#aai? ,,congress #b;d ,session ,9 ! ,h\se ( ,repres5tatives1 ,u4 ,s41 ,may #bj1 #bjbf ,,h\se ,,am5dm5t ,,to ,,s5ate ,,am5dm5t3 ,t ! ,h\se agree to ! am5dm5t ( ! ,s5ate to ! bill 7,h4,r4 #ffdd7 entitl$ ,an ,act to increase ! supply ( h\s+ 9 ,am]ica1 & = o!r purposes41 ) ! foll[+ ,9 lieu ( ! matt] propos$ to be ins]t$ by ! am5dm5t ( ! ,s5ate to ! text ( ! bill1 ins]t ! foll[+3 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! #ba/ ,c5tury ,,road to ,h\s+ ,act4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,title ,i--,opportunities = ,h\s+ ,sec4 #aja4 ,re=ms to h\s+ c\nsel+ & f9ancial lit]acy programs4 ,sec4 #ajb4 ,f$]al guidel9es = po9t access block build+s4 ,sec4 #ajc4 ,exemption on con/ruction or modification ( resid5tial h\s+ locat$ on an infill site4 ,sec4 #ajd4 ,database ( publicly own$ l&4 ,sec4 #aje4 ,,fha ,small-,doll> ,mortgages4 ,sec4 #ajf4 ,temp]ature ,s5sor ,pilot ,program4 ,sec4 #ajg4 ,h\s+ supply frameworks4 ,title ,,ii--,build+ ,m 9 ,am]ica ,sec4 #bja4 ,increas+ h\s+ 9 opportunity zones4 ,sec4 #bjb4 ,:ole-,home ,repairs ,act4 ,sec4 #bjc4 ,community ,inve/m5t & ,prosp]ity ,act4 ,sec4 #bjd4 ,addition ( af=dable h\s+ con/ruction z an eligible activity4 ,sec4 #bje4 ,bett] ,use ( ,int]gov]nm5tal & ,local ,developm5t 7,,build7 ,h\s+ ,act4 ,sec4 #bjf4 ,unlock+ ,h\s+ ,supply ,?r\gh ,/reaml9$ & ,mod]niz$ ,reviews ,act4 ,sec4 #bjg4 ,grants = plann+ & implem5tation associat$ ) af=dable h\s+4 ,sec4 #bjh4 ,innovation ,fund4 ,sec4 #bji4 ,accel]at+ ,home ,build+ ,act4 ,sec4 #baj4 ,revitaliz+ ,empty ,/ructures ,into ,desirable ,environm5ts 7,,reside7 ,act4 ,sec4 #baa4 ,h\s+ ,af=dability ,act4 ,title ,,iii--,manufactur$ ,h\s+ = ,am]ica ,sec4 #cja4 ,h\s+ ,supply ,expansion ,act4 ,sec4 #cjb4 ,modul> ,h\s+ ,production ,act4 ,sec4 #cjc4 ,prop]ty ,improvem5t & ,manufactur$ ,h\s+ ,loan ,mod]nization ,act4 ,title ,,iv--,access+ ! ,am]ican ,dream ,sec4 #dja4 ,creat+ inc5tives = small-doll> loan orig9ators4 ,sec4 #djb4 ,small-doll> mortgage po9ts & fees4 ,sec4 #djc4 ,appraisal ,indu/ry ,improvem5t ,act4 ,sec4 #djd4 ,help+ ,m ,families ,save ,act4 ,sec4 #dje4 ,*oice 9 ,af=dable ,h\s+ ,act4 ,title ,v--,program ,re=m ,sec4 #eja4 ,,home ,inve/m5t ,p>tn]%ips ,reau?orization & ,re=m ,act4 ,sec4 #ejb4 ,rural ,h\s+ ,s]vice ,re=m ,act4 ,sec4 #ejc4 ,inc5tiviz+ local solutions to homelessness4 ,title ,,vi--,vet]ans & ,h\s+ ,sec4 #fja4 ,milit>y ,s]vice ,"q4 ,sec4 #fjb4 ,h\s+ ,unh\s$ ,disabl$ ,vet]ans ,act4 ,title ,,vii--,ov]sight & ,acc\ntability ,sec4 #gja4 ,requir+ annual te/imony & ov]sight f h\s+ regulators4 ,sec4 #gjb4 ,,fha report+ requirem5ts on safety & s\ndness4 ,sec4 #gjc4 ,unit$ ,/ates ,int]ag5cy ,c\ncil on ,homelessness ov]sight4 ,sec4 #gjd4 ,appraisal ,mod]nization ,act4 ,title ,,viii--,acc\ntability1 ,coord9ation1 ,/udies1 & ,report+ ,sec4 #hja4 ,,hud-,,usda-,,va ,int]ag5cy ,coord9ation ,act4 ,sec4 #hjb4 ,/reaml9+ ,rural ,h\s+ ,act4 ,sec4 #hjc4 ,improv+ self-suffici5cy ( families 9 ,,hud-subsidiz$ h\s+4 ,sec4 #hjd4 ,,gao /udies4 ,sec4 #hje4 ,improv+ public h\s+ ag5cy acc\ntability4 ,title ,,ix--,/r5g!n+ ,community ,banks' ,role 9 ,h\s+ ,sec4 #ija4 ,community bank deposit access4 ,sec4 #ijb4 ,keep+ deposits local4 ,sec4 #ijc4 ,tailor$ regulatory updates = sup]visory te/+4 ,sec4 #ijd4 ,cr$it union bo>d mod]nization4 ,sec4 #ije4 ,sy/emic risk au?ority transp>5cy4 ,sec4 #ijf4 ,lea/ co/ exception4 ,sec4 #ijg4 ,fail+ bank acquisition fairness4 ,sec4 #ijh4 ,advanc+ ! m5tor-protg program = small f9ancial in/itutions4 ,sec4 #iji4 ,am]ican access to bank+4 ,sec4 #iaj4 ,promot+ new bank =mation4 ,sec4 #iaa4 ,rural depositories revitalization /udy4 ,sec4 #iab4 ,discretion>y surplus fund4 ,title ,x--,home-own]%ip = ,ma9 ,/reet ,am]ica ,sec4 #ajja4 ,homes are = p1 n corporations4 ,title ,,xi--,c5tral bank digital curr5cy ,sec4 #aaja4 ,c5tral bank digital curr5cy4 ,title ,,xii--,miscellane\s ,sec4 #abja4 ,sev]ability4 ,sec4 #abjb4 ,no additional funds au?oriz$4 ,i ,opportunities = ,h\s+ #aja4 ,re=ms to h\s+ c\nsel+ & f9ancial lit]acy programs ,section #ajf ( ! ,h\s+ & ,urban ,developm5t ,act ( #aifh 7#ab ,u4,s4,c4 #agjax7 is am5d$-- 7#a7 9 subsection 7a77#d77;,c71 by /rik+ adequate di/ribution & all t foll[s ?r\gh =eclosure rates & ins]t+ t ! recipi5ts are geographically div]se & include organizations t s]ve urban or rural areas2 7#b7 9 subsection 7e71 by add+ at ! end ! foll[+3 7#f7 ,reviews ,! ,secret>y-- 7,a7 may conduct p]iodic reviews2 & 7,b7 %all conduct p]=mance reviews ( all organizations receiv+ assi/ance "u ?is section t-- 7i7 consi/ ( a review ( ! organization's compliance ) all program requirem5ts2 & 7ii7 may take into acc\nt ! organization's aggregate c\nselor p]=mance "u p>agraph 7#g77;,b74 7#g7 ,consid]ations 7,a7 ,cov]$ mortgage loan def9$ ,9 ?is p>agraph1 ! t]m cov]$ mortgage loan means any loan :i* is secur$ by a fir/ or subord9ate li5 on resid5tial real prop]ty 7includ+ individual units ( condom9iums & h\s+ coop]atives7 design$ pr9cipally = ! occupancy ( betwe5 #a & #d families t is-- 7i7 insur$ by ! ,f$]al ,h\s+ ,adm9i/ration "u title ,,ii ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjg et seq472 or 7ii7 gu>ante$ "u section #ahd or #ahd;,a ( ! ,h\s+ & ,community ,developm5t ,act ( #aiib 7#ab ,u4,s4,c4 #agaez-#ac;a1 #agaez-#ac;b74 7,b7 ,comp>ison ,= ea* c\nselor employ$ by an organization receiv+ assi/ance "u ?is section = prepur*ase h\s+ c\nsel+1 ! ,secret>y may consid] ! p]=mance ( ! c\nselor comp>$ to ! default rate ( all c\nsel$ borr[]s ( a cov]$ mortgage loan 9 comp>able m>kets & su* o!r factors z ! ,secret>y det]m9es appropriate to fur!r ! purposes ( ?is section4 7#h7 ,c]tification ,if1 bas$ on ! comp>ison requir$ "u p>agraph 7#g77;,b71 ! ,secret>y det]m9es t a c\nselor lacks compet5ce to provide c\nsel+ 9 ! areas describ$ 9 subsection 7e77#b7 & su* action w n create a significant loss ( capacity = h\s+ c\nsel+ s]vices 9 ! s]vice area1 ! ,secret>y may-- 7,a7 require cont9u$ education c\pl$ ) successful completion ( a probation>y p]iod2 7,b7 require rete/+ if ! c\nselor cont9ues to demon/rate a lack ( compet5ce "u p>agraph 7#g77;,b72 & 7,c7 susp5d an individual c]tification if a c\nselor fails to demon/rate compet5ce aft] n few] ?an #b rete/+ opportunities "u subp>agraph 7,b74 2 7#c7 9 subsection 7i7-- 7,a7 by r$esignat+ p>agraph 7#c7 z p>agraph 7#d72 & 7,b7 by ins]t+ aft] p>agraph 7#b7 ! foll[+3 7#c7 ,t]m9ation ( assi/ance 7,a7 ,9 g5]al ,! ,secret>y may d5y r5ewal ( cov]$ assi/ance to an organization or entity receiv+ cov]$ assi/ance if ! ,secret>y det]m9es t ! organization or entity1 or ! individual ?r\gh :i* ! organization or entity provides c\nsel+1 is n 9 compliance ) program requirem5ts-- 7i7 bas$ on ! p]=mance review describ$ 9 subsection 7e77#f72 & 7ii7 9 accordance ) regulations issu$ by ! ,secret>y4 7,b7 ,notice ,! ,secret>y %all give an organization or entity receiv+ cov]$ assi/ance n less ?an #fj days prior writt5 notice ( any d5ial ( r5ewal "u ?is p>agraph1 & ! det]m9ation ( r5ewal %all n be f9aliz$ until ! end ( t notice p]iod4 7,c7 ,in=mal conf]5ce ,if reque/$ 9 writ+ by ! organization or entity )9 ! notice p]iod describ$ 9 subp>agraph 7,b71 ! organization or entity %all be entitl$ to an in=mal conf]5ce ) ! ,deputy ,assi/ant ,secret>y ( ,h\s+ ,c\nsel+ on behalf ( ! ,secret>y at :i* ! organization or entity may pres5t = consid]ation specific factors t ! organization or entity believes 7 beyond ! control ( ! organization or entity & t caus$ ! failure to comply ) program requirem5ts1 su* z a lack ( l5d] or s]vic] coord9ation or communication ) h\s+ c\nsel+ ag5cies & individual c\nselors4 2 & 7#d7 by add+ at ! end ! foll[+3 7j7 ,(f]+ =eclosure mitigation c\nsel+ 7#a7 ,cov]$ mortgage loan def9$ ,9 ?is subsection1 ! t]m cov]$ mortgage loan means any loan :i* is secur$ by a fir/ or subord9ate li5 on resid5tial real prop]ty 7includ+ individual units ( condom9iums & h\s+ coop]atives7 or /ock or memb]%ip 9 a coop]ative own]%ip h\s+ corporation design$ pr9cipally = ! occupancy ( betwe5 #a & #d families t is-- 7,a7 insur$ by ! ,f$]al ,h\s+ ,adm9i/ration "u title ,,ii ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjg et seq472 7,b7 gu>ante$ "u section #ahd or #ahd;,a ( ! ,h\s+ & ,community ,developm5t ,act ( #aiib 7#ab ,u4,s4,c4 #agaez-#ac;a1 #agaez-#ac;b72 7,c7 made1 gu>ante$1 or insur$ by ! ,dep>tm5t ( ,vet]ans ,affairs2 or 7,d7 made1 gu>ante$1 or insur$ by ! ,dep>tm5t ( ,agriculture4 7#b7 ,opportunity = borr[]s ,a borr[] ) respect to a cov]$ mortgage loan :o is #cj days or m del9qu5t on paym5ts = ! cov]$ mortgage loan %all be giv5 an opportunity to p>ticipate 9 available h\s+ c\nsel+4 7#c7 ,co/ ,if ! requirem5ts ( sections #bjb7;a77#c7 & #bje7;f7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjh7;a77#c71 #agaa7;f77 are met1 ! fair m>ket rate co/ ( c\nsel+ = del9qu5t borr[]s describ$ 9 p>agraph 7#b7 ) respect to a cov]$ mortgage loan describ$ 9 p>agraph 7#a77;,a7 %all be paid = by ! ,mutual ,mortgage ,insurance ,fund1 z au?oriz$ "u section #bjc7r77#d7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agji7r77#d774 4 #ajb4 ,f$]al guidel9es = po9t access block build+s 7a7 ,9 g5]al ,n lat] ?an #ah mon?s aft] ! date ( enactm5t ( ?is section1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t %all issue guidel9es to provide ,/ates1 t]ritories1 ,tribes1 & localities ) model code language1 be/ practices1 & te*nical guidance t c\ld be us$ to facilitate ! p]mitt+ ( po9t-access block resid5tial build+s4 7b7 ,cont5ts ,:5 develop+ ! guidel9es "u subsection 7a71 ! ,secret>y %all consid]-- 7#a7 fire safety consid]ations1 includ+ spr9kl] cov]age1 smoke detection1 v5tilation1 & build+ egress p]=mance2 7#b7 con/ruction co/s & pot5tial impacts on h\s+ af=dability1 includ+ ! pot5tial = increas+ h\s+ supply 9 high-co/ jurisdictions2 7#c7 flexibility = div]se consum] ne$s1 includ+ family sizes1 unit configurations1 & accessibility2 7#d7 examples ( s+le-/air codes adopt$ or consid]$ by ,/ates & cities 9 ! ,unit$ ,/ates2 7#e7 examples ( s+le-/air codes us$ 9 relevant int]national /&>ds2 7#f7 rese>* & model language relat+ to s+le-/air codes produc$ by organizations t focus on po9t-access block build+ design & build+-code re=m2 7#g7 consult+ ) exp]ts1 includ+ develop]s1 ar*itects1 fire m>%als1 rese>*]s1 economi/s1 h\s+ au?orities1 & (ficials 9 ,/ates t h enact$ or pilot$ s+le-/air codes2 & 7#h7 alt]native me?ods ( safety compliance1 includ+ options t utilize additional passive or active safety features4 7c7 ,coord9ation ) ! int]national code c\ncil ,! ,secret>y %all coord9ate ) ! ,int]national ,code ,c\ncil to enc\rage ! ,int]national ,code ,c\ncil to incorporate provisions ab\t po9t-access block build+s into ! ,int]national ,build+ ,code4 7d7 ,grants 7#a7 ,9 g5]al ,! ,secret>y may e/abli% a program to aw>d competitive grants to eligible entities to implem5t pilot projects t evaluate1 demon/rate1 or validate ! safety1 feasibility1 or co/-effectiv5ess ( po9t-access block resid5tial build+s4 7#b7 ,sunset ,! program e/abli%$ "u p>agraph 7#a7 %all t]m9ate on ! date t is #g ye>s aft] ! date ( ! enactm5t ( ?is subsection4 7e7 ,treatm5t ( projects ,projects assi/$ "u ?is section %all be treat$ z projects assi/$ "u ! ,community ,developm5t ,block ,grant program "u title ,i ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecja et seq474 7f7 ,rule ( con/ruction ,no?+ 9 ?is section may be con/ru$ to preempt a ,/ate or local build+ code4 7g7 ,def9itions ,9 ?is section3 7#a7 ,eligible entity ,! t]m eligible entity means a ,/ate1 unit ( local gov]nm5t1 ,tribal ,gov]nm5t1 public h\s+ ag5cy1 nonpr(it h\s+ organization1 community developm5t organization1 private develop]1 con/ruction firm1 qualifi$ design firm1 eng9e]+ firm1 academic in/itution1 rese>* in/itution1 or any p>tn]%ip or consortium compris$ ( #b or m su* types ( entities4 7#b7 ,po9t-access block build+ ,! t]m po9t-access block build+ means a ,gr\p ,r-#b occupancy resid5tial /ructure1 z su* t]m is def9$ by ! ,int]national ,build+ ,code1 9 :i* a s+le int]nal /airway provides access & egress = all dwell+ units 9 a build+ t is n great] ?an #f /ories 9 height4 #ajc4 ,exemption on con/ruction or modification ( resid5tial h\s+ locat$ on an infill site 7a7 ,exemption ,9 provid+ assi/ance "u section #eja1 #ejb1 #ejd1 #eae1 #ecc1 or #ech ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adga1 #adgb1 #adgd1 #adhe1 #adijm1 or #adijp-#b7 = ! con/ruction or modification ( resid5tial h\s+ locat$ on an infill site1 ! ,secret>y ( ,agriculture %all n be requir$ to c>ry out any /udy or report on ! environm5tal effects ( su* assi/ance4 7b7 ,report ,n lat] ?an ! date t is #e ye>s aft] ! date ( enactm5t ( ?is section1 ! ,secret>y ( ,agriculture %all submit1 to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 a report t-- 7#a7 det]m9es :e!r ! implem5tation ( ?is section-- 7,a7 r$uc$ ! am\nt ( "t x takes to review an application = assi/ance "u ! sections ( ! ,h\s+ ,act ( #aidi id5tifi$ 9 subsection 7a72 & 7,b7 r$uc$ ! adm9i/rative co/ ( provid+ su* assi/ance2 7#b7 describes h[ ! implem5tation ( ?is section affects ! af=dable h\s+ sector 9 rural ,am]ica2 & 7#c7 includes any legislative recomm5dations f ! ,secret>y ( ,agriculture4 7c7 ,def9itions ,9 ?is section3 7#a7 ,gre5field ,! t]m gre5field means a site t has n be5 develop$1 includ+ a woodl&1 f>ml&1 & an op5 field4 7#b7 ,infill site ,! t]m infill site-- 7,a7 means a site t is s]v$ by exi/+ infra/ructure1 includ+ wat] l9es1 sew] l9es1 & roads2 & 7,b7 does n include-- 7i7 a site t is s]v$ by exi/+ infra/ructure t only consi/s ( a road2 7ii7 a site )9 a c5sus tract designat$ z v high or relatively high risk = wildfire1 coa/al flood+1 & riv]9e flood+ "u ! ,national ,risk ,index ( ! ,f$]al ,em]g5cy ,managem5t ,ag5cy pursuant to section #bjf ( ! ,rob]t ,t4 ,/af=d ,disa/] ,relief & ,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 #eacf72 & 7iii7 a gre5field4 #ajd4 ,database ( publicly own$ l& 7a7 ,9 g5]al ,section #ajd7;b7 ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecjd7;b77 is am5d$-- 7#a7 9 p>agraph 7#e71 by /rik+ & at ! end2 7#b7 9 p>agraph 7#f71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7#c7 by add+ at ! end ! foll[+3 7#g7 ! grantee ma9ta9s1 on a publicly accessible website1 a se>*able database t id5tifies all p>cels ( undevelop$ l& own$ by ! grantee4 4 7b7 ,effective date ,! am5dm5t made by ?is subsection %all take effect on ,octob] #a1 #bjbf4 #aje4 ,,fha ,small-,doll> ,mortgages 7a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is section1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t1 act+ ?r\gh ! ,f$]al ,h\s+ ,commission]1 may e/abli% a ,pilot ,program to increase access to small-doll> mortgages = mortgagors :i* may include-- 7#a7 au?oriz+ direct paym5ts to mortgagees to inc5tivize ! orig9ation ( small-doll> mortgages2 7#b7 adju/+ t]ms & co/s impos$ by ! ,f$]al ,h\s+ ,adm9i/ration ) respect to small-doll> mortgages2 7#c7 provid+ direct grants = mortgagors :o obta9 small-doll> mortgages to cov] co/s associat$ )-- 7,a7 d[n paym5ts2 7,b7 clos+ co/s2 7,c7 appraisals2 & 7,d7 title insurance2 7#d7 conduct+ outrea* to pot5tial mortgagors ab\t ! availability ( small-doll> mortgages2 & 7#e7 provid+ te*nical assi/ance = mortgagees t orig9ate small-doll> mortgages4 7b7 ,report ,beg9n+ n lat] ?an #a ye> aft] ! e/abli%m5t ( ! ,pilot ,program "u subsection 7a7 & end+ #a ye> aft] ! sunset ( ! ,pilot ,program1 ! ,f$]al ,h\s+ ,commission] %all submit to ! ,congress an annual report t-- 7#a7 tracks & evaluates ! outcomes ( small-doll> mortgages orig9at$ by mortgagees z a result ( support provid$ "u subsection 7a72 7#b7 analyzes risks ( ! ,pilot ,program to ! solv5cy ( ! ,mutual ,mortgage ,insurance ,fund2 7#c7 includes data ) respect to-- 7,a7 ! numb] ( small-doll> mortgages orig9at$ 9 ! #aj-ye> p]iod prec$+ ! date ( ! enactm5t ( ?is section1 includ+ small-doll> mortgages insur$ or gu>ante$ by ! ,f$]al ,gov]nm5t & small-doll> mortgages n insur$ by ! ,f$]al ,gov]nm5t2 7,b7 ! orig9al pr9cipal balance ( ea* small-doll> mortgage id5tifi$ "u subp>agraph 7,a72 7,c7 demographic in=mation ab\t ! mortgagors associat$ ) ea* su* small-doll> mortgages2 & 7,d7 ! numb] & type ( mortgagees t (f] small-doll> mortgages2 7#d7 provides a description ( ! fix$ co/s t are associat$ ) mortgages & ! impact ( su* co/s on ! ability ( l5d]s to e>n a m>ket rate return on small-doll> mortgages2 & 7#e7 includes analysis1 by regions ( ! ,unit$ ,/ates1 includ+ rural regions1 t id5tifies regions ) ! greate/ ne$ =1 & ! highe/ likelihood (1 ! orig9ation ( small-doll> mortgages & regions t c\ld b5efit ! mo/ f increas$ availability ( small-doll> mortgages4 7c7 ,sunset ,! ,pilot ,program e/abli%$ "u subsection 7a7 %all t]m9ate on ! date t is #d ye>s aft] ! date on :i* ! ,pilot ,program is e/abli%$ "u subsection 7a74 7d7 ,expiration ( au?ority ,aft] ! expiration ( ! #c-ye> p]iod beg9n+ on ! date ( enactm5t ( ?is section1 nei!r ! ,f$]al ,h\s+ ,commission] nor ! ,secret>y ( ,h\s+ & ,urban ,developm5t may newly e/abli% a ,pilot ,program to increase access to small-doll> mortgages = mortgagors4 7e7 ,small-doll> mortgage def9$ ,! t]m small-doll> mortgage means a mortgage t-- 7#a7 has an orig9al pr9cipal balance ( #ajj1jjj or less2 & 7#b7 is secur$ by a #a- to #d-unit prop]ty t is ! pr9cipal resid5ce ( ! mortgagor4 #ajf4 ,temp]ature ,s5sor ,pilot ,program 7a7 ,9 g5]al ,! ,secret>y ( ,h\s+ & ,urban ,developm5t %all e/abli% a temp]ature s5sor ,pilot ,program to provide grants to public h\s+ ag5cies & own]s ( cov]$ f$]ally assi/$ r5tal dwell+ units to acquire1 in/all1 & te/ ! efficacy ( approv$ temp]ature s5sors 9 resid5tial dwell+ units to ensure su* units rema9 9 compliance ) temp]ature requirem5ts4 7b7 ,eligibility 7#a7 ,9 g5]al ,! ,secret>y %all1 n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is ,act1 e/abli% eligibility crit]ia = public h\s+ ag5cies & own]s ( cov]$ f$]ally assi/$ r5tal dwell+ units to p>ticipate 9 ! ,pilot ,program e/abli%$ pursuant to subsection 7a74 7#b7 ,crit]ia ,9 e/abli%+ ! eligibility crit]ia describ$ 9 p>agraph 7#a71 ! ,secret>y %all ensure-- 7,a7 ! ,pilot ,program includes a div]se range ( p>ticipants t repres5t diff]5t geographic regions1 climate regions1 unit sizes1 & types ( h\s+2 & 7,b7 t ! functionality ( an approv$ temp]ature s5sor w be in/all$ & te/$ us+ am\nts aw>d$ "u ?is section1 includ+ int]net connectivity requirem5ts4 7c7 ,in/allation ,ea* public h\s+ ag5cy or own] ( a cov]$ f$]ally assi/$ r5tal dwell+ unit t acquires #a or m approv$ temp]ature s5sors "u ?is section %all1 aft] receiv+ writt5 p]mission f ! resid5t ( a dwell+ unit1 in/all su* temp]ature s5sor & monitor ! data f su* temp]ature s5sor4 7d7 ,collection ( compla9t records 7#a7 ,9 g5]al ,ea* public h\s+ ag5cy or own] ( a cov]$ f$]ally assi/$ r5tal dwell+ unit t in/alls #a or m approv$ temp]ature s5sors "u ?is section %all collect & reta9 in=mation ab\t temp]ature-relat$ compla9ts & violations4 7#b7 ,def9itions ,! ,secret>y %all1 n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is ,act1 def9e ! t]ms temp]ature-relat$ compla9ts & temp]ature-relat$ violations = ! purposes ( ?is section4 7e7 ,data collection 7#a7 ,9 g5]al ,data collect$ f temp]ature s5sors acquir$ & in/all$ by public h\s+ ag5cies & own]s ( cov]$ f$]ally assi/$ r5tal dwell+ units "u ?is section %all be reta9$ until ! ,secret>y notifies ! public h\s+ ag5cy or own] t ! ,pilot ,program & ! evaluation ( ! ,pilot ,program are complete4 7#b7 ,p]sonally id5tifiable in=mation ,! ,secret>y %all1 n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is ,act1 e/abli% /&>ds = ! protection ( p]sonally id5tifiably in=mation collect$ dur+ ! ,pilot ,program by public h\s+ ag5cies1 own]s ( f$]ally assi/$ r5tal dwell+ units1 & ! ,secret>y4 7f7 ,pilot program evaluation 7#a7 ,int]im evaluation ,n lat] ?an #ab mon?s aft] ! e/abli%m5t ( ! ,pilot ,program "u ?is section1 ! ,secret>y %all publicly publi% & submit to ! ,congress a report t-- 7,a7 exam9es ! numb] ( temp]ature-relat$ compla9ts & violations 9 f$]ally assi/$ r5tal dwell+ units ) temp]ature s5sors1 disaggregat$ by temp]ature s5sor te*nology & climate region-- 7i7 t occurr$ be=e ! in/allation ( su* s5sor1 if kn[n2 & 7ii7 t occurr$ aft] ! in/allation ( su* s5sor2 & 7,b7 id5tifies any b>ri]s to full utility ( temp]ature s5sor capabilities1 includ+ broadb& int]net access & t5ant p>ticipation4 7#b7 ,f9al evaluation ,n lat] ?an #cf mon?s aft] ! conclusion ( ! ,pilot ,program e/abli%$ by ! ,secret>y "u ?is section1 ! ,secret>y %all publicly publi% & submit to ! ,congress a report t-- 7,a7 exam9es ! numb] ( temp]ature-relat$ compla9ts & violations 9 f$]ally assi/$ r5tal dwell+ units ) temp]ature s5sors1 disaggregat$ by temp]ature s5sor te*nology & climate region-- 7i7 t occurr$ be=e ! in/allation ( su* s5sor2 & 7ii7 t occurr$ aft] ! in/allation ( su* s5sor2 7,b7 id5tifies any b>ri]s to full utility ( temp]ature s5sor capabilities1 includ+ broadb& int]net access & t5ant p>ticipation2 & 7,c7 comp>es ! utility ( v>i\s temp]ature s5sor te*nologies bas$ on-- 7i7 climate zones2 7ii7 co/2 7iii7 features2 & 7iv7 any o!r factors id5tifi$ by ! ,secret>y4 7g7 ,treatm5t ( projects ,projects assi/$ "u ?is section %all be treat$ z projects assi/$ "u ! ,community ,developm5t ,block ,grant program "u title ,i ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecja et seq474 7h7 ,sunset ,! ,pilot ,program e/abli%$ "u ?is section %all t]m9ate on ! date t is #c ye>s aft] ! date ( ! enactm5t ( ?is section4 7i7 ,def9itions ,= ! purposes ( ?is section3 7#a7 ,approv$ temp]ature s5sor ,! t]m approv$ temp]ature s5sor means an int]net capable temp]ature report+ device able to measure ambi5t air temp]ature to ! t5? degree ,fahr5heit & ,celsius select$ f a li/ ( su* devices approv$ 9 advance by ! ,secret>y4 7#b7 ,assi/ance ,! t]m assi/ance means any grant1 loan1 subsidy1 contract1 coop]ative agreem5t1 or o!r =m ( f9ancial assi/ance1 b su* t]m does n include ! insurance or gu>antee ( a loan1 mortgage1 or pool ( loans or mortgages4 7#c7 ,cov]$ f$]ally assi/$ r5tal dwell+ unit ,! t]m cov]$ f$]ally assi/$ r5tal dwell+ unit means a resid5tial dwell+ unit t is made available = r5tal & = :i* assi/ance is provid$1 or t is "p ( a h\s+ project = :i* assi/ance is provid$1 "u-- 7,a7 ! program = project-bas$ r5tal assi/ance "u section #h ( ! ,unit$ ,/ates ,h\s+ ,act ( 7#db ,u4,s4,c4 #adcg;f72 7,b7 ! public h\s+ program "u ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg et seq472 7,c7 ! program = supportive h\s+ = ! eld]ly "u section #bjb ( ! ,h\s+ ,act ( #aiei 7#ab ,u4,s4,c4 #agjaq72 or 7,d7 ! program = supportive h\s+ = p]sons ) disabilities "u section #haa ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #hjac74 7#d7 ,own] ,! t]m own] means-- 7,a7 ) respect to ! program = project-bas$ r5tal assi/ance "u section #h ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f71 any private p]son or entity1 includ+ a coop]ative1 an ag5cy ( ! ,f$]al ,gov]nm5t1 or a public h\s+ ag5cy1 hav+ ! legal "r to lease or sublease dwell+ units2 7,b7 ) respect to ! public h\s+ program "u ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 et seq471 a public h\s+ ag5cy or an own] entity ( public h\s+ units z def9$ 9 section #ije4ajh ( title #bd1 ,code ( ,f$]al ,regulations2 7,c7 ) respect to ! program = supportive h\s+ = ! eld]ly "u section #bjb ( ! ,h\s+ ,act ( #aiei 7#ab ,u4,s4,c4 #agjaq71 a private nonpr(it organization z def9$ "u section 7k77#d7 ( ! ,h\s+ ,act ( #aiei2 & 7,d7 ) respect to ! program = supportive h\s+ = p]sons ) disabilities "u section #haa ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #hjac71 a private nonpr(it organization z def9$ "u section #haa7k77#e7 ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act4 #ajg4 ,h\s+ supply frameworks 7a7 ,def9itions ,9 ?is section3 7#a7 ,af=dable h\s+ ,! t]m af=dable h\s+ means h\s+ = :i* ! mon?ly paym5t is n m ?an #cj-p]c5t ( ! mon?ly income ( ! h\sehold4 7#b7 ,assi/ant secret>y ,! t]m ,assi/ant ,secret>y means ! ,assi/ant ,secret>y = ,policy ,developm5t & ,rese>* ( ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t4 7#c7 ,local zon+ framework ,! t]m local zon+ framework means ! local zon+ codes & o!r ord9ances1 proc$ures1 & policies gov]n+ zon+ & l&-use at ! local level4 7#d7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 7#e7 ,/ate zon+ framework ,! t]m ,/ate zon+ framework means ! ,/ate legislation or ,/ate ag5cy & dep>tm5t proc$ures1 or su* legislation or proc$ures 9 an insul> area ( ! ,unit$ ,/ates1 enabl+ local plann+ & zon+ au?orities & e/abli%+ & guid+ relat$ policies & programs4 7b7 ,guidel9es on /ate & local zon+ frameworks 7#a7 ,9 g5]al ,n lat] ?an #c ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,assi/ant ,secret>y %all publi% docum5ts outl9+ guidel9es & be/ practices to support production ( adequate h\s+ to meet ! ne$s ( communities & provide h\s+ opportunities = individuals at e income level across communities ) respect to-- 7,a7 ,/ate zon+ frameworks2 & 7,b7 local zon+ frameworks4 7#b7 ,consultation2 public comm5t ,dur+ ! #b-ye> p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 9 develop+ ! guidel9es & be/ practices requir$ "u p>agraph 7#a71 ! ,assi/ant ,secret>y %all-- 7,a7 publi% draft guidel9es & be/ practices 9 ! ,f$]al ,regi/] = public comm5t2 & 7,b7 e/abli% a task =ce = ! purpose ( provid+ consultation to draft ! guidel9es & be/ practices publi%$ "u subp>agraph 7,a71 ! memb]s ( :i* %all include-- 7i7 urban plann]s & ar*itects2 7ii7 h\s+ develop]s1 includ+ af=dable & m>ket-rate h\s+ develop]s1 manufactur$ h\s+ develop]s1 coop]ative h\s+ develop]s1 & o!r bus9ess int]e/s2 7iii7 community engagem5t exp]ts & community memb]s impact$ by zon+ decisions2 7iv7 public h\s+ ag5cies & transit au?orities2 7v7 memb]s ( local zon+ & plann+ bo>ds & local & regional transportation plann+ organizations2 7vi7 ,/ate (ficials responsible = h\s+ or l& use1 includ+ memb]s ( ,/ate zon+ bo>ds ( appeals2 7vii7 academic rese>*]s2 & 7viii7 home build]s4 7#c7 ,cont5ts ,! guidel9es & be/ practices requir$ "u p>agraph 7#a7 %all-- 7,a7 ) respect to ,/ate zon+ frameworks1 outl9e pot5tial models = updat$ ,/ate enabl+ legislation or ,/ate ag5cy & dep>tm5t proc$ures2 7,b7 include recomm5dations reg>d+-- 7i7 ! r$uction or elim9ation ( p>k+ m9imums2 7ii7 ! increase 9 maximum floor area ratio requirem5ts & maximum build+ heights & ! r$uction 9 m9imum lot sizes & set-back requirem5ts2 7iii7 ! elim9ation ( re/rictions aga9/ accessory dwell+ units2 7iv7 increas+ by-"r uses1 includ+ duplex1 triplex1 or quadplex build+s1 across cities or metropolitan areas2 7v7 me*anisms1 includ+ proximity to transit1 to det]m9e ! appropriate scope = rezon+ & ensure developm5t t does n disproportionately burd5 resid5ts ( economically di/ress$ areas2 7vi7 provisions reg>d+ review ( by-"r developm5t proposals to /reaml9e review & r$uce unc]ta9ty1 includ+-- 7,i7 nondiscretion>y1 m9i/]ial review2 & 7,,ii7 entitlem5t & design review processes2 7vii7 ! r$uction ( ob/acles1 regulatory or o!rwise1 to a range ( h\s+ types at all levels ( af=dability1 includ+ manufactur$ & modul> h\s+2 7viii7 ,/ate model zon+ regulations = direct+ local re=ms1 includ+ me*anisms to enc\rage adoption2 7ix7 provisions to enc\rage transit-ori5t$ developm5t1 includ+ increas$ p]missible units p] /ructure & r$uc$ m9imum lot sizes ne> exi/+ or plann$ public transit /ations2 7x7 pot5tial re=ms to /r5g!n ! public engagem5t process2 7xi7 re=ms to prote/ petition /atutes2 7xii7 ! /&>dization1 r$uction1 or elim9ation ( impact fees2 7xiii7 co/-effective & appropriate build+ codes2 7xiv7 models = community b5efit agreem5ts2 7xv7 me*anisms to pres]ve af=dability1 limit disruption ( l[-income communities1 & prev5t displacem5t ( exi/+ resid5ts2 7xvi7 ) respect to ,/ate zon+ frameworks-- 7,i7 ,/ate model codes = direct+ local re=ms1 includ+ me*anisms to enc\rage adoption2 7,,ii7 a model = a ,/ate zon+ appeals process1 :i* w\ld-- 7aa7 create a process = develop]s or build]s reque/+ a v>iance1 conditional use1 special p]mit1 zon+ di/rict *ange1 simil> discretion>y p]mit1 or o!rwise petition+ a local zon+ or plann+ bo>d = a project includ+ a ,/ate-def9$ am\nt ( af=dable h\s+ to appeal a rejection to a ,/ate body or regional body emp[]$ by ! ,/ate2 & 7bb7 e/abli% qualifications = communities to be exempt$ f ! appeals process bas$ on _! available /ock ( af=dable h\s+2 & 7,,iii7 /reaml9+ ( ,/ate environm5tal review policies2 7xvii7 ) respect to local zon+ frameworks-- 7,i7 ! simplification & /&>dization ( exi/+ zon+ codes2 7,,ii7 maximum review timel9es2 7,,iii7 be/ practices = ! disposition ( l& own$ by local gov]nm5ts = af=dable h\s+ developm5t2 7,,iv7 diff]5tiations betwe5 be/ practices = rural1 suburban1 & urban communities1 & communities ) diff]5t levels ( d5sity or population di/ribution2 & 7,v7 /reaml9+ ( local environm5tal review policies2 & 7xviii7 o!r l& use measures t promote access to new h\s+ opportunities id5tifi$ by ! ,secret>y2 & 7,c7 consid]-- 7i7 ! effects ( adopt+ any recomm5dation on eligibility = ,f$]al discretion>y grants & tax cr$its = ! purpose ( h\s+ or community developm5t2 7ii7 coord9ation betwe5 infra/ructure inve/m5ts & h\s+ plann+2 7iii7 local h\s+ ne$s1 includ+ ways to set & measure h\s+ goals & t>gets2 7iv7 a range ( af=dability = r5tal units1 ) a prioritization ( units atta9able to extremely l[-1 l[-1 & mod]ate-income resid5ts2 7v7 a range ( af=dability = home[n]%ip2 7vi7 acc\ntability measures2 7vii7 ! long-t]m co/ to resid5ts & bus9esses if m h\s+ is n con/ruct$2 7viii7 b>ri]s to individuals seek+ to access af=dable h\s+ 9 gr[+ communities & communities ) economic opportunity2 7ix7 ) respect to ,/ate zon+ frameworks-- 7,i7 di/9ctions betwe5 ,/ates provid+ con/itutional or /atutory home rule au?ority to municipalities & ,/ates op]at+ "u ! ,dillon ,rule1 z articulat$ 9 ,hunt] v4 ,pittsburgh1 #bjg ,u4,s4 #afa 7#aijg72 & 7,,ii7 ,/atewide me*anisms to pres]ve exi/+ af=dability ov] ! long t]m1 includ+ support = l& banks & community l& tru/s2 7x7 public comm5ts elicit$ "u p>agraph 7#b77;,a72 & 7xi7 o!r consid]ations1 z id5tifi$ by ! ,assi/ant ,secret>y4 7c7 ,aboli%m5t ( ! regulatory b>ri]s cle>+h\se 7#a7 ,9 g5]al ,! ,regulatory ,b>ri]s ,cle>+h\se e/abli%$ pursuant to section #abje ( ! ,h\s+ & ,community ,developm5t ,act ( #aiib 7#db ,u4,s4,c4 #abgje;d7 is aboli%$4 7#b7 ,repeal ,section #abje ( ! ,h\s+ & ,community ,developm5t ,act ( #aiib 7#db ,u4,s4,c4 #abgje;d7 is repeal$4 7d7 ,report+ ,n lat] ?an #e ye>s aft] ! date on :i* ! ,assi/ant ,secret>y publi%es ! f9al guidel9es & be/ practices = ,/ate & local zon+ frameworks "u ?is section1 ! ,assi/ant ,secret>y %all submit to ! ,congress a report describ+-- 7#a7 ! ,/ates t h adopt$ recomm5dations f ! guidel9es & be/ practices1 pursuant to subsection 7b72 7#b7 a summ>y ( ! localities t h adopt$ recomm5dations f ! guidel9es & be/ practices1 pursuant to subsection 7b72 7#c7 a li/ ( ,/ates t adopt$ a ,/ate zon+ framework2 7#d7 a summ>y ( ! modifications t ea* ,/ate has made 9 _! ,/ate zon+ framework2 7#e7 a g5]al summ>y ( ! types ( updates localities h made to _! local zon+ framework2 7#f7 ) respect to ! ,/ates t h adopt$ a ,/ate zon+ framework or recomm5dations f ! guidel9es & be/ practices1 ! effect ( su* adoptions2 & 7#g7 a summ>y ( any recomm5dations t 7 r\t9ely n adopt$ by ,/ates or by localities4 7e7 ,rule ( con/ruction ,no?