribal organization2 and 7,b7 an applicant that has applied to become a licensed1 registered1 or regulated child care provider under ,state law or by a tribal organization4 7r7 ,loan guarantees ,section #ejb7;h77#d7 of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adgb7;h77#d77 is amended-- 7#a7 by redesignating subparagraphs 7,a71 7,b71 and 7,c7 as clauses 7i71 7ii71 and 7iii71 respectively1 and adjusting the margins accordingly2 7#b7 by striking ,loans may be guaranteed and inserting the following3 7,a7 ,definition ,in this paragraph1 the term accessory dwelling unit means a single1 habitable living unit-- 7i7 with means of separate ingress and egress2 7ii7 that is usually subordinate in size2 7iii7 that can be added to1 created within1 or detached from a primary #a-unit1 single-family dwelling2 and 7iv7 in combination with a primary #a-unit1 single-family dwelling1 constitutes a single interest in real estate4 7,b7 ,single-family requirement ,loans may be guaranteed 2 and 7#c7 by adding at the end the following3 7,c7 ,rule of construction ,nothing in this paragraph shall be construed to prohibit the leasing of an accessory dwelling unit or the use of rental income derived from such a lease to qualify for a loan guaranteed under this subsection-- 7i7 after the date of enactment of the #bast ,century ,,road to ,housing ,act2 and 7ii7 if the property that is the subject of the loan was constructed before the date of enactment of the #bast ,century ,,road to ,housing ,act4 4 7s7 ,application review 7#a7 ,sense of ,congress ,it is the sense of ,congress1 not later than #ij days after the date on which the ,secretary of ,agriculture receives an application for a loan1 grant1 or combined loan and grant under section #ejb or #ejd of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adgb1 #adgd71 the ,secretary of ,agriculture should-- 7,a7 review the application2 7,b7 complete the underwriting2 7,c7 make a determination of eligibility with respect to the application2 and 7,d7 notify the applicant of determination4 7#b7 ,report 7,a7 ,in general ,not later than #ij days after the date of enactment of this ,act1 and annually thereafter until the date described in subparagraph 7,b71 the ,secretary of ,agriculture shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report-- 7i7 detailing the timeliness of eligibility determinations and final determinations with respect to applications under sections #ejb and #ejd of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adgb1 #adgd71 including justifications for any eligibility determinations taking longer than #ij days2 and 7ii7 that includes recommendations to shorten the timeline for notifications of eligibility determinations described in clause 7i7 to not more than #ij days4 7,b7 ,date described ,the date described in this subparagraph is the date on which1 during the preceding #e-year period1 the ,secretary of ,agriculture provides each eligibility determination described in subparagraph 7,a7 during the #ij-;day period beginning on the date on which each application is received4 #ejc4 ,incentivizing local solutions to homelessness ,section #dad of the ,mc,kinney-,vento ,homeless ,assistance ,act 7#db ,u4,s4,c4 #aacgc7 is amended by adding at the end the following3 7f7 ,funding cap waiver authority 7#a7 ,in general ,notwithstanding any other provision of law or regulation1 a recipient may request a waiver to the expenditure limit established pursuant to section #dae7;b7 for amounts provided for each of fiscal years #bjbg through #bjcj4 7#b7 ,waiver request 7,a7 ,in general ,a recipient seeking a waiver described in paragraph 7#a7 shall submit to the ,secretary a waiver request that includes not more than the following3 7i7 ,a demonstration of local needs and circumstances that necessitate a waiver4 7ii7 ,a detailed plan for how the recipient intends to use funds4 7iii7 ,a justification for how the proposed use of funds supports the most recent ,consolidated ,plan submitted by the recipient4 7iv7 ,any public input solicited under subparagraph 7,b77ii74 7,b7 ,notification ,each recipient shall-- 7i7 notify all subrecipients and local ,continuums of ,care that serve the recipient's geographic area of the availability of waivers under this subsection2 and 7ii7 prior to the submission of a waiver request under subparagraph 7,a71 solicit public input regarding the potential need for and proposed uses of such waiver4 7,c7 ,approval2 publication ,the ,secretary shall-- 7i7 make all waiver requests submitted under subparagraph 7,a7 publicly available on the website of the ,department of ,housing and ,urban ,development2 7ii7 not later than #fj days after the date on which the ,secretary receives a waiver request under subparagraph 7,a71 approve or deny the request2 and 7iii7 deny any waiver request submitted under subparagraph 7,a7 by a recipient that relocates or threaten to relocate individuals or their property without providing emergency shelter1 rapid rehousing1 transitional housing1 permanent supportive housing1 or other permanent housing options4 7#c7 ,revocation 7,a7 ,in general ,a waiver approved under this subsection shall remain in effect for the duration of the period of performance of fiscal year #bjbg through #bjcj grants1 unless the recipient notifies the ,secretary in writing that the recipient wishes to revoke the waiver4 7,b7 ,notification ,if a recipient intends to revoke a waiver under subparagraph 7,a71 the recipient shall-- 7i7 solicit input from subrecipients regarding the revocation before submitting the revocation2 and 7ii7 provide subrecipients with a summary of the input and the justification for the revocation in its submittal prior to notifying the ,secretary in writing4 7,c7 ,publication ,the ,secretary shall publish any revocation of a waiver under subparagraph 7,a7 and the justification of the recipient for the waiver on the website of the ,department of ,housing and ,urban ,development4 4 ,,vi ,veterans and ,housing #fja4 ,military ,service ,question 7a7 ,in general ,subpart ,a of part #b of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #deda et seq47 is amended by adding at the end the following3 #acbi4 ,uniform residential loan application ,not later than #f months after the date of enactment of this section1 the ,director shall1 by regulation or order1 require each enterprise to include a disclosure below the military service question which shall be above the signature line on the form known as the ,uniform ,residential ,loan ,application stating1 ,if yes1 you may qualify for a ,,va ,home ,loan4 ,consult your lender regarding eligibility44 4 7b7 ,,gao study ,not later than #ah months after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall conduct a study and submit to the ,congress a report on whether or not less than #hj percent of lenders using the ,uniform ,residential ,loan ,application have included on that form the disclaimer required under section #acbi of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib1 as added by subsection 7a74 #fjb4 ,housing ,unhoused ,disabled ,veterans ,act 7a7 ,exclusion of certain disability benefits ,section #c7;b77#d77;,b7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;a7b77#d77;,b77 is amended-- 7#a7 by redesignating clauses 7iv7 and 7v7 as clauses 7vi7 and 7vii71 respectively2 and 7#b7 by inserting after clause 7iii7 the following3 7iv7 for the purpose of determining income eligibility with respect to the supported housing program under section #h7o77#ai71 any disability benefits received under chapter #aa or chapter #ae of title #ch1 ,united ,states ,code1 received by a veteran1 except that this exclusion shall not apply to the income in the definition of adjusted income2 7v7 for the purpose of determining income eligibility with respect to any household receiving rental assistance under the supported housing program under section #h7o77#ai7 as it relates to eligibility for other types of housing assistance1 any disability benefits received under chapter #aa or chapter #ae of title #ch1 ,united ,states ,code1 received by a veteran1 but such amounts shall not be excluded from income when determining adjusted income2 4 7b7 ,treatment of certain disability benefits 7#a7 ,in general ,when determining the eligibility of a veteran to rent a residential dwelling unit constructed on ,department property on or after the date of the enactment of this ,act1 for which assistance is provided as part of a housing assistance program administered by the ,secretary1 the ,secretary shall exclude from income any disability benefits received under chapter #aa or chapter #ae of title #ch1 ,united ,states ,code by such person4 7#b7 ,definitions ,in this subsection3 7,a7 ,secretary ,the term ,secretary means the ,secretary of ,housing and ,urban ,development4 7,b7 ,department property ,the term ,department property has the meaning given the term in section #ija of title #ch1 ,united ,states ,code4 ,,vii ,oversight and ,accountability #gja4 ,requiring annual testimony and oversight from housing regulators ,section #g of the ,department of ,housing and ,urban ,development ,act 7#db ,u4,s4,c4 #cece7 is amended by adding at the end the following3 7u7 ,annual testimony ,the ,secretary shall appear before the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives at an annual hearing and present testimony regarding the operations of the ,department during the preceding year1 including-- 7#a7 the current programs and operations of the ,department2 7#b7 the physical condition of all public housing and other housing assisted by the ,department2 7#c7 the financial health of the mortgage insurance funds of the ,federal ,housing ,agency2 7#d7 oversight by the ,department of grantees and subgrantees for purposes of preventing waste1 fraud1 and abuse2 7#e7 the progress made by the ,federal ,government in ending the affordable housing and homelessness crises2 7#f7 the capacity of the ,department to deliver on its statutory mission2 and 7#g7 other ongoing activities of the ,department1 as appropriate4 4 #gjb4 ,,fha reporting requirements on safety and soundness ,section #bjb7;a7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjh7;a77 is amended by adding at the end the following3 7#h7 ,other required reporting ,the ,secretary shall-- 7,a7 submit to ,congress monthly reports on the capital ratio required under section #bje7;f77#b72 and 7,b7 notify ,congress as soon as practicable after the ,fund falls below the capital ratio required under section #bje7;f77#b74 4 #gjc4 ,united ,states ,interagency ,council on ,homelessness oversight ,section #bjc7;a7 of the ,mc,kinney-,vento ,homeless ,assistance ,act 7#db ,u4,s4,c4 #aacac7;a77 is amended-- 7#a7 in paragraph 7#a7-- 7,a7 by striking ,homeless ,emergency ,assistance and ,rapid ,transition to ,housing ,act of #bjji and inserting #bast ,century ,,road to ,housing ,act2 and 7,b7 by striking update such plan annually and inserting submit to the ,president and ,congress a report every year thereafter that includes-- 7,a7 the status of completion of the plan2 and 7,b7 any modifications that were made to the plan and the reasons for those modifications2 2 7#b7 by redesignating paragraphs 7#aj7 through 7#ac7 as paragraphs 7#aa7 through 7#ad71 respectively2 7#c7 by redesignating the second paragraph 7#i7 7relating to collecting and disseminating information7 as paragraph 7#aj72 7#d7 in paragraph 7#ac71 as so redesignated1 by striking and at the end2 7#e7 in paragraph 7#ad71 as so redesignated1 by striking the period at the end and inserting 2 and2 and 7#f7 by adding at the end the following3 7#ae7 testify annually before ,congress1 if requested4 4 #gjd4 ,appraisal ,modernization ,act 7a7 ,reconsideration of value 7#a7 ,federally backed mortgage loan defined ,in this subsection1 the term federally backed mortgage loan has the meaning given the term in section #djbb of the ,,cares ,act 7#ae ,u4,s4,c4 #ijef74 7#b7 ,requirement ,the ,secretary of ,agriculture1 the ,secretary of ,veterans ,affairs1 the ,commissioner of the ,federal ,housing ,administration1 and the ,director of the ,federal ,housing ,finance ,agency shall each implement and maintain requirements that creditors of a federally backed mortgage loan have a review and resolution procedure for a consumer-initiated reconsideration of value or subsequent appraisal in connection with a consumer credit transaction secured by a consumer's principal dwelling4 7b7 ,public appraisal database 7#a7 ,covered agencies defined ,in this subsection1 the term covered agencies means-- 7,a7 the ,federal ,housing ,finance ,agency1 on behalf of the ,federal ,national ,mortgage ,association and the ,federal ,home ,loan ,mortgage ,corporation2 7,b7 the ,department of ,housing and ,urban ,development1 including the ,federal ,housing ,administration2 7,c7 the ,department of ,agriculture2 and 7,d7 the ,department of ,veterans ,affairs4 7#b7 ,feasibility report ,no later than #bdj days after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall submit to ,congress a public report assessing the feasibility of creating a publicly available appraisal database that consists of a searchable and downloadable appraisal-level public use file that consolidates appraisal data held or aggregated by covered agencies1 including-- 7,a7 the costs and benefits associated with establishing and maintaining the public database2 7,b7 the benefits and risks associated with the ,federal ,housing ,finance ,agency or the ,bureau of ,consumer ,financial ,protection being responsible for the public database and whether there is another ,federal agency best suited for implementing and administering such database2 7,c7 any safety and soundness1 antitrust1 or consumer privacy-related risks associated with making certain appraisal data factors publicly available1 including whether-- 7i7 there are any existing legal requirements1 including under the ,home ,mortgage ,disclosure ,act of #aige 7#ab ,u4,s4,c4 #bhja et seq47 and section #eeb of title #e1 ,united ,states ,code 7commonly known as the ,freedom of ,information ,act71 or additional actions ,federal agencies could take to mitigate such risks1 such as modifying or aggregating data or eliminating personally identifiable information2 and 7ii7 there are any data factors that1 if made public1 may violate conduct1 ethics1 or other professional standards as they relate to appraisals and appraisal or valuation professionals2 7,d7 the feasibility of consolidating or matching appraisal data held by covered agencies with corresponding data that are required and made public under the ,home ,mortgage ,disclosure ,act of #aige 7#ab ,u4,s4,c4 #bhja et seq472 7,e7 whether the publication of any appraisal data factors may pose unfair business advantages within the valuation industry2 7,f7 the feasibility of including all valuation data held by covered agencies1 including data produced by automated valuation models2 7,g7 the feasibility and benefits of making the full appraisal dataset1 including any modified fields1 available to-- 7i7 ,federal agencies1 including for purposes related to enforcement and supervision responsibilities2 7ii7 relevant ,state licensing1 supervision1 and enforcement agencies and ,state attorneys general2 7iii7 approved researchers1 including academics and nonprofit organizations that1 in connection with their mission1 work to ensure the fairness and consistency of home valuations1 including appraisals2 and 7iv7 any other entities identified by the ,comptroller ,general as having a compelling use for disaggregated data2 7,h7 what appraisal data are already available in the public domain2 and 7,i7 the feasibility of incorporating legacy data held by covered agencies during the period beginning on ,january #a1 #bjag1 and ending on the date of enactment of this ,act1 and whether there are specific data points not easily consolidated or matched1 as described in subparagraph 7,d71 with more recent data4 7#c7 ,purpose ,the database described in paragraph 7#b7 shall be used to provide the public1 the ,federal ,government1 and ,state governments with residential real estate appraisal data to help determine whether financial institutions1 appraisal management companies1 appraisers1 valuation technologies1 such as automated valuation models1 and other valuation professionals are effectively serving the entire housing market4 7#d7 ,consultation ,as part of the information used in the report required under paragraph 7#b71 the ,comptroller ,general of the ,united ,states shall conduct interviews with-- 7,a7 relevant ,federal agencies2 7,b7 relevant ,state licensing1 supervision1 and enforcement agencies and ,state attorneys general2 7,c7 appraisers and other home valuation industry professionals2 7,d7 mortgage lending institutions2 7,e7 fair housing and fair lending experts2 and 7,f7 any other relevant stakeholders as determined by the ,comptroller ,general4 7#e7 ,hearing ,upon the completion of the report under paragraph 7#b71 the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives shall each hold a hearing on the findings of the report and the feasibility of establishing a public appraisal-level appraisal database4 ,,viii ,accountability1 ,coordination1 ,studies1 and ,reporting #hja4 ,,hud-,,usda-,,va ,interagency ,coordination ,act 7a7 ,memorandum of understanding ,the ,secretary of ,housing and ,urban ,development1 the ,secretary of ,agriculture1 and the ,secretary of ,veterans ,affairs shall establish a memorandum of understanding1 or other appropriate interagency agreement1 to share relevant housing-related research and market data that facilitate evidence-based policymaking4 7b7 ,interagency report 7#a7 ,report ,not later than #ahj days after the date of enactment of this ,act1 the ,secretary of ,housing and ,urban ,development1 the ,secretary of ,agriculture1 and the ,secretary of ,veterans ,affairs shall jointly submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report containing-- 7,a7 a description of opportunities for increased collaboration between the ,secretary of ,housing and ,urban ,development1 the ,secretary of ,agriculture1 and the ,secretary of ,veterans ,affairs to reduce inefficiencies in housing programs2 7,b7 a list of ,federal laws 7including regulations7 that adversely affect the availability and affordability of new construction of assisted housing and single-family and multifamily residential housing subject to mortgages insured under title ,,ii of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjg et seq471 insured1 guaranteed1 or made by the ,secretary of ,agriculture under title ,v of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adga et seq471 or insured1 guaranteed1 or made by the ,secretary of ,veterans ,affairs under chapter #cg of title #ch1 ,united ,states ,code2 and 7,c7 recommendations for ,congress regarding the ,federal laws 7including regulations7 described in subparagraph 7,b74 7#b7 ,publication ,the report required under paragraph 7#a7 shall1 prior to submission under this subsection1 be published in the ,federal ,register and open for comment for a period of #cj days4 #hjb4 ,streamlining ,rural ,housing ,act 7a7 ,in general ,not later than #ahj days after the date of enactment of this ,act1 the ,secretary of ,housing and ,urban ,development and the ,secretary of ,agriculture shall enter into a memorandum of understanding to-- 7#a7 evaluate categorical exclusions under the environmental review process for housing projects funded by amounts from the ,department of ,housing and ,urban ,development and the ,department of ,agriculture2 7#b7 develop a process to designate a lead agency and streamline adoption of environmental impact statements and environmental assessments approved by the other ,department to construct housing projects funded by both agencies2 7#c7 maintain compliance with environmental regulations under part #eh of title #bd1 ,code of ,federal ,regulations1 as in effect on ,january #a1 #bjbe1 except as required to amend1 add1 or remove categorical exclusions identified under section #eh4ce of title #bd1 ,code of ,federal ,regulations1 through standard rulemaking procedures2 and 7#d7 evaluate the feasibility of a joint physical inspection process for housing projects funded by amounts from the ,department of ,housing and ,urban ,development and the ,department of ,agriculture4 7b7 ,report ,not later than #a year after the date of enactment of this ,act1 the ,secretary of ,housing and ,urban ,development and the ,secretary of ,agriculture shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report that includes recommendations for legislative1 regulatory1 or administrative actions-- 7#a7 to improve the efficiency and effectiveness of housing projects funded by amounts from the ,department of ,housing and ,urban ,development and the ,department of ,agriculture2 and 7#b7 that do not materially1 with respect to residents of housing projects described in paragraph 7#a7-- 7,a7 reduce the safety of those residents2 7,b7 shift long-term costs onto those residents2 or 7,c7 undermine the environmental standards of those residents4 #hjc4 ,improving self-sufficiency of families in ,,hud-subsidized housing 7a7 ,in general 7#a7 ,study ,subject to subsection 7b71 the ,secretary of ,housing and ,urban ,development shall conduct a study on the implementation of work requirements implemented prior to the date of enactment of this ,act by public housing agencies described in paragraph 7#d7 participating in the ,moving to ,work demonstration authorized under section #bjd of the ,departments of ,veterans ,affairs and ,housing and ,urban ,development1 and ,independent ,agencies ,appropriations ,act1 #aiif 7#db ,u4,s4,c4 #adcg;f note74 7#b7 ,scope ,the study required under paragraph 7#a7 shall-- 7,a7 consider the short-1 medium-1 and long-term benefits and challenges of work requirements on public housing agencies described in paragraph 7#d7 and on program participants who are subject to such requirements1 including the effects work requirements have on homelessness rates1 poverty rates1 asset building1 earnings growth1 job attainment and retention1 and public housing agencies' administrative capacity2 and 7,b7 include quantitative and qualitative evidence1 including interviews with program participants described in subparagraph 7,a7 and their respective resident councils4 7#c7 ,report ,not later than #a year after the date of enactment of this ,act1 the ,secretary shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report on the initial findings of the study required under paragraph 7#a74 7#d7 ,public housing agencies described ,the public housing agencies described in this paragraph are public housing agencies that1 as part of an application to participate in the demonstration authorized under section #bjd of the ,departments of ,veterans ,affairs and ,housing and ,urban ,development1 and ,independent ,agencies ,appropriations ,act1 #aiif 7#db ,u4,s4,c4 #adcg;f note71 submit a proposal identifying work requirements as an innovative proposal4 7b7 ,determination ,the requirement under subsection 7a7 shall apply if the ,secretary of ,housing and ,urban ,development determines that-- 7#a7 there are a sufficient number of public housing agencies described in subsection 7a77#d7 such that the ,secretary of ,housing and ,urban ,development can rigorously evaluate the impact of the implementation of work requirements described in that subsection2 and 7#b7 the study would not negatively impact low-income families receiving assistance through a public housing agency described in subsection 7a77#d74 #hjd4 ,,gao studies 7a7 ,workforce housing study 7#a7 ,middle-income household defined ,in this subsection1 the term middle-income household means a household with an income above #hj percent but that does not exceed #abj percent of the median family income of the area1 as determined by the ,secretary of ,housing and ,urban ,development with adjustments for smaller and larger families4 7#b7 ,study ,not later than #a year after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall conduct a study and submit to ,congress a report that-- 7,a7 identifies obstacles middle-income households face when looking to secure affordable housing2 7,b7 identifies geographic areas where housing is the most unaffordable and unavailable for middle-income households2 7,c7 includes a list of ,federal housing programs1 including ,federal tax credits1 grants1 and loan programs1 that are not available to middle-income households due to their income status1 including ,federal housing programs designed to promote affordability2 7,d7 recommends income and other parameters to establish a clear and consistent ,federal definition for the term workforce housing for use when describing the segment of housing that could be made available to those middle-income households in ,federal housing programs if funding commensurate with the additional eligibility were to be made available2 and 7,e7 analyzes how to modify or newly develop new ,federal housing programs and incentives to include workforce housing if funding commensurate with the additional eligibility were to be made available4 7b7 ,housing for elderly or disabled ,not later than #a year after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall carry out a study and submit to ,congress a report that identifies options to remove barriers and improve housing for persons who are elderly or disabled1 including any potential impacts of providing capital advances for-- 7#a7 the program for supportive housing for the elderly under section #bjb of the ,housing ,act of #aiei 7#ab ,u4,s4,c4 #agjaq72 and 7#b7 the program for supportive housing for persons with disabilities under section #haa of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #hjac74 7c7 ,proximity