+ 9 ?is section may be con/ru$ to p]mit ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t to take an adv]se action aga9/ or fail to provide o!rwise (f]$ actions or s]vices = any ,/ate or locality if ! ,/ate or locality decl9es to adopt a guidel9e or be/ practice "u subsection 7b74 ,,ii ,build+ ,m 9 ,am]ica #bja4 ,increas+ h\s+ 9 opportunity zones 7a7 ,cov]$ grant def9$ ,9 ?is section1 ! t]m cov]$ grant means any competitive grant relat+ to ! con/ruction1 modification1 rehabilitation1 or pres]vation ( h\s+1 z det]m9$ by ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 7b7 ,priority ,:5 aw>d+ a cov]$ grant1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t may give additional weight to applicants ) propos$ activities or projects t are locat$ 9 or sub/antially & directly b5efit a community designat$ z a qualifi$ opportunity zone "u section #adjj,z-#a ( ! ,int]nal ,rev5ue ,code ( #aihf4 #bjb4 ,:ole-,home ,repairs ,act 7a7 ,def9itions ,9 ?is section3 7#a7 ,af=dable unit ,! t]m af=dable unit means a unit = :i* ! mon?ly r5tal paym5t is n m ?an #cj p]c5t ( ! gross income ( an individual e>n+ at or bel[ #hj p]c5t ( ! area m$ian income1 z def9$ by ! ,secret>y4 7#b7 ,assi/$ unit ,! t]m assi/$ unit means a unit t und]goes repair or rehabilitation "w ?r\gh a :ole-home repairs program adm9i/]$ by an implem5t+ organization "u ?is section4 7#c7 ,eligible home-own] ,! t]m eligible home-own] means a home-own]-- 7,a7 ) a h\sehold income t-- 7i7 is n m ?an #hj p]c5t ( ! area m$ian income2 or 7ii7 meets ! income eligibility requirem5ts = receiv+ assi/ance or b5efits "u a specifi$ program1 z def9$ 9 p>agraph 7#aa72 & 7,b7 :o is-- 7i7 an own] ( record z evid5c$ by a publicly record$ de$1 or o!r docum5t record$ by ! ,bureau ( ,indian ,affairs1 & occupies ! home on :i* repairs are to be conduct$ z _! pr9cipal resid5ce2 7ii7 an own]-occupant ( ! manufactur$ home on :i* repairs are to be conduct$2 7iii7 an own]-occupant ( ! coop]ative h\s+ unit on :i* repairs are to be conduct$2 or 7iv7 an own] :o c demon/rate an own]%ip int]e/ 9 ! prop]ty1 or tru/ l& leasehold1 on :i* repairs are to be conduct$1 includ+ a p]son :o has inh]it$ an int]e/ 9 t prop]ty4 7#d7 ,eligible l&lord ,! t]m eligible l&lord means an individual-- 7,a7 :o owns1 z det]m9$ by ! relevant implem5t+ organization1 few] ?an #aj eligible r5tal prop]ties1 ) a majority ( af=dable units & n m ?an #be total units1 op]at$ z prim>y resid5ces 9 :i* a majority own]%ip int]e/ is held by ! individual1 ! sp\se ( ! individual1 or ! dep5d5t *ildr5 ( ! individual1 or any closely held legal entity controll$ by ! individual1 ! sp\se ( ! individual1 or ! dep5d5t *ildr5 ( ! individual1 ei!r individually or collectively2 & 7,b7 :o agrees to ! provisions describ$ 9 subsection 7b77#c74 7#e7 ,eligible r5tal prop]ty ,! t]m eligible r5tal prop]ty means a resid5tial prop]ty t-- 7,a7 is leas$1 or (f]$ exclusively = lease1 z a prim>y resid5ce by an eligible l&lord2 & 7,b7 includes af=dable units4 7#f7 ,=givable loan ,! t]m =givable loan means a loan-- 7,a7 made to an eligible l&lord2 7,b7 t is secur$ by a li5 record$ aga9/ a resid5tial prop]ty2 & 7,c7 t may be =giv5 by ! implem5t+ organization n lat] ?an ! date t is #c ye>s aft] ! completion ( ! repairs if ! eligible l&lord has ma9ta9$ compliance ) ! loan agreem5t describ$ 9 subsection 7b77#c74 7#g7 ,implem5t+ organization ,! t]m implem5t+ organization-- 7,a7 means a unit ( g5]al local gov]nm5t or a ,/ate t-- 7i7 w adm9i/] a :ole-home repairs program ?r\gh an ag5cy1 dep>tm5t1 or o!r entity2 or 7ii7 ent]s into agreem5ts ) #a or m local gov]nm5ts1 ,indian ,tribes1 municipal au?orities1 o!r gov]nm5tal au?orities1 includ+ a tribally designat$ h\s+ entity1 or qualifi$ nonpr(it organizations1 to adm9i/] a :ole-home repairs program z a subrecipi5t2 & 7,b7 does n include a r$undant entity 9 a jurisdiction already s]v$ by a grantee "u subsection 7b74 7#h7 ,indian ,tribe ,! t]m ,indian ,tribe has ! mean+ giv5 ! t]m 9 section #d ( ! ,native ,am]ican ,h\s+ ,assi/ance & ,self-,det]m9ation ,act ( #aiif 7#be ,u4,s4,c4 #dajc74 7#i7 ,qualifi$ nonpr(it ,! t]m qualifi$ nonpr(it means a nonpr(it organization t-- 7,a7 has receiv$ fund+1 z a recipi5t or subrecipi5t1 ?r\gh-- 7i7 ! ,community ,developm5t ,block ,grant program "u title ,i ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecja et seq472 7ii7 ! ,,home ,inve/m5t ,p>tn]%ips program "u subtitle ,a ( title ,,ii ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgda et seq472 7iii7 ! ,lead-,bas$ ,pa9t ,haz>d ,r$uction grant program "u section #ajaa ( ! ,resid5tial ,lead-,bas$ ,pa9t ,haz>d ,r$uction ,act ( #aiib 7#db ,u4,s4,c4 #dheb71 a grant "u ! ,heal?y ,homes ,initiative adm9i/]$ by ! ,secret>y pursuant to sections #eja & #ejb ( ! ,h\s+ & ,urban ,developm5t ,act ( #aigj 7#ab ,u4,s4,c4 #agjaz-#a1 #agjaz-#b71 or a grant "u ! ,old] ,adult ,home ,modification ,grants ,program au?oriz$ "u ! ,consolidat$ ,appropriations ,act1 #bjbd 7,public ,law #aah-db71 or any successor ,act1 to make safety & functional home modification repairs & r5ovations to meet ! ne$s ( l[-income s5iors to enable !m to rema9 9 _! prim>y resid5ce2 7iv7 ! ,self-,help & ,assi/$ home-own]%ip ,opportunity program au?oriz$ "u section #aa ( ! ,h\s+ ,opportunity ,program ,ext5sion ,act ( #aiif 7#db ,u4,s4,c4 #abhje note72 7v7 a rural h\s+ program "u title ,v ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adga et seq472 or 7vi7 ! ,neighborhood ,re9ve/m5t ,corporation e/abli%$ "u ! ,neighborhood ,re9ve/m5t ,corporation ,act 7#db ,u4,s4,c4 #haja et seq472 7,b7 has coord9at$1 p]=m$1 or o!rwise be5 engag$ 9 wea!rization1 lead rem$iation1 or home-repair "w = n less ?an #b ye>s2 7,c7 has be5 c]tifi$ by ! ,environm5tal ,protection ,ag5cy1 or by a ,/ate au?oriz$ by ! ,environm5tal ,protection ,ag5cy to adm9i/] a c]tification program1 z-- 7i7 eligible to c>ry out activities "u ! lead r5ovation1 repair1 & pa9t+ program "u section #djb7;c7 or #djd ( ! ,toxic ,sub/ances ,control ,act 7#ae ,u4,s4,c4 #bfhb7;c71 #bfhd72 or 7ii7 a ,home ,c]tification ,organization "u ! ,en]gy ,/> program e/abli%$ by section #cbd;,a ( ! ,en]gy ,policy & ,cons]vation ,act 7#db ,u4,s4,c4 #fbid;a7 or ! ,water,sense program "u section #cbd;,b ( t ,act 7#db ,u4,s4,c4 #fbid;b71 or recogniz$ or o!rwise approv$ by ! ,environm5tal ,protection ,ag5cy z a ,home ,c]tification ,organization "u ei!r ( ^? programs2 or 7,d7 is a community developm5t f9ancial in/itution1 z def9$ 9 section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb74 7#aj7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 7#aa7 ,specifi$ program ,= purposes ( p>agraph 7#c77;,a77ii71 ! t]m specifi$ program means any ( ! foll[+3 7,a7 ,! ,m$icaid program e/abli%$ "u title ,,xix ( ! ,social ,security ,act 7#db ,u4,s4,c4 #acif et seq474 7,b7 ,! ,/ate ,*ildr5's ,heal? ,insurance ,program e/abli%$ "u title ,,xxi ( ! ,social ,security ,act 7#db ,u4,s4,c4 #acig;aa et seq474 7,c7 ,! supplem5tal security income b5efits program e/abli%$ "u title ,,xvi ( ! ,social ,security ,act 7#db ,u4,s4,c4 #acha et seq474 7,d7 ,! supplem5tal nutrition assi/ance program e/abli%$ "u ! ,food & ,nutrition ,act ( #bjjh 7#g ,u4,s4,c4 #bjaa et seq474 7,e7 ,! tempor>y assi/ance = ne$y families program e/abli%$ "u "p ,a ( title ,,iv ( ! ,social ,security ,act 7#db ,u4,s4,c4 #fja et seq474 7#ab7 ,/ate ,! t]m ,/ate means-- 7,a7 ea* ,/ate ( ! ,unit$ ,/ates2 7,b7 ! ,di/rict ( ,columbia2 7,c7 ! ,commonweal? ( ,pu]to ,rico2 7,d7 any t]ritory or possession ( ! ,unit$ ,/ates2 & 7,e7 an ,indian ,tribe4 7#ac7 ,tribally designat$ h\s+ entity ,! t]m tribally designat$ h\s+ entity has ! mean+ giv5 ! t]m 9 section #d ( ! ,native ,am]ican ,h\s+ ,assi/ance & ,self-,det]m9ation ,act ( #aiif 7#be ,u4,s4,c4 #dajc74 7#ad7 ,:ole-home repairs ,! t]m :ole-home repairs means modifications1 repairs1 or updates to home-own] or r5t]-occupi$ units to address-- 7,a7 physical & s5sory accessibility = individuals ) disabilities & old] adults1 su* z ba?room & kit*5 modifications1 in/allation ( grab b>s & h&rails1 gu>ds & gu>drails1 lift+ devices1 ramp additions or repairs1 sidewalk addition or repair1 or doorway or hallway wid5+2 7,b7 habitability & safety conc]ns1 su* z repairs ne$$ to ensure resid5tial units are fit = human habitation & free f defective conditions or heal? & safety haz>ds2 or 7,c7 en]gy & wat] effici5cy1 resili5ce1 & wea!rization4 7b7 ,pilot program 7#a7 ,e/abli%m5t ,!re is au?oriz$ a ,pilot ,program to provide grants to implem5t+ organizations to adm9i/] a :ole-home repairs program = eligible home-own]s & eligible l&lords4 7#b7 ,use ( funds ,an implem5t+ organization t receives a grant f appropriat$ funds made available = ?is subsection-- 7,a7 %all provide grants to eligible home-own]s to implem5t :ole-home repairs n cov]$ by o!r ,f$]al home repair programs up to a maximum am\nt p] unit1 :i* maximum am\nt %\ld-- 7i7 reflect local con/ruction co/s & ! level ( repairs ne$$ 9 ea* unit2 & 7ii7 be calculat$ & approv$ by ! ,secret>y2 7,b7 %all provide loans1 :i* may be =givable1 to eligible l&lords to implem5t :ole-home repairs n cov]$ by o!r ,f$]al home repair programs = individual af=dable units1 public & common use areas )9 ! prop]ty1 & common /ructural elem5ts up to a maximum am\nt p] unit1 area1 or elem5t1 z applicable1 :i* maximum am\nt %\ld-- 7i7 reflect local con/ruction co/s2 & 7ii7 be calculat$ & approv$ by ! ,secret>y2 7,c7 %all evaluate1 or provide assi/ance to eligible home-own]s & eligible l&lords to evaluate1 :ole-home repair program funds provid$ "u ?is subsection ) ,f$]al1 ,/ate1 ,tribal1 & local home repair programs to provide ! greate/ b5efit to ! greate/ numb] ( eligible l&lords & eligible home-own]s & avoid duplication ( b5efits & r$undancies = ! same home repairs2 7,d7 %all require t-- 7i7 all repairs fund$ or facilitat$ ?r\gh an aw>d "u ?is subsection h be5 complet$2 7ii7 if repairs are n complet$ & ! plan = :ole-home repairs is n updat$ to reflect ! new scope ( "w1 t ! loan or grant is repaid on a prorat$ basis bas$ on complet$ "w2 & 7iii7 any unus$ grant or loan balance is return$ to ! implem5t+ organization1 & is reus$ by ! implem5t+ organization = a new :ole-home repair grant or loan "u ?is subsection2 7,e7 may use n m ?an #e p]c5t ( ! aw>d$ funds to c>ry out relat$ functions1 includ+ work=ce tra9+ = home repair pr(essions1 :i* %all be relat$ to ef=ts to increase ! numb] ( home repairs p]=m$ & approv$ by ! ,secret>y2 7,f7 may use n m ?an #aj p]c5t ( ! aw>d$ funds = adm9i/rative exp5ses2 7,g7 %all comply ) ,f$]al accessibility requirem5ts & /&>ds "u applicable ,f$]al fair h\s+ & civil rights laws & regulations1 includ+ section #ejd ( ! ,rehabilitation ,act ( #aigc 7#bi ,u4,s4,c4 #gid72 & 7,h7 %all ensure t r5tal prop]ties assi/$ "u subp>agraph 7,b7 %all be treat$ z projects assi/$ "u title ,i ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecja et seq474 7#c7 ,loan agreem5t ,9 a loan agreem5t ) an eligible l&lord "u ?is subsection1 an implem5t+ organization %all include provisions e/abli%+ t ! eligible l&lord %all1 = ea* eligible r5tal prop]ty = :i* a loan is us$ to fund repairs "u ?is subsection-- 7,a7 comply ) ,f$]al accessibility requirem5ts & /&>ds "u applicable ,f$]al fair h\s+ & civil rights laws & regulations1 includ+ section #ejd ( ! ,rehabilitation ,act ( #aigc 7#bi ,u4,s4,c4 #gid72 & 7,b7 7i7 if ! l&lord is r5t+ ! assi/$ units available 9 ! eligible r5tal prop]ty to t5ants receiv+ t5ant-bas$ r5tal assi/ance "u section #h7o7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f7o771 "u ano!r t5ant-bas$ r5tal assi/ance program adm9i/]$ by ! ,secret>y or ! ,secret>y ( ,agriculture1 or "u a t5ant-bas$ r5tal subsidy provid$ by a ,/ate or local gov]nm5t1 comply ) ! program requirem5ts "u ! relevant t5ant-bas$ r5tal assi/ance program2 or 7ii7 if ! eligible l&lord is n r5t+ to t5ants receiv+ r5tal-bas$ assi/ance z describ$ 9 clause 7i7-- 7,i7 7aa7 (f] to ext5d ! lease ( curr5t t5ants on curr5t t]ms1 o!r ?an ! t]ms describ$ 9 subclause 7iv7 = n less ?an #c ye>s beg9n+ aft] ! completion ( ! repairs1 unless ! lease is t]m9at$ due to failure to pay r5t1 p]=mance ( an illegal act )9 ! r5tal unit1 or a violation ( an obligation ( t5ancy t ! t5ants fail$ to correct aft] notice2 & 7bb7 if ! t5ant ( an assi/$ unit moves out ( ! assi/$ unit at any po9t 9 ! #c-ye> p]iod foll[+ ! loan agreem5t1 ma9ta9 ! unit z an af=dable unit = ! rema9d] ( ! #c-ye> p]iod2 7,,ii7 provide docum5tation v]ify+ t ! prop]ty1 ^u completion ( approv$ r5ovations1 has met all applicable ,/ate & local h\s+ & build+ codes2 7,,iii7 atte/ t ! l&lord has no kn[n s]i\s violations ( r5t] protections t h result$ 9 f9es1 p5alties1 or judgm5ts dur+ ! prec$+ #aj ye>s2 & 7,,iv7 cap annual r5t increases = ea* assi/$ unit at #e p]c5t ( base r5t or at ! rate ( inflation1 :i*ev] is l[]1 = n less ?an #c ye>s beg9n+ aft] ! completion ( ! repairs4 7#d7 ,application 7,a7 ,9 g5]al ,an implem5t+ organization desir+ an aw>d "u ?is subsection %all submit to ! ,secret>y an application t includes-- 7i7 ! geographic scope ( ! :ole-home repairs program to be adm9i/]$ by ! implem5t+ organization1 includ+ ! plan to address ne$ 9 any rural1 ,tribal1 suburban1 or urban area )9 a jurisdiction2 7ii7 a plan = select+ subrecipi5ts1 if applicable2 7iii7 a description ( h[ ! implem5t+ organization plans to execute ! coord9ation ( ,f$]al1 ,/ate1 ,tribal1 & local home repair programs1 includ+ programs adm9i/]$ by ! ,dep>tm5t ( ,en]gy1 ! ,dep>tm5t ( ! ,int]ior1 ! ,dep>tm5t ( ,vet]an ,affairs1 or ! ,dep>tm5t ( ,agriculture1 to increase effici5cy & r$uce r$undancy2 7iv7 available data on ! ne$ = af=dable & quality h\s+ )9 ! geographic scope ( ! :ole-home repairs program1 & any plans to pres]ve af=dability ?r\gh ! t]m ( ! aw>d2 7v7 a description ( h[ ! implem5t+ organization plans to process & v]ify applications = grants f eligible home-own]s & applications = loans f eligible l&lords2 & 7vi7 su* o!r in=mation z ! ,secret>y requires to det]m9e ! ability ( an applicant to c>ry out a program "u ?is subsection4 7,b7 ,consid]ations ,9 mak+ aw>ds "u ?is subsection1 ! ,secret>y %all-- 7i7 ) respect to applications submitt$ by ,/ates o!r ?an ! ,di/rict ( ,columbia & ! t]ritories ( ! ,unit$ ,/ates1 prioritize ^? applications ) a demon/rat$ plan to-- 7,i7 make a good-fai? ef=t to implem5t ! ,pilot ,program 9 e jurisdiction2 & 7,,ii7 provide nonmetropolitan areas1 or subrecipi5ts s]v+ non-metropolitan areas if applicable1 ) a %>e ( total funds comm5surate ) _! population2 7ii7 aim to select applicants s t ! aw>dees collectively span div]se geographies1 ) an int5t to und]/& ! impact ( ! ,pilot ,program "u ?is subsection 9 urban1 suburban1 rural1 & ,tribal sett+s2 & 7iii7 n disqualify implem5t+ organizations t 7 aw>d$ grants "u ! ,pilot ,program 9 prior application cycles4 7#e7 ,program in=mation ,! ,secret>y %all make available to grant recipi5ts "u ?is subsection in=mation reg>d+ exi/+ ,f$]al programs = :i* grant recipi5ts may coord9ate or provide assi/ance 9 coord9at+ applications = ^? programs 9 accordance ) p>agraph 7#b77;,c74 7#f7 ,grant numb] ,9 ea* ye> 9 :i* an aw>d is made "u ?is subsection1 ! ,secret>y %all aw>d assi/ance to-- 7,a7 n less ?an #b1 & n m ?an #aj1 implem5t+ organizations1 z application numb]s & fund+ p]mit2 & 7,b7 n m ?an #a implem5t+ organization 9 any ,/ate4 7#g7 ,loans t are n =giv5 ,if a loan made by an implem5t+ organization "u p>agraph 7#b77;,b7 is n =giv51 ! loan repaym5t funds %all be reus$ by ! implem5t+ organization = a new :ole-home repair grant or loan "u ?is subsection1 :i* %all rema9 subject to ! orig9al t]ms ( ! assi/ance aw>d$ "u ?is subsection4 7#h7 ,supplem5t1 n supplant ,am\nts aw>d$ "u ?is subsection to implem5t+ organizations %all supplem5t1 n supplant1 o!r ,f$]al1 ,/ate1 ,tribal1 & local funds made available to ^? entities4 7#i7 ,/reaml9+ program deliv]y & ensur+ effici5cy ,to ! ext5t possible1 9 c>ry+ out ! ,pilot ,program "u ?is subsection1 ! ,secret>y %all-- 7,a7 endeavor to improve effici5cy ( s]vice deliv]y1 z well z ! exp]i5ce ( & impact on ! taxpay]1 by enc\rag+ programmatic collaboration & in=mation %>+ across ,f$]al1 ,/ate1 ,tribal1 & local programs = home repair or improvem5t1 includ+ programs adm9i/]$ by ! ,dep>tm5t ( ,agriculture1 ! ,dep>tm5t ( ! ,int]ior1 ! ,dep>tm5t ( ,vet]ans ,affairs1 or ! ,dep>tm5t ( ,en]gy2 & 7,b7 enhance collaboration & cross-ag5cy /reaml9+ ef=ts t r$uce ! burd5 ( multiple income v]ification processes & applications on ! eligible home-own]1 ! eligible l&lord1 ! implem5t+ organization1 & ! ,f$]al ,gov]nm5t1 includ+ by e/abli%+ assi/ance application proc$ures = income eligibility "u ?is subsection t recognize income eligibility det]m9ations = assi/ance us+ any ( ! crit]ia "u subsection 7a77#c77;,a7 t h be5 us$ = assi/ance applications dur+ ! #a-ye> p]iod prec$+ ! date on :i* an eligible home-own] or eligible l&lord applies = assi/ance "u ?is subsection4 7#aj7 ,report+ requirem5ts 7,a7 ,annual report ,an implem5t+ organization t receives a grant "u ?is subsection %all submit to ! ,secret>y an annual report on initial fund+ t includes-- 7i7 ! numb] ( units s]v$1 includ+ report+ on bo? home-own]%ip & r5tal units1 z well z accessible units2 7ii7 ! av]age co/ p] unit = modifications or repairs & ! nature ( ^? modifications or repairs1 includ+ report+ on accessibility 9 bo? home-own]%ip & r5tal units2 7iii7 ! numb] ( applications receiv$1 s]v$1 d5i$1 or n complet$1 disaggregat$ by geographic area2 7iv7 ! aggregat$ demographic data ( grant recipi5ts1 :i* may include data on income range1 urban1 suburban1 & rural resid5cy1 age1 & racial & e?nic id5tity2 7v7 ! aggregat$ demographic data ( loan recipi5ts1 :i* may include data on income range1 urban1 suburban1 & rural resid5cy1 age1 & racial & e?nic id5tity2 7vi7 an affirmation t ! implem5tation organization has compli$ ) ! applicable regulations1 includ+ compliance ) ,f$]al accessibility requirem5ts2 7vii7 9 ! fir/ ye> ( receiv+ a grant1 & z c]tifi$ 9 subsequ5t reports1 a compreh5sive plan to prev5t wa/e1 fraud1 & abuse 9 ! adm9i/ration ( ! ,pilot ,program1 :i* %all include1 at a m9imum-- 7,i7 a policy enact$ & en=c$ by ! implem5t+ organization to monitor ongo+ exp5ditures "u ?is subsection & ensure compliance ) applicable regulations2 7,,ii7 a policy enact$ & en=c$ by ! implem5t+ organization to detect & det] fraudul5t activity1 includ+ fraud occurr+ 9 individual projects & patt]ns ( fraud by p>ties involv$ 9 ! exp5diture ( funds "u ?is subsection2 7,,iii7 a /atem5t sett+ =? any violations detect$ by ! implem5t+ organization dur+ ! previ\s cal5d> ye>1 includ+ details ab\t /eps tak5 to a*ieve compliance & any rem$ial measures2 & 7,,iv7 a c]tification by ! *ief executive or mo/ s5ior compliance (fic] ( ! organization t ! organization ma9ta9s suffici5t /aff & res\rces to effectively c>ry out ! above-m5tion$ policies2 & 7viii7 su* o!r in=mation z ! ,secret>y may require4 7,b7 ,report+ requirem5t alignm5t ,to limit ! co/s ( implem5t+ ! ,pilot ,program "u ?is subsection1 ! ,secret>y %all endeavor1 to ! ext5t possible1 to /ructure report+ requirem5ts su* t !y align ) ! data report+ requirem5ts 9 place = fund+ /reams t implem5t+ organizations are likely to use toge!r ) fund+ f ?is subsection1 includ+ ! report+ requirem5ts "u-- 7i7 ! ,community ,developm5t ,block ,grant program "u title ,i ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecja et seq472 7ii7 ! ,,home ,inve/m5t ,p>tn]%ips program "u subtitle ,a ( title ,,ii ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgda et seq472 7iii7 ! ,wea!rization ,assi/ance ,program = l[-income p]sons e/abli%$ "u "p ,a ( title ,,iv ( ! ,en]gy ,cons]vation & ,production ,act 7#db ,u4,s4,c4 #fhfa et seq472 & 7iv7 ! ,native ,am]ican ,h\s+ ,assi/ance & ,self-,det]m9ation ,act ( #aiif 7#be ,u4,s4,c4 #daja et seq474 7,c7 ,pilot program p]iod reports ,n less frequ5tly ?an twice dur+ ! p]iod 9 :i* ! ,pilot ,program e/abli%$ "u ?is subsection op]ates1 ! ,(fice ( ,inspector ,g5]al ( ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t %all complete an assessm5t ( ! implem5tation ( measures to ensure ! fair & legitimate use ( ! ,pilot ,program4 7,d7 ,summ>y to ,congress ,! ,secret>y %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives an annual report provid+ a summ>y ( ! data provid$ "u subp>agraphs 7,a7 & 7,c7 dur+ ! #a-ye> p]iod prec$+ ! report & all data previ\sly provid$ "u ^? subp>agraphs4 7#aa7 ,environm5tal review ,a grant "u ?is subsection %all be-- 7,a7 treat$ z assi/ance = a special project = purposes ( section #cje7;c7 ( ! ,multifamily ,h\s+ ,prop]ty ,disposition ,re=m ,act ( #aiid 7#db ,u4,s4,c4 #cedg72 & 7,b7 subject to ! regulations promulgat$ by ! ,secret>y to implem5t su* section4 7#ab7 ,t]m9ation ,! ,pilot ,program e/abli%$ "u ?is subsection %all t]m9ate on ,octob] #a1 #bjca4 #bjc4 ,community ,inve/m5t & ,prosp]ity ,act 7a7 ,revis$ ,/atutes ,! p>agraph designat$ z ! ,elev5? ( section #eacf ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates 7#ab ,u4,s4,c4 #bd7 is am5d$1 9 ! fif? s5t5ce1 by /rik+ #ae ea* place ! t]m appe>s & ins]t+ #bj4 7b7 ,f$]al ,res]ve ,act ,section #i7bc7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #cch;a7 is am5d$1 9 ! fif? s5t5ce1 by /rik+ #ae ea* place ! t]m appe>s & ins]t+ #bj4 7c7 ,/udy ,n lat] ?an #b ye>s aft] ! date ( ! enactm5t ( ?is section1 & e #b ye>s !reaft]1 ! ,comptroll] ( ! ,curr5cy & ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all ea* submit to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 a report1 aft] consult+ ) ! o!r ag5cy 9 ! developm5t ( su* report1 ab\t public welf>e inve/m5ts t 7 made by associations "u section #eacf ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates & ,/ate memb] banks "u section #i7bc7 ( ! ,f$]al ,res]ve ,act 9 ! #b previ\s cal5d> ye>s1 t-- 7#a7 id5tifies ! numb] ( su* inve/m5ts1 brok5 d[n by-- 7,a7 purpose2 7,b7 type2 7,c7 am\nt ( assets ( ! association or ,/ate memb] bank t made ! inve/m5t1 us+ n less ?an #d categories to describe ! am\nt ( assets ( ! associations & banks2 & 7,d7 ,/ate1 or o!r location2 7#b7 id5tifies ! doll> am\nts ( su* inve/m5ts1 brok5 d[n by-- 7,a7 purpose2 7,b7 type2 7,c7 am\nt ( assets ( ! association or ,/ate memb] bank t made ! inve/m5t1 us+ n less ?an #d categories to describe ! am\nt ( assets ( ! associations & banks2 & 7,d7 ,/ate or o!r location2 & 7#c7 = ea* type ( public welf>e inve/m5t id5tifi$ "u p>agraphs 7#a7 & 7#b71 a description ( ! sub/antive & proc$ural requirem5ts t apply to ea* type ( inve/m5t made "u-- 7,a7 9 ! case ( a report by ! ,comptroll] ( ! ,curr5cy1 section #eacf ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates2 or 7,b7 9 ! case ( a report by ! ,bo>d ( ,gov]nors1 section #i7bc7 ( ! ,f$]al ,res]ve ,act4 #bjd4 ,addition ( af=dable h\s+ con/ruction z an eligible activity 7a7 ,eligible activity ,section #aje7;a7 ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecje7;a77 is am5d$-- 7#a7 9 p>agraph 7#be77;,d71 by /rik+ & at ! end2 7#b7 9 p>agraph 7#bf71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7#c7 by add+ at ! end ! foll[+3 7#bg7 ! new con/ruction ( af=dable h\s+1 )9 ! mean+ giv5 su* t]m "u section #bae ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgde71 & :i* %all n exce$ #bj p]c5t ( ! am\nts allocat$ to ! recipi5t4 4 7b7 ,l[- & mod]ate-income requirem5t ,section #aje7;c77#c7 ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecje7;c77#c77 is am5d$ by /rik+ or rehabilitation & ins]t+ 1 rehabilitation1 or new con/ruction4 7c7 ,applicability ,! am5dm5ts made by ?is section %all apply ) respect only to am\nts appropriat$ aft] ! date ( enactm5t ( ?is ,act4 #bje4 ,bett] ,use ( ,int]gov]nm5tal & ,local ,developm5t 7,,build7 ,h\s+ ,act 7a7 ,designation ( environm5tal review proc$ure ,! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t ,act 7#db ,u4,s4,c4 #ceca et seq47 is am5d$ by ins]t+ aft] section #ab 7#db ,u4,s4,c4 #cecg;a7 ! foll[+3 #ac4 ,designation ( environm5tal review proc$ure 7a7 ,9 g5]al ,except z provid$ 9 subsection 7b71 ! ,secret>y may1 = purposes ( environm5tal review1 decision mak+1 & action pursuant to ! ,national ,environm5tal ,policy ,act ( #aifi 7#db ,u4,s4,c4 #dcba et seq471 & o!r provisions ( law t fur!r ! purposes ( su* ,act1 designate ! treatm5t ( assi/ance adm9i/]$ by ! ,secret>y z funds = a special project = purposes ( section #cje7;c7 ( ! ,multifamily ,h\s+ ,prop]ty ,disposition ,re=m ,act ( #aiid 7#db ,u4,s4,c4 #cedg74 7b7 ,exception ,! designation describ$ 9 subsection 7a7 %all n apply to assi/ance = :i* a proc$ure = c>ry+ out ! responsibilities ( ! ,secret>y "u ! ,national ,environm5tal ,policy ,act ( #aifi 7#db ,u4,s4,c4 #dcba et seq471 & o!r provisions ( law t fur!r ! purposes ( su* ,act1 is o!rwise specifi$ 9 law4 4 7b7 ,tribal assumption ( environm5tal review obligations ,section #cje7;c7 ( ! ,multifamily ,h\s+ ,prop]ty ,disposition ,re=m ,act ( #aiid 7#db ,u4,s4,c4 #cedg7 is am5d$-- 7#a7 by /rik+ ,/ate or unit ( g5]al local gov]nm5t ea* place x appe>s & ins]t+ ,/ate1 ,indian ,tribe1 or unit ( g5]al local gov]nm5t2 7#b7 9 p>agraph 7#a77;,c71 9 ! head+1 by /rik+ ,/ate or unit ( g5]al local gov]nm5t & ins]t+ ,/ate1 ,indian ,tribe1 or unit ( g5]al local gov]nm5t2 & 7#c7 by add+ at ! end ! foll[+3 7#e7 ,def9ition ( ,indian ,tribe ,= purposes ( ?is subsection1 ! t]m ,indian ,tribe means a f$]ally recogniz$ ,tribe1 z def9$ 9 section #d7ac77;,b7 ( ! ,native ,am]ican ,h\s+ ,assi/ance & ,self-,det]m9ation ,act ( #aiif 7#be ,u4,s4,c4 #dajc7ac77;,b774 4 7c7 ,implem5tation 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b71 a designation ( assi/ance "u section #ac ( ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t ,act1 z add$ by subsection 7a71 %all only apply ) respect to funds appropriat$ aft] ! date ( enactm5t ( ?is ,act4 7#b7 ,exception ,if a grantee ( assi/ance adm9i/]$ by ! ,secret>y ( ,h\s+ & ,urban ,developm5t comb9es funds appropriat$ be=e & aft] ! date ( enactm5t ( ?is ,act to c>ry out a project1 section #ac ( ! ,dep>tm5t ( & ,urban ,developm5t ,act1 z add$ by subsection 7a71 %all n apply to t assi/ance4 #bjf4 ,unlock+ ,h\s+ ,supply ,?r\gh ,/reaml9$ & ,mod]niz$ ,reviews ,act 7a7 ,def9itions ,9 ?is section3 7#a7 ,infill project ,! t]m infill project means a project t-- 7,a7 occurs )9 ! geographic limits ( a municipality2 7,b7 is adequately s]v$ by exi/+ utilities & public s]vices z requir$ "u applicable law2 7,c7 is locat$ on a site ( previ\sly di/urb$ l& ( n m ?an #e acres & sub/antially surr\nd$ by resid5tial or comm]cial developm5t2 7,d7 w repurpose a vacant or und]utiliz$ p>cel ( l&1 or a dilapidat$ or ab&on$ /ructure2 & 7,e7 w s]ve a resid5tial or comm]cial purpose4 7#b7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 7b7 ,,nepa /reaml9+ = ,,hud h\s+-relat$ activities 7#a7 ,9 g5]al ,! ,secret>y %all1 9 accordance ) section #eec ( title #e1 ,unit$ ,/ates ,code1 & section #ajc ( ! ,national ,environm5tal ,policy ,act ( #aifi 7#db ,u4,s4,c4 #dccc71 exp& & reclassify h\s+-relat$ activities "u ! necess>y adm9i/rative regulations z foll[s3 7,a7 ,! foll[+ h\s+-relat$ activities %all be subject to regulations equival5t or sub/antially simil> to ! regulations entitl$ exempt activities z set =? 9 section #eh4cd ( title #bd1 ,code ( ,f$]al ,regulations1 z 9 effect on ,janu>y #a1 #bjbe3 7i7 ,t5ant-bas$ r5tal assi/ance4 7ii7 ,supportive s]vices1 includ+ heal? c>e1 h\s+ s]vices1 p]man5t h\s+ placem5t1 day c>e1 nutritional s]vices1 %ort-t]m paym5ts = r5t1 mortgage1 or utility co/s1 & assi/ance 9 ga9+ access to ,f$]al ,gov]nm5t & ,/ate & local gov]nm5t b5efits & s]vices4 7iii7 ,op]at+ co/s1 includ+ ma9t5ance1 security1 op]ation1 utilities1 furni%+s1 equipm5t1 supplies1 /aff tra9+1 & recruitm5t & o!r incid5tal co/s4 7iv7 ,economic developm5t activities1 includ+ equipm5t pur*ases1 inv5tory f9anc+1 int]e/ subsidies1 op]at+ exp5ses1 & simil> co/s n associat$ ) con/ruction or expansion ( exi/+ op]ations4 7v7 ,activities to assi/ home-buy]s 9 ! pur*ase ( exi/+ dwell+ units or dwell+ units "u con/ruction1 includ+ clos+ co/s & d[n paym5t assi/ance1 int]e/ rate buyd[ns1 & simil> activities t result 9 ! transf] ( title4 7vi7 ,af=dable h\s+ pr$evelopm5t co/s relat$ to obta9+ site options1 project f9anc+1 adm9i/rative co/s & fees = loan commitm5t1 zon+ approvals1 & o!r relat$ activities t d n h a physical impact4 7vii7 ,approval ( supplem5tal assi/ance1 includ+ insurance or gu>antee1 to a project previ\sly approv$ by ! ,secret>y4 7viii7 ,em]g5cy home-own] or r5t] assi/ance = ! repair or replacem5t ( ,,hvac1 hot wat] heat]s1 & o!r necess>y exi/+ utilities requir$ "u applicable law4 7,b7 ,! foll[+ h\s+-relat$ activities %all be subject to regulations equival5t or sub/antially simil> to ! regulations entitl$1 7i7 categorical exclusions n subject to section #eh4e & 7ii7 categorical exclusions n subject to ! ,f$]al laws & au?orities cit$ 9 section #ej4d 9 section #eh4ce7;b7 & section #ej4ai1 respectively ( title #bd1 ,code ( ,f$]al ,regulations1 z 9 effect on ,janu>y #a1 #bjbe1 if su* activities d n mat]ially alt] environm5tal conditions & d n mat]ially exce$ ! orig9al scope ( ! project3 7i7 ,acquisition1 repair1 improvem5t1 recon/ruction1 or rehabilitation ( public facilities & improvem5ts 7o!r ?an build+s7 if ! facilities & improvem5ts are 9 place & w be reta9$ 9 ! same use )\t *ange 9 size or capacity ( m ?an #bj p]c5t1 includ+ replacem5t ( wat] or sew] l9es1 recon/ruction ( curbs & sidewalks1 & repav+ ( /reets4 7ii7 ,rehabilitation ( #a-to-#d unit resid5tial build+s1 & exi/+ h\s+-relat$ infra/ructure1 su* z repairs or rehabilitation ( exi/+ wells1 septics1 or utility l9es t connect to t h\s+4 7iii7 ,new con/ruction1 developm5t1 demolition1 acquisition1 or disposition ( up to #d scatt]$ site exi/+ dwell+ units :]e !re is a maximum ( #d units on any #a site4 7iv7 ,acquisitions 7includ+ leas+7 (1 disposition (1 or equity loans on an exi/+ /ructure1 or acquisition 7includ+ leas+7 ( vacant l& if ! /ructure or l& acquir$1 f9anc$1 or dispos$ ( w be reta9$ = ! same use4 7,c7 ,! foll[+ h\s+-relat$ activities %all be subject to regulations equival5t or sub/antially simil> to ! regulations entitl$1 7i7 categorical exclusions subject to section #eh4e & 7ii7 categorical exclusions subject to ! ,f$]al laws & au?orities cit$ 9 section #ej4d 9 section #eh4ce7;a7 & section #ej4bj1 respectively1 ( title #bd1 ,code ( ,f$]al ,regulations1 z 9 effect on ,janu>y #a1 #bjbe1 if su* activities d n mat]ially alt] environm5tal conditions & d n mat]ially exce$ ! orig9al scope ( ! project3 7i7 ,acquisitions ( op5 space or resid5tial prop]ty1 :]e su* prop]ty w be reta9$ = ! same use or w be conv]t$ to op5 space to help resid5ts relocate out ( an area designat$ z a high-risk area by ! ,secret>y4 7ii7 ,conv]sion ( exi/+ (fice build+s into resid5tial developm5t1 subject to-- 7,i7 a maximum numb] ( units to be det]m9$ by ! ,secret>y2 & 7,,ii7 a limitation on ! *ange 9 build+ size ( n m ?an #bj p]c5t4 7iii7 ,new con/ruction1 developm5t1 demolition1 acquisition1 or disposition ( #e to #ae dwell+ units :]e !re is a maximum ( #ae units on any #a site4 ,! units c be #ae #a-unit build+s or #a #ae-unit build+1 or any comb9ation 9 betwe54 7iv7 ,new con/ruction1 developm5t1 demolition1 acquisition1 or disposition ( #ae or m h\s+ units develop$ on scatt]$ sites :5 !re are n m ?an #ae h\s+ units on any #a site1 & ! sites are m ?an a set numb] ( feet ap>t z det]m9$ by ! ,secret>y4 7v7 ,rehabilitation ( build+s & improvem5ts 9 ! case ( a build+ = resid5tial use ) #e to #ae units1 if ! d5sity is n increas$ beyond #ae units & ! l& use is n *ang$4 7vi7 ,infill projects consi/+ ( new con/ruction1 rehabilitation1 or developm5t ( resid5tial h\s+ units4 7vii7 ,! volunt>y acquisition ( prop]ties-- 7,i7 locat$ 9-- 7aa7 a floodway2 7bb7 a floodpla92 or 7cc7 any o!r area1 cle>ly del9eat$ by ! grantee2 & 7,,ii7 t h be5 impact$ by a pr$ictable environm5tal ?reat to ! safety & well-be+ ( program b5efici>ies caus$ or exac]bat$ by a f$]ally decl>$ disa/]4 7c7 ,implem5tation ,= purposes ( implem5t+ ! /reaml9+ ( environm5tal review = h\s+-relat$ activities "u subsection 7b71 ! ag5cy actions c>ri$ out "u t subsection-- 7#a7 %all only apply ) respect to funds appropriat$ aft] ! effective date ( ^? actions2 & 7#b7 %all n apply ) respect to a grantee t comb9es funds appropriat$ be=e & aft] ! effective date ( ^? actions to c>ry out a project4 7d7 ,report ,! ,secret>y %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives an annual report dur+ ! #e-ye> p]iod beg9n+ on ! date t is #b ye>s aft] ! date ( enactm5t ( ?is ,act t provides a summ>y ( f9d+s ( r$uctions 9 review times & adm9i/rative co/ r$uction1 ) a p>ticul> focus on ! af=dable h\s+ sector1 z a result ( ! actions set =? 9 ?is section1 & any recomm5dations ( ! ,secret>y = future congressional action ) respect to revis+ categorical exclusions or exemptions "u title #bd1 ,code ( ,f$]al ,regulations4 #bjg4 ,grants = plann+ & implem5tation associat$ ) af=dable h\s+ 7a7 ,def9itions ,9 ?is section3 7#a7 ,eligible entity ,! t]m eligible entity means-- 7,a7 a ,/ate1 insul> area1 metropolitan city1 or urban c\nty1 z ^? t]ms are def9$ 9 section #ajb ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecjb72 or 7,b7 a regional plann+ ag5cy or consortia ( regional plann+ ag5cies4 7#b7 ,h\s+ plan ,! t]m h\s+ plan means a plan to1 ) respect to an area )9 ! jurisdiction ( an eligible entity-- 7,a7 increase ! am\nt ( available h\s+ to meet ! dem& = su* h\s+ & any project$ increase 9 ! dem& = su* h\s+2 7,b7 increase ! af=dability ( h\s+2 7,c7 increase ! accessibility ( h\s+ = p ) disabilities1 includ+ location-effici5t h\s+2 7,d7 pres]ve or improve ! quality ( h\s+2 7,e7 r$uce b>ri]s to h\s+ developm5t2 & 7,f7 coord9ate ) transportation-relat$ ag5cies4 7#c7 ,h\s+ /rategy ,! t]m h\s+ /rategy means a h\s+ /rategy requir$ "u section #aje ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgje74 7#d7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 7b7 ,e/abli%m5t ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all e/abli% a program to aw>d grants on a competitive basis to eligible entities to assi/ plann+ & implem5tation activities associat$ ) af=dable h\s+1 except t su* grant aw>ds may n be us$ = con/ruction1 alt]ation1 or repair "w4 7c7 ,use ( am\nts 7#a7 ,by regional plann+ ag5cies ,if an eligible entity t receives am\nts "u ?is section is an eligible entity describ$ 9 subsection 7a77#a77;,b71 ! eligible entity %all use ^? am\nts to assi/ plann+ activities ) respect to af=dable h\s+1 includ+-- 7,a7 ! developm5t ( h\s+ plans2 7,b7 ! sub/antial improvem5t ( ,/ate or local h\s+ /rategies2 7,c7 ! developm5t ( new regulatory requirem5ts & processes2 7,d7 updat+ zon+ codes2 7,e7 increas+ ! capacity to conduct h\s+ inspections2 7,f7 increas+ ! capacity to r$uce b>ri]s to h\s+ supply ela/icity & h\s+ af=dability2 7,g7 ! developm5t ( local or regional plans = community developm5t2 & 7,h7 ! sub/antial improvem5t ( community developm5t /rategies1 includ+ /rategies design$ to-- 7i7 increase ! availability ( af=dable h\s+ & access to af=dable h\s+2 7ii7 increase access to public transportation2 & 7iii7 advance su/a9able or location-effici5t community developm5t goals4 7#b7 ,by ,/ates1 insul> areas1 metropolitan cities1 & urban c\nties ,if an eligible entity t receives am\nts "u ?is section is an eligible entity describ$ 9 subsection 7a77#a77;,a71 ! eligible entity %all use ^? am\nts to-- 7,a7 implem5t & adm9i/] h\s+ /rategies & h\s+ plans2 7,b7 implem5t & adm9i/] any plans to increase h\s+ *oice1 address disp>ities 9 h\s+ ne$s1 & provide great] access to opportunity2 7,c7 fund any community inve/m5ts t support goals id5tifi$ 9 a h\s+ /rategy or h\s+ plan2 7,d7 implem5t & adm9i/] regulatory requirem5ts & processes ) respect to re=m$ zon+ codes2 7,e7 increase ! capacity to conduct h\s+ inspections2 7,f7 increase ! capacity to r$uce b>ri]s to h\s+ supply ela/icity & h\s+ af=dability2 7,g7 implem5t & adm9i/] local or regional plans = community developm5t2 & 7,h7 fund any plann+ to increase-- 7i7 ! availability ( af=dable h\s+ & access to af=dable h\s+2 7ii7 access to public transportation2 & 7iii7 any location-effici5t community developm5t goals4 7#c7 ,use = adm9i/rative co/s ,a eligible entity t receives am\nts "u ?is section may n use m ?an #aj p]c5t ( ^? am\nts = adm9i/rative co/s4 7d7 ,coord9ation ,to ! ext5t practicable1 ! ,secret>y %all coord9ate ) ! ,adm9i/rator ( ! ,f$]al ,transit ,adm9i/ration 9 c>ry+ out ?is section4 7e7 ,expiration ( au?ority ,aft] ! expiration ( ! #e-ye> p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 ! ,secret>y may n newly e/abli% a program z describ$ 9 ?is section4 7f7 ,sunset ,! program e/abli%$ "u ?is section %all t]m9ate on ! date t is #e ye>s aft] ! date ( enactm5t ( ?is ,act4 #bjh4 ,innovation ,fund 7a7 ,def9itions ,9 ?is section3 7#a7 ,atta9able h\s+ ,! t]m atta9able h\s+ means h\s+ t s]ves h\seholds e>n+ n m ?an #abj p]c5t ( ! area m$ian income1 if ! majority ( ! h\s+ units are af=dable to h\seholds e>n+ n m ?an #fj p]c5t ( ! area m$ian income4 7#b7 ,eligible entity ,! t]m eligible entity means-- 7,a7 a metropolitan city or urban c\nty1 z ^? t]ms are def9$ 9 section #ajb ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecjb71 t has demon/rat$ an objective improvem5t 9 h\s+ supply gr[?1 z det]m9$ by ! ,secret>y1 ^: me?odology = det]m9+ su* gr[? is publi%$ 9 ! ,f$]al ,regi/] to all[ = public comm5t n less ?an #ij days be=e ! date on :i* ! notice ( fund+ opportunity is made available2 or 7,b7 a unit ( g5]al local gov]nm5t or an ,indian ,tribe1 z ^? t]ms are def9$ 9 section #ajb ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecjb71 t has demon/rat$ an objective improvem5t 9 h\s+ supply gr[?1 z det]m9$ by ! ,secret>y1 ^: me?odology = det]m9+ su* improvem5t is publi%$ 9 ! ,f$]al ,regi/] to all[ = public comm5t n less ?an #ij days be=e ! date on :i* ! notice ( fund+ opportunity is made available4 7#c7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 7b7 ,e/abli%m5t ( a grant program 7#a7 ,e/abli%m5t ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all e/abli% a program to aw>d grants on a competitive basis to eligible entities t h increas$ _! local h\s+ supply4 7#b7 ,li/ ( eligible entities ,! ,secret>y %all make a li/ ( eligible entities publicly available on ! website ( ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t4 7#c7 ,eligible purposes ,an eligible entity receiv+ a grant "u ?is section may use funds to-- 7,a7 c>ry out any ( ! activities describ$ 9 section #aje ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecje72 7,b7 c>ry out any ( ! activities p]mitt$ "u ! ,local & ,regional ,project ,assi/ance ,program e/abli%$ "u section #fgjb ( title #di1 ,unit$ ,/ates ,code2 & 7,c7 c>ry out initiatives ( ! eligible entity t facilitate ! expansion ( ! supply ( atta9able h\s+ & t supplem5t initiatives ! eligible entity has c>ri$ out1 or is 9 ! process ( c>ry+ out1 z specifi$ 9 ! application submitt$ "u p>agraph 7#d74 7#d7 ,application 7,a7 ,9 g5]al ,an eligible entity seek+ a grant "u ?is section %all submit to ! ,secret>y an application t provides-- 7i7 a description ( ea* purpose = :i* ! eligible entity w use ! grant1 & an atte/ation t ! grant w be us$ only = #a or m eligible purposes describ$ 9 p>agraph 7#c72 7ii7 data on *>act]i/ics ( increas$ h\s+ supply dur+ ! #c-ye> p]iod end+ on ! date on :i* ! application is submitt$1 :i* may include :e!r su* h\s+-- 7,i7 s]ves h\seholds at a range ( income levels2 & 7,,ii7 has improv$ ! quality & af=dability ( h\s+ 9 ! jurisdiction ( ! eligible entity2 7iii7 a description ( h[ ea* eligible purpose describ$ 9 clause 7i7 may address a community ne$ or advance an objective1 or an aspect ( an objective1 includ$ 9 ! compreh5sive h\s+ af=dability /rategy & community developm5t plan ( ! eligible entity "u "p #ia ( title #bd1 ,code ( ,f$]al ,regulations1 or any successor regulation 7commonly ref]r$ to z a consolidat$ plan72 & 7iv7 a description ( h[ ! eligible entity has c>ri$ out1 or is 9 ! process ( c>ry+ out1 initiatives t facilitate ! expansion ( ! supply ( h\s+4 7,b7 ,initiatives ,initiatives t meet ! crit]ia describ$ 9 p>agraph 7#c77;,c7 include1 b %all n be limit$ to-- 7i7 increas+ by-"r uses1 includ+ duplex1 triplex1 quadplex1 & multifamily build+s1 9 areas ( opportunity2 7ii7 revis+ or elim9at+ (f-/reet p>k+ requirem5ts to r$uce ! co/ ( h\s+ production2 7iii7 revis+ m9imum lot size requirem5ts1 floor area ratio requirem5ts1 set-back requirem5ts1 build+ heights1 & bans or limits on con/ruction t all[ = d5s] & m af=dable developm5t2 7iv7 in/itut+ inc5tives to promote d5se developm5t = communities :]e increas$ d5sity is ne$$2 7v7 pass+ zon+ ov]lays or o!r ord9ances t enable ! developm5t ( mix$-income h\s+2 7vi7 /reaml9+ regulatory requirem5ts & %ort5+ processes1 increas+ code en=cem5t & p]mitt+ capacity1 re=m+ zon+ codes1 or o!r initiatives t r$uce b>ri]s to increas+ h\s+ supply & af=dability2 7vii7 elim9at+ re/rictions aga9/ accessory dwell+ units & exp&+ _! by-"r use2 7viii7 us+ local tax inc5tives or public f9anc+ to promote developm5t ( atta9able h\s+2 7ix7 /reaml9+ environm5tal regulations2 7x7 elim9at+ unnecess>y manufactur$-h\s+ or coop]ative h\s+ regulations & re/rictions2 7xi7 m9imiz+ ! impact ( ov]burd5some en]gy & wat] effici5cy /&>ds on h\s+ co/s2 & 7xii7 o!r activities t r$uce ! co/ ( con/ruction1 z det]m9$ by ! ,secret>y4 7#e7 ,grants 7,a7 ,9 g5]al ,! ,secret>y %all make n few] ?an #be grants on an annual basis 7unless am\nts appropriat$ to provide grant am\nts consi/5t ) subsection 7b7 are insuffici5t1 9 :i* case few] grants may be aw>d$71 ) /rong consid]ation ( diff]5t geographical areas & a relatively ev5 spread ( rural1 suburban1 & urban communities4 7,b7 ,limitations on aw>ds ,no grant aw>d$ "u ?is p>agraph may be-- 7i7 m ?an #aj1jjj1jjj2 or 7ii7 less ?an #bej1jjj4 7,c7 ,priority ,:5 aw>d+ grants "u ?is p>agraph1 ! ,secret>y %all give priority to an eligible entity t has-- 7i7 demon/rat$ ! use ( innovative policies1 int]v5tions1 or programs = increas+ h\s+ supply2 & 7ii7 demon/rat$ a m>k$ improvem5t 9 h\s+ supply gr[?1 z ne$$4 7,d7 ,grant adm9i/ration & t]ms ,projects assi/$ "u ?is section = activities describ$ 9 sector #bc ( ! ,nor? ,am]ican ,indu/ry ,classification ,sy/em %all be treat$ z projects assi/$ "u ! ,community ,developm5t ,block ,grant program "u title ,i ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecja et seq474 7c7 ,rules ( con/ruction ,no?+ 9 ?is section %all be con/ru$-- 7#a7 to au?orize ! ,secret>y to m&ate1 sup]s$e1 or preempt any local zon+ or l& use policy2 or 7#b7 to affect ! requirem5ts ( section #aje7;c77#a7 ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgje7;c77#a774 7d7 ,sunset ,! program e/abli%$ "u ?is section %all t]m9ate on ! date t is #g ye>s aft] ! date ( enactm5t ( ?is ,act4 7e7 ,au?orization ( appropriations 7#a7 ,9 g5]al ,!re is au?oriz$ to be appropriat$ to c>ry out ?is section #bjj1jjj1jjj = ea* ( fiscal ye>s #bjbg ?r\gh #bjca4 7#b7 ,adju/m5t ,! am\nt au?oriz$ to be appropriat$ "u p>agraph 7#a7 %all be adju/$ = inflation bas$ on ! ,consum] ,price ,index = all ,urban ,cu/om]s publi%$ by ! ,bureau ( ,labor ,/ati/ics ( ! ,dep>tm5t ( ,labor4 #bji4 ,accel]at+ ,home ,build+ ,act 7a7 ,def9itions ,9 ?is section3 7#a7 ,af=dable h\s+ ,! t]m af=dable h\s+ means h\s+ = :i* ! total mon?ly h\s+ co/ paym5t is n m ?an #cj p]c5t ( ! mon?ly h\sehold income = a h\sehold e>n+ n m ?an #hj p]c5t ( ! area m$ian income4 7#b7 ,cov]$ /ructure ,! t]m cov]$ /ructure means-- 7,a7 a l[-rise or mid-rise /ructure ) n m ?an #be dwell+ units2 & 7,b7 includes-- 7i7 an accessory dwell+ unit2 7ii7 infill developm5t2 7iii7 a duplex2 7iv7 a triplex2 7v7 a f\rplex2 7vi7 a cottage c\rt2 7vii7 a c\rty>d build+2 7viii7 a t[nh\se2 7ix7 a multiplex2 & 7x7 any o!r /ructure ) n less ?an #b dwell+ units t ! ,secret>y consid]s appropriate4 7#c7 ,eligible entity ,! t]m eligible entity means-- 7,a7 a unit ( g5]al local gov]nm5t1 z def9$ 9 section #ajb7;a7 ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecjb7;a772 7,b7 a municipal memb]%ip organization2 & 7,c7 an ,indian ,tribe1 z def9$ 9 section #ajb7;a7 ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecjb7;a774 7#d7 ,high opportunity area ,! t]m high opportunity area has ! mean+ giv5 ! t]m 9 section #abhb4a ( title #ab1 ,code ( ,f$]al ,regulations1 or any successor regulation4 7#e7 ,infill developm5t ,! t]m infill developm5t means resid5tial developm5t on small p>cels 9 previ\sly e/abli%$ areas = replacem5t ) new or refurbi%$ h\s+ t utilizes exi/+ utilities & infra/ructure4 7#f7 ,mix$-income h\s+ ,! t]m mix$-income h\s+ means a h\s+ developm5t t is compris$ ( h\s+ units t promote diff]+ levels ( af=dability 9 ! community4 7#g7 ,pr]eview$ designs ,! t]m pr]eview$ designs1 also kn[n z patt]n books1 means sets ( con/ruction plans t are assess$ & approv$ by localities = compliance ) local build+ & p]mitt+ /&>ds to /reaml9e & exp$ite approval pa?ways = h\s+ con/ruction4 7#h7 ,rural area ,! t]m rural area means any area o!r ?an a city or t[n t has a population ( less ?an #ej1jjj inhabitants4 7#i7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 7b7 ,au?ority ,! ,secret>y is au?oriz$ to aw>d grants to eligible entities utiliz+ funds appropriat$ = su* purpose to select pr]eview$ designs ( cov]$ /ructures ( mix$-income h\s+ = use 9 ! jurisdiction ( ! eligible entity1 except t su* grant aw>ds may n be us$ = con/ruction1 alt]ation1 or repair "w4 7c7 ,consid]ations ,9 review+ applications submitt$ by eligible entities = a grant "u ?is section1 ! ,secret>y %all consid]-- 7#a7 ! ne$ = af=dable h\s+ 9 ! s]vice area ( ! eligible entity2 7#b7 ! pres5ce ( high opportunity areas 9 ! jurisdiction ( ! eligible entity2 7#c7 coord9ation betwe5 ! eligible entity & a ,/ate ag5cy2 & 7#d7 coord9ation betwe5 ! eligible entity & ,/ate1 local1 & regional transportation plann+ au?orities4 7d7 ,set-,aside = rural areas ,( ! am\nt made available 9 ea* fiscal ye> = grants "u ?is section1 ! ,secret>y %all ensure t n less ?an #aj p]c5t %all be us$ = grants to eligible entities t are locat$ 9 rural areas4 7e7 ,reports ,! ,secret>y %all require eligible entities receiv+ grants "u ?is section to report on-- 7#a7 ! impacts ( ! activities c>ri$ out us+ ! grant am\nts 9 improv+ ! production & supply ( af=dable h\s+2 7#b7 ! pr]eview$ designs select$ us+ ! grant am\nts 9 _! communities2 7#c7 ! numb] ( p]mits issu$ = h\s+ developm5t utiliz+ pr]eview$ designs2 & 7#d7 ! numb] ( h\s+ units produc$ 9 developm5ts utiliz+ ! pr]eview$ designs4 7f7 ,availability ( in=mation ,! ,secret>y %all-- 7#a7 to ! ext5t possible1 enc\rage localities to make publicly available ?r\gh a website in=mation on ! pr]eview$ designs select$ & submitt$ to ! ,secret>y by eligible entities receiv+ grants "u ?is section1 includ+ in=mation on ! b5efits ( use ( ^? designs2 & 7#b7 collect1 id5tify1 & dissem9ate be/ practices reg>d+ su* designs & make su* in=mation publicly available on ! website ( ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t4 7g7 ,design adoption & repaym5t ,! ,secret>y may require an eligible entity to return to ! ,secret>y any grant funds receiv$ "u ?is section if ! select$ pr]eview$ designs submitt$ "u ?is section h n be5 adopt$ dur+ ! #e-ye> p]iod foll[+ receipt ( ! grant1 unless t p]iod is ext5d$ by ! ,secret>y4 7h7 ,te*nical assi/ance ,! ,secret>y may set aside n m ?an #e p]c5t ( am\nts appropriat$ 9 a fiscal ye> to provide te*nical assi/ance to grant recipi5ts "u ?is section & pregrant te*nical assi/ance to prospective applicants4 #baj4 ,revitaliz+ ,empty ,/ructures ,into ,desirable ,environm5ts 7,,reside7 ,act 7a7 ,9 g5]al ,subtitle ,a ( title ,,ii ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgda et seq47 is am5d$ by add+ at ! end ! foll[+3 #bbg4 ,revitaliz+ empty /ructures into desirable environm5ts 7a7 ,def9itions ,9 ?is section3 7#a7 ,atta9able h\s+ ,! t]m atta9able h\s+ means h\s+ t s]ves h\seholds e>n+ n m ?an #abj p]c5t ( ! area m$ian income1 if ! majority ( ! h\s+ units are af=dable to h\seholds e>n+ n m ?an #fj p]c5t ( ! area m$ian income4 7#b7 ,conv]t$ h\s+ unit ,! t]m conv]t$ h\s+ unit means a h\s+ unit t is creat$ us+ a cov]$ grant4 7#c7 ,cov]$ grant ,! t]m cov]$ grant means a grant aw>d$ "u ! ,pilot ,program4 7#d7 ,eligible entity ,! t]m eligible entity means a p>ticipat+ jurisdiction4 7#e7 ,pilot ,program ,! t]m ,pilot ,program means ! ,pilot ,program e/abli%$ "u subsection 7b74 7#f7 ,vacant & ab&on$ build+ ,! t]m vacant & ab&on$ build+ means a prop]ty-- 7,a7 t 0 con/ruct$ = use z a w>eh\se1 factory1 mall1 /rip mall1 or hotel1 or = ano!r indu/rial or comm]cial use2 & 7,b7 7i7 ) respect to :i*-- 7,i7 a code en=cem5t inspection has det]m9$ t ! prop]ty is n safe2 & 7,,ii7 n less ?an #ij days h elaps$ s9ce ! own] 0 notifi$ ( ! defici5cies 9 ! prop]ty & ! own] has tak5 no corrective action2 or 7ii7 t is subject to a c\rt-ord]$ receiv]%ip or nuisance abatem5t relat$ to ab&onm5t pursuant to ,/ate or local law or o!rwise meets ! def9ition ( an ab&on$ prop]ty "u ,/ate law4 7b7 ,purpose ( grant program ,subject to ! availability ( funds appropriat$ = ?is subsection1 ! ,secret>y is au?oriz$ to e/abli% a ,pilot ,program1 spann+ f fiscal ye>s #bjbg ?r\gh #bjca1 :i* %all h ! purpose ( aw>d+ grants on a competitive basis to eligible entities to conv]t vacant & ab&on$ build+s into atta9able h\s+4 7c7 ,am\nt ( grant 7#a7 ,9 g5]al ,= any fiscal ye> = :i* n less ?an #ajj1jjj1jjj is made available to c>ry out ! ,pilot ,program1 ! am\nt ( a cov]$ grant %all be n less ?an #a1jjj1jjj & n m ?an #aj1jjj1jjj4 7#b7 ,fiscal ye>s ) l[] fund+ ,= any fiscal ye> = :i* less ?an #ajj1jjj1jjj is made available to c>ry out ! ,pilot ,program pursuant to subsection 7b71 ! ,secret>y %all seek to maximize ! numb] ( cov]$ grants aw>d$4 7d7 ,relation to =mula allocation ,a cov]$ grant aw>d$ to an eligible entity %all be 9 addition to1 & %all n affect1 ! =mula allocation = ! eligible entity "u section #bag4 7e7 ,priority ,9 aw>d+ cov]$ grants1 ! ,secret>y %all give priority to an eligible entity t-- 7#a7 w use ! cov]$ grant 9 a community t is exp]i5c+ economic di/ress2 7#b7 w use ! cov]$ grant 9 a qualifi$ opportunity zone 7z def9$ 9 section #adjj,z-#a7;a7 ( ! ,int]nal ,rev5ue ,code ( #aihf72 7#c7 w use ! cov]$ grant to con/ruct h\s+ t w s]ve a ne$ id5tifi$ 9 ! compreh5sive h\s+ af=dability /rategy & community developm5t plan ( ! eligible entity "u "p #ia ( title #bd1 ,code ( ,f$]al ,regulations1 or any successor regulation 7commonly ref]r$ to z a consolidat$ plan72 or 7#d7 has enact$ ord9ances to r$uce regulatory b>ri]s to conv]sion ( vacant & ab&on$ build+s to h\s+1 :i* %all n include any alt]ation ( an ord9ance t gov]ns safety & habitability4 7f7 ,use ( funds ,an eligible entity may use a cov]$ grant =-- 7#a7 prop]ty acquisition2 7#b7 demolition2 7#c7 heal? haz>d rem$iation2 7#d7 site prep>ation2 7#e7 con/ruction1 r5ovation1 or rehabilitation2 or 7#f7 ! e/abli%m5t1 ma9t5ance1 or expansion ( community l& tru/s or h\s+ coop]atives4 7g7 ,waiv] au?ority ,9 adm9i/]+ cov]$ grants1 ! ,secret>y may waive1 or specify alt]native requirem5ts =1 any /atute or regulation t ! ,secret>y adm9i/]s 9 connection ) ! obligation by ! ,secret>y or ! use by eligible entities ( cov]$ grant funds 7except = requirem5ts relat$ to fair h\s+1 nondiscrim9ation1 labor /&>ds1 or ! environm5t7 if ! ,secret>y makes a public f9d+ t good cause exi/s = ! waiv] or alt]native requirem5t4 7h7 ,/udy2 report ,n lat] ?an #ahj days aft] ! t]m9ation ( ! ,pilot ,program1 ! ,secret>y %all /udy & submit to ,congress a report on ! impact ( ! ,pilot ,program on-- 7#a7 improv+ ! tax base ( local communities2 7#b7 increas+ access to af=dable h\s+1 especially = eld]ly individuals1 disabl$ individuals1 & vet]ans2 7#c7 increas+ home-own]%ip2 & 7#d7 remov+ blight4 4 7b7 ,te*nical & con=m+ am5dm5t ,! table ( cont5ts 9 section #a7;b7 ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7,public ,law #aja-fbe2 #ajd ,/at4 #djgi7 is am5d$ by ins]t+ aft] ! item relat+ to section #bbf ! foll[+3 ,sec4 #bbg4 ,revitaliz+ empty /ructures into desirable environm5ts4 4 #baa4 ,h\s+ ,af=dability ,act 7a7 ,9 g5]al ,title ,,ii ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjg et seq47 is am5d$-- 7#a7 9 section #bjf;,a 7#ab ,u4,s4,c4 #agab;a7-- 7,a7 9 subsection 7a71 9 ! matt] foll[+ p>agraph 7#g71 by /rik+ 7comm5c+ 9 #bjjd & all t foll[s ?r\gh ! p]iod at ! end & ins]t+ ! foll[+3 1 comm5c+ on ,july #a1 #bjbe4 ,! adju/m5t ( ! doll> am\nts %all be calculat$ by ! ,secret>y us+ ! p]c5tage *ange 9 ! ,price ,deflator ,index ( ,multifamily ,resid5tial ,units ,"u ,con/ruction releas$ by ! ,bureau ( ! ,c5sus f ,m>* ( ! previ\s ye> to ,m>* ( ! ye> 9 :i* ! adju/m5t is made1 or by ! ,secret>y us+ an alt]native indicator aft] publi%+ in=mation ab\t su* alt]native indicator 9 ! ,f$]al ,regi/] = public comm5t if ! ,price ,deflator ,index ( ,multifamily ,resid5tial ,units ,"u ,con/ruction is n available or publi%$42 & 7,b7 by am5d+ subsection 7b7 to read z foll[s3 7b7 ,publication 7#a7 ,9 g5]al ,! ,secret>y %all publi% 9 ! ,f$]al ,regi/] any adju/m5ts made to ! ,doll> ,am\nts4 7#b7 ,r\nd+ ,! doll> am\nt ( any adju/m5t describ$ 9 p>agraph 7#a7 %all be r\nd$ to ! next l[] doll>4 2 7#b7 9 section #bjg7;c77#c77;,a7 7#ab ,u4,s4,c4 #agac7;c77#c77;,a77-- 7,a7 by /rik+ #ch1jbe & ins]t+ #afg1caj2 7,b7 by /rik+ #db1abj & ins]t+ #ahe1cbh2 7,c7 by /rik+ #ej1caj & ins]t+ #bba1cfd2 7,d7 by /rik+ #fb1jaj & ins]t+ #bgb1hdd2 7,e7 by /rik+ #gj1bjj & ins]t+ #cjh1hhj2 7,f7 by /rik+ 1 or n to exce$ #ag1dfj p] space2 7,g7 by /rik+ #dc1hge & ins]t+ #aic1jej2 7,h7 by /rik+ #di1adj & ins]t+ #baf1baf2 7,i7 by /rik+ #fj1bee & ins]t+ #bfe1abb2 7,j7 by /rik+ #ge1dfe & ins]t+ #ccb1jdf2 & 7,k7 by /rik+ #he1cbh & ins]t+ #cge1ddc2 7#c7 9 section #bac7;b77#b7 7#ab ,u4,s4,c4 #agae;e7b77#b77-- 7,a7 by /rik+ #da1bjg & ins]t+ #aha1caa2 7,b7 by /rik+ #dg1eaa & ins]t+ #bji1jdh2 7,c7 by /rik+ #eg1cjj & ins]t+ #beb1abj2 7,d7 by /rik+ #gc1cdc & ins]t+ #cbb1gji2 7,e7 by /rik+ #ha1gjh & ins]t+ #cei1eae2 7,f7 by /rik+ #dc1hge & ins]t+ #aic1jej2 7,g7 by /rik+ #di1gaj & ins]t+ #bah1gbd2 7,h7 by /rik+ #fj1ddf & ins]t+ #bfe1ifb2 7,i7 by /rik+ #gh1aig & ins]t+ #cdd1jfg2 & 7,j7 by /rik+ #he1hcf & ins]t+ #cgg1fgh2 7#d7 9 section #bbj7;d77#c77;,b77iii77,i7 7#ab ,u4,s4,c4 #agaek7d77#c77;,b77iii77,i77-- 7,a7 by /rik+ #ch1jbe & ins]t+ #afg1caj2 7,b7 by /rik+ #db1abj & ins]t+ #ahe1cbh2 7,c7 by /rik+ #ej1caj & ins]t+ #bba1cfd2 7,d7 by /rik+ #fb1jaj & ins]t+ #bgb1hdd2 7,e7 by /rik+ #gj1bjj & ins]t+ #cjh1hhj2 7,f7 by /rik+ #dc1hge & ins]t+ #aic1jej2 7,g7 by /rik+ #di1adj & ins]t+ #baf1baf2 7,h7 by /rik+ #fj1bee & ins]t+ #bfe1abb2 7,i7 by /rik+ #ge1dfe & ins]t+ #ccb1jdf2 & 7,j7 by /rik+ #he1cbh & ins]t+ #cge1ddc2 7#e7 9 section #bba7;d77#d77;ii77,i7 7#ab ,u4,s4,c4 #agael7d77#d77;ii77,i77-- 7,a7 by /rik+ #cg1hdc & ins]t+ #aff1eji2 7,b7 by /rik+ #db1ied & ins]t+ #ahh1iig2 7,c7 by /rik+ #ea1ibj & ins]t+ #bbh1ddh2 7,d7 by /rik+ #fe1afi & ins]t+ #bhf1gdd2 7,e7 by /rik+ #gc1hdf & ins]t+ #cbd1ibb2 7,f7 by /rik+ #dj1hgf & ins]t+ #agi1hed2 7,g7 by /rik+ #df1hei & ins]t+ #bjf1ahj2 7,h7 by /rik+ #ef1igi & ins]t+ #bej1gjh2 7,i7 by /rik+ #gc1gaj & ins]t+ #cbd1cbd2 & 7,j7 by /rik+ #hj1iac & ins]t+ #cef1jag2 7#f7 9 section #bca7;c77#b77;,a7 7#ab ,u4,s4,c4 #agaev7c77#b77;,a77-- 7,a7 by /rik+ #ce1igh & ins]t+ #aff1eji2 7,b7 by /rik+ #dj1bbj & ins]t+ #ahh1iig2 7,c7 by /rik+ #dh1jbi & ins]t+ #bbh1ddh2 7,d7 by /rik+ #eg1gih & ins]t+ #bhf1gdd2 7,e7 by /rik+ #fg1iej & ins]t+ #cbd1ibb2 7,f7 by /rik+ #dj1hgf & ins]t+ #agi1hed2 7,g7 by /rik+ #df1hei & ins]t+ #bjf1ahj2 7,h7 by /rik+ #ef1igi & ins]t+ #bej1gjh2 7,i7 by /rik+ #gc1gaj & ins]t+ #cbd1cbd2 & 7,j7 by /rik+ #hj1iac & ins]t+ #cef1jag2 & 7#g7 9 section #bcd7;e77#c77;,a7 7#ab ,u4,s4,c4 #agaey7e77#c77;,a77-- 7,a7 by /rik+ #db1jdh & ins]t+ #ahe1jaa2 7,b7 by /rik+ #dh1dha & ins]t+ #bac1caf2 7,c7 by /rik+ #eh1dfi & ins]t+ #beg1bfc2 7,d7 by /rik+ #gd1hdj & ins]t+ #cbi1bif2 7,e7 by /rik+ #hc1cge & ins]t+ #cff1hej2 7,f7 by /rik+ #dd1bej & ins]t+ #aid1gjj2 7,g7 by /rik+ #ej1gbd & ins]t+ #bbc1ahf2 7,h7 by /rik+ #fa1fhj & ins]t+ #bga1cib2 7,i7 by /rik+ #gi1gic & ins]t+ #cea1jhi2 & 7,j7 by /rik+ #hg1ehh & ins]t+ #che1chg4 7b7 ,rule ( con/ruction ,no?+ 9 ?is section or ! am5dm5ts made by ?is section may be con/ru$ to limit ! au?ority ( ! ,secret>y ( ,h\s+ & ,urban ,developm5t to revise ! /atutory exceptions = high-co/ p]c5tage & high-co/ areas annual index+4 ,,iii ,manufactur$ ,h\s+ = ,am]ica #cja4 ,h\s+ ,supply ,expansion ,act 7a7 ,9 g5]al ,section #fjc7f7 ( ! ,national ,manufactur$ ,h\s+ ,con/ruction & ,safety ,/&>ds ,act ( #aigd 7#db ,u4,s4,c4 #edjb7f77 is am5d$ by /rik+ on a p]man5t *assis & ins]t+ ) or )\t a p]man5t *assis4 7b7 ,/&>ds = manufactur$ homes built )\t a p]man5t *assis ,section #fjd7;a7 ( ! ,national ,manufactur$ ,h\s+ ,con/ruction & ,safety ,/&>ds ,act ( #aigd 7#db ,u4,s4,c4 #edjc7;a77 is am5d$ by add+ ! foll[+3 7#g7 ,/&>ds = manufactur$ homes built )\t a p]man5t *assis 7,a7 ,9 g5]al ,! ,secret>y1 9 consultation ) ! cons5sus committee1 %all issue revis$ /&>ds = manufactur$ homes built )\t a p]man5t *assis us+ ! process describ$ 9 p>agraph 7#d74 7,b7 ,creat+ f9al /&>ds ,! ,secret>y %all1 aft] consult+ & conf]r+ ) ! cons5sus committee1 e/abli% /&>ds to ensure t manufactur$ homes )\t a p]man5t *assis h-- 7i7 a di/9ct label1 ) rev5ue g5]at$ to be deposit$ into ! ,manufactur$ ,h\s+ ,fees ,tru/ ,fund e/abli%$ "u section #fbj7;e77#a71 to be issu$ by ! ,secret>y di/+ui%+ manufactur$ home built )\t a p]man5t *assis f manufactur$ homes built on a p]man5t *assis2 7ii7 a data plate1 z describ$ 9 section #cbhj4e ( title #bd1 ,code ( ,f$]al ,regulations 7or any successor regulation71 di/+ui%+ manufactur$ homes built )\t a p]man5t *assis f manufactur$ homes built on a p]man5t *assis2 & 7iii7 a notation on any invoice produc$ by ! manufactur] ( a manufactur$ home t is di/+ui%able f ! invoice = a manufactur$ home con/ruct$ ) a p]man5t *assis4 4 7c7 ,manufactur$ home c]tifications ,section #fjd ( ! ,national ,manufactur$ ,h\s+ ,con/ruction & ,safety ,/&>ds ,act ( #aigd 7#db ,u4,s4,c4 #edjc7 is am5d$ by add+ at ! end ! foll[+3 7i7 ,manufactur$ home c]tifications 7#a7 ,9 g5]al 7,a7 ,initial c]tification ,subject to subp>agraph 7,b71 n lat] ?an #a ye> aft] ! date ( enactm5t ( ! #ba/ ,c5tury ,,road to ,h\s+ ,act1 a ,/ate %all submit to ! ,secret>y an initial c]tification t ! laws & regulations ( ! ,/ate-- 7i7 treat any manufactur$ home 9 p>ity ) a manufactur$ home 7z def9$ & regulat$ by ! ,/ate72 & 7ii7 subject a manufactur$ home )\t a p]man5t *assis to ! same laws & regulations ( ! ,/ate z a manufactur$ home built on a p]man5t *assis1 includ+ ) respect to f9anc+1 title1 insurance1 manufacture1 sale1 taxes1 transportation1 in/allation1 & o!r areas z ! ,secret>y det]m9es1 aft] consultation ) & approval by ! cons5sus committee1 are necess>y to give effect to ! purpose ( ?is section4 7,b7 ,/ate plan submission ,any ,/ate plan submitt$ "u section #fbc7;b7 %all conta9 ! requir$ ,/ate c]tification "u subp>agraph 7,a7 &1 if conta9$ !re91 no additional or ,/ate c]tification "u subp>agraph 7,a7 or p>agraph 7#c74 7,c7 ,ext5d$ deadl9e ,) respect to a ,/ate ) a legislature t meets bi5nially1 ! deadl9e = ! submission ( ! initial c]tification requir$ "u subp>agraph 7,a7 %all be #b ye>s aft] ! date ( enactm5t ( ! #ba/ ,c5tury ,,road to ,h\s+ ,act4 7,d7 ,late c]tification 7i7 ,no waiv] ,! ,secret>y may n waive ! prohibition describ$ 9 p>agraph 7#e77;,b7 ) respect to a c]tification submitt$ aft] ! deadl9e "u subp>agraph 7,a7 or p>agraph 7#c7 unless ! ,secret>y approves ! late c]tification4 7ii7 ,rule ( con/ruction ,no?