of housing to ,superfund sites ,not later than #a year after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall carry out a study and submit to ,congress a report that identifies how many residential dwelling units1 and how many dwelling units that are a part of public housing 7as defined in section #c7;b7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;a7b7771 are located less than #a mile from a site that is included on the ,national ,priorities ,list established pursuant to section #aje of the ,comprehensive ,environmental ,response1 ,compensation1 and ,liability ,act of #aihj 7#db ,u4,s4,c4 #ifje74 7d7 ,residential heirs property ,not later than #a year after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall carry out a study and submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report that-- 7#a7 establishes a comprehensive definition of residential heirs property1 or family land inherited without a will or legal documentation of ownership2 7#b7 examines the occurrence of and consequences to owners of residential heirs property1 and provides an estimate regarding the number of current residential heirs properties2 7#c7 describes the objectives and requirements of the ,uniform ,partition of ,heirs ,property ,act as approved by the ,national ,conference of ,commissioners on ,uniform ,state ,laws in #bjaj2 7#d7 details the various resources that may be available to the owners of residential heirs properties1 including housing counseling1 legal services1 and financial assistance to resolve residential heirs property title issues from the ,federal ,government1 nonprofit organizations1 and institutions of higher education2 and 7#e7 makes recommendations with respect to how to reduce the number of residential heirs properties1 including-- 7,a7 by incentivizing ,states and other jurisdictions which enact or adopt the ,uniform ,partition of ,heirs ,property ,act or similar such reforms2 7,b7 by awarding grants to ,states and other jurisdictions to assist residents of those ,states and jurisdictions to establish and document property ownership rights or settle a decedent's estate2 7,c7 by awarding grants to entities that-- 7i7 provide housing counseling1 legal assistance1 and financial assistance to home-owners and their heirs relating to title clearing and home retention efforts of heirs' property2 and 7ii7 target services to low- and moderate-income persons or provide services in neighborhoods that have a high concentration of low- and moderate-income persons2 and 7,d7 by conducting other activities that assist individuals to clear title with respect to heirs' property and with general estate planning4 #hje4 ,improving public housing agency accountability 7a7 ,in general ,the ,secretary shall require each covered public housing agency to provide a notice each year to the ,secretary that-- 7#a7 indicates that if a receiver or ,federal monitor remains appointed for the covered public housing agency as of ,october #a of the calendar year to which such notice relates2 7#b7 provides the date on which the receiver or ,federal monitor was first appointed and the projected date1 if known1 the appointment of the receiver or ,federal monitor will be terminated2 and 7#c7 identifies the current receiver or ,federal monitor appointed to oversee the public housing agency4 7b7 ,federal monitor and receiver transparency 7#a7 ,notwithstanding any other provision of law1 not later than ,october #a of each year1 each receiver or ,federal monitor that is currently appointed to oversee a covered public housing agency shall provide to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate a written assessment that-- 7,a7 describes the management and oversight activities of the receiver or ,federal monitor for the covered public housing agency2 7,b7 identifies the significant factors that led to the appointment of the receiver or ,federal monitor for the covered public housing agency2 7,c7 identifies the factors that remain unresolved at the covered public housing agency that have led to the continued oversight of the receiver or ,federal monitor2 and 7,d7 includes a timeline developed by the receiver or ,federal monitor that projects when the factors identified under subparagraphs 7,b7 and 7,c7 will be resolved4 7#b7 ,in addition to the written assessment required in paragraph 7#a71 upon written request by the ,committee on ,financial ,services of the ,house of ,representatives or the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 each receiver or ,federal monitor appointed to oversee a covered public housing agency shall promptly furnish additional or supplemental information requested by the ,committee on ,financial ,services of the ,house of ,representatives or the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate with respect to the covered public housing agency which such receiver or ,federal monitor is appointed to oversee1 including presenting testimony upon request4 7c7 ,disclosure required ,the ,secretary shall1 not later than #a year after the date of the enactment of this section1 require each covered public housing agency to publicly disclose1 on the website of the covered public housing agency1 with respect to each contract entered into by such covered public housing agency in the preceding year1 the following information3 7#a7 ,all material information about the contract1 including the goods and service provided4 7#b7 ,the identity of the vendor selected to receive the contract4 7#c7 ,the date of the solicitation of the contract4 7#d7 ,the relevant information pertaining to the bids and quotes solicited for the contract4 7#e7 ,the name of the official who solicited the contract4 7d7 ,inspector general review ,not later than #ahj days after receiving a written request from the ,committee on ,financial ,services of the ,house of ,representatives or the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 the ,inspector ,general shall provide to the requesting committee an analysis of-- 7#a7 the status of any covered public housing agency's compliance with any agreements entered into between the covered public housing agency and the ,department of ,housing and ,urban ,development1 including specific areas of deficiency and progress toward compliance2 7#b7 a review of actions taken by the receiver or ,federal monitor appointed to oversee a covered public housing agency and any private sector housing development partners pursuant to such agreement1 including any gaps in oversight by the receiver or ,federal monitor2 7#c7 an assessment of the physical conditions of housing provided by the covered public housing agency1 including the status of the covered public housing agency's compliance with relevant health and safety requirements2 7#d7 an examination of any allegations of waste1 fraud1 abuse or violations of ,federal law committed by employees or contractors of the covered public housing agency2 7#e7 any additional pertinent information1 as determined necessary and appropriate by the inspector general2 and 7#f7 any recommendations of the inspector general that relate to how to improve the compliance of the covered public housing agency with any agreements entered into with the ,department of ,housing and ,urban ,development or enhance the oversight of the receiver or ,federal monitor over such covered public housing agency4 7e7 ,definitions 7#a7 ,covered public housing agency ,the term covered public housing agency means a public housing agency 7as such term is defined in section #c7;b7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;a7b777 for which an administrative or judicial receiver or ,federal monitor was appointed4 7#b7 ,inspector general ,the term inspector general means the inspector general of the ,department of ,housing and ,urban ,development4 7#c7 ,secretary ,the term ,secretary means the ,secretary of ,housing and ,urban ,development4 ,,ix ,strengthening ,community ,banks' ,role in ,housing #ija4 ,community bank deposit access 7a7 ,in general ,section #bi of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f7 is amended by adding at the end the following3 7j7 ,limited exception for custodial deposits 7#a7 ,in general ,custodial deposits of an eligible institution shall not be considered to be funds obtained1 directly or indirectly1 by or through a deposit broker to the extent that the total amount of such custodial deposits does not exceed an amount equal to #bj percent of the total liabilities of the eligible institution4 7#b7 ,definitions ,in this subsection3 7,a7 ,custodial deposit ,the term custodial deposit means a deposit that is not deposited at an insured depository institution in return for fees paid by the insured depository institution pursuant to an agreement with a third party and that would otherwise be considered to be obtained1 directly or indirectly1 by or through a deposit broker1 if the deposit is deposited at #a or more insured depository institutions1 for the purpose of providing or maintaining deposit insurance for the benefit of a third party1 by or through any of the following1 each acting in a formal custodial or fiduciary capacity for the benefit of a third party3 7i7 ,an insured depository institution serving as agent1 trustee1 or custodian4 7ii7 ,a trust entity controlled by an insured depository institution serving as agent1 trustee1 or custodian4 7iii7 ,a ,state-chartered trust company serving as agent1 trustee1 or custodian4 7iv7 ,a plan administrator or investment advisor1 acting in a formal custodial or fiduciary capacity for the benefit of a plan4 7,b7 ,eligible institution ,the term eligible institution means an insured depository institution that accepts custodial deposits1 if the insured depository institution has less than #aj1jjj1jjj1jjj in total assets as reported on the consolidated report of condition and income as reported quarterly to the appropriate ,federal banking agency and-- 7i7 7,i7 when most recently examined under section #aj7;d7 was assigned a composite rating of #a1 #b1 or #c under the ,uniform ,financial ,institutions ,rating ,system 7or an equivalent rating under a comparable rating system72 and 7,,ii7 is well capitalized2 or 7ii7 has obtained a waiver pursuant to subsection 7c74 7,c7 ,plan ,the term plan has the meaning given the term in section #c of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajjb74 7,d7 ,plan administrator ,the term plan administrator has the meaning given the term administrator in section #c of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajjb74 7,e7 ,well capitalized ,the term well capitalized has the meaning given the term in section #ch7;b74 4 7b7 ,interest rate restriction ,section #bi of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f71 as amended by subsection 7a71 is further amended by adding at the end the following3 7k7 ,restriction on interest rate paid on certain custodial deposits 7#a7 ,definitions ,in this subsection-- 7,a7 the terms custodial deposit1 eligible institution1 and well capitalized have the meanings given those terms in subsection 7j72 and 7,b7 the term covered insured depository institution means an insured depository institution that while acting as an eligible institution under subsection 7j71 accepts custodial deposits while not well capitalized4 7#b7 ,prohibition ,a covered insured depository institution may not pay a rate of interest on custodial deposits that are accepted while not well capitalized that1 at the time the funds or custodial deposits are accepted1 significantly exceeds the limit set forth in paragraph 7#c74 7#c7 ,limit on interest rates ,the limit on the rate of interest referred to in paragraph 7#b7 shall be not greater than-- 7,a7 the rate paid on deposits of similar maturity in the normal market area of the covered insured depository institution for deposits accepted in the normal market area of the covered insured depository institution2 or 7,b7 the national rate paid on deposits of comparable maturity1 as established by the ,corporation1 for deposits accepted outside the normal market area of the covered insured depository institution4 4 #ijb4 ,keeping deposits local 7a7 ,amount of reciprocal deposits that are not considered to be funds obtained by or through a deposit broker ,section #bi7;i7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f7i77 is amended by striking paragraph 7#a7 and inserting the following3 7#a7 ,in general ,the sum of the following amounts of reciprocal deposits of an agent institution shall not be considered to be funds obtained1 directly or indirectly1 by or through a deposit broker3 7,a7 ,an amount equal to #ej percent of the portion of the total liabilities of the agent institution that is less than or equal to #a1jjj1jjj1jjj4 7,b7 ,an amount equal to #dj percent of the portion1 if any1 of the total liabilities of the agent institution that is greater than #a1jjj1jjj1jjj1 but less than or equal