+ 9 ?is subsection %all be con/ru$ to prev5t a ,/ate f submitt+ ! initial c]tification requir$ "u subp>agraph 7,a7 aft] ! requir$ deadl9e "u t subp>agraph4 7#b7 ,=m ( ,/ate c]tification n pres5t$ 9 a ,/ate plan ,! initial c]tification requir$ "u p>agraph 7#a77;,a71 if n submitt$ ) a ,/ate plan "u p>agraph 7#a77;,b71 %all conta91 9 a =m prescrib$ by ! ,secret>y1 an atte/ation by an (ficial t ! ,/ate has tak5 ! /eps necess>y to ensure ! v]acity ( ! c]tification requir$ "u p>agraph 7#a77;,a71 includ+1 z necess>y1 by-- 7,a7 am5d+ ! def9ition ( manufactur$ home 9 ! laws & regulations ( ! ,/ate2 & 7,b7 direct+ ,/ate ag5cies to am5d ! def9ition ( manufactur$ home 9 regulations4 7#c7 ,annual rec]tification ,n lat] ?an a date to be det]m9$ by ! ,secret>y ea* ye>1 a ,/ate %all submit to ! ,secret>y an additional c]tification t-- 7,a7 confirms ! accuracy ( ! initial c]tification submitt$ "u subp>agraph 7,a7 or 7,b7 ( p>agraph 7#a72 & 7,b7 c]tifies t any new laws or regulations enact$ or adopt$ by ! ,/ate s9ce ! date ( ! previ\s c]tification d n *ange ! v]acity ( ! initial c]tification submitt$ "u p>agraph 7#a77;,a74 7#d7 ,li/ ,! ,secret>y %all publi% & ma9ta9 9 ! ,f$]al ,regi/] & on ! website ( ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t a li/ ( ,/ates t are up to date ) ! submission ( initial & subsequ5t c]tifications requir$ "u ?is subsection4 7#e7 ,prohibition 7,a7 ,def9ition ,9 ?is p>agraph1 ! t]m cov]$ manufactur$ home means a home t is-- 7i7 n consid]$ a manufactur$ home "u ! laws & regulations ( a ,/ate because ! home is con/ruct$ )\t a p]man5t *assis2 7ii7 consid]$ a manufactur$ home "u ! def9ition ( ! t]m 9 section #fjc2 & 7iii7 con/ruct$ aft] ! date ( enactm5t ( ! #ba/ ,c5tury ,,road to ,h\s+ ,act4 7,b7 ,build+1 in/allation1 & sale ,if a ,/ate does n submit a c]tification "u p>agraph 7#a77;,a7 or 7#c7 by ! date on :i* ^? c]tifications are requir$ to be submitt$-- 7i7 ) respect to a ,/ate 9 :i* ! ,/ate adm9i/]s ! in/allation ( manufactur$ homes1 ! ,/ate %all prohibit ! manufacture1 in/allation1 or sale ( a cov]$ manufactur$ home )9 ! ,/ate2 & 7ii7 ) respect to a ,/ate 9 :i* ! ,secret>y adm9i/]s ! in/allation ( manufactur$ homes1 ! ,/ate & ! ,secret>y %all prohibit ! manufacture1 in/allation1 or sale ( a cov]$ manufactur$ home )9 ! ,/ate4 4 7d7 ,o!r ,f$]al laws regulat+ manufactur$ homes ,! ,secret>y ( ,h\s+ & ,urban ,developm5t may coord9ate ) ! heads ( o!r ,f$]al ag5cies to ensure t ,f$]al ag5cies treat a manufactur$ home 7z def9$ 9 ,f$]al laws & regulations o!r ?an section #fjc ( ! ,national ,manufactur$ ,h\s+ ,con/ruction & ,safety ,/&>ds ,act ( #aigd 7#db ,u4,s4,c4 #edjb77 9 ! same mann] z a manufactur$ home 7z def9$ 9 section #fjc ( ! ,national ,manufactur$ ,h\s+ ,con/ruction & ,safety ,/&>ds ,act ( #aigd 7#db ,u4,s4,c4 #edjb71 z am5d$ by ?is ,act74 7e7 ,assi/ance to ,/ates ,section #fji ( ! ,national ,manufactur$ ,h\s+ ,con/ruction & ,safety ,/&>ds ,act ( #aigd 7#db ,u4,s4,c4 #edjh7 is am5d$-- 7#a7 9 p>agraph 7#a71 by /rik+ & at ! end2 7#b7 9 p>agraph 7#b71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7#c7 by add+ at ! end ! foll[+3 7#c7 model guidance to support ! submission ( ! c]tification requir$ "u section #fjd7;i74 4 7f7 ,preemption ,no?+ 9 ?is section or ! am5dm5ts made by ?is section may be con/ru$ z limit+ ! scope ( ,f$]al preemption "u section #fjd7;d7 ( ! ,national ,manufactur$ ,h\s+ ,con/ruction & ,safety ,/&>ds ,act ( #aigd 7#db ,u4,s4,c4 #edjc7;d774 7g7 ,prim>y au?ority to e/abli% manufactur$ home con/ruction & safety /&>ds ,! ,national ,manufactur$ ,h\s+ ,con/ruction & ,safety ,/&>ds ,act ( #aigd 7#db ,u4,s4,c4 #edja et seq47 is fur!r am5d$-- 7#a7 9 section #fjc7g71 by ins]t+ en]gy effici5cy1 aft] design12 & 7#b7 9 section #fjd1 by add+ at ! end ! foll[+3 7j7 ,prim>y au?ority to e/abli% /&>ds 7#a7 ,9 g5]al ,! ,secret>y %all h ! prim>y au?ority to e/abli% ,f$]al manufactur$ home con/ruction & safety /&>ds4 7#b7 ,approval f secret>y 7,a7 ,9 g5]al ,! head ( any ,f$]al ag5cy t seeks to e/abli% a manufactur$ home con/ruction & safety /&>d on or aft] ! date ( ! enactm5t ( ?is subsection-- 7i7 %all submit to ! ,secret>y a proposal describ+ su* /&>d2 & 7ii7 may n e/abli% su* /&>d )\t approval f ! ,secret>y4 7,b7 ,rejection ( /&>ds ,! ,secret>y %all reject a /&>d submitt$ to ! ,secret>y = approval "u subp>agraph 7,a7-- 7i7 if ! /&>d w\ld significantly increase ! co/ ( produc+ manufactur$ homes1 z det]m9$ by ! ,secret>y2 7ii7 if ! /&>d w\ld conflict ) exi/+ manufactur$ home con/ruction & safety /&>ds e/abli%$ by ! ,secret>y2 or 7iii7 = any o!r reason z det]m9$ appropriate by ! ,secret>y4 7,c7 ,rule ( con/ruction ,no?+ 9 ?is subsection may be con/ru$ to require ! ,secret>y to e/abli% new or revis$ ,f$]al manufactur$ home con/ruction & safety /&>ds4 4 #cjb4 ,modul> ,h\s+ ,production ,act 7a7 ,def9itions ,9 ?is section3 7#a7 ,manufactur$ home ,! t]m manufactur$ home has ! mean+ giv5 ! t]m 9 section #fjc ( ! ,national ,manufactur$ ,h\s+ ,con/ruction & ,safety ,/&>ds ,act ( #aigd 7#db ,u4,s4,c4 #edjb74 7#b7 ,modul> home ,! t]m modul> home means a home t is con/ruct$ 9 a factory 9 #a or m modules1 ea* ( :i* meets applicable ,/ate & local build+ codes ( ! area 9 :i* ! home w be locat$1 & t are transport$ to ! home build+ site1 in/all$ on f\ndations1 & complet$4 7#c7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 7b7 ,,fha con/ruction f9anc+ programs 7#a7 ,9 g5]al ,! ,secret>y %all conduct a review ( ,f$]al ,h\s+ ,adm9i/ration con/ruction f9anc+ programs to id5tify b>ri]s to ! use ( modul> home me?ods4 7#b7 ,requirem5ts ,9 conduct+ ! review "u p>agraph 7#a71 ! ,secret>y %all-- 7,a7 id5tify & evaluate regulatory & programmatic features t re/rict p>ticipation 9 con/ruction f9anc+ programs by modul> home develop]s1 includ+ con/ruction draw s*$ules2 & 7,b7 id5tify adm9i/rative measures au?oriz$ "u section #ebe ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agce;f-#c7 to facilitate program utilization by modul> home develop]s4 7#c7 ,report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all publi% a report t describes ! results ( ! review conduct$ "u p>agraph 7#a71 :i* %all include a description ( programmatic & policy *anges t ! ,secret>y recomm5ds to r$uce or elim9ate id5tifi$ b>ri]s to ! use ( modul> home me?ods 9 ,f$]al ,h\s+ ,adm9i/ration con/ruction f9anc+ programs4 7#d7 ,rulemak+ 7,a7 ,9 g5]al ,n lat] ?an #abj days aft] ! date on :i* ! ,secret>y publi%es ! report "u p>agraph 7#c71 ! ,secret>y %all initiate a rulemak+ to exam9e an alt]native draw s*$ule = con/ruction f9anc+ loans provid$ to modul> & manufactur$ home develop]s1 :i* %all include ! ability = int]e/$ /akehold]s to provide robu/ public comm5t4 7,b7 ,det]m9ation ,foll[+ ! p]iod = public comm5t "u subp>agraph 7,a71 ! ,secret>y %all-- 7i7 issue a f9al rule reg>d+ an alt]native draw s*$ule describ$ 9 subp>agraph 7,a72 or 7ii7 provide an explanation z to :y ! rule %all n become f9al4 7c7 ,/&>diz$ uni=m comm]cial code = modul> homes ,! ,secret>y may aw>d a grant to /udy ! design & feasibility ( a /&>diz$ uni=m comm]cial code = modul> homes1 :i* %all evaluate-- 7#a7 ! utility ( a /&>diz$ cod+ sy/em = s]ializ+ & secur+ modules1 /reaml9+ design & con/ruction1 & improv+ modul> home innovation2 & 7#b7 a means to coord9ate a /&>diz$ code ) f9anc+ inc5tives4 #cjc4 ,prop]ty ,improvem5t & ,manufactur$ ,h\s+ ,loan ,mod]nization ,act 7a7 ,national ,h\s+ ,act am5dm5ts 7#a7 ,9 g5]al ,section #b ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjc7 is am5d$-- 7,a7 9 subsection 7a71 by ins]t+ con/ruction ( additional or accessory dwell+ units1 z def9$ by ! ,secret>y1 aft] en]gy cons]v+ improvem5ts12 & 7,b7 9 subsection 7b7-- 7i7 9 p>agraph 7#a7-- 7,i7 by /rik+ subp>agraph 7,a7 & ins]t+ ! foll[+3 7,a7 #ge1jjj if made = ! purpose ( f9anc+ alt]ations1 repairs1 & improvem5ts ^u or 9 connection ) an exi/+ s+le-family /ructure1 includ+ a manufactur$ home2 2 7,,ii7 9 subp>agraph 7,b7-- 7aa7 by /rik+ #fj1jjj & ins]t+ #aej1jjj2 7bb7 by /rik+ #ab1jjj & ins]t+ #cg1ejj2 & 7cc7 by /rik+ an ap>tm5t h\se or2 7,,iii7 by /rik+ subp>agraphs 7,c7 & 7,d7 & ins]t+ ! foll[+3 7,c7 7i7 #ajf1dje if made = ! purpose ( f9anc+ ! pur*ase ( a s+le-section manufactur$ home2 & 7ii7 #aie1cbb if made = ! purpose ( f9anc+ ! pur*ase ( a multi-section manufactur$ home2 7,d7 7i7 #adi1ghb if made = ! purpose ( f9anc+ ! pur*ase ( a s+le-section manufactur$ home & a suitably develop$ lot on :i* to place ! home2 & 7ii7 #bch1fii if made = ! purpose ( f9anc+ ! pur*ase ( a multi-section manufactur$ home & a suitably develop$ lot on :i* to place ! home2 2 7,,iv7 9 subp>agraph 7,e7-- 7aa7 by /rik+ #bc1bbf & ins]t+ #dc1cgg2 & 7bb7 by /rik+ ! p]iod at ! end & ins]t+ a semicolon2 7,v7 9 subp>agraph 7,f71 by /rik+ & at ! end2 7,,vi7 9 subp>agraph 7,g71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7,,vii7 by ins]t+ aft] subp>agraph 7,g7 ! foll[+3 7,h7 su* pr9cipal am\nt z ! ,secret>y may prescribe if made = ! purpose ( f9anc+ ! con/ruction ( an accessory dwell+ unit4 2 7ii7 9 ! matt] imm$iately prec$+ p>agraph 7#b7-- 7,i7 by /rik+ regulation & ins]t+ notice2 7,,ii7 by /rik+ increase & ins]t+ set2 7,,iii7 by /rik+ 7,a77ii71 7,c71 7,d71 & 7,e7 & ins]t+ 7,a7 ?r\gh 7,h72 7,,iv7 by ins]t+ 1 or z necess>y to a*ieve ! goals ( ! ,f$]al ,h\s+ ,adm9i/ration1 p]iodically reset ! doll> am\nt limitations 9 subp>agraphs 7,a7 ?r\gh 7,h7 bas$ on ju/ification & me?odology set =? 9 advance by regulation be=e ! p]iod at ! end2 & 7,v7 by adju/+ ! m>g9s appropriately2 7iii7 9 p>agraph 7#c71 by /rik+ exce$s-- & all t foll[s ?r\gh ! p]iod at ! end & ins]t+ exce$s su* p]iod ( "t z det]m9$ by ! ,secret>y1 n to exce$ #cj ye>s42 7iv7 by /rik+ p>agraph 7#i7 & ins]t+ ! foll[+3 7#i7 ,annual index+ ( c]ta9 doll> am\nt limitations ,! ,secret>y %all develop or *oose #a or m me?ods ( index+ 9 ord] to annually set ! loan limits e/abli%$ 9 p>agraph 7#a71 bas$ on data ! ,secret>y det]m9es is appropriate = purposes ( ?is section4 2 & 7v7 9 p>agraph 7#aa71 by /rik+ lease-- & all t foll[s ?r\gh ! p]iod at ! end & ins]t+ lease meets ! t]ms & conditions e/abli%$ by ! ,secret>y4 7#b7 ,deadl9e = developm5t or *oice ( new index2 int]im index 7,a7 ,deadl9e = developm5t or *oice ( new index ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t %all develop or *oose #a or m me?ods ( index+ z requir$ "u section #b7;b77#i7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjc7;b77#i771 z am5d$ by p>agraph 7#a7 ( ?is subsection4 7,b7 ,int]im index ,dur+ ! p]iod beg9n+ on ! date ( enactm5t ( ?is ,act & end+ on ! date on :i* ! ,secret>y ( ,h\s+ & ,urban ,developm5t develops or *ooses #a or m me?ods ( index+ z requir$ "u section #b7;b77#i7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjc7;b77#i771 z am5d$ by p>agraph 7#a7 ( ?is subsection1 ! me?od ( index+ e/abli%$ by ! ,secret>y "u su* section #b7;b77#i7 be=e ! date ( enactm5t ( ?is ,act %all apply4 7b7 ,,hud /udy ( (fsite con/ruction 7#a7 ,def9itions ,9 ?is subsection3 7,a7 (fsite con/ruction h\s+ ,! t]m (fsite con/ruction h\s+ includes manufactur$ homes & modul> homes4 7,b7 ,manufactur$ home ,! t]m manufactur$ home means any home con/ruct$ 9 accordance ) ! con/ruction & safety /&>ds e/abli%$ "u ! ,national ,manufactur$ ,h\s+ ,con/ruction & ,safety ,/&>ds ,act ( #aigd 7#db ,u4,s4,c4 #edja et seq474 7,c7 ,modul> home ,! t]m modul> home means a home t is con/ruct$ 9 a factory 9 #a or m modules1 ea* ( :i* meets applicable ,/ate & local build+ codes ( ! area 9 :i* ! home w be locat$1 & t are transport$ to ! home build+ site1 in/all$ on f\ndations1 & complet$4 7#b7 ,/udy ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is section ! ,secret>y ( ,h\s+ & ,urban ,developm5t %all conduct a /udy & submit to ,congress a report on ! co/ effectiv5ess ( (fsite con/ruction h\s+1 t includes-- 7,a7 an analysis ( ! advantages & ! impact ( c5tralization 9 a factory & transportation to a con/ruction site on co/1 precision1 & mat]ials wa/e2 7,b7 ! ext5t to :i* (fsite con/ruction h\s+ meets h\s+ quality /&>ds "u ! ,national ,/&>ds = ! ,physical ,inspection ( ,real ,e/ate1 or o!r /&>ds z ! ,secret>y may prescribe1 comp>$ to ! ext5t = site-built homes1 = su* /&>ds2 7,c7 ! expect$ replacem5t & ma9t5ance co/s ov] ! fir/ #dj ye>s ( life ( (fsite con/ruction homes comp>$ to ^? co/s = site-built homes2 & 7,d7 opportunities = use beyond s+le-family h\s+1 su* z applications 9 accessory dwell+ units1 two- to f\r-unit h\s+1 & l>ge multifamily h\s+4 ,,iv ,access+ ! ,am]ican ,dream #dja4 ,creat+ inc5tives = small-doll> loan orig9ators 7a7 ,def9itions ,9 ?is section3 7#a7 ,director ,! t]m ,director means ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection4 7#b7 ,small-doll> mortgage ,! t]m small-doll> mortgage means a mortgage loan hav+ an orig9al pr9cipal obligation ( n m ?an #ajj1jjj t is-- 7,a7 secur$ by real prop]ty design$ = #a to #d dwell+ units2 & 7,b7 7i7 insur$ by ! ,f$]al ,h\s+ ,adm9i/ration "u title ,,ii ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjg et seq472 7ii7 made1 gu>ante$1 or insur$ by ! ,dep>tm5t ( ,vet]ans ,affairs2 7iii7 made1 gu>ante$1 or insur$ by ! ,dep>tm5t ( ,agriculture2 or 7iv7 eligible to be pur*as$ or securitiz$ by ! ,f$]al ,home ,loan ,mortgage ,corporation or ! ,f$]al ,national ,mortgage ,association4 7b7 ,requirem5t reg>d+ loan orig9ator comp5sation practices ,n lat] ?an #bgj days aft] ! date ( enactm5t ( ?is ,act1 ! ,director %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report on loan orig9ator comp5sation practices ?r\gh\t ! resid5tial mortgage m>ket1 includ+ ! relative frequ5cy ( loan orig9ators be+ comp5sat$-- 7#a7 ) a sal>y2 7#b7 ) a commission reflect+ a fix$ p]c5tage ( ! am\nt ( cr$it ext5d$2 7#c7 ) a commission bas$ on a factor o!r ?an a fix$ p]c5tage ( ! am\nt ( cr$it ext5d$2 7#d7 ) a comb9ation ( sal>y & commission2 7#e7 on a loan volume basis2 & 7#f7 ) a commission reflect+ a p]c5tage ( ! am\nt ( cr$it ext5d$1 = :i* a m9imum or maximum comp5sation am\nt is set4 7c7 ,community ,developm5t ,f9ancial ,in/itution ,loan ,orig9ators ,9 p]=m+ ! /udy requir$ "u subsection 7b71 ! ,secret>y %all1 9 coord9ation ) relevant ,f$]al ag5cies t regulate f$]ally back$ small-doll> mortgages & 9 consultation ) ! ,director ( ! ,community ,developm5t ,f9ancial ,in/itutions ,fund e/abli%$ "u section #ajd ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjc71 give due consid]ation to ! practices = comp5sat+ loan orig9ators t are employ$ by or orig9ate loans on behalf ( community developm5t f9ancial in/itutions4 7d7 ,cont5ts ,! report requir$ "u subsection 7b7 %all include-- 7#a7 data & o!r analyses reg>d+ ! effect ( ! approa*es to loan orig9ator comp5sation describ$ 9 subsection 7b7 on ! availability ( small-doll> mortgage loans2 & 7#b7 an analysis & a discussion reg>d+ pot5tial b>ri]s to small-doll> mortgage l5d+4 #djb4 ,small-doll> mortgage po9ts & fees 7a7 ,small-doll> mortgage def9$ ,9 ?is section1 ! t]m small-doll> mortgage means a mortgage ) an orig9al pr9cipal obligation ( less ?an #ajj1jjj4 7b7 ,am5dm5ts ,n lat] ?an #bgj days aft] ! date ( enactm5t ( ?is ,act1 ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection1 9 consultation ) ! ,secret>y ( ,h\s+ & ,urban ,developm5t & ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 %all evaluate ! impact ( ! ?re%olds "u section #ajbf4dc ( title #ab1 ,code ( ,f$]al ,regulations 7z 9 effect on ! date ( enactm5t ( ?is ,act71 on small-doll> mortgage orig9ations4 #djc4 ,appraisal ,indu/ry ,improvem5t ,act 7a7 ,appraisal /&>ds 7#a7 ,c]tification or lic5s+ 7,a7 ,9 g5]al ,section #bjb7;g77#e7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjh7;g77#e77 is am5d$-- 7i7 by mov+ ! p>agraph two ems to ! left2 & 7ii7 by /rik+ subp>agraphs 7,a7 & 7,b7 & ins]t+ ! foll[+3 7,a7 be c]tifi$ or lic5s$ by ! ,/ate 9 :i* ! prop]ty to be apprais$ is locat$1 except t an apprais] :o has z _! prim>y duty conduct+ appraisal-relat$ activities & :o *ooses to become a ,/ate-lic5s$ or c]tifi$ real e/ate apprais] ne$ only to be lic5s$ or c]tifi$ 9 #a ,/ate or t]ritory to p]=m appraisals on mortgages insur$ by ! ,f$]al ,h\s+ ,adm9i/ration 9 all ,/ates & t]ritories2 7,b7 meet ! requirem5ts "u ! compet5cy rule set =? 9 ! ,uni=m ,/&>ds ( ,pr(essional ,appraisal ,practice be=e accept+ an assignm5t2 & 7,c7 h demon/rat$ v]ifiable education 9 ! appraisal requirem5ts e/abli%$ by ! ,f$]al ,h\s+ ,adm9i/ration "u ?is subsection1 :i* %all include ! completion ( a c\rse or sem9> t educates apprais]s on ^? appraisal requirem5ts1 :i* %all be provid$ by-- 7i7 ! ,f$]al ,h\s+ ,adm9i/ration2 or 7ii7 a ?ird p>ty1 if ! c\rse is approv$ by ! ,secret>y or a ,/ate apprais] c]tify+ or lic5s+ ag5cy4 4 7,b7 ,application ,subp>agraph 7,c7 ( section #bjb7;g77#e7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjh7;g77#e771 z add$ by subp>agraph 7,a71 %all n apply ) respect to any c]tifi$ apprais] approv$ by ! ,f$]al ,h\s+ ,adm9i/ration to conduct appraisals on prop]ty secur+ a mortgage to be insur$ by ! ,f$]al ,h\s+ ,adm9i/ration on or be=e ! effective date describ$ 9 p>agraph 7#c77;,c74 7#b7 ,compliance ) v]ifiable education & compet5cy requirem5ts ,on & aft] ! effective date describ$ 9 p>agraph 7#c77;,c71 no apprais] may conduct an appraisal on a prop]ty secur+ a mortgage to be insur$ by ! ,f$]al ,h\s+ ,adm9i/ration unless-- 7,a7 ! apprais] is 9 compliance ) ! requirem5ts ( subp>agraphs 7,a7 & 7,b7 ( section #bjb7;g77#e7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjh7;g77#e771 z am5d$ by p>agraph 7#a72 & 7,b7 if ! apprais] 0 n approv$ by ! ,f$]al ,h\s+ ,adm9i/ration to conduct appraisals on mortgages insur$ by ! ,f$]al ,h\s+ ,adm9i/ration be=e ! date on :i* ! mortgagee lett] or guidance takes effect "u p>agraph 7#c77;,c71 ! apprais] is 9 compliance ) subp>agraph 7,c7 ( su* section #bjb7;g77#e74 7#c7 ,implem5tation ,n lat] ?an ! #bdj days aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t %all issue a mortgagee lett] or guidance t-- 7,a7 implem5ts ! am5dm5ts made by p>agraph 7#a72 7,b7 cle>ly sets =? all ( ! specific requirem5ts "u section #bjb7;g77#e7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjh7;g77#e771 z am5d$ by p>agraph 7#a71 = approval to conduct appraisals on prop]ty secur$ by a mortgage to be insur$ by ! ,f$]al ,h\s+ ,adm9i/ration1 :i* %all include-- 7i7 provid+ t1 be=e ! effective date ( ! mortgagee lett] or guidance1 compliance ) ! requirem5ts "u subp>agraphs 7,a71 7,b71 & 7,c7 ( su* section #bjb7;g77#e71 z am5d$ by p>agraph 7#a71 %all be consid]$ to fulfill ! requirem5ts "u su* subp>agraphs2 & 7ii7 provid+ a me?od = apprais]s to demon/rate su* prior compliance2 & 7,c7 takes effect n lat] ?an ! date t is #ahj days aft] ! date on :i* ! ,secret>y issues ! mortgagee lett] or guidance4 7b7 ,annual regi/ry fees = appraisal managem5t companies ,section #aaji7;a7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ccch7;a77 is am5d$1 9 ! matt] foll[+ clause 7ii7 ( p>agraph 7#d77;,b71 by add+ at ! end ! foll[+3 ,subject to ! approval ( ! ,c\ncil1 ! ,appraisal ,subcommittee may adju/ fees e/abli%$ "u clause 7i7 or 7ii7 to c>ry out its functions "u ?is ,act44 7c7 ,/ate cr$5tial$ tra9ees 7#a7 ,ma9t5ance on national regi/ry ,section #aajc7;a7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #cccb7;a77 is am5d$-- 7,a7 9 p>agraph 7#c7-- 7i7 by ins]t+ & ,/ate cr$5tial$ tra9ee apprais]s aft] lic5s$ apprais]s2 & 7ii7 by /rik+ & at ! end2 7,b7 by /rik+ p>agraph 7#d72 7,c7 by r$esignat+ p>agraphs 7#e7 & 7#f7 z p>agraphs 7#d7 & 7#e71 respectively2 & 7,d7 9 p>agraph 7#d71 z s r$esignat$-- 7i7 by /rik+ ye>4 ,! report %all also detail & ins]t+ ye>1 detail+2 7ii7 by /rik+ provide & ins]t+ provides2 & 7iii7 by /rik+ ! p]iod at ! end & ins]t+ 2 &4 7#b7 ,annual regi/ry fees 7,a7 ,9 g5]al ,section #aaji ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ccch7 is am5d$-- 7i7 9 ! section head+1 by /rik+ c]tifi$ or lic5s$ & ins]t+ 1 c]tifi$1 lic5s$1 & cr$5tial$ tra9ee2 & 7ii7 9 subsection 7a7-- 7,i7 9 p>agraph 7#a71 by ins]t+ 1 & 9 ! case ( a ,/ate ) a sup]visory or tra9ee program1 a ro/] li/+ individuals :o h receiv$ a ,/ate tra9ee cr$5tial aft] ?is title2 & 7,,ii7 by /rik+ p>agraph 7#b7 & ins]t+ ! foll[+3 7#b7 transmit reports on ! issuance & r5ewal ( lic5ses1 c]tifications1 cr$5tials1 sanctions1 & discipl9>y actions1 includ+ lic5se1 cr$5tial1 & c]tification revocations1 on a timely basis to ! national regi/ry ( ! ,appraisal ,subcommittee2 4 7,b7 ,rule ( con/ruction ,no?+ 9 ! am5dm5ts made by subp>agraph 7,a7 %all require a ,/ate to e/abli% or op]ate a program = ,/ate cr$5tial$ tra9ee apprais]s1 z def9$ 9 p>agraph 7#ab7 ( section #aaba ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi1 z add$ by p>agraph 7#d7 ( ?is subsection4 7#c7 ,transactions requir+ ! s]vices ( a ,/ate c]tifi$ apprais] ,section #aaac ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ccdb7 is am5d$-- 7,a7 by /rik+ ,9 det]m9+ & ins]t+ 7a7 ,9 g5]al4--,9 det]m9+2 & 7,b7 by add+ at ! end ! foll[+3 7b7 ,use ( ,/ate cr$5tial$ tra9ee apprais]s ,9 p]=m+ an appraisal "u ?is section1 a ,/ate c]tifi$ apprais] may use ! assi/ance ( a ,/ate cr$5tial$ tra9ee apprais] or an unlic5s$ tra9ee apprais]1 except t ! ,/ate c]tifi$ apprais] assi/$ by a tra9ee %all be liable = appraisal & valuation "w4 4 7#d7 ,def9ition ,section #aaba ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ccej7 is am5d$ by add+ at ! end ! foll[+3 7#ab7 ,/ate cr$5tial$ tra9ee apprais] ,! t]m ,/ate cr$5tial$ tra9ee apprais] means an individual :o-- 7,a7 meets ! m9imum crit]ia e/abli%$ by ! ,apprais] ,qualification ,bo>d = a tra9ee apprais] cr$5tial2 & 7,b7 is cr$5tial$ by a ,/ate apprais] c]tify+ & lic5s+ ag5cy4 4 7d7 ,grants = work=ce & tra9+ ,section #aaji7;b7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ccch7;b77 is am5d$-- 7#a7 9 p>agraph 7#e77;,b71 by /rik+ & at ! end2 7#b7 9 p>agraph 7#f71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7#c7 by add+ at ! end ! foll[+3 7#g7 to make grants to ,/ate apprais] c]tify+ & lic5s+ ag5cies to support ! c>ry+ out ( education & tra9+ activities or o!r activities relat$ to address+ apprais] indu/ry work=ce ne$s1 includ+ recruit+ & reta9+ work=ce tal5t1 su* z ?r\gh s*ol>%ip assi/ance & c>e] pipel9e developm5t1 & su* ag5cies %all report on ! use ( funds & outcomes4 4 7e7 ,appraisal ,subcommittee ,section #ajaa ( ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccaj7 is am5d$1 9 ! fir/ s5t5ce1 by ins]t+ ! ,dep>tm5t ( ,vet]ans ,affairs1 ! ,rural ,h\s+ ,s]vice ( ! ,dep>tm5t ( ,agriculture1 ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t1 aft] ,f9ancial ,protection14 #djd4 ,help+ ,m ,families ,save ,act ,section #bc ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcgu7 is am5d$ by add+ at ! end ! foll[+3 7p7 ,escr[ expansion ,pilot ,program 7#a7 ,def9itions ,9 ?is subsection3 7,a7 ,cov]$ family ,! t]m cov]$ family means a family t receives assi/ance "u section #h or #i ( ?is ,act & is enroll$ 9 ! ,pilot ,program4 7,b7 ,eligible entity ,! t]m eligible entity means an entity describ$ 9 subsection 7c77#b74 7,c7 ,pilot program ,! t]m ,pilot ,program means ! ,pilot ,program e/abli%$ "u p>agraph 7#b74 7,d7 ,welf>e assi/ance ,! t]m welf>e assi/ance has ! mean+ giv5 ! t]m 9 section #ihd4ajc ( title #bd1 ,code ( ,f$]al ,regulations1 or any successor regulation4 7#b7 ,e/abli%m5t ,! ,secret>y may e/abli% a ,pilot ,program "u :i* ! ,secret>y %all select n m ?an #be eligible entities to e/abli% & manage escr[ acc\nts = n m ?an #e1jjj cov]$ families1 9 accordance ) ?is subsection4 7#c7 ,escr[ acc\nts 7,a7 ,9 g5]al ,an eligible entity select$ to p>ticipate 9 ! ,pilot ,program-- 7i7 %all e/abli% an int]e/-be>+ escr[ acc\nt & place into ! acc\nt an am\nt equal to any increase 9 ! am\nt ( r5t paid by ea* cov]$ family 9 accordance ) ! provisions ( section #c1 #h7o71 or #h7y71 z applicable1 t is attributable to increases 9 e>n$ income by ! cov]$ families dur+ ! p>ticipation ( ea* cov]$ family 9 ! ,pilot ,program2 & 7ii7 not)/&+ any o!r provision ( law1 may use funds x controls "u section #h or #i = purposes ( mak+ ! escr[ deposit = cov]$ families assi/$ "u1 or resid+ 9 units assi/$ "u1 section #h or #i1 respectively1 provid$ su* funds are (fset by ! increase 9 ! am\nt ( r5t paid by ! cov]$ family4 7,b7 ,income limitation ,an eligible entity may n escr[ any am\nts = any cov]$ family ^: adju/$ income exce$s #hj p]c5t ( ! area m$ian income at ! "t ( enrollm5t4 7,c7 ,)drawals ,a cov]$ family may )draw funds1 includ+ int]e/ e>n$1 f an escr[ acc\nt e/abli%$ by an eligible entity "u ! ,pilot ,program-- 7i7 aft] ! cov]$ family ceases to receive welf>e assi/ance2 & 7ii7 7,i7 n e>li] ?an ! date t is #e ye>s aft] ! date on :i* ! eligible entity e/abli%es ! escr[ acc\nt "u ?is subsection2 7,,ii7 n lat] ?an ! date t is #g ye>s aft] ! date on :i* ! eligible entity e/abli%es ! escr[ acc\nt "u ?is subsection1 if ! cov]$ family *ooses to cont9ue to p>ticipate 9 ! ,pilot ,program aft] ! date t is #e ye>s aft] ! date on :i* ! eligible entity e/abli%es ! escr[ acc\nt2 7,,iii7 on ! date ! cov]$ family ceases to receive h\s+ assi/ance "u section #h or #i1 if su* date is e>li] ?an #e ye>s aft] ! date on :i* ! eligible entity e/abli%es ! escr[ acc\nt2 7,,iv7 e>li] ?an #e ye>s aft] ! date on :i* ! eligible entity e/abli%es ! escr[ acc\nt1 if ! cov]$ family is us+ ! funds to advance a self-suffici5cy goal z approv$ by ! eligible entity2 7,v7 = any reason li/$ "u section #ihd4cjc7k7 ( title #bd1 ,code ( ,f$]al ,regulations2 or 7,,vi7 "u o!r circum/ances 9 :i* ! ,secret>y det]m9es an exemption = good cause is w>rant$4 7,d7 ,int]im rec]tification ,= purposes ( ! ,pilot ,program1 a cov]$ family may rec]tify ! income ( ! cov]$ family multiple times p] ye> at ! reque/ ( ! p>ticipat+ family1 z det]m9$ by ! ,secret>y1 & n less frequ5tly ?an once p] ye>1 unless ! eligible entity has e/abli%$ an alt]native r5t /ructure ) approval f ! ,secret>y4 7,e7 ,contract or plan ,a cov]$ family is n requir$ to complete a /&>d contract ( p>ticipation or an individual tra9+ & s]vices plan 9 ord] to p>ticipate 9 ! ,pilot ,program4 7#d7 ,effect ( increases 9 family income ,any increase 9 ! e>n$ income ( a cov]$ family dur+ ! enrollm5t ( ! family 9 ! ,pilot ,program may n be consid]$ z income or a res\rce = purposes ( eligibility ( ! family = o!r b5efits1 or am\nt ( b5efits payable to ! family1 "u any program adm9i/]$ by ! ,secret>y4 7#e7 ,application 7,a7 ,9 g5]al ,an eligible entity seek+ to p>ticipate 9 ! ,pilot ,program %all submit to ! ,secret>y an application-- 7i7 at su* "t1 9 su* mann]1 & conta9+ su* in=mation z ! ,secret>y may require by notice2 & 7ii7 t includes ! numb] ( propos$ cov]$ families to be s]v$ by ! eligible entity "u ?is subsection4 7,b7 ,geographic & entity v>iety ,! ,secret>y %all ensure t eligible entities select$ to p>ticipate 9 ! ,pilot ,program-- 7i7 are locat$ across v>i\s ,/ates & 9 bo? urban & rural areas2 & 7ii7 v>y by size & type1 includ+ bo? public h\s+ ag5cies & private own]s ( projects receiv+ project-bas$ r5tal assi/ance "u section #h4 7#f7 ,notification & opt-out ,an eligible entity p>ticipat+ 9 ! ,pilot ,program %all-- 7,a7 notify cov]$ families ( _! enrollm5t 9 ! ,pilot ,program2 7,b7 provide cov]$ families ) a detail$ description ( ! ,pilot ,program1 includ+ h[ ! ,pilot ,program w impact _! r5t & f9ances2 7,c7 in=m cov]$ families t ! families _c simultane\sly p>ticipate 9 ! ,pilot ,program & ! ,family ,self-,suffici5cy program "u ?is section2 & 7,d7 provide cov]$ families ) ! ability to elect n to p>ticipate 9 ! ,pilot ,program-- 7i7 n less ?an #b weeks be=e ! date on :i* ! escr[ acc\nt is e/abli%$ "u p>agraph 7#c72 & 7ii7 at any po9t dur+ ! duration ( ! ,pilot ,program4 7#g7 ,maximum r5ts ,dur+ ! t]m ( p>ticipation by a cov]$ family 9 ! ,pilot ,program1 ! am\nt ( r5t paid by ! cov]$ family %all be calculat$ "u ! r5tal provisions ( section #c or #h7o71 z applicable4 7#h7 ,pilot program timel9e 7,a7 ,aw>ds ,n lat] ?an #a ye> aft] e/abli%+ ! ,pilot ,program1 ! ,secret>y %all select ! eligible entities to p>ticipate 9 ! ,pilot ,program4 7,b7 ,e/abli%m5t & t]m ( acc\nts ,an eligible entity select$ to p>ticipate 9 ! ,pilot ,program %all-- 7i7 n lat] ?an #f mon?s aft] selection1 e/abli% escr[ acc\nts "u p>agraph 7#c7 = cov]$ families2 & 7ii7 ma9ta9 ^? escr[ acc\nts = n less ?an #e ye>s1 or until a det]m9ation is made = t]m9ation ) ,,fss escr[ disbursem5t "u section #ihd4cjc7k7 ( title #bd1 ,code ( ,f$]al ,regulations1 or until ! date ! family ceases to receive assi/ance "u section #h or #i1 &1 at ! discretion ( ! cov]$ family1 n m ?an #g ye>s aft] ! date on :i* ! escr[ acc\nt is e/abli%$4 7#i7 ,nonp>ticipation & h\s+ assi/ance 7,a7 ,9 g5]al ,assi/ance "u section #h or #i = a family t elects n to p>ticipate 9 ! ,pilot ,program %all n be delay$ or d5i$ by reason ( su* election4 7,b7 ,no t]m9ation ,h\s+ assi/ance may n be t]m9at$ z a consequ5ce ( p>ticipat+1 or n p>ticipat+1 9 ! ,pilot ,program "u ?is subsection = any p]iod4 7#aj7 ,/udy ,n lat] ?an #aj ye>s aft] ! date ! ,secret>y selects eligible entities to p>ticipate 9 ! ,pilot ,program "u ?is subsection1 ! ,secret>y %all1 if aw>ds 7 made1 conduct a /udy & submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report on outcomes = cov]$ families "u ! ,pilot ,program1 :i* %all evaluate ! effectiv5ess ( ! ,pilot ,program 9 assi/+ families to a*ieve economic indep5d5ce & self-suffici5cy1 & ! impact coa*+ & supportive s]vices1 or ! lack !re(1 _h on individual incomes4 7#aa7 ,waiv]s ,to all[ select$ eligible entities to effectively adm9i/] ! ,pilot ,program & make ! requir$ escr[ acc\nt deposits "u ?is subsection1 ! ,secret>y may waive requirem5ts "u ?is section4 7#ab7 ,t]m9ation ,! ,pilot ,program "u ?is subsection %all t]m9ate on ! date t is #aj ye>s aft] ! date ( enactm5t ( ?is subsection4 7#ac7 ,eligible uses ( appropriations ,subject to ! appropriation ( funds1 ! ,secret>y may use funds-- 7,a7 = te*nical assi/ance relat$ to implem5tation ( ! ,pilot ,program2 & 7,b7 to c>ry out an evaluation ( ! ,pilot ,program "u p>agraph 7#aj74 4 #dje4 ,*oice 9 ,af=dable ,h\s+ ,act 7a7 ,satisfaction ( inspection requirem5ts ?r\gh p>ticipation 9 o!r h\s+ programs ,section #h7o77#h7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f7o77#h77 is am5d$ by add+ at ! end ! foll[+3 7,i7 ,satisfaction ( inspection requirem5ts ?r\gh p>ticipation 9 o!r h\s+ programs 7i7 ,l[-income h\s+ tax cr$it-f9anc$ build+s ,a dwell+ unit %all be deem$ to meet ! inspection requirem5ts "u ?is p>agraph if-- 7,i7 ! dwell+ unit is 9 a build+1 ! acquisition1 rehabilitation1 or con/ruction ( :i* 0 done by a build+ own] :o may be eligible = l[-income h\s+ cr$its because ! build+ _h be5 allocat$ a h\s+ cr$it doll> am\nt "u section #db7;h7 ( ! ,int]nal ,rev5ue ,code ( #aihf or is describ$ 9 section #db7;h77#d7 ( su* ,code 7conc]n+ build+s t meet a crit]ion = a c]ta9 am\nt ( tax-exempt f9anc+72 7,,ii7 ! dwell+ unit1 dur+ ! prec$+ #ab-mon? p]iod1 0 physically inspect$ & satisfi$ ! suitability-=-occupancy requirem5t 9 section #db7;i77#c77;,b77ii7 ( su* ,code2 & 7,,iii7 ! applicable public h\s+ ag5cy p]=m$ ! inspection itself or is able to obta9 ! results ( ! inspection describ$ 9 subclause 7,,ii74 7ii7 ,home ,inve/m5t ,p>tn]%ips ,program ,a dwell+ %all be deem$ to meet ! inspection requirem5ts "u ?is p>agraph if-- 7,i7 ! dwell+ unit is assi/$ "u ! ,,home ,inve/m5t ,p>tn]%ips ,program "u title ,,ii ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgba et seq472 7,,ii7 ! dwell+ unit 0 physically inspect$ & pass$ inspection z "p ( ! program describ$ 9 subclause 7,i7 dur+ ! prec$+ #ab-mon? p]iod2 & 7,,iii7 ! applicable public h\s+ ag5cy is able to obta9 ! results ( ! inspection describ$ 9 subclause 7,,ii74 7iii7 ,rural ,h\s+ ,s]vice ,a dwell+ unit %all be deem$ to meet ! inspection requirem5ts "u ?is p>agraph if-- 7,i7 ! dwell+ unit is assi/$ by ! ,rural ,h\s+ ,s]vice ( ! ,dep>tm5t ( ,agriculture2 7,,ii7 ! dwell+ unit 0 physically inspect$ & pass$ inspection 9 connection ) ! assi/ance describ$ 9 subclause 7,i7 dur+ ! prec$+ #ab-mon? p]iod2 & 7,,iii7 ! applicable public h\s+ ag5cy is able to obta9 ! results ( ! inspection describ$ 9 subclause 7,,ii74 7iv7 ,remote or video inspections ,:5 comply+ ) inspection requirem5ts = a h\s+ unit locat$ 9 a rural or small area us+ assi/ance "u ?is section1 ! ,secret>y may all[ a grantee to conduct a remote or video inspection ( a unit if ! remote or video inspection-- 7,i7 is ?or\gh2 7,,ii7 does n misrepres5t ! condition ( ! unit2 & 7,,iii7 provides ! in=mation necess>y to fully & accurately evaluate ! conditions ( ! unit to ensure t ! unit meets ! relevant /&>ds4 7v7 ,rule ( con/ruction ,no?+ 9 clause 7i71 7ii71 7iii71 or 7iv7 %all be con/ru$ to affect ! op]ation ( a h\s+ program describ$ 91 or au?oriz$ "u a provision ( law describ$ 91 t clause4 4 7b7 ,pre-approval ( units ,section #h7o77#h77;,a7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f7o77#h77;,a77 is am5d$ by add+ at ! end ! foll[+3 7iv7 ,initial inspection prior to lease agreem5t 7,i7 ,def9ition ,9 ?is clause1 ! t]m new l&lord means an own] ( a dwell+ unit :o has n previ\sly ent]$ into a h\s+ assi/ance paym5t contract ) a public h\s+ ag5cy "u ?is subsection = any dwell+ unit4 7,,ii7 ,e>ly inspection ,^u ! reque/ ( a new l&lord1 a public h\s+ ag5cy may inspect ! dwell+ unit own$ by ! new l&lord to det]m9e :e!r ! unit meets ! h\s+ quality /&>ds "u subp>agraph 7,b7 be=e ! unit is select$ by a t5ant assi/$ "u ?is subsection4 7,,iii7 ,effect ,an inspection conduct$ "u subclause 7,,ii7 t det]m9es t ! dwell+ unit meets ! h\s+ quality /&>ds "u subp>agraph 7,b7 %all satisfy ?is subp>agraph & subp>agraph 7,c7 if ! new l&lord ent]s into a lease agreem5t ) a t5ant assi/$ "u ?is subsection n lat] ?an #fj days aft] ! date ( ! inspection4 7,,iv7 ,in=mation :5 family is select$ ,:5 a public h\s+ ag5cy selects a family to p>ticipate 9 ! t5ant-bas$ assi/ance program "u ?is subsection1 ! public h\s+ ag5cy %all include 9 ! in=mation provid$ to ! family a li/ ( dwell+ units t h be5 inspect$ "u subclause 7,,ii7 & det]m9$ to meet ! h\s+ quality /&>ds "u subp>agraph 7,b74 4 ,v ,program ,re=m #eja4 ,,home ,inve/m5t ,p>tn]%ips ,reau?orization & ,re=m ,act 7a7 ,au?orization ,section #bje ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgbd7 is am5d$ to read z foll[s3 #bje4 ,au?orization ( program ,! ,,home ,inve/m5t ,p>tn]%ips ,program "u subtitle ,a is h]eby au?oriz$4 4 7b7 ,def9ition ( community h\s+ developm5t organization ,section #ajd7f77;,b7 ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgjd7f77;,b77 is am5d$ by /rik+ significant4 7c7 ,assi/ance = l[-income families ,title ,,ii ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgba et seq47 is am5d$-- 7#a7 9 section #bad7b7 7#db ,u4,s4,c4 #abgdb7b771 by /rik+ h\seholds t qualify z l[-income families & ins]t+ families ) a h\sehold income t does n exce$ #ajj p]c5t ( ! m$ian family income ( ! area1 z det]m9$ by ! ,secret>y2 & 7#b7 9 section #bga7;c7 7#db ,u4,s4,c4 #abhba7;c77-- 7,a7 9 p>agraph 7#a77;,b71 by /rik+ l[-income & ins]t+ families ) a h\sehold income t does n exce$ #ajj p]c5t ( ! m$ian family income ( ! area z det]m9$ by ! ,secret>y ) adju/m5ts = small] & l>g] families2 & 7,b7 9 p>agraph 7#b77;,a71 by /rik+ l[-income families & ins]t+ families ) a h\sehold income t does n exce$ #ajj p]c5t ( ! m$ian family income ( ! area z det]m9$ by ! ,secret>y ) adju/m5ts = small] & l>g] families4 7d7 ,*oices made by p>ticipat+ jurisdictions ,section #bab7;a77#b7 ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgdb7;a77#b77 is am5d$ to read z foll[s3 7#b7 ,limitation ,! ,secret>y may n re/rict ! *oice by a p>ticipat+ jurisdiction ( rehabilitation1 sub/antial rehabilitation1 new con/ruction1 recon/ruction1 acquisition1 or o!r eligible h\s+ uses au?oriz$ 9 p>agraph 7#a7 unless ! re/riction is explicitly au?oriz$ "u section #bbc7b74 4 7e7 ,use ( am\nts by c]ta9 jurisdictions = infra/ructure improvem5ts 7#a7 ,9 g5]al ,section #bab7;a7 ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgdb7;a77 is am5d$ by ins]t+ aft] p>agraph 7#c7 ! foll[+3 7#d7 ,infra/ructure improvem5ts 9 non5titlem5t areas 7,a7 ,9 g5]al ,a p>ticipat+ jurisdiction may use funds provid$ "u ?is subtitle = infra/ructure improvem5ts1 includ+ ! in/allation or repair ( wat] & sew] l9es1 sidewalks1 roads1 & utility connections if-- 7i7 su* p>ticipat+ jurisdiction does n receive assi/ance "u title ,i ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecaj72 & 7ii7 su* improvem5ts are directly relat$ to1 & locat$ )9 or imm$iately adjac5t to-- 7,i7 h\s+ assi/$ "u ?is subtitle2 or 7,,ii7 h\s+ assi/$ "u section #db ( ! ,int]nal ,rev5ue ,code ( #aihf4 7,b7 ,application ( labor /&>ds ,! labor /&>ds & requirem5ts set =? 9 section #aaj ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecaj7 %all apply to any infra/ructure improvem5t conduct$ us+ funds provid$ "u ?is subtitle4 7,c7 ,rule ( con/ruction ,no?+ 9 ?is p>agraph may be con/ru$ to impose any requirem5ts ( ! ,,home ,inve/m5t ,p>tn]%ips program on h\s+ t b5efits f an infra/ructure improvem5t conduct$ us+ funds provid$ "u ?is subtitle b 0 n o!rwise assi/$ "u ! ,,home ,inve/m5t ,p>tn]%ips program4 4 7#b7 ,rulemak+ ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t %all issue rules to c>ry out ! am5dm5t made by p>agraph 7#a74 7f7 ,p] unit inve/m5t limitations ,section #bab7;e77#a7 ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgdb7;e77#a77 is am5d$ by /rik+ ! second s5t5ce4 7g7 ,af=dable r5tal h\s+ qualifications ,section #bae7;a7 ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgde7;a77 is am5d$ by add+ at ! end ! foll[+3 7#g7 ,qualification exception ,not)/&+ p>agraph 7#a77;,a71 a r5tal unit %all be consid]$ to qualify z af=dable h\s+ "u ?is title if-- 7,a7 ! unit is occupi$ by a t5ant receiv+ t5ant-bas$ r5tal assi/ance "u section #h ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f72 7,b7 ! contribution ( ! t5ant t[>d r5t does n exce$ ! am\nt p]mitt$ "u ! assi/ance describ$ 9 subp>agraph 7,a72 & 7,c7 ! total r5t = ! unit does n exce$ ! am\nt approv$ by ! public h\s+ ag5cy adm9i/]+ ! assi/ance describ$ 9 subp>agraph 7,a74 4 7h7 ,af=dable home-own]%ip h\s+ qualifications ,section #bae ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgde7 is am5d$-- 7#a7 9 subsection 7b7-- 7,a7 9 p>agraph 7#b71 by r$esignat+ subp>agraphs 7,a71 7,b71 & 7,c7 z clauses 7i71 7ii71 & 7iii71 respectively1 & adju/+ ! m>g9s accord+ly2 7,b7 9 p>agraph 7#c7-- 7i7 9 subp>agraph 7,a71 by r$esignat+ clauses 7i7 & 7ii7 z subclauses 7,i7 & 7,,ii71 respectively1 & adju/+ ! m>g9s accord+ly2 & 7ii7 by r$esignat+ subp>agraphs 7,a7 & 7,b7 z clauses 7i7 & 7ii71 respectively1 & adju/+ ! m>g9s accord+ly2 7,c7 by r$esignat+ p>agraphs 7#a7 ?r\gh 7#d7 z subp>agraphs 7,a7 ?r\gh 7,d71 respectively1 & adju/+ ! m>g9s accord+ly2 7,d7 by /rik+ ,h\s+ t is = home-own]%ip & ins]t+ ! foll[+3 7#a7 ,qualification ,h\s+ t is = home-own]%ip 2 7,e7 9 p>agraph 7#a71 z s designat$-- 7i7 9 subp>agraph 7,a71 z s r$esignat$-- 7,i7 by /rik+ #ie p]c5t & ins]t+ #aaj p]c5t2 & 7,,ii7 by ins]t+ 7def9$ z ! am\nt borr[$ by ! homebuy] to pur*ase ! home1 or ! e/imat$ value aft] rehabilitation1 :i* may be adju/$ to acc\nt = ! limits on future value impos$ by ! resale re/riction7 aft] pur*ase price2 7ii7 9 subp>agraph 7,b71 z s r$esignat$1 9 ! matt] prec$+ clause 7i71 by /rik+ ^: family qualifies z a l[-income family & ins]t+ ) a family income t does n exce$ #ajj p]c5t ( ! m$ian family income ( ! area z det]m9$ by ! ,secret>y ) adju/m5ts = small] & l>g] families2 7iii7 9 subp>agraph 7,c71 z s r$esignat$-- 7,i7 9 clause 7i77,,ii7-- 7aa7 by /rik+ l[-income home-buy]s & ins]t+ home-buy]s ) a h\sehold income t does n exce$ #ajj p]c5t ( ! m$ian family income ( ! area1 z det]m9$ by ! ,secret>y ) adju/m5ts = small] & l>g] families2 & 7bb7 by /rik+ or at ! end2 7,,ii7 9 clause 7ii71 by /rik+ & at ! end & ins]t+ or2 & 7,,iii7 by add+ at ! end ! foll[+3 7iii7 ma9ta9 long-t]m af=dability ?r\gh a %>$ equity own]%ip model1 a community l& tru/1 a limit$ equity coop]ative1 a community developm5t corporation1 or o!r me*anism approv$ by ! ,secret>y1 t pres]ves af=dability = future eligible home-buy]s & ensures compliance ) ! purposes ( ?is title1 includ+ ?r\gh ! use ( pur*ase options1 rights ( fir/ refusal1 or o!r preemptive rights to pur*ase h\s+2 2 7iv7 9 subp>agraph 7,d71 z s r$esignat$1 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7v7 by add+ at ! end ! foll[+3 7,e7 is subject to re/rictions t are e/abli%$ by ! p>ticipat+ jurisdiction & det]m9$ by ! ,secret>y to be appropriate1 includ+ ) respect to ! useful life ( ! prop]ty1 to-- 7i7 require t any subsequ5t pur*ase ( ! prop]ty be-- 7,i7 only by a p]son :o meets ! qualifications specifi$ "u subp>agraph 7,b72 & 7,,ii7 at a price t is det]m9$ by a =mula or me?od e/abli%$ by ! p>ticipat+ jurisdiction t provides ! own] ) a reasonable return on inve/m5t1 :i* may include a p]c5tage ( ! co/ ( any improvem5ts2 or 7ii7 recapture ! inve/m5t provid$ "u ?is title 9 ord] to assi/ o!r p]sons 9 accordance ) ! requirem5ts ( ?is title1 except :]e !re are no net proce$s or :]e ! net proce$s are insuffici5t to repay ! full am\nt ( ! assi/ance4 2 & 7,f7 by add+ at ! end ! foll[+3 7#b7 ,pur*ase by community l& tru/ or coop]ative h\s+ corporation ,not)/&+ subp>agraph 7,c77i7 ( p>agraph 7#a7 & "u t]ms det]m9$ by ! ,secret>y1 ! ,secret>y may p]mit a p>ticipat+ jurisdiction to all[ a community l& tru/1 h\s+ coop]ative1 or a community developm5t corporation t us$ assi/ance provid$ "u ?is subtitle = ! developm5t ( h\s+ t meets ! crit]ia "u p>agraph 7#a71 to acquire ! h\s+-- 7,a7 9 accordance ) ! t]ms ( ! preemptive pur*ase option1 lease1 cov5ant on ! l&1 or o!r simil> legal in/rum5t ( ! community l& tru/ or h\s+ coop]ative :5 ! t]ms & rights 9 ! preemptive pur*ase option1 lease1 cov5ant1 or legal in/rum5t are & rema9 subject to ! requirem5ts ( ?is title2 7,b7 :5 ! pur*ase is =-- 7i7 ! purpose (-- 7,i7 ent]+ into ! *a9 ( title2 7,,ii7 enabl+ a pur*ase by a p]son :o meets ! qualifications specifi$ "u p>agraph 7#a77;,b7 & is on a waitli/ ma9ta9$ by ! community l& tru/ or h\s+ coop]ative1 subject to en=cem5t by ! p>ticipat+ jurisdiction ( all applicable requirem5ts ( ?is title1 z det]m9$ by ! ,secret>y2 7,,iii7 p]=m+ necess>y rehabilitation & improvem5ts2 or 7,,iv7 add+ a subsidy to pres]ve af=dability1 :i* may be f ,f$]al or non-,f$]al s\rces2 or 7ii7 ano!r purpose det]m9$ appropriate by ! ,secret>y2 & 7,c7 if1 )9 a reasonable p]iod ( "t aft] ! applicable purpose "u subp>agraph 7,b7 ( ?is p>agraph is fulfill$1 z det]m9$ by ! ,secret>y1 ! h\s+ is !n sold to a p]son :o meets ! qualifications specifi$ "u p>agraph 7#a77;,b74 2 & 7#b7 by add+ at ! end ! foll[+3 7c7 ,qualification exceptions = home-own]%ip 7#a7 ,milit>y memb]s ,a p>ticipat+ jurisdiction1 9 accordance ) t]ms e/abli%$ by ! ,secret>y1 may susp5d or waive ! income qualifications describ$ 9 subsection 7b77#a77;,b7 ) respect to h\s+ t o!rwise meets ! crit]ia describ$ 9 subsection 7b77#a7 if ! own] ( ! h\s+-- 7,a7 is a memb] ( a regul> compon5t ( ! arm$ =ces or a memb] ( ! ,national ,gu>d on full-"t ,national ,gu>d duty1 active ,gu>d & ,res]ve duty1 or inactive-duty tra9+ 7z ^? t]ms are def9$ 9 section #aja ( title #aj1 ,unit$ ,/ates ,code72 & 7,b7 has receiv$-- 7i7 tempor>y duty ord]s to deploy ) a milit>y unit or milit>y ord]s to deploy z an individual act+ 9 support ( a milit>y op]ation1 to a location t is n )9 a reasonable di/ance f ! h\s+1 z det]m9$ by ! ,secret>y1 = a p]iod ( n less ?an #ij days2 or 7ii7 ord]s = a p]man5t *ange ( /ation4 7#b7 ,heirs & b5efici>ies ( deceas$ own]s ,h\s+ t meets ! crit]ia describ$ 9 subsection 7b77#a77;,c7 prior to ! dea? ( an own] ( su* h\s+ %all cont9ue to qualify z af=dable h\s+ "u ?is title if-- 7,a7 ! h\s+ is ! pr9cipal resid5ce ( an heir or b5efici>y ( ! deceas$ own]1 z def9$ by ! ,secret>y2 & 7,b7 ! heir or b5efici>y1 9 accordance ) t]ms e/abli%$ by ! ,secret>y1 assumes ! duties & obligations ( ! deceas$ own] ) respect to funds provid$ "u ?is title4 4 7i7 ,elim9ation ( expiration ( "r to draw home inve/m5t tru/ funds ,section #bah ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgdh7 is am5d$-- 7#a7 by /rik+ subsection 7g72 & 7#b7 by r$esignat+ subsection 7h7 z subsection 7g74 7j7 ,adju/$ recapture & reuse ( set-aside = community h\s+ developm5tal organizations ,section #bca7;b7 ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgga7;b77 is am5d$ to read z foll[s3 7b7 ,recapture & reuse ,if any funds res]v$ "u subsection 7a7 rema9 un9ve/$ = a p]iod ( #bd mon?s1 ! ,secret>y %all make su* funds available to ! p>ticipat+ jurisdiction = any eligible activities "u ?is title )\t reg>d to :e!r a community h\s+ developm5t organization mat]ially p>ticipates 9 ! use ( su* funds4 4 7k7 ,asset recycl+ in=mation dissem9ation expansion ,section #bde7;b77#b7 ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abghe7;b77#b77 is am5d$ by /rik+ #ie p]c5t & ins]t+ #aaj p]c5t4 7l7 ,environm5tal review requirem5ts 7#a7 ,9 g5]al ,section #bhh ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abhch7 is am5d$ by add+ at ! end ! foll[+3 7e7 ,categorical exemptions ,! foll[+ categories ( activities c>ri$ out "u ?is title %all be /atutorily exempt f environm5tal review "u ! ,national ,environm5tal ,policy ,act ( #aifi 7#db ,u4,s4,c4 #dcba et seq471 & %all n require fur!r review "u su* ,act-- 7#a7 new con/ruction infill h\s+ projects2 7#b7 acquisition ( real prop]ty = af=dable h\s+ purposes2 7#c7 rehabilitation projects c>ri$ out pursuant to section #bab7;a77#a72 & 7#d7 new con/ruction projects ( #ae units or less4 7f7 ,remov+ duplicative reviews 7#a7 ,9 g5]al ,to ! ext5t practicable & p]mitt$ by law1 ! ,secret>y %all ensure t a project t has und]gone an environm5tal review "u ?is section %all n be subject to a duplicative environm5tal review solely due to ! addition1 sub/itution1 or reallocation ( o!r s\rces ( ,f$]al assi/ance1 if ! scope1 scale1 & location ( ! project rema9 sub/antially un*ang$4 7#b7 ,coord9ation ( environm5tal review responsibilities ,! ,secret>y %all1 by regulation1 provide = coord9ation ( environm5tal review responsibilities ) o!r ,f$]al ag5cies to /reaml9e int]ag5cy compliance & avoid unnecess>y duplication ( ef=t "u ! ,national ,environm5tal ,policy ,act ( #aifi 7#db ,u4,s4,c4 #dcba et seq47 & o!r applicable laws4 7#c7 ,recognition ( prior reviews by responsible entities ,a project may n be subject to an environm5tal review "u ?is section if a sub/antially simil> review has already be5 complet$ by an entity designat$ "u section #ajd7;g77#a7 ( ! ,h\s+ & ,community ,developm5t ,act ( #aigd 7#db ,u4,s4,c4 #ecjd7;g77#a77 or by ano!r entity ! ,secret>y det]m9es to h equival5t au?ority1 if ! scope1 scale1 & location ( ! project rema9 sub/antially un*ang$4 4 7#b7 ,rulemak+ ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y %all issue su* rules z ! ,secret>y det]m9es necess>y to c>ry out ! am5dm5t made by ?is subsection4 7#c7 ,applicability ,any activity g5]at$ "u ?is subsection w\ld be subject to an au?orization ( appropriations4 7#d7 ,def9ition ,section #ajd ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgjd7 is am5d$ by add+ at end ! foll[+ new p>agraph3 7#bg7 ,! t]m infill h\s+ project means a resid5tial h\s+ project t-- 7,a7 is locat$ )9 ! geographic limits ( a municipality2 7,b7 is adequately s]v$ by exi/+ utilities & public s]vices z requir$ "u applicable law2 7,c7 is locat$ on a site ( previ\sly di/urb$ l& ( n m ?an #e acres2 & 7,d7 is sub/antially surr\nd$ by resid5tial or comm]cial developm5t1 z det]m9$ by ! ,secret>y4 4 7m7 ,application ( build am]ica1 buy am]ica requirem5ts = home inve/m5t p>tn]%ips program 7#a7 ,9 g5]al ,n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is section1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t %all complete a review ( ! implem5tation ( ! ,build ,am]ica1 ,buy ,am]ica ,act 7title ,,iv ( division ,g ( ,public ,law #aag-eh2 #db ,u4,s4,c4 #hcja note7 ) respect to ! activities assi/$ "u title ,,ii ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgba et seq474 7#b7 ,updat$ guidance ,n lat] ?an #ij days aft] ! review describ$ 9 subsection 7a7 is complet$1 ! ,secret>y %all issue updat$ guidance to cl>ify ! application ( ! ,build ,am]ica1 ,buy ,am]ica ,act 7title ,,iv ( division ,g ( ,public ,law #aag-eh2 #db ,u4,s4,c4 #hcja note7 ) respect to ! activities assi/$ "u title ,,ii ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgba et seq474 7#c7 ,report ,n lat] ?an #bgj days aft] ! date ( ! enactm5t ( ?is section1 ! ,secret>y %all submit to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate a report t describes-- 7,a7 ! results ( ! review requir$ "u subsection 7a72 & 7,b7 ! guidance issu$ z describ$ 9 subsection 7b74 7n7 ,application ( o!r specifi$ /atutory requirem5ts ,title ,,ii ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgba et seq47 is am5d$ by add+ at ! end ! foll[+3 #bia4 ,nonapplicability ( c]ta9 requirem5ts = small projects ,not)/&+ any o!r provision ( law1 ! requirem5ts ( section #c ( ! ,h\s+ & ,urban ,developm5t ,act ( #aifh 7#ab ,u4,s4,c4 #agjau71 & any implem5t+ regulations or guidance1 %all n apply to an activity assi/$ "u ?is title t involves rehabilitation1 con/ruction1 or o!r developm5t ( h\s+ if-- 7#a7 ! recipi5t ( assi/ance "u ?is title is-- 7,a7 a ,/ate recipi5t pursuant to section #baf2 or 7,b7 a p>ticipat+ jurisdiction t receiv$ a total allocation ( less ?an #c1jjj1jjj 9 ! mo/ rec5t fiscal ye> pursuant to section #baf2 & 7#b7 ! total numb] ( dwell+ units assi/$ z a "p ( su* activity is n m ?an #ej4 4 7o7 ,reallocation n available = c]ta9 jurisdictions ,section #bag7;d7 ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgdg7;d77 is am5d$-- 7#a7 9 p>agraph 7#a71 by /rik+ ! second s5t5ce & ins]t+ ! foll[+3 ,subject to p>agraph 7#d71 jurisdictions eligible = su* reallocations %all include p>ticipat+ jurisdictions & jurisdictions meet+ ! requirem5ts ( ?is title1 includ+ ! requirem5ts 9 p>agraphs 7#c71 7#d71 & 7#e7 ( section #baf42 & 7#b7 by add+ at ! end ! foll[+3 7#d7 ,reallocation n available = c]ta9 jurisdictions ,! ,secret>y may decl9e to make a reallocation available to a jurisdiction eligible = su* reallocation if su* jurisdiction has fail$ to meet or comply ) any requirem5t "u ?is title4 4 7p7 ,am5dm5ts to qualification z af=dable h\s+ ,section #bae7;a77#a77;,e7 ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgde7;a77 is am5d$ by /rik+ except ^u a =eclosure by a l5d] 7or ^u o!r transf] 9 lieu ( =eclosure7 if su* action 7i7 recognizes any contractual or legal rights ( public ag5cies1 nonpr(it sponsors1 or o!rs to take actions t w\ld avoid t]m9ation ( l[-income af=dability 9 ! case ( =eclosure or transf] 9 lieu ( =eclosure1 & 7ii7 is n = ! purpose ( avoid+ l[-income af=dability re/rictions1 z det]m9$ by ! ,secret>y2 & & ins]t+ ! foll[+3 except-- 7i7 ^u a =eclosure by a l5d] 7or ^u o!r transf] 9 lieu ( =eclosure7 if su* action-- 7,i7 recognizes any contractual or legal rights ( public ag5cies1 nonpr(it sponsors1 or o!rs to take actions t w\ld avoid t]m9ation ( l[-income af=dability 9 ! case ( =eclosure or transf] 9 lieu ( =eclosure2 & 7,,ii7 is n = ! purpose ( avoid+ l[-income af=dability re/rictions1 z det]m9$ by ! ,secret>y2 or 7ii7 :]e exi/+ af=dable h\s+ is no long] f9ancially viable due to un=ese5 acts or occurr5ces beyond ! reasonable contemplation or control ( ! p>ticipat+ jurisdiction 9 :i* ! af=dable h\s+ is locat$ or ! own] ( ! af=dable h\s+ t significantly impact ! f9ancial or physical condition ( ! af=dable h\s+1 z det]m9$ by ! ,secret>y2 & 4 7q7 ,t5ant & p>ticipant protections = af=dable h\s+ ,section #bbe ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgee7 is am5d$ by add+ at ! end ! foll[+3 7e7 ,exception ,p>agraphs 7#b71 7#c71 & 7#d7 ( subsection 7d7 %all n apply to h\s+ "u ?is section t meets ! foll[+ crit]ia3 7#a7 ,! h\s+ is af=dable h\s+ ) n m ?an #d dwell+ units1 ea* ( :i* is made available = r5tal4 7#b7 ,ea* dwell+ unit 9 ! h\s+ be>s r5t 9 an am\nt t complies ) ! requirem5ts describ$ 9 p>agraph 7#a77;,a74 7#c7 ,ea* dwell+ unit 9 ! h\s+ is accompani$ by a l[-income family4 7#d7 ,no dwell+ 9 ! h\s+ is refus$ = leas+ to a hold] ( a v\*] "u section #h ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f7 because ( ! /atus ( ! prospective t5ant z a hold] ( t v\*]4 7#e7 ,! h\s+ complies ) ! requirem5t describ$ 9 p>agraph 7#a77;,e74 7#f7 ,! p>ticipat+ jurisdiction 9 :i* ! h\s+ is locat$ monitors ! compliance ( ! h\s+ ) ! requirem5ts ( ?is title 9 a mann] consi/5t ) ! purposes ( section #bbf7;b71 z det]m9$ by ! ,secret>y4 4 7r7 ,revision ( def9ition ( community l& tru/ ,section #ajd ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgjd7 is am5d$ by add+ at ! end ! foll[+3 7#bf7 ,! t]m community l& tru/ means a nonpr(it entity1 a ,/ate1 a unit ( local gov]nm5t1 or an in/rum5tality ( a ,/ate or unit ( local gov]nm5t t-- 7,a7 is n manag$ by1 or an affiliate (1 a =pr(it organization2 7,b7 has z a prim>y purpose ( acquir+1 develop+1 or hold+ l& to provide h\s+ t is p]man5tly af=dable to l[- & mod]ate-income p]sons2 7,c7 monitors prop]ties to ensure af=dability is pres]v$2 7,d7 provides h\s+ t is p]man5tly af=dable to l[- & mod]ate-income p]sons us+ a gr\nd lease1 de$ cov5ant1 or o!r simil> legally en=ceable measure1 det]m9$ acceptable by ! ,secret>y1 t-- 7i7 keeps h\s+ af=dable to l[- & mod]ate-income p]sons = n less ?an #cj ye>s2 & 7ii7 enables l[- & mod]ate-income p]sons to r5t or pur*ase ! h\s+ = home-own]%ip2 & 7,e7 ma9ta9s preemptive pur*ase options to pur*ase ! prop]ty if su* pur*ase w\ld all[ ! h\s+ to rema9 af=dable to l[-& mod]ate-income p]sons4 4 7s7 ,set-aside = community h\s+ developm5t organizations ,section #bca7;a7 ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgga7;a77 is am5d$1 9 ! fir/ s5t5ce1 by /rik+ to be develop$1 sponsor$1 or own$ by community h\s+ developm5t organizations & ins]t+ :5 a community h\s+ developm5t organization mat]ially p>ticipates 9 ! own]%ip or developm5t ( t h\s+1 z det]m9$ by ! ,secret>y4 7t7 ,adm9i/rative re=ms 7#a7 ,increase 9 program adm9i/ration res\rces ,section #bbj7;b7 ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgej7;b77 is am5d$-- 7,a7 by /rik+ ,recognition4-- & all t foll[s ?r\gh ,a contribution & ins]t+ ,recognition4--,a contribution2 7,b7 by r$esignat+ subp>agraphs 7,a7 & 7,b7 z p>agraphs 7#a7 & 7#b71 respectively & 7,c7 by /rik+ p>agraph 7#b74 7#b7 ,modification ( jurisdictions eligible = reallocations ,section #bag7;d77#c7 ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgdg7;d77#c77 is am5d$-- 7,a7 9 ! p>agraph head+1 by /rik+ ,limitation & ins]t+ ,limitations2 & 7,b7 by /rik+ ,unless o!rwise specifi$ & ins]t+ ! foll[+3 7,a7 ,removal ( p>ticipat+ jurisdictions f reallocation ,! ,secret>y may1 ^u a f9d+ t ! p>ticipat+ jurisdiction has fail$ to meet or comply ) ! requirem5ts ( ?is title1 remove a p>ticipat+ jurisdiction f p>ticipation 9 reallocations ( funds made available "u ?is title4 7,b7 ,reallocation to same type ( entity ,unless o!rwise specifi$ 4 7#c7 ,home prop]ty inspections ,section #bbf7;b7 ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgef7;b77 is am5d$-- 7,a7 by /rik+ ,ea* p>ticipat+ jurisdiction & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,ea* p>ticipat+ jurisdiction 2 & 7,b7 by /rik+ ,su* review %all include & all t foll[s & ins]t+ ! foll[+3 7#b7 ,onsite inspections 7,a7 ,inspections by units ( g5]al local gov]nm5t ,a review conduct$ "u p>agraph 7#a7 by a p>ticipat+ jurisdiction t is a unit ( g5]al local gov]nm5t %all include an onsite inspection to det]m9e compliance ) h\s+ codes & o!r applicable regulations4 7,b7 ,inspections by /ates ,a review conduct$ "u p>agraph 7#a7 by a p>ticipat+ jurisdiction t is a ,/ate %all include an onsite inspection to det]m9e compliance ) a national /&>d z det]m9$ by ! ,secret>y4 7#c7 ,inclusion 9 p]=mance report & publication ,a p>ticipat+ jurisdiction %all include 9 ! p]=mance report ( ! p>ticipat+ jurisdiction submitt$ to ! ,secret>y "u section #ajh7;a71 & make available to ! public1 ! results ( ea* review conduct$ "u p>agraph 7#a74 4 7#d7 ,revisions to /r5g!n en=cem5t & p5alties = noncompliance ,section #bbc ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgec7 is am5d$-- 7,a7 9 ! section head+1 by /rik+ ,p5alties = misuse ( funds & ins]t+ ,program en=cem5t & p5alties = noncompliance2 7,b7 9 ! matt] prec$+ p>agraph 7#a71 by ins]t+ aft] any provision ( ?is subtitle ! foll[+3 1 includ+ any provision applicable ?r\gh\t ! p]iod requir$ by section #bae7;a77#a77;,e7 & applicable regulations12 7,c7 9 p>agraph 7#b71 by /rik+ or at ! end2 7,d7 9 p>agraph 7#c71 by /rik+ ! p]iod at ! end & ins]t+ 2 or2 & 7,e7 by add+ at ! end ! foll[+3 7#d7 r$uce paym5ts to ! p>ticipat+ jurisdiction "u ?is subtitle by an am\nt equal to ! am\nt ( su* paym5ts t 7 n exp5d$ by ! p>ticipat+ jurisdiction 9 accordance ) ?is title4 4 7u7 ,m9imum allocations ,section #bag7;b7 ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgdg 7b77 is am5d$-- 7#a7 9 p>agraph 7#b71 by /rik+ #ejj1jjj ea* place t t]m appe>s & ins]t+ #gej1jjj2 7#b7 9 p>agraph 7#c7-- 7,a7 by /rik+ jurisdictions t are allocat$ an am\nt ( #ejj1jjj or m & ins]t+ jurisdictions t are allocat$ an am\nt ( #gej1jjj or m2 7,b7 by /rik+ t are allocat$ an am\nt less ?an #ejj1jjj & ins]t+ t are allocat$ an am\nt less ?an #ejj1jjj be=e ! date ( enactm5t ( ! #ba/ ,c5tury ,,road to ,h\s+ ,act or less ?an #gej1jjj on or aft] ! date ( enactm5t ( ! #ba/ ,c5tury ,,road to ,h\s+ ,act2 & 7,c7 by /rik+ 1 except z provid$ 9 p>agraph 7#d72 & 7#c7 by /rik+ p>agraph 7#d74 7v7 ,te*nical & con=m+ am5dm5ts ,! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgja et seq47 is am5d$-- 7#a7 by /rik+ ,/ew>t ,b4 ,mc,kinney ,homeless ,assi/ance ,act ea* place t t]m appe>s & ins]t+ ,mc,kinney-,v5to ,homeless ,assi/ance ,act2 7#b7 by /rik+ ,committee on ,bank+1 ,f9ance & ,urban ,affairs ea* place t t]m appe>s & ins]t+ ,committee on ,f9ancial ,s]vices2 7#c7 9 ! table ( cont5ts 9 section #a7;b7 7,public ,law #aja-fbe2 #ajd ,/at4 #djgi7-- 7,a7 by /rik+ ! item relat+ to section #bje & ins]t+ ! foll[+3 ,sec4 #bje4 ,au?orization ( program4 2 7,b7 by /rik+ ! item relat+ to section #bbc & ins]t+ ! foll[+3 ,sec4 #bbc4 ,program en=cem5t & p5alties = noncompliance4 2 & 7,c7 by ins]t+ aft] ! item relat+ to section #bij ! foll[+3 ,sec4 #bia4 ,nonapplicability ( c]ta9 requirem5ts = small projects4 2 7#d7 9 section #ajd 7#db ,u4,s4,c4 #abgjd7-- 7,a7 by r$esignat+ p>agraph 7#bc7 7relat+ to ! def9ition ( ! t]m to demon/rate to ! ,secret>y7 z p>agraph 7#bb72 & 7,b7 by r$esignat+ p>agraph 7#bd7 7relat+ to ! def9ition ( ! t]m insul> area1 z add$ by section #b7b7 ( ,public ,law #ajb-bcj7 z p>agraph 7#bc72 7#e7 9 section #aje7;b77#h7 7#db ,u4,s4,c4 #abgje7;b77#h771 by /rik+ subp>agraphs & ins]t+ p>agraphs2 7#f7 9 section #ajh7;a77#a7 7#db ,u4,s4,c4 #abgjh7;a77#a771 by /rik+ section #aje7;b77#ae7 & ins]t+ section #aje7;b77#ah72 7#g7 9 section #bab 7#db ,u4,s4,c4 #abgdb7-- 7,a7 9 subsection 7a77#c77;,a77ii71 by ins]t+ ,unit$ ,/ates be=e ,h\s+ ,act2 7,b7 9 subsection 7d77#e71 by ins]t+ ,unit$ ,/ates be=e ,h\s+ ,act2 & 7,c7 9 subsection 7e77#a7-- 7i7 by /rik+ section #bba7;d77#c77;ii7 & ins]t+ section #bba7;d77#d72 & 7ii7 by /rik+ n to exce$ #adj p]c5t & ins]t+ z det]m9$ by ! ,secret>y2 7#h7 9 section #bae7;a77#f77;,b7 7#db ,u4,s4,c4 #abgde7;a77#f77;,b771 by /rik+ gr& *ildr5 & ins]t+ gr&*ildr52 7#i7 9 section #bag 7#db ,u4,s4,c4 #abgdg7-- 7,a7 9 subsection 7a7-- 7i7 9 p>agraph 7#a71 by /rik+ 7#c7 & ins]t+ 7#b72 7ii7 by /rik+ p>agraph 7#c71 z add$ by section #baa7;a77#b77;,d7 ( ! ,h\s+ & ,community ,developm5t ,act ( #aiib 7,public ,law #ajb-eej2 #ajf ,/at4 #cgef72 & 7iii7 by r$esignat+ ! rema9+ p>agraph 7#c71 z add$ by ! matt] "u ! head+ ,home inve/m5t p>tn]%ips program "u ! head+ ,h\s+ programs 9 title ,,ii ( ! ,dep>tm5ts ( ,vet]ans ,affairs & ,h\s+ & ,urban ,developm5t1 & ,indep5d5t ,ag5cies ,appropriations ,act1 #aiic 7,public ,law #ajb-chi2 #ajf ,/at4 #aeha71 z p>agraph 7#b72 & 7,b7 9 subsection 7b77#a7-- 7i7 9 subp>agraph 7,a71 9 ! fir/ s5t5ce-- 7,i7 by /rik+ 9 regulation & ins]t+ 1 by regulation12 & 7,,ii7 by /rik+ eligible jurisdiction & ins]t+ eligible jurisdictions2 & 7ii7 9 subp>agraph 7,f71 9 ! fir/ s5t5ce-- 7,i7 9 clause 7i71 by /rik+ ,subcommittee on ,h\s+ & ,urban ,affairs & ins]t+ ,subcommittee on ,h\s+1 ,transportation1 & ,community ,developm5t2 & 7,,ii7 9 clause 7ii71 by /rik+ ,subcommittee on ,h\s+ & ,community ,developm5t & ins]t+ ,subcommittee on ,h\s+ & ,insurance2 7#aj7 9 section #bbj7;c7 7#db ,u4,s4,c4 #abgej7;c77-- 7,a7 9 p>agraph 7#c71 by /rik+ ,secret>y & all t foll[s & ins]t+ ,secret>y22 7,b7 9 p>agraph 7#d71 by /rik+ "u ?is title & all t foll[s & ins]t+ "u ?is title22 & 7,c7 by r$esignat+ p>agraphs 7#f71 7#g71 & 7#h7 z p>agraphs 7#e71 7#f71 & 7#g71 respectively2 7#aa7 9 section #bbe7;d77#d77;,b7 7#db ,u4,s4,c4 #abgee7;d77#d77;,b771 by /rik+ = ! fir/ place t t]m appe>s2 & 7#ab7 9 section #bcc 7#db ,u4,s4,c4 #abggc7-- 7,a7 9 subsection 7b77#f71 by /rik+ to community l& tru/s 7z su* t]m is def9$ 9 subsection 7f77 & ins]t+ to community l& tru/s 7z su* t]m is def9$ 9 section #ajd72 & 7,b7 by /rik+ subsection 7f74 #ejb4 ,rural ,h\s+ ,s]vice ,re=m ,act 7a7 ,application ( multifamily mortgage =eclosure proc$ures to multifamily mortgages held by ! ,secret>y ( ,agriculture & pres]vation ( ! r5tal assi/ance contract ^u =eclosure 7#a7 ,multifamily mortgage proc$ures ,section #cfc7b7 ( ! ,multifamily ,mortgage ,=eclosure ,act ( #aiha 7#ab ,u4,s4,c4 #cgjb7b77 is am5d$-- 7,a7 9 subp>agraph 7,e71 by /rik+ & at ! end2 7,b7 9 subp>agraph 7,f71 by /rik+ ! p]iod at ! end & ins]t+ 2 or2 & 7,c7 by add+ at ! end ! foll[+3 7,f7 section #ead1 #eae1 or #ech ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adhd1 #adhe1 #adijp-#b74 4 7#b7 ,pres]vation ( contract ,section #eba7;d7 ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adij;a7d77 is am5d$ by add+ at ! end ! foll[+3 7#c7 ,not)/&+ any o!r provision ( law1 9 manag+ & dispos+ ( any multifamily prop]ty t is own$ or has a mortgage held by ! ,secret>y1 & dur+ ! process ( =eclosure on any prop]ty ) a contract = r5tal assi/ance "u ?is section-- 7,a7 ! ,secret>y %all ma9ta9 any r5tal assi/ance paym5ts t are atta*$ to any dwell+ units 9 ! prop]ty2 & 7,b7 ! r5tal assi/ance contract may be us$ to provide fur!r assi/ance to exi/+ projects "u #ead1 #eae1 or #eaf4 4 7b7 ,/udy on rural h\s+ loans = h\s+ = l[- & mod]ate-income families ,n lat] ?an #f mon?s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,agriculture %all conduct a /udy & submit to ,congress a publicly available report on ! loan program "u section #eba ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adij;a71 includ+-- 7#a7 ! total am\nt provid$ by ! ,secret>y 9 subsidies "u su* section #eba to borr[]s ) loans made pursuant to section #ejb ( su* ,act 7#db ,u4,s4,c4 #adgb72 7#b7 h[ mu* ( ! subsidies describ$ 9 p>agraph 7#a7 are be+ recaptur$2 & 7#c7 ! am\nt ( "t & co/s associat$ ) recaptur+ ^? subsidies4 7c7 ,/aff+ & in=mation te*nology upgrades ,utiliz+ funds appropriat$ = su* purposes1 ! ,secret>y ( ,agriculture may increase /aff+ capacity & upgrade in=mation te*nology to support all ,rural ,h\s+ ,s]vice programs4 7d7 ,te*nical improvem5ts 7#a7 ,au?orization ( appropriations ,utiliz+ funds appropriat$ = su* purposes1 ! ,secret>y ( ,agriculture may make improvem5ts to ! te*nology ( ! ,rural ,h\s+ ,s]vice ( ! ,dep>tm5t ( ,agriculture us$ to process & manage h\s+ loans4 7#b7 ,availability ,am\nts appropriat$ pursuant to p>agraph 7#a7 %all rema9 available until ! date t is #e ye>s aft] ! date ( ! appropriation4 7#c7 ,timel9e ,! ,secret>y ( ,agriculture %all make ! improvem5ts describ$ 9 p>agraph 7#a7 dur+ ! #e-ye> p]iod beg9n+ on ! date on :i* am\nts are appropriat$ "u p>agraph 7#a74 7e7 ,p]man5t e/abli%m5t ( h\s+ pres]vation & revitalization program ,title ,v ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adga et seq47 is am5d$ by add+ at ! end ! foll[+3 #ede4 ,h\s+ pres]vation & revitalization program 7a7 ,e/abli%m5t ,! ,secret>y %all c>ry out a program "u ?is section = ! pres]vation & revitalization ( multifamily r5tal h\s+ projects f9anc$ "u section #ead1 #eae1 or #eaf4 7b7 ,notice ( matur+ loans 7#a7 ,to own]s ,on an annual basis1 ! ,secret>y %all provide writt5 notice to ea* own] ( a prop]ty f9anc$ "u section #ead1 #eae1 or #eaf t w mature )9 ! #d-ye> p]iod beg9n+ ^u ! provision ( ! notice1 sett+ =? ! options & f9ancial inc5tives t are available to facilitate ! ext5sion ( ! loan t]m or ! option to dec\ple a r5tal assi/ance contract pursuant to subsection 7f74 7#b7 ,to t5ants 7,a7 ,9 g5]al ,on an annual basis1 = ea* prop]ty f9anc$ "u section #ead1 #eae1 or #eaf1 n lat] ?an ! date t is #b ye>s be=e ! date t ! loan w mature1 ! ,secret>y %all provide writt5 notice to ea* h\sehold resid+ 9 ! prop]ty t in=ms !m (-- 7i7 ! date ( ! loan maturity2 7ii7 ! possible actions t may happ5 ) respect to ! prop]ty ^u t maturity2 & 7iii7 h[ to protect _! "r to reside 9 f$]ally assi/$ h\s+1 or h[ to secure h\s+ v\*]1 aft] t maturity4 7,b7 ,language ,notice "u ?is p>agraph %all be provid$ 9 pla9 ,engli% & %all be translat$ to o!r languages 9 ! case ( any prop]ty locat$ 9 an area 9 :i* a significant numb] ( resid5ts speak su* o!r languages4 7c7 ,loan re/ructur+ ,"u ! program "u ?is section1 9 any circum/ance 9 :i* ! ,secret>y proposes a re/ructur+ to an own] or an own] proposes a re/ructur+ to ! ,secret>y1 ! ,secret>y may re/ructure su* exi/+ h\s+ loans1 z ! ,secret>y consid]s appropriate1 = ! purpose ( ensur+ t ^? projects h suffici5t res\rces to pres]ve ! projects to provide safe & af=dable h\s+ = l[-income resid5ts & f>m labor]s1 by-- 7#a7 r$uc+ or elim9at+ int]e/2 7#b7 def]r+ loan paym5ts2 7#c7 subord9at+1 r$uc+1 or reamortiz+ loan debt2 7#d7 provid+ o!r f9ancial assi/ance1 includ+ advances1 paym5ts1 & inc5tives 7includ+ ! ability ( own]s to obta9 reasonable returns on inve/m5t7 requir$ by ! ,secret>y2 & 7#e7 p]man5tly remov+ a portion ( ! h\s+ units f income re/rictions :5 su/a9$ vacancies h occurr$4 7d7 ,r5ewal ( r5tal assi/ance 7#a7 ,9 g5]al ,:5 ! ,secret>y proposes to re/ructure a loan or agrees to ! proposal ( an own] to re/ructure a loan pursuant to subsection 7c71 ! ,secret>y %all (f] to r5ew ! r5tal assi/ance contract "u section #eba7;a77#b7 = a t]m t is ! %ort] ( #bj ye>s & ! t]m ( ! re/ructur$ loan1 subject to annual appropriations1 provid$ t ! own] agrees to br+ ! prop]ty up to su* /&>ds t w ensure ma9t5ance ( ! prop]ty z dec5t1 safe1 & sanit>y h\s+ = ! full t]m ( ! r5tal assi/ance contract4 7#b7 ,additional r5tal assi/ance ,) respect to a project describ$ 9 p>agraph 7#a71 if r5tal assi/ance is n available = all h\seholds 9 ! project = :i* ! loan is be+ re/ructur$ pursuant to subsection 7c71 ! ,secret>y may ext5d su* additional r5tal assi/ance to unassi/$ h\seholds at t project z is necess>y to make ! project safe & af=dable to l[-income h\seholds4 7e7 ,re/rictive use agreem5ts 7#a7 ,requirem5t ,z "p ( ! pres]vation & revitalization agreem5t = a project1 ! ,secret>y %all obta9 a re/rictive use agreem5t t is record$ & obligates ! own] to op]ate ! project 9 accordance ) ?is title4 7#b7 ,t]m 7,a7 ,no ext5sion ( r5tal assi/ance contract ,except :5 ! ,secret>y ent]s into a #bj-ye> ext5sion ( ! r5tal assi/ance contract = a project1 ! t]m ( ! re/rictive use agreem5t = ! project %all be consi/5t ) ! t]m ( ! re/ructur$ loan = ! project4 7,b7 ,ext5sion ( r5tal assi/ance contract ,if ! ,secret>y ent]s into a #bj-ye> ext5sion ( ! r5tal assi/ance contract = a project1 ! t]m ( ! re/rictive use agreem5t = ! project %all be = ! long] (-- 7i7 #bj ye>s2 or 7ii7 ! rema9+ t]m ( ! loan = t project4 7,c7 ,t]m9ation ,! ,secret>y may t]m9ate ! #bj-ye> re/rictive use agreem5t = a project be=e ! end ( ! t]m ( ! agreem5t if ! #bj-ye> r5tal assi/ance contract = ! project ) ! own] is t]m9at$ at any "t = reasons outside ! control ( ! own]4 7f7 ,dec\pl+ ( r5tal assi/ance 7#a7 ,r5ewal ( r5tal assi/ance contract ,if ! ,secret>y det]m9es t a loan matur+ dur+ ! #d-ye> p]iod beg9n+ ^u ! provision ( ! notice requir$ "u subsection 7b77#a7 = a project _c reasonably be re/ructur$ 9 accordance ) subsection 7c7 because x is n f9ancially feasible or ! own] does n agree ) ! propos$ re/ructur+1 & ! project 0 op]at+ ) r5tal assi/ance "u section #eba & ! recipi5t is a borr[] "u section #ead or #eae1 ! ,secret>y may r5ew ! r5tal assi/ance contract1 not)/&+ any requirem5t "u section #eba t ! recipi5t be a curr5t borr[] "u section #ead or #eae1 = a t]m ( #bj ye>s1 subject to annual appropriations4 7#b7 ,additional r5tal assi/ance ,) respect to a project describ$ 9 p>agraph 7#a71 if r5tal assi/ance is n available = all h\seholds 9 ! project = :i* ! loan is be+ re/ructur$ pursuant to subsection 7c71 ! ,secret>y may ext5d su* additional r5tal assi/ance to unassi/$ h\seholds at t project z is necess>y to make ! project safe & af=dable to l[-income h\seholds4 7#c7 ,r5ts 7,a7 ,9 g5]al ,any agreem5t to ext5d ! t]m ( ! r5tal assi/ance contract "u section #eba = a project %all obligate ! own] to cont9ue to ma9ta9 ! project z dec5t1 safe1 & sanit>y h\s+ & to op]ate ! developm5t z af=dable h\s+ 9 a mann] t meets ! goals ( ?is title4 7,b7 ,r5t am\nts ,subject to subp>agraph 7,c71 9 sett+ r5ts1 ! ,secret>y-- 7i7 %all det]m9e ! maximum initial r5t bas$ on curr5t fair m>ket r5ts e/abli%$ "u section #h ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f72 & 7ii7 may annually adju/ ! r5t det]m9$ "u clause 7i7 by ! op]at+ co/ adju/m5t factor z provid$ "u section #ebd ( ! ,multifamily ,assi/$ ,h\s+ ,re=m & ,af=dability ,act ( #aiig 7#db ,u4,s4,c4 #adcg;f note74 7,c7 ,high] r5t 7i7 ,9 g5]al ,subp>agraph 7,b7 %all n apply if ! ,secret>y det]m9es t ! budget-bas$ ne$s ( a project require a high] r5t ?an ! r5t describ$ 9 subp>agraph 7,b74 7ii7 ,r5t ,if ! ,secret>y makes a positive det]m9ation "u clause 7i71 ! ,secret>y may approve a budget-bas$ r5t level = ! project4 7#d7 ,conditions = approval ,be=e ! approval ( a r5tal assi/ance contract au?oriz$ "u ?is section1 ! ,secret>y %all require1 ?r\gh an annual notice 9 ! ,f$]al ,regi/]1 ! own] to submit to ! ,secret>y a plan t id5tifies f9anc+ s\rces & a timetable = r5ovations & improvem5ts det]m9$ to be necess>y by ! ,secret>y to ma9ta9 & pres]ve ! project4 7g7 ,multifamily h\s+ transf] te*nical assi/ance ,"u ! program "u ?is section1 ! ,secret>y may provide grants to qualifi$ nonpr(it organizations1 h\s+ coop]ative corporations1 & public h\s+ ag5cies to provide te*nical assi/ance1 includ+ f9ancial & legal s]vices1 to borr[]s "u loans "u ?is title = multifamily h\s+ to facilitate ! acquisition or pres]vation ( su* multifamily h\s+ prop]ties 9 areas :]e ! ,secret>y det]m9es !re is a risk ( loss ( af=dable h\s+4 7h7 ,adm9i/rative exp5ses ,( any am\nts made available = ! program "u ?is section = any fiscal ye>1 ! ,secret>y may use n m ?an #a1jjj1jjj = adm9i/rative exp5ses = c>ry+ out su* program4 7i7 ,rulemak+ 7#a7 ,9 g5]al ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ! #ba/ ,c5tury ,,road to ,h\s+ ,act1 ! ,secret>y %all-- 7,a7 publi% an advance notice ( propos$ rulemak+2 & 7,b7 consult ) appropriate /akehold]s4 7#b7 ,int]im f9al rule ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ! #ba/ ,c5tury ,,road to ,h\s+ ,act1 ! ,secret>y %all publi% an int]im f9al rule to c>ry out ?is section4 4 7f7 ,r5tal assi/ance contract au?ority ,section #eba7;d7 ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adij;a7d771 z am5d$ by ?is section1 is am5d$-- 7#a7 9 p>agraph 7#a7-- 7,a7 by r$esignat+ subp>agraphs 7,b7 & 7,c7 z subp>agraphs 7,c7 & 7,d71 respectively2 7,b7 by ins]t+ aft] subp>agraph 7,a7 ! foll[+3 7,b7 ^u reque/ ( an own] ( a project f9anc$ "u section #ead or #eae1 ! ,secret>y is au?oriz$ to ent] into r5ewal ( su* agreem5ts = a p]iod ( #bj ye>s or ! t]m ( ! loan1 :i*ev] is %ort]1 subject to am\nts made available 9 appropriations ,acts2 2 7,c7 9 subp>agraph 7,c71 z s r$esignat$1 by /rik+ subp>agraph 7,a7 & ins]t+ subp>agraphs 7,a7 & 7,b72 & 7,d7 9 subp>agraph 7,d71 z s r$esignat$1 by /rik+ subp>agraphs 7,a7 & 7,b7 & ins]t+ subp>agraphs 7,a71 7,b71 & 7,c72 7#b7 9 p>agraph 7#b71 by /rik+ %all & ins]t+ may2 & 7#c7 by add+ at ! end ! foll[+3 7#d7 ,9 ! case ( any r5tal assi/ance contract au?ority t becomes available because ( ! t]m9ation ( assi/ance on behalf ( an assi/$ family-- 7,a7 at ! option ( ! own] ( ! r5tal project1 ! ,secret>y %all provide ! own] a p]iod ( n m ?an #f mon?s be=e unus$ assi/ance is made available pursuant to subp>agraph 7,b7 dur+ :i* ! own] may use su* au?ority to provide assi/ance on behalf ( an eligible unassi/$ family t-- 7i7 is resid+ 9 ! same r5tal project 9 :i* ! assi/$ family resid$ be=e ! t]m9ation2 or 7ii7 newly occupies a dwell+ unit 9 ! r5tal project dur+ t #f-mon? p]iod2 & 7,b7 except = assi/ance us$ z provid$ 9 subp>agraph 7,a71 ! ,secret>y %all use su* rema9+ au?ority to provide assi/ance on behalf ( eligible families resid+ 9 o!r r5tal projects orig9ally f9anc$ "u section #ead1 #eae1 or #eaf4 4 7g7 ,modifications to loans & grants = m9or improvem5ts to f>m h\s+ & build+s2 income eligibility ,section #ejd7;a7 ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adgd7;a77 is am5d$-- 7#a7 9 ! fir/ s5t5ce1 by ins]t+ & may make a loan to an eligible l[-income applicant aft] applicant2 & 7#b7 by /rik+ #g1ejj & ins]t+ #ae1jjj4 7h7 ,rural community developm5t initiative ,subtitle ,e ( ! ,consolidat$ ,f>m & ,rural ,developm5t ,act 7#g ,u4,s4,c4 #bjji et seq47 is am5d$ by add+ at ! end ! foll[+3 #cha,o4 ,rural community developm5t initiative 7a7 ,def9itions ,9 ?is section3 7#a7 ,eligible entity ,! t]m eligible entity means-- 7,a7 a private1 nonpr(it community-bas$ h\s+ or community developm5t organization2 7,b7 a rural community2 or 7,c7 a f$]ally recogniz$ ,indian ,tribe4 7#b7 ,eligible int]m$i>y ,! t]m eligible int]m$i>y means a qualifi$-- 7,a7 private1 nonpr(it organization2 or 7,b7 public organization4 7b7 ,e/abli%m5t ,! ,secret>y %all e/abli% a ,rural ,community ,developm5t ,initiative1 "u :i* ! ,secret>y %all provide grants1 subject to ! availability ( appropriations1 to eligible int]m$i>ies to c>ry out programs to provide f9ancial & te*nical assi/ance to eligible entities to develop ! capacity & ability ( eligible entities to c>ry out projects to improve h\s+1 community facilities1 & community & economic developm5t projects 9 rural areas4 7c7 ,am\nt ( grants ,! am\nt ( a grant provid$ to an eligible int]m$i>y "u ?is section %all be n m ?an #ejj1jjj4 7d7 ,mat*+ funds 7#a7 ,9 g5]al ,an eligible int]m$i>y receiv+ a grant "u ?is section %all provide mat*+ funds f o!r s\rces1 includ+ ,f$]al funds = relat$ activities1 9 an am\nt n less ?an ! am\nt ( ! grant4 7#b7 ,waiv] ,! ,secret>y may waive p>agraph 7#a7 ) respect to a project t w\ld be c>ri$ out 9 a p]si/5tly poor rural region1 z det]m9$ by ! ,secret>y4 4 7i7 ,annual report on rural h\s+ programs ,title ,v ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adga et seq471 z am5d$ by ?is section1 is am5d$ by add+ at ! end ! foll[+3 #edf4 ,annual report 7a7 ,9 g5]al ,! ,secret>y %all submit to ! appropriate committees ( ,congress & publi% on ! website ( ! ,dep>tm5t ( ,agriculture an annual report on rural h\s+ programs c>ri$ out "u ?is title1 :i* %all include significant details on ! heal? ( ,rural ,h\s+ ,s]vice programs1 includ+-- 7#a7 raw data sortable by programs & by region reg>d+ loan p]=mance2 7#b7 ! h\s+ /ock ( ^? programs1 includ+ in=mation on :y prop]ties end p>ticipation 9 ^? programs1 su* z = maturation1 prepaym5t1 =eclosure1 or o!r s]vic+ issues2 & 7#c7 risk rat+s = prop]ties assi/$ "u ^? programs4 7b7 ,protection ( in=mation ,! data includ$ 9 ea* report requir$ "u subsection 7a7 may be aggregat$ or anonymiz$ to protect p>ticipant f9ancial or p]sonal in=mation4 4 7j7 ,,gao report on ,rural ,h\s+ ,s]vice te*nology ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ,congress a report t includes-- 7#a7 an analysis ( h[ ! outdat$ te*nology us$ by ! ,rural ,h\s+ ,s]vice impacts p>ticipants 9 ! programs ( ! ,rural ,h\s+ ,s]vice2 7#b7 an e/imate ( ! am\nt ( fund+ t is ne$$ to mod]nize ! te*nology us$ by ! ,rural ,h\s+ ,s]vice2 & 7#c7 an e/imate ( ! numb] & type ( new employees ! ,rural ,h\s+ ,s]vice ne$s to mod]nize ! te*nology us$ by ! ,rural ,h\s+ ,s]vice4 7k7 ,adju/m5t to rural developm5t v\*] am\nt 7#a7 ,9 g5]al ,n lat] ?an #b ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,agriculture %all issue regulations to e/abli% a process = adju/+ ! v\*] am\nt provid$ "u section #edb ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adijr7 aft] ! issuance ( ! v\*] foll[+ an int]im or annual review ( ! am\nt ( ! v\*]4 7#b7 ,int]im review ,! int]im review describ$ 9 p>agraph 7#a7 %all1 at ! reque/ ( a t5ant1 all[ = a recalculation ( ! v\*] am\nt :5 ! t5ant exp]i5ces a r$uction 9 income1 *ange 9 family composition1 or *ange 9 r5tal rate4 7#c7 ,annual review 7,a7 ,9 g5]al ,! annual review describ$ 9 p>agraph 7#a7 %all require t5ants to annually rec]tify ! family composition ( ! h\sehold & t ! family income ( ! h\sehold does n exce$ #hj p]c5t ( ! area m$ian income at a "t det]m9$ by ! ,secret>y ( ,agriculture4 7,b7 ,consid]ations ,if a t5ant does n rec]tify ! family composition & family income ( ! h\sehold )9 ! "t frame requir$ "u subp>agraph 7,a71 ! ,secret>y ( ,agriculture-- 7i7 %all consid] :e!r ext5uat+ circum/ances caus$ ! delay 9 rec]tification2 & 7ii7 may alt] associat$ consequ5ces = ! failure to rec]tify bas$ on ^? circum/ances4 7,c7 ,effective date ,foll[+ ! annual review ( a v\*] "u p>agraph 7#a71 ! updat$ v\*] am\nt %all be effective on ! #a/ day ( ! mon? foll[+ ! expiration ( ! v\*]4 7#d7 ,deadl9e ,! process e/abli%$ "u p>agraph 7#a7 %all require ! ,secret>y ( ,agriculture to review & update ! v\*] am\nt describ$ 9 p>agraph 7#a7 = a t5ant n lat] ?an #fj days be=e ! end ( ! v\*] t]m4 7l7 ,eligibility = rural h\s+ v\*]s ,section #edb ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adijr7 is am5d$ by add+ at ! end ! foll[+3 7c7 ,eligibility ( h\seholds 9 sections #ead1 #eae1 & #eaf projects ,! ,secret>y may provide rural h\s+ v\*]s "u ?is section = any l[-income h\sehold 7includ+ ^? n receiv+ r5tal assi/ance7 resid+ = a t]m long] ?an ! rema9+ t]m ( _! lease t is 9 effect on ! date ( prepaym5t1 =eclosure1 or mortgage maturity1 9 a prop]ty f9anc$ ) a loan "u section #ead or #eae or a grant "u section #eaf t has-- 7#a7 be5 prepaid ) or )\t re/rictions impos$ by ! ,secret>y pursuant to section #ejb7;c77#e77;,g77ii77,i72 7#b7 be5 =eclos$2 or 7#c7 matur$ aft] ,septemb] #cj1 #bjje4 4 7m7 ,am\nt ( v\*] assi/ance ,not)/&+ any o!r provision ( law1 9 ! case ( any rural h\s+ v\*] provid$ pursuant to section #edb ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adijr71 ! am\nt ( ! mon?ly assi/ance paym5t = ! h\sehold on ^: behalf ! assi/ance is provid$ %all be det]m9$ z provid$ 9 subsection 7a7 ( su* section #edb1 includ+ provid+ = int]im & annual review ( ! v\*] am\nt 9 ! ev5t ( a *ange 9 h\sehold composition or income or r5tal rate4 7n7 ,transf] ( multifamily rural h\s+ projects ,section #eae ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adhe7 is am5d$-- 7#a7 9 subsection 7h71 by add+ at ! end ! foll[+3 7#c7 ,transf] to nonpr(it organizations ,a nonpr(it or public body pur*as]1 includ+ a limit$ p>tn]%ip ) a g5]al p>tn] ) ! pr9cipal purpose ( provid+ af=dable h\s+1 may pur*ase a prop]ty = :i* a loan is made or insur$ "u ?is section t has receiv$ a m>ket value appraisal1 )\t address+ rehabilitation ne$s at ! "t ( pur*ase1 if ! pur*as]-- 7,a7 makes a commitm5t to address rehabilitation ne$s dur+ own]%ip & long-t]m use re/rictions on ! prop]ty2 & 7,b7 at ! "t ( pur*ase1 accepts long-t]m use re/rictions on ! prop]ty4 2 & 7#b7 9 subsection 7w77#a71 9 ! fir/ s5t5ce 9 ! matt] prec$+ subp>agraph 7,a71 by /rik+ #i p]c5t & ins]t+ #be p]c5t4 7o7 ,ext5sion ( loan t]m 7#a7 ,9 g5]al ,section #ejb7;a77#b7 ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adgb7;a77#b77 is am5d$-- 7,a7 by ins]t+ 7,a7 be=e ,! ,secret>y2 7,b7 9 subp>agraph 7,a71 z s designat$1 by /rik+ p>agraph & ins]t+ subp>agraph2 & 7,c7 by add+ at ! end ! foll[+3 7,b7 ,! ,secret>y may ref9ance or modify ! p]iod ( any loan1 includ+ any ref9anc$ loan1 made "u ?is section 9 accordance ) t]ms & conditions z ! ,secret>y %all prescribe1 b 9 no ev5t %all ! total t]m ( ! loan f ! date ( ! ref9ance or modification exce$ #dj ye>s4 4 7#b7 ,application ,! am5dm5t made "u p>agraph 7#a7 %all apply ) respect to loans made "u section #ejb ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adgb7 be=e1 on1 or aft] ! date ( enactm5t ( ?is ,act4 7p7 ,release ( liability = section #ejb gu>ante$ borr[] ^u assumption ( orig9al loan by new borr[] ,section #ejb7;h7 ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adgb7;h77 is am5d$-- 7#a7 by /rik+ p>agraph 7#aj7 & ins]t+ ! foll[+3 7#aj7 ,transf] & assumption ,^u ! transf] ( prop]ty = :i* a gu>ante$ loan "u ?is subsection 0 made1 & ! assumption ( ! gu>ante$ loan by an approv$ eligible borr[]1 ! orig9al borr[] ( a gu>ante$ loan "u ?is subsection %all be reliev$ ( liability ) respect to ! loan4 2 7#b7 by r$esignat+ p>agraph 7#af7 z p>agraph 7#ag72 & 7#c7 by ins]t+ aft] p>agraph 7#ae7 ! foll[+3 7#af7 ,fee 7,a7 ,9 g5]al ,! mortgagee may *>ge an assum+ borr[] a reasonable & cu/om>y process+ fee = an assumption reque/ made "u ?is subsection4 7,b7 ,maximum fee ,! ,secret>y %all set a maximum all[able fee describ$ 9 subp>agraph 7,a71 :i* may be index$ = inflation4 4 7q7 ,dep>tm5t ( ,agriculture loan re/rictions 7#a7 ,def9itions ,9 ?is subsection1 ! t]ms ,/ate & tribal organization h ! mean+s giv5 ^? t]ms 9 section #feh,p ( ! ,*ild ,c>e & ,developm5t ,block ,grant ,act ( #aiij 7#db ,u4,s4,c4 #ihehn74 7#b7 ,revision ,! ,secret>y ( ,agriculture %all revise section #ceee4ajb7;c7 ( title #g1 ,code ( ,f$]al ,regulations1 to exclude f ! re/riction "u t section-- 7,a7 a home-bas$ bus9ess t is a lic5s$1 regi/]$1 or regulat$ *ild c>e provid] "u ,/ate law or by a tribal organization2 & 7,b7 an applicant t has appli$ to become a lic5s$1 regi/]$1 or regulat$ *ild c>e provid] "u ,/ate law or by a tribal organization4 7r7 ,loan gu>antees ,section #ejb7;h77#d7 ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adgb7;h77#d77 is am5d$-- 7#a7 by r$esignat+ subp>agraphs 7,a71 7,b71 & 7,c7 z clauses 7i71 7ii71 & 7iii71 respectively1 & adju/+ ! m>g9s accord+ly2 7#b7 by /rik+ ,loans may be gu>ante$ & ins]t+ ! foll[+3 7,a7 ,def9ition ,9 ?is p>agraph1 ! t]m accessory dwell+ unit means a s+le1 habitable liv+ unit-- 7i7 ) means ( sep>ate +ress & egress2 7ii7 t is usually subord9ate 9 size2 7iii7 t c be add$ to1 creat$ )91 or deta*$ f a prim>y #a-unit1 s+le-family dwell+2 & 7iv7 9 comb9ation ) a prim>y #a-unit1 s+le-family dwell+1 con/itutes a s+le int]e/ 9 real e/ate4 7,b7 ,s+le-family requirem5t ,loans may be gu>ante$ 2 & 7#c7 by add+ at ! end ! foll[+3 7,c7 ,rule ( con/ruction ,no?+ 9 ?is p>agraph %all be con/ru$ to prohibit ! leas+ ( an accessory dwell+ unit or ! use ( r5tal income d]iv$ f su* a lease to qualify = a loan gu>ante$ "u ?is subsection-- 7i7 aft] ! date ( enactm5t ( ! #ba/ ,c5tury ,,road to ,h\s+ ,act2 & 7ii7 if ! prop]ty t is ! subject ( ! loan 0 con/ruct$ be=e ! date ( enactm5t ( ! #ba/ ,c5tury ,,road to ,h\s+ ,act4 4 7s7 ,application review 7#a7 ,s5se ( ,congress ,x is ! s5se ( ,congress1 n lat] ?an #ij days aft] ! date on :i* ! ,secret>y ( ,agriculture receives an application = a loan1 grant1 or comb9$ loan & grant "u section #ejb or #ejd ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adgb1 #adgd71 ! ,secret>y ( ,agriculture %\ld-- 7,a7 review ! application2 7,b7 complete ! und]writ+2 7,c7 make a det]m9ation ( eligibility ) respect to ! application2 & 7,d7 notify ! applicant ( det]m9ation4 7#b7 ,report 7,a7 ,9 g5]al ,n lat] ?an #ij days aft] ! date ( enactm5t ( ?is ,act1 & annually !reaft] until ! date describ$ 9 subp>agraph 7,b71 ! ,secret>y ( ,agriculture %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report-- 7i7 detail+ ! timel9ess ( eligibility det]m9ations & f9al det]m9ations ) respect to applications "u sections #ejb & #ejd ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adgb1 #adgd71 includ+ ju/ifications = any eligibility det]m9ations tak+ long] ?an #ij days2 & 7ii7 t includes recomm5dations to %ort5 ! timel9e = notifications ( eligibility det]m9ations describ$ 9 clause 7i7 to n m ?an #ij days4 7,b7 ,date describ$ ,! date describ$ 9 ?is subp>agraph is ! date on :i*1 dur+ ! prec$+ #e-ye> p]iod1 ! ,secret>y ( ,agriculture provides ea* eligibility det]m9ation describ$ 9 subp>agraph 7,a7 dur+ ! #ij-;day p]iod beg9n+ on ! date on :i* ea* application is receiv$4 #ejc4 ,inc5tiviz+ local solutions to homelessness ,section #dad ( ! ,mc,kinney-,v5to ,homeless ,assi/ance ,act 7#db ,u4,s4,c4 #aacgc7 is am5d$ by add+ at ! end ! foll[+3 7f7 ,fund+ cap waiv] au?ority 7#a7 ,9 g5]al ,not)/&+ any o!r provision ( law or regulation1 a recipi5t may reque/ a waiv] to ! exp5diture limit e/abli%$ pursuant to section #dae7;b7 = am\nts provid$ = ea* ( fiscal ye>s #bjbg ?r\gh #bjcj4 7#b7 ,waiv] reque/ 7,a7 ,9 g5]al ,a recipi5t seek+ a waiv] describ$ 9 p>agraph 7#a7 %all submit to ! ,secret>y a waiv] reque/ t includes n m ?an ! foll[+3 7i7 ,a demon/ration ( local ne$s & circum/ances t necessitate a waiv]4 7ii7 ,a detail$ plan = h[ ! recipi5t int5ds to use funds4 7iii7 ,a ju/ification = h[ ! propos$ use ( funds supports ! mo/ rec5t ,consolidat$ ,plan submitt$ by ! recipi5t4 7iv7 ,any public input solicit$ "u subp>agraph 7,b77ii74 7,b7 ,notification ,ea* recipi5t %all-- 7i7 notify all subrecipi5ts & local ,cont9uums ( ,c>e t s]ve ! recipi5t's geographic area ( ! availability ( waiv]s "u ?is subsection2 & 7ii7 prior to ! submission ( a waiv] reque/ "u subp>agraph 7,a71 solicit public input reg>d+ ! pot5tial ne$ = & propos$ uses ( su* waiv]4 7,c7 ,approval2 publication ,! ,secret>y %all-- 7i7 make all waiv] reque/s submitt$ "u subp>agraph 7,a7 publicly available on ! website ( ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t2 7ii7 n lat] ?an #fj days aft] ! date on :i* ! ,secret>y receives a waiv] reque/ "u subp>agraph 7,a71 approve or d5y ! reque/2 & 7iii7 d5y any waiv] reque/ submitt$ "u subp>agraph 7,a7 by a recipi5t t relocates or ?reat5 to relocate individuals or _! prop]ty )\t provid+ em]g5cy %elt]1 rapid reh\s+1 transitional h\s+1 p]man5t supportive h\s+1 or o!r p]man5t h\s+ options4 7#c7 ,revocation 7,a7 ,9 g5]al ,a waiv] approv$ "u ?is subsection %all rema9 9 effect = ! duration ( ! p]iod ( p]=mance ( fiscal ye> #bjbg ?r\gh #bjcj grants1 unless ! recipi5t notifies ! ,secret>y 9 writ+ t ! recipi5t wi%es to revoke ! waiv]4 7,b7 ,notification ,if a recipi5t int5ds to revoke a waiv] "u subp>agraph 7,a71 ! recipi5t %all-- 7i7 solicit input f subrecipi5ts reg>d+ ! revocation be=e submitt+ ! revocation2 & 7ii7 provide subrecipi5ts ) a summ>y ( ! input & ! ju/ification = ! revocation 9 its submittal prior to notify+ ! ,secret>y 9 writ+4 7,c7 ,publication ,! ,secret>y %all publi% any revocation ( a waiv] "u subp>agraph 7,a7 & ! ju/ification ( ! recipi5t = ! waiv] on ! website ( ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t4 4 ,,vi ,vet]ans & ,h\s+ #fja4 ,milit>y ,s]vice ,"q 7a7 ,9 g5]al ,subp>t ,a ( "p #b ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #deda et seq47 is am5d$ by add+ at ! end ! foll[+3 #acbi4 ,uni=m resid5tial loan application ,n lat] ?an #f mon?s aft] ! date ( enactm5t ( ?is section1 ! ,director %all1 by regulation or ord]1 require ea* ent]prise to include a disclosure bel[ ! milit>y s]vice "q :i* %all be above ! signature l9e on ! =m kn[n z ! ,uni=m ,resid5tial ,loan ,application /at+1 ,if yes1 y may qualify = a ,,va ,home ,loan4 ,consult y\r l5d] reg>d+ eligibility44 4 7b7 ,,gao /udy ,n lat] ?an #ah mon?s aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all conduct a /udy & submit to ! ,congress a report on :e!r or n less ?an #hj p]c5t ( l5d]s us+ ! ,uni=m ,resid5tial ,loan ,application h includ$ on t =m ! disclaim] requir$ "u section #acbi ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib1 z add$ by subsection 7a74 #fjb4 ,h\s+ ,unh\s$ ,disabl$ ,vet]ans ,act 7a7 ,exclusion ( c]ta9 disability b5efits ,section #c7;b77#d77;,b7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;a7b77#d77;,b77 is am5d$-- 7#a7 by r$esignat+ clauses 7iv7 & 7v7 z clauses 7vi7 & 7vii71 respectively2 & 7#b7 by ins]t+ aft] clause 7iii7 ! foll[+3 7iv7 = ! purpose ( det]m9+ income eligibility ) respect to ! support$ h\s+ program "u section #h7o77#ai71 any disability b5efits receiv$ "u *apt] #aa or *apt] #ae ( title #ch1 ,unit$ ,/ates ,code1 receiv$ by a vet]an1 except t ?is exclusion %all n apply to ! income 9 ! def9ition ( adju/$ income2 7v7 = ! purpose ( det]m9+ income eligibility ) respect to any h\sehold receiv+ r5tal assi/ance "u ! support$ h\s+ program "u section #h7o77#ai7 z x relates to eligibility = o!r types ( h\s+ assi/ance1 any disability b5efits receiv$ "u *apt] #aa or *apt] #ae ( title #ch1 ,unit$ ,/ates ,code1 receiv$ by a vet]an1 b su* am\nts %all n be exclud$ f income :5 det]m9+ adju/$ income2 4 7b7 ,treatm5t ( c]ta9 disability b5efits 7#a7 ,9 g5]al ,:5 det]m9+ ! eligibility ( a vet]an to r5t a resid5tial dwell+ unit con/ruct$ on ,dep>tm5t prop]ty on or aft] ! date ( ! enactm5t ( ?is ,act1 = :i* assi/ance is provid$ z "p ( a h\s+ assi/ance program adm9i/]$ by ! ,secret>y1 ! ,secret>y %all exclude f income any disability b5efits receiv$ "u *apt] #aa or *apt] #ae ( title #ch1 ,unit$ ,/ates ,code by su* p]son4 7#b7 ,def9itions ,9 ?is subsection3 7,a7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 7,b7 ,dep>tm5t prop]ty ,! t]m ,dep>tm5t prop]ty has ! mean+ giv5 ! t]m 9 section #ija ( title #ch1 ,unit$ ,/ates ,code4 ,,vii ,ov]sight & ,acc\ntability #gja4 ,requir+ annual te/imony & ov]sight f h\s+ regulators ,section #g ( ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t ,act 7#db ,u4,s4,c4 #cece7 is am5d$ by add+ at ! end ! foll[+3 7u7 ,annual te/imony ,! ,secret>y %all appe> be=e ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives at an annual he>+ & pres5t te/imony reg>d+ ! op]ations ( ! ,dep>tm5t dur+ ! prec$+ ye>1 includ+-- 7#a7 ! curr5t programs & op]ations ( ! ,dep>tm5t2 7#b7 ! physical condition ( all public h\s+ & o!r h\s+ assi/$ by ! ,dep>tm5t2 7#c7 ! f9ancial heal? ( ! mortgage insurance funds ( ! ,f$]al ,h\s+ ,ag5cy2 7#d7 ov]sight by ! ,dep>tm5t ( grantees & subgrantees = purposes ( prev5t+ wa/e1 fraud1 & abuse2 7#e7 ! progress made by ! ,f$]al ,gov]nm5t 9 end+ ! af=dable h\s+ & homelessness crises2 7#f7 ! capacity ( ! ,dep>tm5t to deliv] on its /atutory mission2 & 7#g7 o!r ongo+ activities ( ! ,dep>tm5t1 z appropriate4 4 #gjb4 ,,fha report+ requirem5ts on safety & s\ndness ,section #bjb7;a7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjh7;a77 is am5d$ by add+ at ! end ! foll[+3 7#h7 ,o!r requir$ report+ ,! ,secret>y %all-- 7,a7 submit to ,congress mon?ly reports on ! capital ratio requir$ "u section #bje7;f77#b72 & 7,b7 notify ,congress z soon z practicable aft] ! ,fund falls bel[ ! capital ratio requir$ "u section #bje7;f77#b74 4 #gjc4 ,unit$ ,/ates ,int]ag5cy ,c\ncil on ,homelessness ov]sight ,section #bjc7;a7 ( ! ,mc,kinney-,v5to ,homeless ,assi/ance ,act 7#db ,u4,s4,c4 #aacac7;a77 is am5d$-- 7#a7 9 p>agraph 7#a7-- 7,a7 by /rik+ ,homeless ,em]g5cy ,assi/ance & ,rapid ,transition to ,h\s+ ,act ( #bjji & ins]t+ #ba/ ,c5tury ,,road to ,h\s+ ,act2 & 7,b7 by /rik+ update su* plan annually & ins]t+ submit to ! ,presid5t & ,congress a report e ye> !reaft] t includes-- 7,a7 ! /atus ( completion ( ! plan2 & 7,b7 any modifications t 7 made to ! plan & ! reasons = ^? modifications2 2 7#b7 by r$esignat+ p>agraphs 7#aj7 ?r\gh 7#ac7 z p>agraphs 7#aa7 ?r\gh 7#ad71 respectively2 7#c7 by r$esignat+ ! second p>agraph 7#i7 7relat+ to collect+ & dissem9at+ in=mation7 z p>agraph 7#aj72 7#d7 9 p>agraph 7#ac71 z s r$esignat$1 by /rik+ & at ! end2 7#e7 9 p>agraph 7#ad71 z s r$esignat$1 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7#f7 by add+ at ! end ! foll[+3 7#ae7 te/ify annually be=e ,congress1 if reque/$4 4 #gjd4 ,appraisal ,mod]nization ,act 7a7 ,reconsid]ation ( value 7#a7 ,f$]ally back$ mortgage loan def9$ ,9 ?is subsection1 ! t]m f$]ally back$ mortgage loan has ! mean+ giv5 ! t]m 