to #aj1jjj1jjj1jjj4 7,c7 ,an amount equal to #cj percent of the portion1 if any1 of the total liabilities of the agent institution that is greater than #aj1jjj1jjj1jjj1 but less than or equal to #bej1jjj1jjj1jjj4 4 7b7 ,definition of agent institution ,section #bi7;i77#b77;,a77i7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f7i77#b77;,a77i77 is amended by striking subclause 7,i7 and inserting the following3 7,i7 when most recently examined under section #aj7;d7 was assigned a ,,camels rating of #a1 #b1 or #c under the ,uniform ,financial ,institutions ,rating ,system 7or an equivalent rating under a comparable rating system72 and 4 7c7 ,reciprocal deposits study 7#a7 ,in general ,the ,federal ,deposit ,insurance ,corporation1 in consultation with the ,board of ,governors of the ,federal ,reserve ,system1 shall carry out a study on reciprocal deposits4 7#b7 ,contents ,the study required under paragraph 7#a7 shall include-- 7,a7 an analysis of how reciprocal deposits have performed since #bjah1 which shall include-- 7i7 the use of quantitative and qualitative data2 7ii7 a breakdown of the usage of reciprocal deposits by size of insured depository institution2 7iii7 the usage of reciprocal deposits during periods of stress2 and 7iv7 an analysis1 to the extent practicable1 of end-user depositors1 such as municipalities1 businesses1 and nonprofit organizations1 that drive demand for reciprocal products2 7,b7 an analysis1 to the extent practicable1 of how reciprocal deposits compare to other deposit arrangements2 and 7,c7 an analysis of the benefits and potential risks of reciprocal deposits4 7#c7 ,report ,not later than #f months after the date of enactment of this ,act1 the ,federal ,deposit ,insurance ,corporation shall issue a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate containing all findings and determinations made in carrying out the study required under paragraph 7#a74 #ijc4 ,tailored regulatory updates for supervisory testing ,section #aj7;d7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7;d77 is amended-- 7#a7 in paragraph 7#d77;,a71 by striking #c1jjj1jjj1jjj and inserting #f1jjj1jjj1jjj2 and 7#b7 in paragraph 7#aj71 by striking #c1jjj1jjj1jjj and inserting #f1jjj1jjj1jjj4 #ijd4 ,credit union board modernization ,section #aac of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #agfa;b7 is amended-- 7#a7 by striking monthly each place such term appears2 7#b7 in the matter preceding paragraph 7#a71 by striking ,the board of directors and inserting the following3 7a7 ,in general ,the board of directors 2 7#c7 in subsection 7a7 7as so designated71 by striking shall meet at least once a month and2 and 7#d7 by adding at the end the following3 7b7 ,meetings ,the board of directors of a ,federal credit union shall meet as follows3 7#a7 ,with respect to a de novo ,federal credit union1 not less frequently than monthly during each of the first five years of the existence of such ,federal credit union4 7#b7 ,not less than six times annually1 with at least one meeting held during each fiscal quarter1 with respect to a ,federal credit union-- 7,a7 with a composite rating of either #a or #b under the ,uniform ,financial ,institutions ,rating ,system 7or an equivalent rating under a comparable rating system72 and 7,b7 with a capability of management rating under such composite rating of either #a or #b4 7#c7 ,not less frequently than once a month1 with respect to a ,federal credit union-- 7,a7 with a composite rating of either #c1 #d1 or #e under the ,uniform ,financial ,institutions ,rating ,system 7or an equivalent rating under a comparable rating system72 or 7,b7 with a capability of management rating under such composite rating of either #c1 #d1 or #e4 4 #ije4 ,systemic risk authority transparency 7a7 ,,gao review ,section #ac7;c77#d77;,g77iv7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d77;,g77iv77 is amended to read as follows3 7iv7 ,,gao review 7,i7 ,in general ,the ,comptroller ,general of the ,united ,states shall1 not later than #fj days after a determination is made under clause 7i71 and again #ahj days thereafter1 review and report to the ,congress on the determination under clause 7i71 including-- 7aa7 the basis for the determination2 7bb7 the purpose for which any action was taken pursuant to such clause2 7cc7 the likely effect of the determination and such action on the incentives and conduct of insured depository institutions and uninsured depositors2 7dd7 any mismanagement by the executives and board of the insured depository institution that contributed to the failure of the insured depository institution2 7ee7 a review of the compensation practices of the insured depository institution2 7ff7 any supervisory or regulatory shortcomings with respect to the appropriate ,federal banking agency of the insured depository institution2 7gg7 any actions taken by the ,federal banking regulators1 ,financial ,stability ,oversight ,council1 ,department of the ,treasury1 and other relevant financial regulators in relation to the failure of the insured depository institution2 and 7hh7 any additional relevant entities or activities that may have contributed to the failure of the insured depository institution1 including with respect to auditing1 accounting1 credit rating agencies1 investment bank underwriters1 and emergency liquidity options such as loans from the ,federal reserve banks or advances through the ,federal ,home ,loan ,bank system4 7,,ii7 ,rule of construction ,nothing in this clause or a report issued pursuant to this clause may be construed to limit the authority of a ,federal agency to enforce violations of ,federal statutes1 rules1 or orders4 4 7b7 ,appropriate ,federal banking agency report ,section #ac7;c7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77 is amended by adding at the end the following3 7#ab7 ,appropriate ,federal banking agency report 7,a7 ,in general ,the appropriate ,federal banking agency of an insured depository institution about which a determination is made under paragraph 7#d77;,g77i7 shall1 not later than #ij days after the date of such determination1 and again #baj days thereafter1 submit a report to the ,congress that discloses the following3 7i7 ,subject to such redactions as the appropriate ,federal banking agency determines appropriate to protect personally identifiable information about customers and other financial institutions 7as such term is defined under section #aa7;e77#i77;,d77-- 7,i7 all reports of examination and inspection that relate to the failed insured depository institution in the previous #c-year period2 7,,ii7 all formal communications of a material supervisory determination conveyed to the failed insured depository institution in the previous #c-year period2 and 7,,iii7 any additional exam reports and correspondence that the appropriate ,federal banking agency determines may be relevant to the failure of the insured depository institution4 7ii7 ,an examination of any mismanagement by the executives and board of the insured depository institution that contributed to the failure of the insured depository institution4 7iii7 ,any supervisory or regulatory shortcomings by such appropriate ,federal banking agency with respect to the insured depository institution4 7iv7 ,any dynamics that the appropriate ,federal banking agency determines may have contributed to the failure of the insured depository institution4 7v7 ,any supervisory1 regulatory1 or legislative recommendations such appropriate ,federal banking agency may have to improve the safety and soundness of similarly situated insured depository institutions1 the banking system1 and financial stability4 7,b7 ,protection of sensitive information 7i7 ,effect on privilege ,the provision of any information by a ,federal banking agency under this paragraph may not be construed as-- 7,i7 waiving1 destroying1 or otherwise affecting any privilege applicable to the information2 or 7,,ii7 waiving any exemption applicable to the information under section #eeb of title #e1 ,united ,states ,code 7commonly known as the ,freedom of ,information ,act74 7ii7 ,transparency 7,i7 ,in general ,a ,federal banking agency shall publish materials contained in a report required under subparagraph 7,a7 to the fullest extent possible to promote transparency4 7,,ii7 ,consultation on omitting materials ,if a ,federal banking agency determines particular materials described under subclause 7,i7 should not be published1 the ,federal banking agency shall consult with the chair and ranking member of the ,committee on ,financial ,services of the ,house of ,representatives and the chair and ranking member of the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate4 7,,iii7 ,omitting materials ,if1 after the consultation required under subclause 7,,ii71 the ,federal banking agency determines there is a substantial public interest in not publishing such materials1 the ,federal banking agency shall provide those materials to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate with a written explanation describing the reasons for not publishing those materials4 7iii7 ,privilege ,for purposes of this subparagraph1 the term privilege includes any work-product1 attorney-client1 or other privilege recognized under ,federal or ,state law4 7,c7 ,report extension ,a ,federal banking agency may extend a deadline described under subparagraph 7,a7 for an additional #fj days1 if the ,federal banking agency-- 7i7 faces ongoing circumstances that require the ,federal banking agency to prioritize activities to promote stability of the ,united ,states banking system2 and 7ii7 notifies the ,congress of such extension and the reasons for such extension4 7,d7 ,consolidated reports ,a ,federal banking agency may consolidate multiple reports required under this paragraph so long as the individual reports being consolidated all meet the timing requirements under this paragraph4 7,e7 ,rule of construction ,nothing in this paragraph or reports or materials provided pursuant to this paragraph may be construed to limit the authority of a ,federal agency to enforce violations of ,federal statutes1 rules1 or orders4 4 #ijf4 ,least cost exception 7a7 ,in general ,section #ac7;c77#d7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d77 is amended-- 7#a7 in subparagraph 7,a77ii71 by inserting except as provided in subparagraph 7,i71 before the total amount2 7#b7 in subparagraph 7,e77i71 by inserting and except as provided in subparagraph 7,i71 after appropriate12 and 7#c7 by adding at the end the following3 7,i7 ,least cost resolution exception 7i7 ,in general ,with respect to an exercise of authority by the ,corporation described in subparagraph 7,a71 the ,corporation may1 at the discretion of the ,corporation1 select an alternative method of exercising such authority that is not the least costly to the ,deposit ,insurance ,fund1 if-- 7,i7 the ,corporation determines that the selected alternative complies with the requirements of clause 7iii72 and 7,,ii7 the ,corporation and the ,board of ,governors of the ,federal ,reserve ,system1 after consultation with the ,secretary of the ,treasury1 determine that the potential additional risks to the ,deposit ,insurance ,fund of the selected alternative are outweighed by the reasonably expected benefits of limiting further concentration of the ,united ,states banking system in global systemically important banking organizations4 7ii7 ,maximum cost to the deposit insurance fund ,not later than #a year after the date of enactment of this subparagraph1 the ,corporation1 by rule1 shall establish criteria for determining on a case-by-case basis the maximum allowable cost against the net worth of the ,deposit ,insurance ,fund that may be utilized to account for any determination under clause 7i74 7iii7 ,requirements described ,the requirements for the selected alternative described in clause 7i7 are as follows3 7,i7 ,the selected alternative is the least costly to the ,deposit ,insurance ,fund of all alternatives that do not involve a transaction with a global systemically important banking organization and that do not exceed the cost of liquidating the insured depository institution4 7,,ii7 ,the difference between the cost of the selected alternative and the cost of a covered alternative is less than or equal to the maximum cost to the ,deposit ,insurance ,fund specified pursuant to the rule adopted under clause 7ii74 7,,iii7 ,in the case of a selected alternative that involves another person purchasing assets of the insured depository institution or assuming deposit liabilities of the insured depository institution1 such person agrees to pay an assessment to the ,corporation comprised of payments-- 7aa7 made over a period to be determined by the ,corporation1 but which may not be less than #e years2 and 7bb7 in an amount that takes into account1 on a case-by-case basis1 criteria the ,corporation1 