9 section #djbb ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijef74 7#b7 ,requirem5t ,! ,secret>y ( ,agriculture1 ! ,secret>y ( ,vet]ans ,affairs1 ! ,commission] ( ! ,f$]al ,h\s+ ,adm9i/ration1 & ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy %all ea* implem5t & ma9ta9 requirem5ts t cr$itors ( a f$]ally back$ mortgage loan h a review & resolution proc$ure = a consum]-initiat$ reconsid]ation ( value or subsequ5t appraisal 9 connection ) a consum] cr$it transaction secur$ by a consum]'s pr9cipal dwell+4 7b7 ,public appraisal database 7#a7 ,cov]$ ag5cies def9$ ,9 ?is subsection1 ! t]m cov]$ ag5cies means-- 7,a7 ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 on behalf ( ! ,f$]al ,national ,mortgage ,association & ! ,f$]al ,home ,loan ,mortgage ,corporation2 7,b7 ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t1 includ+ ! ,f$]al ,h\s+ ,adm9i/ration2 7,c7 ! ,dep>tm5t ( ,agriculture2 & 7,d7 ! ,dep>tm5t ( ,vet]ans ,affairs4 7#b7 ,feasibility report ,no lat] ?an #bdj days aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ,congress a public report assess+ ! feasibility ( creat+ a publicly available appraisal database t consi/s ( a se>*able & d[nloadable appraisal-level public use file t consolidates appraisal data held or aggregat$ by cov]$ ag5cies1 includ+-- 7,a7 ! co/s & b5efits associat$ ) e/abli%+ & ma9ta9+ ! public database2 7,b7 ! b5efits & risks associat$ ) ! ,f$]al ,h\s+ ,f9ance ,ag5cy or ! ,bureau ( ,consum] ,f9ancial ,protection be+ responsible = ! public database & :e!r !re is ano!r ,f$]al ag5cy be/ suit$ = implem5t+ & adm9i/]+ su* database2 7,c7 any safety & s\ndness1 antitru/1 or consum] privacy-relat$ risks associat$ ) mak+ c]ta9 appraisal data factors publicly available1 includ+ :e!r-- 7i7 !re are any exi/+ legal requirem5ts1 includ+ "u ! ,home ,mortgage ,disclosure ,act ( #aige 7#ab ,u4,s4,c4 #bhja et seq47 & section #eeb ( title #e1 ,unit$ ,/ates ,code 7commonly kn[n z ! ,fre$om ( ,in=mation ,act71 or additional actions ,f$]al ag5cies c\ld take to mitigate su* risks1 su* z modify+ or aggregat+ data or elim9at+ p]sonally id5tifiable in=mation2 & 7ii7 !re are any data factors t1 if made public1 may violate conduct1 e?ics1 or o!r pr(essional /&>ds z !y relate to appraisals & appraisal or valuation pr(essionals2 7,d7 ! feasibility ( consolidat+ or mat*+ appraisal data held by cov]$ ag5cies ) correspond+ data t are requir$ & made public "u ! ,home ,mortgage ,disclosure ,act ( #aige 7#ab ,u4,s4,c4 #bhja et seq472 7,e7 :e!r ! publication ( any appraisal data factors may pose unfair bus9ess advantages )9 ! valuation indu/ry2 7,f7 ! feasibility ( includ+ all valuation data held by cov]$ ag5cies1 includ+ data produc$ by automat$ valuation models2 7,g7 ! feasibility & b5efits ( mak+ ! full appraisal dataset1 includ+ any modifi$ fields1 available to-- 7i7 ,f$]al ag5cies1 includ+ = purposes relat$ to en=cem5t & sup]vision responsibilities2 7ii7 relevant ,/ate lic5s+1 sup]vision1 & en=cem5t ag5cies & ,/ate attorneys g5]al2 7iii7 approv$ rese>*]s1 includ+ academics & nonpr(it organizations t1 9 connection ) _! mission1 "w to ensure ! fairness & consi/5cy ( home valuations1 includ+ appraisals2 & 7iv7 any o!r entities id5tifi$ by ! ,comptroll] ,g5]al z hav+ a compell+ use = disaggregat$ data2 7,h7 :at appraisal data are already available 9 ! public doma92 & 7,i7 ! feasibility ( incorporat+ legacy data held by cov]$ ag5cies dur+ ! p]iod beg9n+ on ,janu>y #a1 #bjag1 & end+ on ! date ( enactm5t ( ?is ,act1 & :e!r !re are specific data po9ts n easily consolidat$ or mat*$1 z describ$ 9 subp>agraph 7,d71 ) m rec5t data4 7#c7 ,purpose ,! database describ$ 9 p>agraph 7#b7 %all be us$ to provide ! public1 ! ,f$]al ,gov]nm5t1 & ,/ate gov]nm5ts ) resid5tial real e/ate appraisal data to help det]m9e :e!r f9ancial in/itutions1 appraisal managem5t companies1 apprais]s1 valuation te*nologies1 su* z automat$ valuation models1 & o!r valuation pr(essionals are effectively s]v+ ! entire h\s+ m>ket4 7#d7 ,consultation ,z "p ( ! in=mation us$ 9 ! report requir$ "u p>agraph 7#b71 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all conduct int]views )-- 7,a7 relevant ,f$]al ag5cies2 7,b7 relevant ,/ate lic5s+1 sup]vision1 & en=cem5t ag5cies & ,/ate attorneys g5]al2 7,c7 apprais]s & o!r home valuation indu/ry pr(essionals2 7,d7 mortgage l5d+ in/itutions2 7,e7 fair h\s+ & fair l5d+ exp]ts2 & 7,f7 any o!r relevant /akehold]s z det]m9$ by ! ,comptroll] ,g5]al4 7#e7 ,he>+ ,^u ! completion ( ! report "u p>agraph 7#b71 ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives %all ea* hold a he>+ on ! f9d+s ( ! report & ! feasibility ( e/abli%+ a public appraisal-level appraisal database4 ,,viii ,acc\ntability1 ,coord9ation1 ,/udies1 & ,report+ #hja4 ,,hud-,,usda-,,va ,int]ag5cy ,coord9ation ,act 7a7 ,memor&um ( und]/&+ ,! ,secret>y ( ,h\s+ & ,urban ,developm5t1 ! ,secret>y ( ,agriculture1 & ! ,secret>y ( ,vet]ans ,affairs %all e/abli% a memor&um ( und]/&+1 or o!r appropriate int]ag5cy agreem5t1 to %>e relevant h\s+-relat$ rese>* & m>ket data t facilitate evid5ce-bas$ policymak+4 7b7 ,int]ag5cy report 7#a7 ,report ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t1 ! ,secret>y ( ,agriculture1 & ! ,secret>y ( ,vet]ans ,affairs %all jo9tly submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report conta9+-- 7,a7 a description ( opportunities = increas$ collaboration betwe5 ! ,secret>y ( ,h\s+ & ,urban ,developm5t1 ! ,secret>y ( ,agriculture1 & ! ,secret>y ( ,vet]ans ,affairs to r$uce ineffici5cies 9 h\s+ programs2 7,b7 a li/ ( ,f$]al laws 7includ+ regulations7 t adv]sely affect ! availability & af=dability ( new con/ruction ( assi/$ h\s+ & s+le-family & multifamily resid5tial h\s+ subject to mortgages insur$ "u title ,,ii ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjg et seq471 insur$1 gu>ante$1 or made by ! ,secret>y ( ,agriculture "u title ,v ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adga et seq471 or insur$1 gu>ante$1 or made by ! ,secret>y ( ,vet]ans ,affairs "u *apt] #cg ( title #ch1 ,unit$ ,/ates ,code2 & 7,c7 recomm5dations = ,congress reg>d+ ! ,f$]al laws 7includ+ regulations7 describ$ 9 subp>agraph 7,b74 7#b7 ,publication ,! report requir$ "u p>agraph 7#a7 %all1 prior to submission "u ?is subsection1 be publi%$ 9 ! ,f$]al ,regi/] & op5 = comm5t = a p]iod ( #cj days4 #hjb4 ,/reaml9+ ,rural ,h\s+ ,act 7a7 ,9 g5]al ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t & ! ,secret>y ( ,agriculture %all ent] into a memor&um ( und]/&+ to-- 7#a7 evaluate categorical exclusions "u ! environm5tal review process = h\s+ projects fund$ by am\nts f ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t & ! ,dep>tm5t ( ,agriculture2 7#b7 develop a process to designate a lead ag5cy & /reaml9e adoption ( environm5tal impact /atem5ts & environm5tal assessm5ts approv$ by ! o!r ,dep>tm5t to con/ruct h\s+ projects fund$ by bo? ag5cies2 7#c7 ma9ta9 compliance ) environm5tal regulations "u "p #eh ( title #bd1 ,code ( ,f$]al ,regulations1 z 9 effect on ,janu>y #a1 #bjbe1 except z requir$ to am5d1 add1 or remove categorical exclusions id5tifi$ "u section #eh4ce ( title #bd1 ,code ( ,f$]al ,regulations1 ?r\gh /&>d rulemak+ proc$ures2 & 7#d7 evaluate ! feasibility ( a jo9t physical inspection process = h\s+ projects fund$ by am\nts f ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t & ! ,dep>tm5t ( ,agriculture4 7b7 ,report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t & ! ,secret>y ( ,agriculture %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report t includes recomm5dations = legislative1 regulatory1 or adm9i/rative actions-- 7#a7 to improve ! effici5cy & effectiv5ess ( h\s+ projects fund$ by am\nts f ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t & ! ,dep>tm5t ( ,agriculture2 & 7#b7 t d n mat]ially1 ) respect to resid5ts ( h\s+ projects describ$ 9 p>agraph 7#a7-- 7,a7 r$uce ! safety ( ^? resid5ts2 7,b7 %ift long-t]m co/s onto ^? resid5ts2 or 7,c7 und]m9e ! environm5tal /&>ds ( ^? resid5ts4 #hjc4 ,improv+ self-suffici5cy ( families 9 ,,hud-subsidiz$ h\s+ 7a7 ,9 g5]al 7#a7 ,/udy ,subject to subsection 7b71 ! ,secret>y ( ,h\s+ & ,urban ,developm5t %all conduct a /udy on ! implem5tation ( "w requirem5ts implem5t$ prior to ! date ( enactm5t ( ?is ,act by public h\s+ ag5cies describ$ 9 p>agraph 7#d7 p>ticipat+ 9 ! ,mov+ to ,"w demon/ration au?oriz$ "u section #bjd ( ! ,dep>tm5ts ( ,vet]ans ,affairs & ,h\s+ & ,urban ,developm5t1 & ,indep5d5t ,ag5cies ,appropriations ,act1 #aiif 7#db ,u4,s4,c4 #adcg;f note74 7#b7 ,scope ,! /udy requir$ "u p>agraph 7#a7 %all-- 7,a7 consid] ! %ort-1 m$ium-1 & long-t]m b5efits & *all5ges ( "w requirem5ts on public h\s+ ag5cies describ$ 9 p>agraph 7#d7 & on program p>ticipants :o are subject to su* requirem5ts1 includ+ ! effects "w requirem5ts h on homelessness rates1 pov]ty rates1 asset build+1 e>n+s gr[?1 job atta9m5t & ret5tion1 & public h\s+ ag5cies' adm9i/rative capacity2 & 7,b7 include quantitative & qualitative evid5ce1 includ+ int]views ) program p>ticipants describ$ 9 subp>agraph 7,a7 & _! respective resid5t c\ncils4 7#c7 ,report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report on ! initial f9d+s ( ! /udy requir$ "u p>agraph 7#a74 7#d7 ,public h\s+ ag5cies describ$ ,! public h\s+ ag5cies describ$ 9 ?is p>agraph are public h\s+ ag5cies t1 z "p ( an application to p>ticipate 9 ! demon/ration au?oriz$ "u section #bjd ( ! ,dep>tm5ts ( ,vet]ans ,affairs & ,h\s+ & ,urban ,developm5t1 & ,indep5d5t ,ag5cies ,appropriations ,act1 #aiif 7#db ,u4,s4,c4 #adcg;f note71 submit a proposal id5tify+ "w requirem5ts z an innovative proposal4 7b7 ,det]m9ation ,! requirem5t "u subsection 7a7 %all apply if ! ,secret>y ( ,h\s+ & ,urban ,developm5t det]m9es t-- 7#a7 !re are a suffici5t numb] ( public h\s+ ag5cies describ$ 9 subsection 7a77#d7 su* t ! ,secret>y ( ,h\s+ & ,urban ,developm5t c rigor\sly evaluate ! impact ( ! implem5tation ( "w requirem5ts describ$ 9 t subsection2 & 7#b7 ! /udy w\ld n negatively impact l[-income families receiv+ assi/ance ?r\gh a public h\s+ ag5cy describ$ 9 subsection 7a77#d74 #hjd4 ,,gao /udies 7a7 ,work=ce h\s+ /udy 7#a7 ,middle-income h\sehold def9$ ,9 ?is subsection1 ! t]m middle-income h\sehold means a h\sehold ) an income above #hj p]c5t b t does n exce$ #abj p]c5t ( ! m$ian family income ( ! area1 z det]m9$ by ! ,secret>y ( ,h\s+ & ,urban ,developm5t ) adju/m5ts = small] & l>g] families4 7#b7 ,/udy ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all conduct a /udy & submit to ,congress a report t-- 7,a7 id5tifies ob/acles middle-income h\seholds face :5 look+ to secure af=dable h\s+2 7,b7 id5tifies geographic areas :]e h\s+ is ! mo/ unaf=dable & unavailable = middle-income h\seholds2 7,c7 includes a li/ ( ,f$]al h\s+ programs1 includ+ ,f$]al tax cr$its1 grants1 & loan programs1 t are n available to middle-income h\seholds due to _! income /atus1 includ+ ,f$]al h\s+ programs design$ to promote af=dability2 7,d7 recomm5ds income & o!r p>amet]s to e/abli% a cle> & consi/5t ,f$]al def9ition = ! t]m work=ce h\s+ = use :5 describ+ ! segm5t ( h\s+ t c\ld be made available to ^? middle-income h\seholds 9 ,f$]al h\s+ programs if fund+ comm5surate ) ! additional eligibility 7 to be made available2 & 7,e7 analyzes h[ to modify or newly develop new ,f$]al h\s+ programs & inc5tives to include work=ce h\s+ if fund+ comm5surate ) ! additional eligibility 7 to be made available4 7b7 ,h\s+ = eld]ly or disabl$ ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all c>ry out a /udy & submit to ,congress a report t id5tifies options to remove b>ri]s & improve h\s+ = p]sons :o are eld]ly or disabl$1 includ+ any pot5tial impacts ( provid+ capital advances =-- 7#a7 ! program = supportive h\s+ = ! eld]ly "u section #bjb ( ! ,h\s+ ,act ( #aiei 7#ab ,u4,s4,c4 #agjaq72 & 7#b7 ! program = supportive h\s+ = p]sons ) disabilities "u section #haa ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #hjac74 7c7 ,proximity ( h\s+ to ,sup]fund sites ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all c>ry out a /udy & submit to ,congress a report t id5tifies h[ _m resid5tial dwell+ units1 & h[ _m dwell+ units t are a "p ( public h\s+ 7z def9$ 9 section #c7;b7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;a7b7771 are locat$ less ?an #a mile f a site t is includ$ on ! ,national ,priorities ,li/ e/abli%$ pursuant to section #aje ( ! ,compreh5sive ,environm5tal ,response1 ,comp5sation1 & ,liability ,act ( #aihj 7#db ,u4,s4,c4 #ifje74 7d7 ,resid5tial heirs prop]ty ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all c>ry out a /udy & submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report t-- 7#a7 e/abli%es a compreh5sive def9ition ( resid5tial heirs prop]ty1 or family l& inh]it$ )\t a w or legal docum5tation ( own]%ip2 7#b7 exam9es ! occurr5ce ( & consequ5ces to own]s ( resid5tial heirs prop]ty1 & provides an e/imate reg>d+ ! numb] ( curr5t resid5tial heirs prop]ties2 7#c7 describes ! objectives & requirem5ts ( ! ,uni=m ,p>tition ( ,heirs ,prop]ty ,act z approv$ by ! ,national ,conf]5ce ( ,commission]s on ,uni=m ,/ate ,laws 9 #bjaj2 7#d7 details ! v>i\s res\rces t may be available to ! own]s ( resid5tial heirs prop]ties1 includ+ h\s+ c\nsel+1 legal s]vices1 & f9ancial assi/ance to resolve resid5tial heirs prop]ty title issues f ! ,f$]al ,gov]nm5t1 nonpr(it organizations1 & in/itutions ( high] education2 & 7#e7 makes recomm5dations ) respect to h[ to r$uce ! numb] ( resid5tial heirs prop]ties1 includ+-- 7,a7 by inc5tiviz+ ,/ates & o!r jurisdictions :i* enact or adopt ! ,uni=m ,p>tition ( ,heirs ,prop]ty ,act or simil> su* re=ms2 7,b7 by aw>d+ grants to ,/ates & o!r jurisdictions to assi/ resid5ts ( ^? ,/ates & jurisdictions to e/abli% & docum5t prop]ty own]%ip rights or settle a dec$5t's e/ate2 7,c7 by aw>d+ grants to entities t-- 7i7 provide h\s+ c\nsel+1 legal assi/ance1 & f9ancial assi/ance to home-own]s & _! heirs relat+ to title cle>+ & home ret5tion ef=ts ( heirs' prop]ty2 & 7ii7 t>get s]vices to l[- & mod]ate-income p]sons or provide s]vices 9 neighborhoods t h a high conc5tration ( l[- & mod]ate-income p]sons2 & 7,d7 by conduct+ o!r activities t assi/ individuals to cle> title ) respect to heirs' prop]ty & ) g5]al e/ate plann+4 #hje4 ,improv+ public h\s+ ag5cy acc\ntability 7a7 ,9 g5]al ,! ,secret>y %all require ea* cov]$ public h\s+ ag5cy to provide a notice ea* ye> to ! ,secret>y t-- 7#a7 indicates t if a receiv] or ,f$]al monitor rema9s appo9t$ = ! cov]$ public h\s+ ag5cy z ( ,octob] #a ( ! cal5d> ye> to :i* su* notice relates2 7#b7 provides ! date on :i* ! receiv] or ,f$]al monitor 0 fir/ appo9t$ & ! project$ date1 if kn[n1 ! appo9tm5t ( ! receiv] or ,f$]al monitor w be t]m9at$2 & 7#c7 id5tifies ! curr5t receiv] or ,f$]al monitor appo9t$ to ov]see ! public h\s+ ag5cy4 7b7 ,f$]al monitor & receiv] transp>5cy 7#a7 ,not)/&+ any o!r provision ( law1 n lat] ?an ,octob] #a ( ea* ye>1 ea* receiv] or ,f$]al monitor t is curr5tly appo9t$ to ov]see a cov]$ public h\s+ ag5cy %all provide to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate a writt5 assessm5t t-- 7,a7 describes ! managem5t & ov]sight activities ( ! receiv] or ,f$]al monitor = ! cov]$ public h\s+ ag5cy2 7,b7 id5tifies ! significant factors t l$ to ! appo9tm5t ( ! receiv] or ,f$]al monitor = ! cov]$ public h\s+ ag5cy2 7,c7 id5tifies ! factors t rema9 unresolv$ at ! cov]$ public h\s+ ag5cy t h l$ to ! cont9u$ ov]sight ( ! receiv] or ,f$]al monitor2 & 7,d7 includes a timel9e develop$ by ! receiv] or ,f$]al monitor t projects :5 ! factors id5tifi$ "u subp>agraphs 7,b7 & 7,c7 w be resolv$4 7#b7 ,9 addition to ! writt5 assessm5t requir$ 9 p>agraph 7#a71 ^u writt5 reque/ by ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives or ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 ea* receiv] or ,f$]al monitor appo9t$ to ov]see a cov]$ public h\s+ ag5cy %all promptly furni% additional or supplem5tal in=mation reque/$ by ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives or ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate ) respect to ! cov]$ public h\s+ ag5cy :i* su* receiv] or ,f$]al monitor is appo9t$ to ov]see1 includ+ pres5t+ te/imony ^u reque/4 7c7 ,disclosure requir$ ,! ,secret>y %all1 n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is section1 require ea* cov]$ public h\s+ ag5cy to publicly disclose1 on ! website ( ! cov]$ public h\s+ ag5cy1 ) respect to ea* contract ent]$ into by su* cov]$ public h\s+ ag5cy 9 ! prec$+ ye>1 ! foll[+ in=mation3 7#a7 ,all mat]ial in=mation ab\t ! contract1 includ+ ! goods & s]vice provid$4 7#b7 ,! id5tity ( ! v5dor select$ to receive ! contract4 7#c7 ,! date ( ! solicitation ( ! contract4 7#d7 ,! relevant in=mation p]ta9+ to ! bids & quotes solicit$ = ! contract4 7#e7 ,! "n ( ! (ficial :o solicit$ ! contract4 7d7 ,inspector g5]al review ,n lat] ?an #ahj days aft] receiv+ a writt5 reque/ f ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives or ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 ! ,inspector ,g5]al %all provide to ! reque/+ committee an analysis (-- 7#a7 ! /atus ( any cov]$ public h\s+ ag5cy's compliance ) any agreem5ts ent]$ into betwe5 ! cov]$ public h\s+ ag5cy & ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t1 includ+ specific areas ( defici5cy & progress t[>d compliance2 7#b7 a review ( actions tak5 by ! receiv] or ,f$]al monitor appo9t$ to ov]see a cov]$ public h\s+ ag5cy & any private sector h\s+ developm5t p>tn]s pursuant to su* agreem5t1 includ+ any gaps 9 ov]sight by ! receiv] or ,f$]al monitor2 7#c7 an assessm5t ( ! physical conditions ( h\s+ provid$ by ! cov]$ public h\s+ ag5cy1 includ+ ! /atus ( ! cov]$ public h\s+ ag5cy's compliance ) relevant heal? & safety requirem5ts2 7#d7 an exam9ation ( any allegations ( wa/e1 fraud1 abuse or violations ( ,f$]al law committ$ by employees or contractors ( ! cov]$ public h\s+ ag5cy2 7#e7 any additional p]t95t in=mation1 z det]m9$ necess>y & appropriate by ! inspector g5]al2 & 7#f7 any recomm5dations ( ! inspector g5]al t relate to h[ to improve ! compliance ( ! cov]$ public h\s+ ag5cy ) any agreem5ts ent]$ into ) ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t or enhance ! ov]sight ( ! receiv] or ,f$]al monitor ov] su* cov]$ public h\s+ ag5cy4 7e7 ,def9itions 7#a7 ,cov]$ public h\s+ ag5cy ,! t]m cov]$ public h\s+ ag5cy means a public h\s+ ag5cy 7z su* t]m is def9$ 9 section #c7;b7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;a7b777 = :i* an adm9i/rative or judicial receiv] or ,f$]al monitor 0 appo9t$4 7#b7 ,inspector g5]al ,! t]m inspector g5]al means ! inspector g5]al ( ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t4 7#c7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 ,,ix ,/r5g!n+ ,community ,banks' ,role 9 ,h\s+ #ija4 ,community bank deposit access 7a7 ,9 g5]al ,section #bi ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f7 is am5d$ by add+ at ! end ! foll[+3 7j7 ,limit$ exception = cu/odial deposits 7#a7 ,9 g5]al ,cu/odial deposits ( an eligible in/itution %all n be consid]$ to be funds obta9$1 directly or indirectly1 by or ?r\gh a deposit brok] to ! ext5t t ! total am\nt ( su* cu/odial deposits does n exce$ an am\nt equal to #bj p]c5t ( ! total liabilities ( ! eligible in/itution4 7#b7 ,def9itions ,9 ?is subsection3 7,a7 ,cu/odial deposit ,! t]m cu/odial deposit means a deposit t is n deposit$ at an insur$ depository in/itution 9 return = fees paid by ! insur$ depository in/itution pursuant to an agreem5t ) a ?ird p>ty & t w\ld o!rwise be consid]$ to be obta9$1 directly or indirectly1 by or ?r\gh a deposit brok]1 if ! deposit is deposit$ at #a or m insur$ depository in/itutions1 = ! purpose ( provid+ or ma9ta9+ deposit insurance = ! b5efit ( a ?ird p>ty1 by or ?r\gh any ( ! foll[+1 ea* act+ 9 a =mal cu/odial or fiduci>y capacity = ! b5efit ( a ?ird p>ty3 7i7 ,an insur$ depository in/itution s]v+ z ag5t1 tru/ee1 or cu/odian4 7ii7 ,a tru/ entity controll$ by an insur$ depository in/itution s]v+ z ag5t1 tru/ee1 or cu/odian4 7iii7 ,a ,/ate-*>t]$ tru/ company s]v+ z ag5t1 tru/ee1 or cu/odian4 7iv7 ,a plan adm9i/rator or inve/m5t advisor1 act+ 9 a =mal cu/odial or fiduci>y capacity = ! b5efit ( a plan4 7,b7 ,eligible in/itution ,! t]m eligible in/itution means an insur$ depository in/itution t accepts cu/odial deposits1 if ! insur$ depository in/itution has less ?an #aj1jjj1jjj1jjj 9 total assets z report$ on ! consolidat$ report ( condition & income z report$ qu>t]ly to ! appropriate ,f$]al bank+ ag5cy &-- 7i7 7,i7 :5 mo/ rec5tly exam9$ "u section #aj7;d7 0 assign$ a composite rat+ ( #a1 #b1 or #c "u ! ,uni=m ,f9ancial ,in/itutions ,rat+ ,sy/em 7or an equival5t rat+ "u a comp>able rat+ sy/em72 & 7,,ii7 is well capitaliz$2 or 7ii7 has obta9$ a waiv] pursuant to subsection 7c74 7,c7 ,plan ,! t]m plan has ! mean+ giv5 ! t]m 9 section #c ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajjb74 7,d7 ,plan adm9i/rator ,! t]m plan adm9i/rator has ! mean+ giv5 ! t]m adm9i/rator 9 section #c ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajjb74 7,e7 ,well capitaliz$ ,! t]m well capitaliz$ has ! mean+ giv5 ! t]m 9 section #ch7;b74 4 7b7 ,int]e/ rate re/riction ,section #bi ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f71 z am5d$ by subsection 7a71 is fur!r am5d$ by add+ at ! end ! foll[+3 7k7 ,re/riction on int]e/ rate paid on c]ta9 cu/odial deposits 7#a7 ,def9itions ,9 ?is subsection-- 7,a7 ! t]ms cu/odial deposit1 eligible in/itution1 & well capitaliz$ h ! mean+s giv5 ^? t]ms 9 subsection 7j72 & 7,b7 ! t]m cov]$ insur$ depository in/itution means an insur$ depository in/itution t :ile act+ z an eligible in/itution "u subsection 7j71 accepts cu/odial deposits :ile n well capitaliz$4 7#b7 ,prohibition ,a cov]$ insur$ depository in/itution may n pay a rate ( int]e/ on cu/odial deposits t are accept$ :ile n well capitaliz$ t1 at ! "t ! funds or cu/odial deposits are accept$1 significantly exce$s ! limit set =? 9 p>agraph 7#c74 7#c7 ,limit on int]e/ rates ,! limit on ! rate ( int]e/ ref]r$ to 9 p>agraph 7#b7 %all be n great] ?an-- 7,a7 ! rate paid on deposits ( simil> maturity 9 ! normal m>ket area ( ! cov]$ insur$ depository in/itution = deposits accept$ 9 ! normal m>ket area ( ! cov]$ insur$ depository in/itution2 or 7,b7 ! national rate paid on deposits ( comp>able maturity1 z e/abli%$ by ! ,corporation1 = deposits accept$ outside ! normal m>ket area ( ! cov]$ insur$ depository in/itution4 4 #ijb4 ,keep+ deposits local 7a7 ,am\nt ( reciprocal deposits t are n consid]$ to be funds obta9$ by or ?r\gh a deposit brok] ,section #bi7;i7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f7i77 is am5d$ by /rik+ p>agraph 7#a7 & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,! sum ( ! foll[+ am\nts ( reciprocal deposits ( an ag5t in/itution %all n be consid]$ to be funds obta9$1 directly or indirectly1 by or ?r\gh a deposit brok]3 7,a7 ,an am\nt equal to #ej p]c5t ( ! portion ( ! total liabilities ( ! ag5t in/itution t is less ?an or equal to #a1jjj1jjj1jjj4 7,b7 ,an am\nt equal to #dj p]c5t ( ! portion1 if any1 ( ! total liabilities ( ! ag5t in/itution t is great] ?an #a1jjj1jjj1jjj1 b less ?an or equal to #aj1jjj1jjj1jjj4 7,c7 ,an am\nt equal to #cj p]c5t ( ! portion1 if any1 ( ! total liabilities ( ! ag5t in/itution t is great] ?an #aj1jjj1jjj1jjj1 b less ?an or equal to #bej1jjj1jjj1jjj4 4 7b7 ,def9ition ( ag5t in/itution ,section #bi7;i77#b77;,a77i7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f7i77#b77;,a77i77 is am5d$ by /rik+ subclause 7,i7 & ins]t+ ! foll[+3 7,i7 :5 mo/ rec5tly exam9$ "u section #aj7;d7 0 assign$ a ,,camels rat+ ( #a1 #b1 or #c "u ! ,uni=m ,f9ancial ,in/itutions ,rat+ ,sy/em 7or an equival5t rat+ "u a comp>able rat+ sy/em72 & 4 7c7 ,reciprocal deposits /udy 7#a7 ,9 g5]al ,! ,f$]al ,deposit ,insurance ,corporation1 9 consultation ) ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 %all c>ry out a /udy on reciprocal deposits4 7#b7 ,cont5ts ,! /udy requir$ "u p>agraph 7#a7 %all include-- 7,a7 an analysis ( h[ reciprocal deposits h p]=m$ s9ce #bjah1 :i* %all include-- 7i7 ! use ( quantitative & qualitative data2 7ii7 a breakd[n ( ! usage ( reciprocal deposits by size ( insur$ depository in/itution2 7iii7 ! usage ( reciprocal deposits dur+ p]iods ( /ress2 & 7iv7 an analysis1 to ! ext5t practicable1 ( end-us] depositors1 su* z municipalities1 bus9esses1 & nonpr(it organizations1 t drive dem& = reciprocal products2 7,b7 an analysis1 to ! ext5t practicable1 ( h[ reciprocal deposits comp>e to o!r deposit arrangem5ts2 & 7,c7 an analysis ( ! b5efits & pot5tial risks ( reciprocal deposits4 7#c7 ,report ,n lat] ?an #f mon?s aft] ! date ( enactm5t ( ?is ,act1 ! ,f$]al ,deposit ,insurance ,corporation %all issue a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u p>agraph 7#a74 #ijc4 ,tailor$ regulatory updates = sup]visory te/+ ,section #aj7;d7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7;d77 is am5d$-- 7#a7 9 p>agraph 7#d77;,a71 by /rik+ #c1jjj1jjj1jjj & ins]t+ #f1jjj1jjj1jjj2 & 7#b7 9 p>agraph 7#aj71 by /rik+ #c1jjj1jjj1jjj & ins]t+ #f1jjj1jjj1jjj4 #ijd4 ,cr$it union bo>d mod]nization ,section #aac ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #agfa;b7 is am5d$-- 7#a7 by /rik+ mon?ly ea* place su* t]m appe>s2 7#b7 9 ! matt] prec$+ p>agraph 7#a71 by /rik+ ,! bo>d ( directors & ins]t+ ! foll[+3 7a7 ,9 g5]al ,! bo>d ( directors 2 7#c7 9 subsection 7a7 7z s designat$71 by /rik+ %all meet at lea/ once a mon? &2 & 7#d7 by add+ at ! end ! foll[+3 7b7 ,meet+s ,! bo>d ( directors ( a ,f$]al cr$it union %all meet z foll[s3 7#a7 ,) respect to a de novo ,f$]al cr$it union1 n less frequ5tly ?an mon?ly dur+ ea* ( ! fir/ five ye>s ( ! exi/5ce ( su* ,f$]al cr$it union4 7#b7 ,n less ?an six times annually1 ) at lea/ "o meet+ held dur+ ea* fiscal qu>t]1 ) respect to a ,f$]al cr$it union-- 7,a7 ) a composite rat+ ( ei!r #a or #b "u ! ,uni=m ,f9ancial ,in/itutions ,rat+ ,sy/em 7or an equival5t rat+ "u a comp>able rat+ sy/em72 & 7,b7 ) a capability ( managem5t rat+ "u su* composite rat+ ( ei!r #a or #b4 7#c7 ,n less frequ5tly ?an once a mon?1 ) respect to a ,f$]al cr$it union-- 7,a7 ) a composite rat+ ( ei!r #c1 #d1 or #e "u ! ,uni=m ,f9ancial ,in/itutions ,rat+ ,sy/em 7or an equival5t rat+ "u a comp>able rat+ sy/em72 or 7,b7 ) a capability ( managem5t rat+ "u su* composite rat+ ( ei!r #c1 #d1 or #e4 4 #ije4 ,sy/emic risk au?ority transp>5cy 7a7 ,,gao review ,section #ac7;c77#d77;,g77iv7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d77;,g77iv77 is am5d$ to read z foll[s3 7iv7 ,,gao review 7,i7 ,9 g5]al ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all1 n lat] ?an #fj days aft] a det]m9ation is made "u clause 7i71 & aga9 #ahj days !reaft]1 review & report to ! ,congress on ! det]m9ation "u clause 7i71 includ+-- 7aa7 ! basis = ! det]m9ation2 7bb7 ! purpose = :i* any action 0 tak5 pursuant to su* clause2 7cc7 ! likely effect ( ! det]m9ation & su* action on ! inc5tives & conduct ( insur$ depository in/itutions & un9sur$ depositors2 7dd7 any mismanagem5t by ! executives & bo>d ( ! insur$ depository in/itution t contribut$ to ! failure ( ! insur$ depository in/itution2 7ee7 a review ( ! comp5sation practices ( ! insur$ depository in/itution2 7ff7 any sup]visory or regulatory %ortcom+s ) respect to ! appropriate ,f$]al bank+ ag5cy ( ! insur$ depository in/itution2 7gg7 any actions tak5 by ! ,f$]al bank+ regulators1 ,f9ancial ,/ability ,ov]sight ,c\ncil1 ,dep>tm5t ( ! ,treasury1 & o!r relevant f9ancial regulators 9 relation to ! failure ( ! insur$ depository in/itution2 & 7hh7 any additional relevant entities or activities t may h contribut$ to ! failure ( ! insur$ depository in/itution1 includ+ ) respect to audit+1 acc\nt+1 cr$it rat+ ag5cies1 inve/m5t bank und]writ]s1 & em]g5cy liquidity options su* z loans f ! ,f$]al res]ve banks or advances ?r\gh ! ,f$]al ,home ,loan ,bank sy/em4 7,,ii7 ,rule ( con/ruction ,no?+ 9 ?is clause or a report issu$ pursuant to ?is clause may be con/ru$ to limit ! au?ority ( a ,f$]al ag5cy to en=ce violations ( ,f$]al /atutes1 rules1 or ord]s4 4 7b7 ,appropriate ,f$]al bank+ ag5cy report ,section #ac7;c7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77 is am5d$ by add+ at ! end ! foll[+3 7#ab7 ,appropriate ,f$]al bank+ ag5cy report 7,a7 ,9 g5]al ,! appropriate ,f$]al bank+ ag5cy ( an insur$ depository in/itution ab\t :i* a det]m9ation is made "u p>agraph 7#d77;,g77i7 %all1 n lat] ?an #ij days aft] ! date ( su* det]m9ation1 & aga9 #baj days !reaft]1 submit a report to ! ,congress t discloses ! foll[+3 7i7 ,subject to su* r$actions z ! appropriate ,f$]al bank+ ag5cy det]m9es appropriate to protect p]sonally id5tifiable in=mation ab\t cu/om]s & o!r f9ancial in/itutions 7z su* t]m is def9$ "u section #aa7;e77#i77;,d77-- 7,i7 all reports ( exam9ation & inspection t relate to ! fail$ insur$ depository in/itution 9 ! previ\s #c-ye> p]iod2 7,,ii7 all =mal communications ( a mat]ial sup]visory det]m9ation convey$ to ! fail$ insur$ depository in/itution 9 ! previ\s #c-ye> p]iod2 & 7,,iii7 any additional exam reports & correspond5ce t ! appropriate ,f$]al bank+ ag5cy det]m9es may be relevant to ! failure ( ! insur$ depository in/itution4 7ii7 ,an exam9ation ( any mismanagem5t by ! executives & bo>d ( ! insur$ depository in/itution t contribut$ to ! failure ( ! insur$ depository in/itution4 7iii7 ,any sup]visory or regulatory %ortcom+s by su* appropriate ,f$]al bank+ ag5cy ) respect to ! insur$ depository in/itution4 7iv7 ,any dynamics t ! appropriate ,f$]al bank+ ag5cy det]m9es may h contribut$ to ! failure ( ! insur$ depository in/itution4 7v7 ,any sup]visory1 regulatory1 or legislative recomm5dations su* appropriate ,f$]al bank+ ag5cy may h to improve ! safety & s\ndness ( simil>ly situat$ insur$ depository in/itutions1 ! bank+ sy/em1 & f9ancial /ability4 7,b7 ,protection ( s5sitive in=mation 7i7 ,effect on privilege ,! provision ( any in=mation by a ,f$]al bank+ ag5cy "u ?is p>agraph may n be con/ru$ z-- 7,i7 waiv+1 de/roy+1 or o!rwise affect+ any privilege applicable to ! in=mation2 or 7,,ii7 waiv+ any exemption applicable to ! in=mation "u section #eeb ( title #e1 ,unit$ ,/ates ,code 7commonly kn[n z ! ,fre$om ( ,in=mation ,act74 7ii7 ,transp>5cy 7,i7 ,9 g5]al ,a ,f$]al bank+ ag5cy %all publi% mat]ials conta9$ 9 a report requir$ "u subp>agraph 7,a7 to ! fulle/ ext5t possible to promote transp>5cy4 7,,ii7 ,consultation on omitt+ mat]ials ,if a ,f$]al bank+ ag5cy det]m9es p>ticul> mat]ials describ$ "u subclause 7,i7 %\ld n be publi%$1 ! ,f$]al bank+ ag5cy %all consult ) ! *air & rank+ memb] ( ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! *air & rank+ memb] ( ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate4 7,,iii7 ,omitt+ mat]ials ,if1 aft] ! consultation requir$ "u subclause 7,,ii71 ! ,f$]al bank+ ag5cy det]m9es !re is a sub/antial public int]e/ 9 n publi%+ su* mat]ials1 ! ,f$]al bank+ ag5cy %all provide ^? mat]ials to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate ) a writt5 explanation describ+ ! reasons = n publi%+ ^? mat]ials4 7iii7 ,privilege ,= purposes ( ?is subp>agraph1 ! t]m privilege includes any "w-product1 attorney-cli5t1 or o!r privilege recogniz$ "u ,f$]al or ,/ate law4 7,c7 ,report ext5sion ,a ,f$]al bank+ ag5cy may ext5d a deadl9e describ$ "u subp>agraph 7,a7 = an additional #fj days1 if ! ,f$]al bank+ ag5cy-- 7i7 faces ongo+ circum/ances t require ! ,f$]al bank+ ag5cy to prioritize activities to promote /ability ( ! ,unit$ ,/ates bank+ sy/em2 & 7ii7 notifies ! ,congress ( su* ext5sion & ! reasons = su* ext5sion4 7,d7 ,consolidat$ reports ,a ,f$]al bank+ ag5cy may consolidate multiple reports requir$ "u ?is p>agraph s long z ! individual reports be+ consolidat$ all meet ! tim+ requirem5ts "u ?is p>agraph4 7,e7 ,rule ( con/ruction ,no?