by rule1 shall establish1 including a realistic discount rate1 the aggregate amount equal to the difference calculated in subclause 7,,ii71 and any bid inconsistent with the purposes of this ,act1 with such rule to be established by the ,corporation not later than #a year after the date of enactment of this subparagraph4 7iv7 ,report to congress ,not later than #cj days after selecting an alternative described in clause 7i71 the ,corporation shall issue a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate containing an analysis of the economic difference between the cost to the ,deposit ,insurance ,fund of the selected alternative and the cost to the ,deposit ,insurance ,fund of the least costly alternative that would have been selected absent the application of this subparagraph4 7v7 ,cost determinations ,all cost determinations required under this subparagraph shall be made in accordance with subparagraphs 7,b7 and 7,c74 7vi7 ,definitions ,in this subparagraph3 7,i7 ,covered alternative ,the term covered alternative means a method of exercising authority described in subparagraph 7,a7 that is the least costly to the ,deposit ,insurance ,fund of all such methods that involve a sale of all or substantially all assets of the insured depository institution to1 and assumption of all or substantially all deposit liabilities of the insured depository institution by1 a global systemically important banking organization4 7,,ii7 ,global systemically important banking organization ,the term global systemically important banking organization means a global systemically important ,,bhc 7as such term is defined in section #bag4djb of title #ab1 ,code of ,federal ,regulations1 or any successor thereto7 and any affiliate thereof4 4 7b7 ,rule of construction ,section #ac7;c77#d77;,h7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d77;,h77 does not apply to the amendments made by subsection 7a74 #ijg4 ,failing bank acquisition fairness 7a7 ,concentration limit exceptions only available to avoid serious adverse economic or financial effects 7#a7 ,concentration limits with respect to deposits 7,a7 ,federal ,deposit ,insurance ,act ,the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is amended-- 7i7 in section #ah7;c77#ac7-- 7,i7 by amending subparagraph 7,b7 to read as follows3 7,b7 ,subparagraph 7,a7 shall not apply to an interstate merger transaction if-- 7i7 such interstate merger transaction involves #a or more insured depository institutions in default or in danger of default and the responsible agency determines1 based on clear and convincing evidence1 that consummation of the proposed interstate merger transaction is necessary to prevent significant economic disruption or significant adverse effects on financial stability1 and the ,corporation has not received any qualified bid from a company that is not subject to the prohibition in subparagraph 7,a72 or 7ii7 the ,corporation provides assistance under section #ac to facilitate such interstate merger transaction and the responsible agency determines1 based on clear and convincing evidence1 that consummation of the proposed interstate merger transaction is necessary to prevent significant economic disruption or significant adverse effects on financial stability1 and the ,corporation has not received any qualified bid from a company that is not subject to the prohibition in subparagraph 7,a74 2 and 7,,ii7 in subparagraph 7,c7-- 7aa7 in clause 7i71 by striking and at the end2 7bb7 in clause 7ii71 by striking the period at the end and inserting a semicolon2 and 7cc7 by adding at the end the following3 7iii7 the term qualified bid means an application1 proposed application1 or bid from a company where-- 7,i7 if applicable1 the company1 any affiliate insured depository institution1 and any affiliate depository institution holding company are well capitalized and well managed1 as of the date of the application1 proposed application1 or bid2 and 7,,ii7 upon consummation of the transaction1 the resulting insured depository institution is well capitalized2 7iv7 the term well capitalized-- 7,i7 with respect to an insured depository institution1 has the meaning given such term in section #ch7;b7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcao7b772 7,,ii7 with respect to a bank holding company1 has the meaning given such term in section #b7o77#a77;,b7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda7o77#a77;,b772 7,,iii7 with respect to a savings and loan holding company1 has the meaning given such term in section #bch4b of title #ab1 ,code of ,federal ,regulations2 and 7,,iv7 with respect to a company that is not an insured depository institution1 bank holding company1 or savings and loan holding company1 means maintaining equity capital that the ,corporation determines is commensurate with the capital maintained by an insured depository institution that is well capitalized2 and 7v7 the term well managed has the meaning given such term in section #b7o77#i7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda7o77#i774 2 and 7ii7 in section #dd1 by amending subsection 7e7 to read as follows3 7e7 ,exception for banks in default or in danger of default 7#a7 ,general exception ,the responsible agency may1 without regard to paragraph 7#a71 7#c71 7#d71 or 7#e7 of subsection 7b7 or paragraph 7#b71 7#d71 or 7#e7 of subsection 7a71 approve an application under subsection 7a77#a7 for approval of a merger transaction if-- 7,a7 the merger transaction involves #a or more banks in default or in danger of default2 or 7,b7 the ,corporation provides assistance under section #ac7;c7 to facilitate such merger transaction4 7#b7 ,concentration limit exception ,the responsible agency may1 without regard to subsection 7b77#b71 approve an application under subsection 7a77#a7 for approval of a merger transaction if-- 7,a7 the merger transaction involves #a or more banks in default or in danger of default and the responsible agency determines1 based on clear and convincing evidence1 that consummation of the proposed interstate merger transaction is necessary to prevent significant economic disruption or significant adverse effects on financial stability1 and the ,corporation has not received any qualified bid from another institution that is not subject to the prohibition in subsection 7b77#b72 or 7,b7 the ,corporation provides assistance under section #ac7;c7 to facilitate such merger transaction and the responsible agency determines1 based on clear and convincing evidence1 that consummation of the proposed interstate merger transaction is necessary to prevent significant economic disruption or significant adverse effects on financial stability1 and the ,corporation has not received any qualified bid from another institution that is not subject to the prohibition in subsection 7b77#b74 7#c7 ,qualified bid defined ,in this subsection1 the term qualified bid has the meaning given that term in section #ah7;c77#ac77;,c74 4 7,b7 ,bank holding company act of #aief ,the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda et seq47 is amended-- 7i7 in section #c7;d71 by amending paragraph 7#e7 to read as follows3 7#e7 ,exception for banks in default or in danger of default 7,a7 ,general exception ,the ,board may1 without regard to subparagraph 7,b7 or 7,d7 of paragraph 7#a7 or paragraph 7#c71 approve an application pursuant to paragraph 7#a77;,a7 if-- 7i7 the application is for an acquisition of #a or more banks in default or in danger of default2 or 7ii7 the application is for an acquisition with respect to which assistance is provided under section #ac7;c7 of the ,federal ,deposit ,insurance ,act4 7,b7 ,concentration limit exception ,the ,board may1 without regard to paragraph 7#b71 approve an application pursuant to paragraph 7#a77;,a7 if-- 7i7 the application is for the acquisition of #a or more banks in default or in danger of default and the ,board determines1 based on clear and convincing evidence1 that consummation of the proposed acquisition is necessary to prevent significant economic disruption or significant adverse effects on financial stability1 and the ,corporation has not received any qualified bid from another institution that is not subject to the prohibition in paragraph 7#b72 or 7ii7 the application is for an acquisition with respect to which assistance is provided under section #ac7;c7 of the ,federal ,deposit ,insurance ,act and the ,board determines1 based on clear and convincing evidence1 that consummation of the proposed acquisition is necessary to prevent significant economic disruption or significant adverse effects on financial stability1 and the ,corporation has not received any qualified bid from another institution that is not subject to the prohibition in paragraph 7#b74 7,c7 ,qualified bid defined ,in this paragraph1 the term qualified bid has the meaning given that term in section #ah7;c77#ac77;,c7 of the ,federal ,deposit ,insurance ,act4 2 and 7ii7 in section #d7;i77#h71 by amending subparagraph 7,b7 to read as follows3 7,b7 ,exception ,subparagraph 7,a7 shall not apply to an acquisition if-- 7i7 such acquisition involves an insured depository institution in default or in danger of default and the ,board determines1 based on clear and convincing evidence1 that consummation of the proposed acquisition is necessary to prevent significant economic disruption or significant adverse effects on financial stability1 and the ,corporation has not received any qualified bid 7as defined in section #ah7;c77#ac77;,c7 of the ,federal ,deposit ,insurance ,act7 from another institution that is not subject to the prohibition in paragraph 7#b72 or 7ii7 the ,federal ,deposit ,insurance ,corporation provides assistance under section #ac of the ,federal ,deposit ,insurance ,act to facilitate such acquisition and the ,board determines1 based on clear and convincing evidence1 that consummation of the proposed acquisition is necessary to prevent significant economic disruption or significant adverse effects on financial stability1 and the ,corporation has not received any qualified bid 7as defined in section #ah7;c77#ac77;,c7 of the ,federal ,deposit ,insurance ,act7 from another institution that is not subject to the prohibition in paragraph 7#b74 4 7#b7 ,concentration limit with respect to consolidated liabilities ,section #ad7;c7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #aheb7;c77 is amended-- 7,a7 by redesignating paragraphs 7#a71 7#b71 and 7#c7 as subparagraphs 7,a71 7,b71 and 7,c71 respectively2 7,b7 by striking ,with the and inserting the following3 7#a7 ,in general ,with the 2 and 7,c7 by adding at the end the following3 7#b7 ,limitation ,the ,board may provide written consent for an acquisition described in paragraph 7#a77;,a7 or in paragraph 7#a77;,b7 only if the ,board determines1 based on clear and convincing evidence1 that consummation of the proposed acquisition is necessary to prevent significant economic disruption or significant adverse effects on financial stability1 and the ,corporation has not received any qualified bid 7as defined in section #ah7;c77#ac77;,c7 of the ,federal ,deposit ,insurance ,act7 from another institution that is not subject to the prohibition in subsection 7b74 4 7b7 ,congressional notification and justification for waivers 7#a7 ,in general ,whenever the ,board of ,governors of the ,federal ,reserve ,system1 the ,comptroller of the ,currency1 or the ,federal ,deposit ,insurance ,corporation waives a concentration limit under section #ah7;c77#ac77;,b7 or section #dd7;e7 of the ,federal ,deposit ,insurance ,act or under section #c7;d77#e71 section #d7;i77#h77;,b71 or section #ad7;c77#b7 of the ,bank ,holding ,company ,act of #aief1 in connection with the acquisition of a bank or insured depository institution in default or in danger of default1 or in connection with an acquisition with respect to which the ,federal ,deposit ,insurance ,corporation provides assistance under section #ac of the ,federal ,deposit ,insurance ,act1 the waiving agency and the ,federal ,deposit ,insurance ,corporation1 jointly1 shall1 not later than #cj days after such waiver1 submit a written report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate containing-- 7,a7 a justification for the waiver1 including an analysis of why it was necessary to prevent significant economic disruption or significant adverse effects on financial stability2 7,b7 a description of alternative bids or outcomes considered1 including efforts to solicit and encourage bids from entities that would not require a waiver2 7,c7 an explanation of why alternative bids were not selected1 if applicable2 and 7,d7 any recommendations for legislative or regulatory changes to improve competition in future insured depository institution resolutions4 7#b7 ,public disclosure ,the waiving agency submitting a report under paragraph 7#a7 and the ,federal ,deposit ,insurance ,corporation shall make the report publicly available on their respective websites1 subject to redactions for confidential supervisory information and any other information described under section #eeb7;b7 of title #e1 ,united ,states ,code4 7c7 ,limitation on considering bad faith bids in least cost determination ,section #ac7;c77#d7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d771 as amended by section #ijf7;a77#c71 is further amended by adding at the end the following3 7,j7 ,limitation on considering bad faith bids ,in making a determination under this paragraph of whether an exercise of authority is the least costly to the ,deposit ,insurance ,fund1 the ,corporation may not consider any application1 proposed application1 or bid from a company1 if such application1 proposed application1 or bid would result in violation of-- 7i7 section #ah7;c77#ac7 or #dd7;b77#b72 or 7ii7 section #c7;d77#b71 #d7;i77#h71 or #ad of the ,bank ,holding ,company ,act of #aief4 4 #ijh4 ,advancing the mentor-protg program for small financial institutions ,section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note7 is amended by adding at the end the following new subsection3 7d7 ,financial agent mentor-protg program 7#a7 ,in general ,the ,secretary of the ,treasury shall establish a program to be known as the ,financial ,agent ,mentor-,protg ,program 7in this subsection referred to as the ,program7 under which a financial agent designated by the ,secretary or a large financial institution may serve as a mentor1 under guidance or regulations prescribed by the ,secretary1 to a small financial institution to allow such small financial institution-- 7,a7 to be prepared to perform as a financial agent2 or 7,b7 to improve capacity to provide services to the customers of the small financial institution4 7#b7 ,outreach ,the ,secretary shall hold outreach events to promote the participation of financial agents1 large financial institutions1 and small financial institutions in the ,program at least once a year4 7#c7 ,exclusion ,the ,secretary shall issue guidance or regulations to establish a process under which a financial agent1 large financial institution1 or small financial institution may be excluded from participation in the ,program4 7#d7 ,report ,the ,secretary shall report to ,congress information pertaining to the ,program1 including-- 7,a7 the number of financial agents1 large financial institutions1 and small financial institutions participating in such ,program2 and 7,b7 the number of outreach events described in paragraph 7#b7 held during the year covered by such report4 7#e7 ,definitions ,in this subsection3 7,a7 ,financial agent ,the term financial agent means any national banking association designated by the ,secretary of the ,treasury to be employed as a financial agent of the ,government4 7,b7 ,large financial institution ,the term large financial institution means any entity regulated by the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 or the ,national ,credit ,union ,administration that has total consolidated assets greater than or equal to #ej1jjj1jjj1jjj4 7,c7 ,rural depository institution ,the term rural depository institution means a depository institution 7as defined in section #c of the ,federal ,deposit ,insurance ,act7-- 7i7 with total consolidated assets of less than #aj1jjj1jjj1jjj2 and 7ii7 located in a rural area1 as defined under section #ajbf4ce7;b77#b77;iv77,a7 of title #ab1 ,code of ,federal ,regulations4 7,d7 ,small financial institution ,the term small financial institution means-- 7i7 any entity regulated by the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 or the ,national ,credit ,union ,administration that has total consolidated assets less than or equal to #b1jjj1jjj1jjj2 7ii7 a minority depository institution2 or 7iii7 a rural depository institution4 4 #iji4 ,american access to banking 7a7 ,streamlining application process and review of capital raising by de novo regulated institutions 7#a7 ,in general ,each of the ,federal financial institutions regulatory agencies shall-- 7,a7 for the purpose of streamlining the process of applying to become a de novo regulated institution1 conduct a review of any application forms related to such process2 7,b7 to the extent practicable1 gather information needed from applicants seeking to become a de novo regulated institution from other ,federal ,government agencies or public sources to minimize information requests of such applicants2 and 7,c7 in consultation with the ,securities and ,exchange ,commission1 review how de novo regulated institutions raise capital while maintaining investor protections1 including the impact of-- 7i7 general capital raising restrictions2 and 7ii7 capital raising restrictions related to individuals who are not accredited investors4 7#b7 ,report ,not later than #a year after the date of the enactment of this section1 and annually for #e years thereafter1 each of the ,federal financial institutions regulatory agencies shall submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and publish on a public website of such agency a report that contains-- 7,a7 a description of the actions taken by such agency pursuant to paragraph 7#a72 and 7,b7 as appropriate1 any administrative or legislative recommendations with respect to the purpose described in paragraph 7#a77;,c74 7b7 ,improving communication with de novo regulated institutions 7#a7 ,in general ,each of the ,federal financial institutions regulatory agencies shall1 at the request of an applicant to become a de novo regulated institution1 designate an employee of the agency as a caseworker1 who may perform such duty in addition to the other duties of the employee4 7#b7 ,caseworker duties ,each caseworker described in paragraph 7#a7 shall1 to the maximum extent practicable-- 7,a7 meet with the lead organizers applying to become a de novo regulated institution to provide a tutorial with respect to the application process2 and 7,b7 be the primary point of contact of the respective ,federal financial institutions regulatory agency for such organizers during the application process4 7#c7 ,new caseworker ,each agency described in paragraph 7#a7 may designate a new caseworker1 as appropriate1 to support continuity based on staffing and responsibilities assigned to the current caseworker4 7c7 ,de novo mentor-protg partnerships 7#a7 ,in general ,at the request of an institution that seeks to become a de novo regulated institution1 each of the ,federal financial institutions regulatory agencies shall1 to the maximum extent practicable1 provide a list to such institution of similar types of institutions that-- 7,a7 were recently approved to become a de novo regulated institution2 and 7,b7 are interested in volunteering to serve as a mentor to provide advice about the de novo application process4 7#b7 ,mentorship information ,not later than #a year after the date of the enactment of this section1 each of the ,federal financial institutions regulatory agencies shall provide public information and directions on how an institution may request a mentor or serve as a mentor as described in paragraph 7#a74 7d7 ,state and stakeholder engagement plan 7#a7 ,in general ,each of the ,federal financial institutions regulatory agencies shall develop a plan to-- 7,a7 regularly consult with ,state regulators to promote cooperation between ,state and ,federal banking and credit union agencies in the creation of de novo regulated institutions1 including responding to any ,state regulator that requests assistance on how a ,state-chartered financial institution can request ,federal insurance2 7,b7 regularly consult with stakeholders1 including applicants to become de novo regulated institutions and recently approved regulated institutions1 to inform any reforms that may support the creation of de novo regulated institutions1 including rural institutions1 community development financial institutions1 and minority depository institutions2 and 7,c7 provide guidance1 training material1 and regular workshops to assist any interested parties to understand such agencies' processes4 7#b7 ,submission to ,congress 7,a7 ,in general ,not later than #b years after the date of the enactment of this section1 and every #e years thereafter1 each of the ,federal financial institutions regulatory agencies shall submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate the respective plan of such agency described in paragraph 7#a74 7,b7 ,public comment ,with respect to developing the plan described in paragraph 7#a71 each of the ,federal financial institutions regulatory agencies shall-- 7i7 provide an opportunity for public comments2 and 7ii7 take such public comments into consideration4 7e7 ,definitions 7#a7 ,in general ,in this section3 7,a7 ,federal banking agency ,the term ,federal banking agency has the meaning given the term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7,b7 ,federal financial institutions regulatory agencies ,the term ,federal financial institutions regulatory agencies has the meaning given the term in section #ajjc of the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccjb74 7,c7 ,regulated institution ,the term regulated institution means-- 7i7 with respect to a ,federal banking agency1 a depository institution 7as such term is defined in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 for which the ,federal banking agency is the appropriate ,federal banking agency 7as such term is defined in such section #c72 and 7ii7 with respect to the ,national ,credit ,union ,administration1 an insured credit union 7as such term is defined in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb774 7,d7 ,state ,the term ,state means each of the several ,states1 the ,district of ,columbia1 and each territory of the ,united ,states4 7,e7 ,state regulator ,the term ,state regulator means-- 7i7 with respect to a ,federal banking agency1 a ,state banking regulator2 and 7ii7 with respect to the ,national ,credit ,union ,administration1 the ,state regulatory agency having jurisdiction over a ,state credit union 7as such term is defined in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb774 7#b7 ,rule of construction ,for purposes of this section1 the process of applying to become a de novo regulated institution shall include the process of applying for ,federal deposit insurance1 ,federal share insurance1 or membership in the ,federal ,reserve ,system4 #iaj4 ,promoting new bank formation 7a7 ,pilot phase-in of capital standards ,the ,federal banking agencies may issue rules that provide for a #b-year phase-in period for a qualifying community bank or its depository institution holding company to meet any ,federal capital requirements that would otherwise be applicable to the qualifying community bank or its depository institution holding company1 beginning on-- 7#a7 the date on which the qualifying community bank became an insured depository institution2 or 7#b7 in the case of its depository institution holding company1 the date on which the qualifying community bank of the depository institution holding company became an insured depository institution4 7b7 ,pilot changes to business plans 7#a7 ,in general ,during the #b-year period beginning on the date on which a qualifying community bank became an insured depository institution1 the qualifying community bank or its depository institution holding company may request to deviate from a business plan that has been approved by the appropriate ,federal banking agency by submitting a request to such agency pursuant to this section4 7#b7 ,review of changes ,the appropriate ,federal banking agency shall1 not later than the end of the #ij-;day period beginning on the receipt of a request under paragraph 7#a7-- 7,a7 approve1 conditionally approve1 or deny such request2 and 7,b7 notify the applicant of such decision and1 if the agency denies the request-- 7i7 provide the applicant with the reason for such denial2 and 7ii7 suggest changes to the request that1 if adopted1 would allow the agency to approve such request4 7#c7 ,result of failure to act ,if the appropriate ,federal banking agency fails to approve or deny a request within the #ij-;day period required under paragraph 7#b71 such request shall be deemed to be approved4 7c7 ,pilot program study 7#a7 ,study ,the ,federal banking agencies shall1 jointly1 carry out a study on the impact of the ,pilot ,program carried out pursuant to subsections 7a7 and 7b7 of this section on the formation of de novo insured depository institutions1 including such institutions which are rural depository institutions1 community development financial institutions1 and minority depository institutions1 taking into account safety and soundness1 promoting competition1 and expanding access to affordable financial products and services to underserved communities4 7#b7 ,report to congress ,not later than ,december #ca1 #bjca1 the ,federal banking agencies shall1 jointly1 issue a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate containing all findings and determinations made in carrying out the study required under paragraph 7#a74 7d7 ,study on de novo insured depository institutions 7#a7 ,study ,the ,federal banking agencies shall1 jointly1 carry out a study on-- 7,a7 the principal causes for the low number of de novo insured depository institutions in the #aj-year period ending on the date of enactment of this subsection2 7,b7 ways to promote more de novo insured depository institutions in areas currently underserved by insured depository institutions2 and 7,c7 ways to ensure de novo depository institutions1 including institutions which are rural depository institutions1 community development financial institutions1 and minority depository institutions1 can utilize the ,community ,bank ,leverage ,ratio4 7#b7 ,report to congress ,not later than the end of the #a-year period beginning on the date of enactment of this ,act1 the ,federal banking agencies shall1 jointly1 issue a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate containing all findings and determinations made in carrying out the study required under paragraph 7#a74 7e7 ,definitions ,in this section3 7#a7 ,appropriate federal banking agency ,the term appropriate ,federal banking agency has the meaning given the term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#b7 ,depository institution ,the term depository institution has the meaning given the term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#c7 ,depository institution holding company ,the term depository institution holding company has the meaning given the term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#d7 ,federal banking agency ,the term ,federal banking agency has the meaning given the term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#e7 ,insured depository institution ,the term insured depository institution has the meaning given the term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#f7 ,qualifying community bank ,the term qualifying community bank means a depository institution that-- 7,a7 including its holding company and all of its subsidiaries and affiliates1 has total combined assets of less than #aj1jjj1jjj1jjj2 and 7,b7 became an insured depository institution between ,january #a1 #bjbf1 and ,december #ca1 #bjbh4 #iaa4 ,rural depositories revitalization study 7a7 ,study ,the ,federal banking agencies shall1 jointly1 carry out a study-- 7#a7 to identify methods to improve the growth1 capital adequacy1 and profitability of depository institutions in the ,united ,states that primarily serve rural areas2 and 7#b7 to identify ,federal statutes 7other than appropriations ,acts7 or regulations of the ,federal banking agencies that limit-- 7,a7 the methods identified under paragraph 7#a72 or 7,b7 the establishment of de novo depository institutions in rural areas4 7b7 ,report ,not later than #a year after the date of enactment of this ,act1 the ,federal banking agencies shall1 jointly1 issue a report to ,congress containing all findings and determinations made in carrying out the study required under subsection 7a74 7c7 ,study on rural credit unions ,the ,national ,credit ,union ,administration shall carry out a study-- 7#a7 to identify methods to improve the growth1 capital adequacy1 and profitability of credit unions in the ,united ,states that primarily serve rural areas2 and 7#b7 to identify ,federal statutes 7other than appropriations ,acts7 or regulations of the ,national ,credit ,union ,administration that limit-- 7,a7 the methods identified under paragraph 7#a72 or 7,b7 the establishment of de novo credit unions in rural areas4 7d7 ,report on rural credit unions ,not later than #a year after the date of enactment of this ,act1 the ,national ,credit ,union ,administration shall issue a report to ,congress containing all findings and determinations made in carrying out the study required under subsection 7c74 7e7 ,definitions ,in this section3 7#a7 ,depository institution ,the term depository institution has the meaning given that term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#b7 ,federal banking agencies ,the term ,federal banking agencies means the ,board of ,governors of the ,federal ,reserve ,system1 the ,comptroller of the ,currency1 and the ,federal ,deposit ,insurance ,corporation4 7#c7 ,rural ,with respect to an area1 the term rural has the meaning given that term in section #ajbf4ce7;b77#b77;iv77,a7 of title #ab1 ,code of ,federal ,regulations4 #iab4 ,discretionary surplus fund 7a7 ,in general ,the dollar amount specified under section #g7;a77#c77;,a7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bhi7;a77#c77;,a77 is reduced by #aae1jjj1jjj4 7b7 ,effective date ,the amendment made by subsection 7a7 shall take effect on ,september #cj1 #bjce4 ,x ,home-ownership for ,main ,street ,america #ajja4 ,homes are for people1 not corporations 7a7 ,definitions ,in this section3 7#a7 ,consumer reporting agency ,the term consumer reporting agency has the meaning given the term in section #fjc of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha;a774 7#b7 ,excepted purchase ,the term excepted purchase means any purchase of a single-family home that is-- 7,a7 newly constructed1 renovated1 or a rental conversion for sale by a large institutional investor and not as a residence rented pending sale2 7,b7 pursuant to a build-to-rent program where the large institutional investor purchases1 constructs1 or constructs and retains a newly constructed single-family homes to be managed as a rental property1 whether as part of a community made up exclusively of renter-occupied single-family homes or as part of a community made up of single-family homes that are both owner- and renter-occupied2 7,c7 pursuant to a renovate-to-rent program that-- 7i7 substantially rehabilitates single-family homes that do not meet structural or core system elements of local building codes2 and 7ii7 makes improvements in an aggregate dollar amount of not less than #ae percent of the purchase price of the single-family home2 7,d7 pursuant to a homeownership program that-- 7i7 requires rental payments and any other fees that are not greater than those collected by the large institutional investor on other similarly situated single-family homes not covered by the eligible homeownership program2 7ii7 is subject to a contract between the large institutional investor and renter that shall be considered a consumer credit transaction secured by a dwelling or real property2 7iii7 provides for positive reporting of rental payments to consumer reporting agencies for any renter1 who shall be informed of and opts into such reporting2 and 7iv7 requires contribution of meaningful financial support from the large institutional investor1 including price concessions1 for the purchase of the single-family home by the renter2 7,e7 pursuant to a program to boost homeownership that-- 7i7 provides for positive reporting of rental payments to consumer reporting agencies for any renter1 who shall be informed of and opts into such reporting2 7ii7 provides for the right of first refusal and a #cj-;day first look period2 and 7iii7 may entail the meaningful financial support from the large institutional investor1 including price concessions1 for the purchase of a single-family home by the renter 7whether it is the home the renter occupies or another home72 7,f7 in connection with the satisfaction of debts previously contracted in good faith and where the large institutional investor has the right to repossess the single-family home under such contract2 7,g7 undertaken by a mortgage servicer1 lender1 or other entity that has a legal right to a single-family home1 for the purpose of loss mitigation or compliance with servicing or investor obligations1 and not as a long-term investment strategy1 and is solely as a result of-- 7i7 a foreclosure2 7ii7 a deed-in-lieu of foreclosure2 7iii7 enforcement of a mortgage1 deed of trust1 or other security interest2 or 7iv7 operation of law following borrower default2 7,h7 purchased from another large institutional investor that either owned the single-family home on the date of enactment of this ,act or purchased the single-family home in compliance with this section2 7,i7 purchased from an investor not covered under this section1 so long as the purchase occurred not more than #b years after the effective date under subsection 7f72 7,j7 newly constructed1 renovated1 or a rental conversion that is intended and operated for occupancy as part of a community for households with #a or more members aged #ee years or older1 and satisfies visitability standards established by the ,secretary of ,housing and ,urban ,development2 or 7,k7 purchased through a single purchase or combination or series of purchases described in subparagraphs 7,a7 through 7,j74 7#c7 ,single-family home ,the term single-family home-- 7,a7 means a structure that contains #b or fewer dwelling units that are each intended for residential occupancy by a single household2 and 7,b7 does not include a manufactured home1 as defined in section #fjc of the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edjb74 7#d7 ,large institutional investor 7,a7 ,in general ,the term large institutional investor-- 7i7 means an investment fund1 corporation1 general or limited partnership1 limited liability company1 joint venture1 association1 or other for-profit entity that is a legal entity structured in a manner that is not aforementioned that-- 7,i7 is engaged1 in whole or in part1 in the business of investing in1 owning1 renting1 managing1 or holding single-family homes2 and 7,,ii7 alone or in concert with #a or more other entities1 beginning after the date of enactment of this ,act1 directly or indirectly has investment control of not less than #cej single-family homes in the aggregate1 not including any single-family home purchased in an excepted purchase made after the date of enactment of this ,act2 and 7ii7 does not include any local1 ,state1 ,tribal1 or ,federal government entity or instrumentality thereof4 7,b7 ,rule of construction ,for purposes of this paragraph1 an entity has direct or indirect investment control over a single-family home if the entity-- 7i7 owns1 or has primary authority or fiduciary responsibility to make material investment or management decisions relating to1 the single-family home2 7ii7 is1 or directly or indirectly controls1 the general partner or managing member of the entity that owns the single-family home2 7iii7 is or controls the investment manager1 management company1 or investment advisor of the entity that owns the single-family home2 7iv7 owns or controls more than #be percent of any class of equity interests of the entity that owns the single-family home1 unless such entity is a passive investor2 or 7v7 otherwise controls the entity that owns the single-family home4 7#e7 ,purchase ,the term purchase includes any purchase1 transfer1 or other acquisition of a single family home1 including through mergers1 acquisitions1 construction1 foreclosures1 or bulk purchases1 whether or not for cash consideration4 7b7 ,prohibition on purchases by large institutional investors 7#a7 ,in general ,no large institutional investor may purchase1 or enter into a contract to directly or indirectly purchase1 any single-family home4 7#b7 ,exceptions ,the prohibition under paragraph 7#a7 shall not apply to-- 7,a7 any excepted purchase2 or 7,b7 any purchase of a single-family home in connection with a restructuring or other reorganization of ownership of single-family homes that were owned or purchased on or before the date of enactment of this ,act4 7#c7 ,rule of construction ,nothing in this section may be construed to-- 7,a7 require any large institutional investor to divest or otherwise sell any single-family home purchased before the date of enactment of this ,act2 or 7,b7 prevent the filing of a petition1 or otherwise affect any bankruptcy proceeding1 under title #aa1 ,united ,states ,code4 7#d7 ,implementation 7,a7 ,in general ,in consultation with the ,secretary of ,housing and ,urban ,development1 the ,director of ,federal ,housing ,finance ,agency1 and the ,chair of the ,securities and ,exchange ,commission1 the ,secretary of the ,treasury may issue regulations in accordance with the notice and comment rulemaking procedures under section #eec of title #e1 ,united ,states ,code1 to carry out the purposes of this section1 including regulations to-- 7i7 minimize market disruptions upon identifying a risk of material negative impact on the housing market1 including an impact on the ability of market participants to dispose of single-family homes in an orderly fashion2 and 7ii7 mitigate1 to the extent possible1 negative impacts on consumers and communities4 7,b7 ,rule of construction ,for the avoidance of doubt1 no regulation issued under subparagraph 7,a7 may amend the definitions of the terms defined under subsection 7a71 including to-- 7i7 alter the scope of excepted purchases in a manner that would undermine the goal of expanding the number of single-family homes available to individual households for purchase2 7ii7 alter any type of excepted purchase in a manner that would undermine the goal of expanding the number of single-family homes available to individual households for purchase2 7iii7 add any category of large institutional investor as an eligible class if not determined by this section2 or 7iv7 alter the quantitative threshold in the definition of large institutional investor4 7c7 ,renter outreach resource established 7#a7 ,in general ,the ,secretary shall1 not later than #ahj days after the date of the enactment of this section1 establish a renter outreach resource that consists of a toll-free telephone number and a public website designed to assist renters of residential properties owned by a large institutional investor in-- 7,a7 notifying ,federal agencies about disputes relating to the rental of such properties1 including disputes about potential violations of ,federal law2 7,b7 sharing information about such disputes with other ,federal agencies1 including other ,federal agencies that manage similar disputes2 7,c7 monitoring such disputes2 and 7,d7 resolving such disputes1 to the extent practicable4 7#b7 ,response to outreach 7,a7 ,in general ,the ,secretary shall establish reasonable procedures to-- 7i7 promptly respond1 in writing where appropriate1 to a renter who provides information to the ,secretary about a dispute using the renter outreach resource established under paragraph 7#a72 and 7ii7 document such responses4 7,b7 ,contents ,responses provided under subparagraph 7,a7 shall include1 where appropriate1 information about-- 7i7 steps that have been taken by the ,secretary or another ,federal agency in response to the information about the dispute provided by the renter1 including determining the appropriate large institutional investor involved as described in paragraph 7#c72 7ii7 any responses received by the ,secretary or another ,federal agency from the large institutional investor related to such dispute2 and 7iii7 any outcome of the dispute1 to the extent practicable4 7#c7 ,investigation of potential violations of ,federal law 7,a7 ,in general ,the ,secretary shall promptly process and investigate any information relating to a dispute received through the renter outreach resource established under paragraph 7#a7 about a potential violation of ,federal law that is received from a renter of a residential property owned by a large institutional investor through the renter outreach resource established under paragraph 7#a71 including3 7i7 ,requesting information from a large institutional investor2 7ii7 ,determining the appropriate large institutional investor involved in the dispute2 and 7iii7 ,sharing information about such potential violation of ,federal law with any relevant ,federal agencies1 as the ,secretary may determine appropriate4 7,b7 ,responses to requests for information ,upon request for information made pursuant to subparagraph 7,a71 the ,secretary shall provide a large institutional investor the opportunity to respond1 including regarding whether such large institutional investor currently owns the property described in such request for information4 7#d7 ,information for appropriate ,state authority ,when the ,secretary receives information about a potential violation of ,state law or about a dispute received through the renter outreach resource1 from a renter of a residential property owned by a large institutional investor through the renter outreach resource established under paragraph 7#a71 the ,secretary shall1 at a minimum1 provide the renter with contact information for the appropriate1 ,state-specific1 ,state authority authorized to process and investigate such information4 7#e7 ,notice about renter outreach resource ,each large institutional investor shall-- 7,a7 provide to each renter of a residential property owned by such investor at the time such renter first occupies such home and annually thereafter-- 7i7 written notice about the renter outreach resource established under paragraph 7#a72 and 7ii7 the name1 phone number1 and email address of the person or entity responsible for receiving and addressing renter disputes for the large institutional investor1 and update the name1 phone number1 and email address within #cj days if such information changes prior to the subsequent time at which such notice is required to be provided2 and 7,b7 prominently feature information about the renter outreach resource established under paragraph 7#a7 on a public website of such investor that is accessible by such renter4 7#f7 ,annual report to the ,congress 7,a7 ,in general ,the ,secretary shall1 not later than ,march #ca of each year1 submit to the ,congress a public report which analyzes and aggregates the information received or obtained pursuant to this subsection during the prior year that includes-- 7i7 information about the types and the number of disputes received about potential violations of ,federal law2 7ii7 information about the types and the number of disputes received about potential violations of ,state law2 7iii7 where practicable1 information about the resolution of such disputes2 and 7iv7 information provided to the ,secretary of ,housing and ,urban ,development under paragraph 7#h74 7,b7 ,anonymization of data ,any data included in a report that is submitted under this paragraph shall be aggregated or anonymized so as to protect any individual dispute or personally identifiable information received through the renter outreach resource4 7#g7 ,protection of personal information ,in complying with the requirements of this subsection1 the ,secretary shall take such measures as the ,secretary determines are necessary to provide for the protection of personally identifiable information received through the renter outreach resource in a manner that conforms with existing standards for protection of the confidentiality of personally identifiable information4 7#h7 ,annual notification ,not later than #ahj days after the date of the enactment of this ,act1 and not later than ,december #cast of each year thereafter1 each person or entity that satisfies the definition of a large institutional investor1 as such term is defined in subsection 7a7 shall-- 7,a7 notify the ,secretary each year whether such owner is a large institutional investor as defined in subsection 7a72 and 7,b7 in such notification1 identify how many single-family homes such large institutional investor has direct or indirect investment control of as of the date of the submission of such notice1 and the city and ,state where each such single-family home is located1 unless such large institutional investor owns #aj or fewer single-family homes in such city4 7d7 ,enforcement 7#a7 ,civil penalties ,the ,secretary of the ,treasury1 or the ,attorney ,general at the request of the ,secretary of the ,treasury1 may bring an action against a large institutional investor that violates subsection 7b7 for a civil penalty in an amount that is not more than #a1jjj1jjj per violation1 or #c times the purchase price of the property involved1 whichever is greater4 7#b7 ,transfer to hud for homeownership expansion activities ,for fiscal year #bjbg and each fiscal year thereafter1 to the extent and in the amounts provided in advance in appropriations ,acts1 civil penalties assessed under this section shall be transferred to and available to the ,secretary of ,housing and ,urban ,development to provide additional funding for the ,,home ,investment ,partnerships program under subtitle ,a of title ,,ii of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgda et seq471 to be allocated in accordance with the formula under that program1 for new construction1 acquisition1 and rehabilitation of single-family homes and to provide assistance grants to first-time homebuyers1 which may be for downpayments1 closing costs1 and interest rate buydowns4 7e7 ,studies on large institutional investors 7#a7 ,gao report ,not later than #b years after the date on which the prohibition under subsection 7b77#a7 takes effect1 and again not later than #aj years after that date1 the ,comptroller ,general of the ,united ,states shall submit to the ,senate ,committee on ,banking1 ,housing and ,urban ,affairs and the ,house ,committee on ,financial ,services a report on-- 7,a7 the impact of the ownership by large institutional investors of single-family homes on housing availability and affordability for renters and homebuyers2 and 7,b7 the effectiveness of this section in reducing demand by large institutional investors for single-family homes and expanding homeownership for renters and homebuyers4 7#b7 ,hud report ,not later than #b years after the date on which the prohibition under subsection 7b77#a7 takes effect1 and again not later than #aj years after that date1 the ,secretary of the ,housing and ,urban ,development1 in consultation with the ,secretary of the ,treasury1 the ,administrator of the ,rural ,housing ,service1 the ,executive ,director of the ,loan ,guaranty ,service of the ,department of ,veterans ,affairs1 the ,chair of ,securities and ,exchange ,commission1 and the ,director of the ,federal ,housing ,finance ,agency1 shall submit to the ,committee on ,banking1 ,housing and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report on-- 7,a7 whether there should be adjustments to the definition of the term large institutional investor2 7,b7 the financial impact of this section on large institutional investors1 renters1 and homebuyers2 and 7,c7 any legislative recommendations regarding ways to improve the authorities provided under this section to increase the supply and affordability of single-family homes for purchase by individual homebuyers4 7#c7 ,sense of congress ,it is the sense of ,congress that-- 7,a7 this section is intended to expand the number of single-family homes available to individuals for purchase and is aimed at preserving and expanding the supply of single-family homes available to individuals2 and 7,b7 any further study on the effectiveness of this section and any legislative recommendations therefrom should consider this sense of ,congress4 7f7 ,effective date ,the requirements and prohibitions under subsections 7b7 and 7d7 of this section-- 7#a7 shall take effect on the date that is #ahj days after the date of enactment of this ,act2 and 7#b7 are repealed on the date that is #ae years after the effective date under paragraph 7#a74 ,,xi ,central bank digital currency #aaja4 ,central bank digital currency ,the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bba et seq47 is amended by inserting after section #af 7#ab ,u4,s4,c4 #daa et seq47 the following3 #af;,a4 ,central bank digital currency 7a7 ,definitions ,in this section3 7#a7 ,central bank digital currency ,the term central bank digital currency means a digital asset that-- 7,a7 is denominated in ,united ,states dollars2 7,b7 is a ,united ,states currency2 7,c7 is a direct liability of the ,federal ,reserve ,system2 and 7,d7 is widely available to the general public4 7#b7 ,digital asset ,the term digital asset has the meaning given the term in section #b of the ,,genius ,act 7#ab ,u4,s4,c4 #eija74 7b7 ,prohibition ,except as provided in subsection 7c71 the ,board of ,governors of the ,federal ,reserve ,system or a ,federal reserve bank may not issue or create a central bank digital currency or any digital asset that is substantially similar to a central bank digital currency directly or indirectly through a financial institution or other intermediary4 7c7 ,exception ,subsection 7b7 shall not prohibit any dollar-denominated currency that is open1 permissionless1 and private1 and fully preserves the privacy protections of ,united ,states coins and physical currency4 7d7 ,sunset ,this provisions of this section shall cease to be effective on ,december #ca1 #bjcj4 7e7 ,rule of construction ,nothing in this section shall be construed to allow the ,board of ,governors of the ,federal ,reserve to issue a central bank digital currency or any digital asset that is substantially similar to a central bank digital currency directly or indirectly absent authorization by an ,act of ,congress4 4 ,,xii ,miscellaneous #abja4 ,severability ,if any provision of this ,act1 or the application thereof to any person or circumstance1 is held invalid1 the remainder of the ,act1 and the application of such provisions to other persons or circumstances1 shall not be affected thereby4 #abjb4 ,no additional funds authorized ,no additional funds are authorized to be appropriated to carry out the requirements of this ,act or any amendment made by this ,act4 ,clerk4