+ 9 ?is p>agraph or reports or mat]ials provid$ pursuant to ?is p>agraph may be con/ru$ to limit ! au?ority ( a ,f$]al ag5cy to en=ce violations ( ,f$]al /atutes1 rules1 or ord]s4 4 #ijf4 ,lea/ co/ exception 7a7 ,9 g5]al ,section #ac7;c77#d7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d77 is am5d$-- 7#a7 9 subp>agraph 7,a77ii71 by ins]t+ except z provid$ 9 subp>agraph 7,i71 be=e ! total am\nt2 7#b7 9 subp>agraph 7,e77i71 by ins]t+ & except z provid$ 9 subp>agraph 7,i71 aft] appropriate12 & 7#c7 by add+ at ! end ! foll[+3 7,i7 ,lea/ co/ resolution exception 7i7 ,9 g5]al ,) respect to an ex]cise ( au?ority by ! ,corporation describ$ 9 subp>agraph 7,a71 ! ,corporation may1 at ! discretion ( ! ,corporation1 select an alt]native me?od ( ex]cis+ su* au?ority t is n ! lea/ co/ly to ! ,deposit ,insurance ,fund1 if-- 7,i7 ! ,corporation det]m9es t ! select$ alt]native complies ) ! requirem5ts ( clause 7iii72 & 7,,ii7 ! ,corporation & ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 aft] consultation ) ! ,secret>y ( ! ,treasury1 det]m9e t ! pot5tial additional risks to ! ,deposit ,insurance ,fund ( ! select$ alt]native are outweigh$ by ! reasonably expect$ b5efits ( limit+ fur!r conc5tration ( ! ,unit$ ,/ates bank+ sy/em 9 global sy/emically important bank+ organizations4 7ii7 ,maximum co/ to ! deposit insurance fund ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is subp>agraph1 ! ,corporation1 by rule1 %all e/abli% crit]ia = det]m9+ on a case-by-case basis ! maximum all[able co/ aga9/ ! net wor? ( ! ,deposit ,insurance ,fund t may be utiliz$ to acc\nt = any det]m9ation "u clause 7i74 7iii7 ,requirem5ts describ$ ,! requirem5ts = ! select$ alt]native describ$ 9 clause 7i7 are z foll[s3 7,i7 ,! select$ alt]native is ! lea/ co/ly to ! ,deposit ,insurance ,fund ( all alt]natives t d n involve a transaction ) a global sy/emically important bank+ organization & t d n exce$ ! co/ ( liquidat+ ! insur$ depository in/itution4 7,,ii7 ,! diff]5ce betwe5 ! co/ ( ! select$ alt]native & ! co/ ( a cov]$ alt]native is less ?an or equal to ! maximum co/ to ! ,deposit ,insurance ,fund specifi$ pursuant to ! rule adopt$ "u clause 7ii74 7,,iii7 ,9 ! case ( a select$ alt]native t involves ano!r p]son pur*as+ assets ( ! insur$ depository in/itution or assum+ deposit liabilities ( ! insur$ depository in/itution1 su* p]son agrees to pay an assessm5t to ! ,corporation compris$ ( paym5ts-- 7aa7 made ov] a p]iod to be det]m9$ by ! ,corporation1 b :i* may n be less ?an #e ye>s2 & 7bb7 9 an am\nt t takes into acc\nt1 on a case-by-case basis1 crit]ia ! ,corporation1 by rule1 %all e/abli%1 includ+ a reali/ic disc\nt rate1 ! aggregate am\nt equal to ! diff]5ce calculat$ 9 subclause 7,,ii71 & any bid inconsi/5t ) ! purposes ( ?is ,act1 ) su* rule to be e/abli%$ by ! ,corporation n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is subp>agraph4 7iv7 ,report to congress ,n lat] ?an #cj days aft] select+ an alt]native describ$ 9 clause 7i71 ! ,corporation %all issue a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ an analysis ( ! economic diff]5ce betwe5 ! co/ to ! ,deposit ,insurance ,fund ( ! select$ alt]native & ! co/ to ! ,deposit ,insurance ,fund ( ! lea/ co/ly alt]native t w\ld h be5 select$ abs5t ! application ( ?is subp>agraph4 7v7 ,co/ det]m9ations ,all co/ det]m9ations requir$ "u ?is subp>agraph %all be made 9 accordance ) subp>agraphs 7,b7 & 7,c74 7vi7 ,def9itions ,9 ?is subp>agraph3 7,i7 ,cov]$ alt]native ,! t]m cov]$ alt]native means a me?od ( ex]cis+ au?ority describ$ 9 subp>agraph 7,a7 t is ! lea/ co/ly to ! ,deposit ,insurance ,fund ( all su* me?ods t involve a sale ( all or sub/antially all assets ( ! insur$ depository in/itution to1 & assumption ( all or sub/antially all deposit liabilities ( ! insur$ depository in/itution by1 a global sy/emically important bank+ organization4 7,,ii7 ,global sy/emically important bank+ organization ,! t]m global sy/emically important bank+ organization means a global sy/emically important ,,bhc 7z su* t]m is def9$ 9 section #bag4djb ( title #ab1 ,code ( ,f$]al ,regulations1 or any successor !reto7 & any affiliate !re(4 4 7b7 ,rule ( con/ruction ,section #ac7;c77#d77;,h7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d77;,h77 does n apply to ! am5dm5ts made by subsection 7a74 #ijg4 ,fail+ bank acquisition fairness 7a7 ,conc5tration limit exceptions only available to avoid s]i\s adv]se economic or f9ancial effects 7#a7 ,conc5tration limits ) respect to deposits 7,a7 ,f$]al ,deposit ,insurance ,act ,! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is am5d$-- 7i7 9 section #ah7;c77#ac7-- 7,i7 by am5d+ subp>agraph 7,b7 to read z foll[s3 7,b7 ,subp>agraph 7,a7 %all n apply to an int]/ate m]g] transaction if-- 7i7 su* int]/ate m]g] transaction involves #a or m insur$ depository in/itutions 9 default or 9 dang] ( default & ! responsible ag5cy det]m9es1 bas$ on cle> & conv9c+ evid5ce1 t consummation ( ! propos$ int]/ate m]g] transaction is necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability1 & ! ,corporation has n receiv$ any qualifi$ bid f a company t is n subject to ! prohibition 9 subp>agraph 7,a72 or 7ii7 ! ,corporation provides assi/ance "u section #ac to facilitate su* int]/ate m]g] transaction & ! responsible ag5cy det]m9es1 bas$ on cle> & conv9c+ evid5ce1 t consummation ( ! propos$ int]/ate m]g] transaction is necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability1 & ! ,corporation has n receiv$ any qualifi$ bid f a company t is n subject to ! prohibition 9 subp>agraph 7,a74 2 & 7,,ii7 9 subp>agraph 7,c7-- 7aa7 9 clause 7i71 by /rik+ & at ! end2 7bb7 9 clause 7ii71 by /rik+ ! p]iod at ! end & ins]t+ a semicolon2 & 7cc7 by add+ at ! end ! foll[+3 7iii7 ! t]m qualifi$ bid means an application1 propos$ application1 or bid f a company :]e-- 7,i7 if applicable1 ! company1 any affiliate insur$ depository in/itution1 & any affiliate depository in/itution hold+ company are well capitaliz$ & well manag$1 z ( ! date ( ! application1 propos$ application1 or bid2 & 7,,ii7 ^u consummation ( ! transaction1 ! result+ insur$ depository in/itution is well capitaliz$2 7iv7 ! t]m well capitaliz$-- 7,i7 ) respect to an insur$ depository in/itution1 has ! mean+ giv5 su* t]m 9 section #ch7;b7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcao7b772 7,,ii7 ) respect to a bank hold+ company1 has ! mean+ giv5 su* t]m 9 section #b7o77#a77;,b7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda7o77#a77;,b772 7,,iii7 ) respect to a sav+s & loan hold+ company1 has ! mean+ giv5 su* t]m 9 section #bch4b ( title #ab1 ,code ( ,f$]al ,regulations2 & 7,,iv7 ) respect to a company t is n an insur$ depository in/itution1 bank hold+ company1 or sav+s & loan hold+ company1 means ma9ta9+ equity capital t ! ,corporation det]m9es is comm5surate ) ! capital ma9ta9$ by an insur$ depository in/itution t is well capitaliz$2 & 7v7 ! t]m well manag$ has ! mean+ giv5 su* t]m 9 section #b7o77#i7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda7o77#i774 2 & 7ii7 9 section #dd1 by am5d+ subsection 7e7 to read z foll[s3 7e7 ,exception = banks 9 default or 9 dang] ( default 7#a7 ,g5]al exception ,! responsible ag5cy may1 )\t reg>d to p>agraph 7#a71 7#c71 7#d71 or 7#e7 ( subsection 7b7 or p>agraph 7#b71 7#d71 or 7#e7 ( subsection 7a71 approve an application "u subsection 7a77#a7 = approval ( a m]g] transaction if-- 7,a7 ! m]g] transaction involves #a or m banks 9 default or 9 dang] ( default2 or 7,b7 ! ,corporation provides assi/ance "u section #ac7;c7 to facilitate su* m]g] transaction4 7#b7 ,conc5tration limit exception ,! responsible ag5cy may1 )\t reg>d to subsection 7b77#b71 approve an application "u subsection 7a77#a7 = approval ( a m]g] transaction if-- 7,a7 ! m]g] transaction involves #a or m banks 9 default or 9 dang] ( default & ! responsible ag5cy det]m9es1 bas$ on cle> & conv9c+ evid5ce1 t consummation ( ! propos$ int]/ate m]g] transaction is necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability1 & ! ,corporation has n receiv$ any qualifi$ bid f ano!r in/itution t is n subject to ! prohibition 9 subsection 7b77#b72 or 7,b7 ! ,corporation provides assi/ance "u section #ac7;c7 to facilitate su* m]g] transaction & ! responsible ag5cy det]m9es1 bas$ on cle> & conv9c+ evid5ce1 t consummation ( ! propos$ int]/ate m]g] transaction is necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability1 & ! ,corporation has n receiv$ any qualifi$ bid f ano!r in/itution t is n subject to ! prohibition 9 subsection 7b77#b74 7#c7 ,qualifi$ bid def9$ ,9 ?is subsection1 ! t]m qualifi$ bid has ! mean+ giv5 t t]m 9 section #ah7;c77#ac77;,c74 4 7,b7 ,bank hold+ company act ( #aief ,! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda et seq47 is am5d$-- 7i7 9 section #c7;d71 by am5d+ p>agraph 7#e7 to read z foll[s3 7#e7 ,exception = banks 9 default or 9 dang] ( default 7,a7 ,g5]al exception ,! ,bo>d may1 )\t reg>d to subp>agraph 7,b7 or 7,d7 ( p>agraph 7#a7 or p>agraph 7#c71 approve an application pursuant to p>agraph 7#a77;,a7 if-- 7i7 ! application is = an acquisition ( #a or m banks 9 default or 9 dang] ( default2 or 7ii7 ! application is = an acquisition ) respect to :i* assi/ance is provid$ "u section #ac7;c7 ( ! ,f$]al ,deposit ,insurance ,act4 7,b7 ,conc5tration limit exception ,! ,bo>d may1 )\t reg>d to p>agraph 7#b71 approve an application pursuant to p>agraph 7#a77;,a7 if-- 7i7 ! application is = ! acquisition ( #a or m banks 9 default or 9 dang] ( default & ! ,bo>d det]m9es1 bas$ on cle> & conv9c+ evid5ce1 t consummation ( ! propos$ acquisition is necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability1 & ! ,corporation has n receiv$ any qualifi$ bid f ano!r in/itution t is n subject to ! prohibition 9 p>agraph 7#b72 or 7ii7 ! application is = an acquisition ) respect to :i* assi/ance is provid$ "u section #ac7;c7 ( ! ,f$]al ,deposit ,insurance ,act & ! ,bo>d det]m9es1 bas$ on cle> & conv9c+ evid5ce1 t consummation ( ! propos$ acquisition is necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability1 & ! ,corporation has n receiv$ any qualifi$ bid f ano!r in/itution t is n subject to ! prohibition 9 p>agraph 7#b74 7,c7 ,qualifi$ bid def9$ ,9 ?is p>agraph1 ! t]m qualifi$ bid has ! mean+ giv5 t t]m 9 section #ah7;c77#ac77;,c7 ( ! ,f$]al ,deposit ,insurance ,act4 2 & 7ii7 9 section #d7;i77#h71 by am5d+ subp>agraph 7,b7 to read z foll[s3 7,b7 ,exception ,subp>agraph 7,a7 %all n apply to an acquisition if-- 7i7 su* acquisition involves an insur$ depository in/itution 9 default or 9 dang] ( default & ! ,bo>d det]m9es1 bas$ on cle> & conv9c+ evid5ce1 t consummation ( ! propos$ acquisition is necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability1 & ! ,corporation has n receiv$ any qualifi$ bid 7z def9$ 9 section #ah7;c77#ac77;,c7 ( ! ,f$]al ,deposit ,insurance ,act7 f ano!r in/itution t is n subject to ! prohibition 9 p>agraph 7#b72 or 7ii7 ! ,f$]al ,deposit ,insurance ,corporation provides assi/ance "u section #ac ( ! ,f$]al ,deposit ,insurance ,act to facilitate su* acquisition & ! ,bo>d det]m9es1 bas$ on cle> & conv9c+ evid5ce1 t consummation ( ! propos$ acquisition is necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability1 & ! ,corporation has n receiv$ any qualifi$ bid 7z def9$ 9 section #ah7;c77#ac77;,c7 ( ! ,f$]al ,deposit ,insurance ,act7 f ano!r in/itution t is n subject to ! prohibition 9 p>agraph 7#b74 4 7#b7 ,conc5tration limit ) respect to consolidat$ liabilities ,section #ad7;c7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #aheb7;c77 is am5d$-- 7,a7 by r$esignat+ p>agraphs 7#a71 7#b71 & 7#c7 z subp>agraphs 7,a71 7,b71 & 7,c71 respectively2 7,b7 by /rik+ ,) ! & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,) ! 2 & 7,c7 by add+ at ! end ! foll[+3 7#b7 ,limitation ,! ,bo>d may provide writt5 cons5t = an acquisition describ$ 9 p>agraph 7#a77;,a7 or 9 p>agraph 7#a77;,b7 only if ! ,bo>d det]m9es1 bas$ on cle> & conv9c+ evid5ce1 t consummation ( ! propos$ acquisition is necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability1 & ! ,corporation has n receiv$ any qualifi$ bid 7z def9$ 9 section #ah7;c77#ac77;,c7 ( ! ,f$]al ,deposit ,insurance ,act7 f ano!r in/itution t is n subject to ! prohibition 9 subsection 7b74 4 7b7 ,congressional notification & ju/ification = waiv]s 7#a7 ,9 g5]al ,:5ev] ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,comptroll] ( ! ,curr5cy1 or ! ,f$]al ,deposit ,insurance ,corporation waives a conc5tration limit "u section #ah7;c77#ac77;,b7 or section #dd7;e7 ( ! ,f$]al ,deposit ,insurance ,act or "u section #c7;d77#e71 section #d7;i77#h77;,b71 or section #ad7;c77#b7 ( ! ,bank ,hold+ ,company ,act ( #aief1 9 connection ) ! acquisition ( a bank or insur$ depository in/itution 9 default or 9 dang] ( default1 or 9 connection ) an acquisition ) respect to :i* ! ,f$]al ,deposit ,insurance ,corporation provides assi/ance "u section #ac ( ! ,f$]al ,deposit ,insurance ,act1 ! waiv+ ag5cy & ! ,f$]al ,deposit ,insurance ,corporation1 jo9tly1 %all1 n lat] ?an #cj days aft] su* waiv]1 submit a writt5 report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+-- 7,a7 a ju/ification = ! waiv]1 includ+ an analysis ( :y x 0 necess>y to prev5t significant economic disruption or significant adv]se effects on f9ancial /ability2 7,b7 a description ( alt]native bids or outcomes consid]$1 includ+ ef=ts to solicit & enc\rage bids f entities t w\ld n require a waiv]2 7,c7 an explanation ( :y alt]native bids 7 n select$1 if applicable2 & 7,d7 any recomm5dations = legislative or regulatory *anges to improve competition 9 future insur$ depository in/itution resolutions4 7#b7 ,public disclosure ,! waiv+ ag5cy submitt+ a report "u p>agraph 7#a7 & ! ,f$]al ,deposit ,insurance ,corporation %all make ! report publicly available on _! respective websites1 subject to r$actions = confid5tial sup]visory in=mation & any o!r in=mation describ$ "u section #eeb7;b7 ( title #e1 ,unit$ ,/ates ,code4 7c7 ,limitation on consid]+ bad fai? bids 9 lea/ co/ det]m9ation ,section #ac7;c77#d7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d771 z am5d$ by section #ijf7;a77#c71 is fur!r am5d$ by add+ at ! end ! foll[+3 7,j7 ,limitation on consid]+ bad fai? bids ,9 mak+ a det]m9ation "u ?is p>agraph ( :e!r an ex]cise ( au?ority is ! lea/ co/ly to ! ,deposit ,insurance ,fund1 ! ,corporation may n consid] any application1 propos$ application1 or bid f a company1 if su* application1 propos$ application1 or bid w\ld result 9 violation (-- 7i7 section #ah7;c77#ac7 or #dd7;b77#b72 or 7ii7 section #c7;d77#b71 #d7;i77#h71 or #ad ( ! ,bank ,hold+ ,company ,act ( #aief4 4 #ijh4 ,advanc+ ! m5tor-protg program = small f9ancial in/itutions ,section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note7 is am5d$ by add+ at ! end ! foll[+ new subsection3 7d7 ,f9ancial ag5t m5tor-protg program 7#a7 ,9 g5]al ,! ,secret>y ( ! ,treasury %all e/abli% a program to be kn[n z ! ,f9ancial ,ag5t ,m5tor-,protg ,program 79 ?is subsection ref]r$ to z ! ,program7 "u :i* a f9ancial ag5t designat$ by ! ,secret>y or a l>ge f9ancial in/itution may s]ve z a m5tor1 "u guidance or regulations prescrib$ by ! ,secret>y1 to a small f9ancial in/itution to all[ su* small f9ancial in/itution-- 7,a7 to be prep>$ to p]=m z a f9ancial ag5t2 or 7,b7 to improve capacity to provide s]vices to ! cu/om]s ( ! small f9ancial in/itution4 7#b7 ,outrea* ,! ,secret>y %all hold outrea* ev5ts to promote ! p>ticipation ( f9ancial ag5ts1 l>ge f9ancial in/itutions1 & small f9ancial in/itutions 9 ! ,program at lea/ once a ye>4 7#c7 ,exclusion ,! ,secret>y %all issue guidance or regulations to e/abli% a process "u :i* a f9ancial ag5t1 l>ge f9ancial in/itution1 or small f9ancial in/itution may be exclud$ f p>ticipation 9 ! ,program4 7#d7 ,report ,! ,secret>y %all report to ,congress in=mation p]ta9+ to ! ,program1 includ+-- 7,a7 ! numb] ( f9ancial ag5ts1 l>ge f9ancial in/itutions1 & small f9ancial in/itutions p>ticipat+ 9 su* ,program2 & 7,b7 ! numb] ( outrea* ev5ts describ$ 9 p>agraph 7#b7 held dur+ ! ye> cov]$ by su* report4 7#e7 ,def9itions ,9 ?is subsection3 7,a7 ,f9ancial ag5t ,! t]m f9ancial ag5t means any national bank+ association designat$ by ! ,secret>y ( ! ,treasury to be employ$ z a f9ancial ag5t ( ! ,gov]nm5t4 7,b7 ,l>ge f9ancial in/itution ,! t]m l>ge f9ancial in/itution means any entity regulat$ by ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 or ! ,national ,cr$it ,union ,adm9i/ration t has total consolidat$ assets great] ?an or equal to #ej1jjj1jjj1jjj4 7,c7 ,rural depository in/itution ,! t]m rural depository in/itution means a depository in/itution 7z def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act7-- 7i7 ) total consolidat$ assets ( less ?an #aj1jjj1jjj1jjj2 & 7ii7 locat$ 9 a rural area1 z def9$ "u section #ajbf4ce7;b77#b77;iv77,a7 ( title #ab1 ,code ( ,f$]al ,regulations4 7,d7 ,small f9ancial in/itution ,! t]m small f9ancial in/itution means-- 7i7 any entity regulat$ by ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 or ! ,national ,cr$it ,union ,adm9i/ration t has total consolidat$ assets less ?an or equal to #b1jjj1jjj1jjj2 7ii7 a m9ority depository in/itution2 or 7iii7 a rural depository in/itution4 4 #iji4 ,am]ican access to bank+ 7a7 ,/reaml9+ application process & review ( capital rais+ by de novo regulat$ in/itutions 7#a7 ,9 g5]al ,ea* ( ! ,f$]al f9ancial in/itutions regulatory ag5cies %all-- 7,a7 = ! purpose ( /reaml9+ ! process ( apply+ to become a de novo regulat$ in/itution1 conduct a review ( any application =ms relat$ to su* process2 7,b7 to ! ext5t practicable1 ga!r in=mation ne$$ f applicants seek+ to become a de novo regulat$ in/itution f o!r ,f$]al ,gov]nm5t ag5cies or public s\rces to m9imize in=mation reque/s ( su* applicants2 & 7,c7 9 consultation ) ! ,securities & ,ex*ange ,commission1 review h[ de novo regulat$ in/itutions raise capital :ile ma9ta9+ inve/or protections1 includ+ ! impact (-- 7i7 g5]al capital rais+ re/rictions2 & 7ii7 capital rais+ re/rictions relat$ to individuals :o are n accr$it$ inve/ors4 7#b7 ,report ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is section1 & annually = #e ye>s !reaft]1 ea* ( ! ,f$]al f9ancial in/itutions regulatory ag5cies %all submit to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & publi% on a public website ( su* ag5cy a report t conta9s-- 7,a7 a description ( ! actions tak5 by su* ag5cy pursuant to p>agraph 7#a72 & 7,b7 z appropriate1 any adm9i/rative or legislative recomm5dations ) respect to ! purpose describ$ 9 p>agraph 7#a77;,c74 7b7 ,improv+ communication ) de novo regulat$ in/itutions 7#a7 ,9 g5]al ,ea* ( ! ,f$]al f9ancial in/itutions regulatory ag5cies %all1 at ! reque/ ( an applicant to become a de novo regulat$ in/itution1 designate an employee ( ! ag5cy z a casework]1 :o may p]=m su* duty 9 addition to ! o!r duties ( ! employee4 7#b7 ,casework] duties ,ea* casework] describ$ 9 p>agraph 7#a7 %all1 to ! maximum ext5t practicable-- 7,a7 meet ) ! lead organiz]s apply+ to become a de novo regulat$ in/itution to provide a tutorial ) respect to ! application process2 & 7,b7 be ! prim>y po9t ( contact ( ! respective ,f$]al f9ancial in/itutions regulatory ag5cy = su* organiz]s dur+ ! application process4 7#c7 ,new casework] ,ea* ag5cy describ$ 9 p>agraph 7#a7 may designate a new casework]1 z appropriate1 to support cont9uity bas$ on /aff+ & responsibilities assign$ to ! curr5t casework]4 7c7 ,de novo m5tor-protg p>tn]%ips 7#a7 ,9 g5]al ,at ! reque/ ( an in/itution t seeks to become a de novo regulat$ in/itution1 ea* ( ! ,f$]al f9ancial in/itutions regulatory ag5cies %all1 to ! maximum ext5t practicable1 provide a li/ to su* in/itution ( simil> types ( in/itutions t-- 7,a7 7 rec5tly approv$ to become a de novo regulat$ in/itution2 & 7,b7 are int]e/$ 9 volunte]+ to s]ve z a m5tor to provide advice ab\t ! de novo application process4 7#b7 ,m5tor%ip in=mation ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is section1 ea* ( ! ,f$]al f9ancial in/itutions regulatory ag5cies %all provide public in=mation & directions on h[ an in/itution may reque/ a m5tor or s]ve z a m5tor z describ$ 9 p>agraph 7#a74 7d7 ,/ate & /akehold] engagem5t plan 7#a7 ,9 g5]al ,ea* ( ! ,f$]al f9ancial in/itutions regulatory ag5cies %all develop a plan to-- 7,a7 regul>ly consult ) ,/ate regulators to promote coop]ation betwe5 ,/ate & ,f$]al bank+ & cr$it union ag5cies 9 ! creation ( de novo regulat$ in/itutions1 includ+ respond+ to any ,/ate regulator t reque/s assi/ance on h[ a ,/ate-*>t]$ f9ancial in/itution c reque/ ,f$]al insurance2 7,b7 regul>ly consult ) /akehold]s1 includ+ applicants to become de novo regulat$ in/itutions & rec5tly approv$ regulat$ in/itutions1 to in=m any re=ms t may support ! creation ( de novo regulat$ in/itutions1 includ+ rural in/itutions1 community developm5t f9ancial in/itutions1 & m9ority depository in/itutions2 & 7,c7 provide guidance1 tra9+ mat]ial1 & regul> work%ops to assi/ any int]e/$ p>ties to und]/& su* ag5cies' processes4 7#b7 ,submission to ,congress 7,a7 ,9 g5]al ,n lat] ?an #b ye>s aft] ! date ( ! enactm5t ( ?is section1 & e #e ye>s !reaft]1 ea* ( ! ,f$]al f9ancial in/itutions regulatory ag5cies %all submit to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate ! respective plan ( su* ag5cy describ$ 9 p>agraph 7#a74 7,b7 ,public comm5t ,) respect to develop+ ! plan describ$ 9 p>agraph 7#a71 ea* ( ! ,f$]al f9ancial in/itutions regulatory ag5cies %all-- 7i7 provide an opportunity = public comm5ts2 & 7ii7 take su* public comm5ts into consid]ation4 7e7 ,def9itions 7#a7 ,9 g5]al ,9 ?is section3 7,a7 ,f$]al bank+ ag5cy ,! t]m ,f$]al bank+ ag5cy has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7,b7 ,f$]al f9ancial in/itutions regulatory ag5cies ,! t]m ,f$]al f9ancial in/itutions regulatory ag5cies has ! mean+ giv5 ! t]m 9 section #ajjc ( ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccjb74 7,c7 ,regulat$ in/itution ,! t]m regulat$ in/itution means-- 7i7 ) respect to a ,f$]al bank+ ag5cy1 a depository in/itution 7z su* t]m is def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 = :i* ! ,f$]al bank+ ag5cy is ! appropriate ,f$]al bank+ ag5cy 7z su* t]m is def9$ 9 su* section #c72 & 7ii7 ) respect to ! ,national ,cr$it ,union ,adm9i/ration1 an insur$ cr$it union 7z su* t]m is def9$ 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb774 7,d7 ,/ate ,! t]m ,/ate means ea* ( ! sev]al ,/ates1 ! ,di/rict ( ,columbia1 & ea* t]ritory ( ! ,unit$ ,/ates4 7,e7 ,/ate regulator ,! t]m ,/ate regulator means-- 7i7 ) respect to a ,f$]al bank+ ag5cy1 a ,/ate bank+ regulator2 & 7ii7 ) respect to ! ,national ,cr$it ,union ,adm9i/ration1 ! ,/ate regulatory ag5cy hav+ jurisdiction ov] a ,/ate cr$it union 7z su* t]m is def9$ 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb774 7#b7 ,rule ( con/ruction ,= purposes ( ?is section1 ! process ( apply+ to become a de novo regulat$ in/itution %all include ! process ( apply+ = ,f$]al deposit insurance1 ,f$]al %>e insurance1 or memb]%ip 9 ! ,f$]al ,res]ve ,sy/em4 #iaj4 ,promot+ new bank =mation 7a7 ,pilot phase-9 ( capital /&>ds ,! ,f$]al bank+ ag5cies may issue rules t provide = a #b-ye> phase-9 p]iod = a qualify+ community bank or its depository in/itution hold+ company to meet any ,f$]al capital requirem5ts t w\ld o!rwise be applicable to ! qualify+ community bank or its depository in/itution hold+ company1 beg9n+ on-- 7#a7 ! date on :i* ! qualify+ community bank became an insur$ depository in/itution2 or 7#b7 9 ! case ( its depository in/itution hold+ company1 ! date on :i* ! qualify+ community bank ( ! depository in/itution hold+ company became an insur$ depository in/itution4 7b7 ,pilot *anges to bus9ess plans 7#a7 ,9 g5]al ,dur+ ! #b-ye> p]iod beg9n+ on ! date on :i* a qualify+ community bank became an insur$ depository in/itution1 ! qualify+ community bank or its depository in/itution hold+ company may reque/ to deviate f a bus9ess plan t has be5 approv$ by ! appropriate ,f$]al bank+ ag5cy by submitt+ a reque/ to su* ag5cy pursuant to ?is section4 7#b7 ,review ( *anges ,! appropriate ,f$]al bank+ ag5cy %all1 n lat] ?an ! end ( ! #ij-;day p]iod beg9n+ on ! receipt ( a reque/ "u p>agraph 7#a7-- 7,a7 approve1 conditionally approve1 or d5y su* reque/2 & 7,b7 notify ! applicant ( su* decision &1 if ! ag5cy d5ies ! reque/-- 7i7 provide ! applicant ) ! reason = su* d5ial2 & 7ii7 sugge/ *anges to ! reque/ t1 if adopt$1 w\ld all[ ! ag5cy to approve su* reque/4 7#c7 ,result ( failure to act ,if ! appropriate ,f$]al bank+ ag5cy fails to approve or d5y a reque/ )9 ! #ij-;day p]iod requir$ "u p>agraph 7#b71 su* reque/ %all be deem$ to be approv$4 7c7 ,pilot program /udy 7#a7 ,/udy ,! ,f$]al bank+ ag5cies %all1 jo9tly1 c>ry out a /udy on ! impact ( ! ,pilot ,program c>ri$ out pursuant to subsections 7a7 & 7b7 ( ?is section on ! =mation ( de novo insur$ depository in/itutions1 includ+ su* in/itutions :i* are rural depository in/itutions1 community developm5t f9ancial in/itutions1 & m9ority depository in/itutions1 tak+ into acc\nt safety & s\ndness1 promot+ competition1 & exp&+ access to af=dable f9ancial products & s]vices to und]s]v$ communities4 7#b7 ,report to congress ,n lat] ?an ,decemb] #ca1 #bjca1 ! ,f$]al bank+ ag5cies %all1 jo9tly1 issue a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u p>agraph 7#a74 7d7 ,/udy on de novo insur$ depository in/itutions 7#a7 ,/udy ,! ,f$]al bank+ ag5cies %all1 jo9tly1 c>ry out a /udy on-- 7,a7 ! pr9cipal causes = ! l[ numb] ( de novo insur$ depository in/itutions 9 ! #aj-ye> p]iod end+ on ! date ( enactm5t ( ?is subsection2 7,b7 ways to promote m de novo insur$ depository in/itutions 9 areas curr5tly und]s]v$ by insur$ depository in/itutions2 & 7,c7 ways to ensure de novo depository in/itutions1 includ+ in/itutions :i* are rural depository in/itutions1 community developm5t f9ancial in/itutions1 & m9ority depository in/itutions1 c utilize ! ,community ,bank ,lev]age ,ratio4 7#b7 ,report to congress ,n lat] ?an ! end ( ! #a-ye> p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 ! ,f$]al bank+ ag5cies %all1 jo9tly1 issue a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u p>agraph 7#a74 7e7 ,def9itions ,9 ?is section3 7#a7 ,appropriate f$]al bank+ ag5cy ,! t]m appropriate ,f$]al bank+ ag5cy has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#b7 ,depository in/itution ,! t]m depository in/itution has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#c7 ,depository in/itution hold+ company ,! t]m depository in/itution hold+ company has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#d7 ,f$]al bank+ ag5cy ,! t]m ,f$]al bank+ ag5cy has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#e7 ,insur$ depository in/itution ,! t]m insur$ depository in/itution has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#f7 ,qualify+ community bank ,! t]m qualify+ community bank means a depository in/itution t-- 7,a7 includ+ its hold+ company & all ( its subsidi>ies & affiliates1 has total comb9$ assets ( less ?an #aj1jjj1jjj1jjj2 & 7,b7 became an insur$ depository in/itution betwe5 ,janu>y #a1 #bjbf1 & ,decemb] #ca1 #bjbh4 #iaa4 ,rural depositories revitalization /udy 7a7 ,/udy ,! ,f$]al bank+ ag5cies %all1 jo9tly1 c>ry out a /udy-- 7#a7 to id5tify me?ods to improve ! gr[?1 capital adequacy1 & pr(itability ( depository in/itutions 9 ! ,unit$ ,/ates t prim>ily s]ve rural areas2 & 7#b7 to id5tify ,f$]al /atutes 7o!r ?an appropriations ,acts7 or regulations ( ! ,f$]al bank+ ag5cies t limit-- 7,a7 ! me?ods id5tifi$ "u p>agraph 7#a72 or 7,b7 ! e/abli%m5t ( de novo depository in/itutions 9 rural areas4 7b7 ,report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,f$]al bank+ ag5cies %all1 jo9tly1 issue a report to ,congress conta9+ all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u subsection 7a74 7c7 ,/udy on rural cr$it unions ,! ,national ,cr$it ,union ,adm9i/ration %all c>ry out a /udy-- 7#a7 to id5tify me?ods to improve ! gr[?1 capital adequacy1 & pr(itability ( cr$it unions 9 ! ,unit$ ,/ates t prim>ily s]ve rural areas2 & 7#b7 to id5tify ,f$]al /atutes 7o!r ?an appropriations ,acts7 or regulations ( ! ,national ,cr$it ,union ,adm9i/ration t limit-- 7,a7 ! me?ods id5tifi$ "u p>agraph 7#a72 or 7,b7 ! e/abli%m5t ( de novo cr$it unions 9 rural areas4 7d7 ,report on rural cr$it unions ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,national ,cr$it ,union ,adm9i/ration %all issue a report to ,congress conta9+ all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u subsection 7c74 7e7 ,def9itions ,9 ?is section3 7#a7 ,depository in/itution ,! t]m depository in/itution has ! mean+ giv5 t t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#b7 ,f$]al bank+ ag5cies ,! t]m ,f$]al bank+ ag5cies means ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,comptroll] ( ! ,curr5cy1 & ! ,f$]al ,deposit ,insurance ,corporation4 7#c7 ,rural ,) respect to an area1 ! t]m rural has ! mean+ giv5 t t]m 9 section #ajbf4ce7;b77#b77;iv77,a7 ( title #ab1 ,code ( ,f$]al ,regulations4 #iab4 ,discretion>y surplus fund 7a7 ,9 g5]al ,! doll> am\nt specifi$ "u section #g7;a77#c77;,a7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bhi7;a77#c77;,a77 is r$uc$ by #aae1jjj1jjj4 7b7 ,effective date ,! am5dm5t made by subsection 7a7 %all take effect on ,septemb] #cj1 #bjce4 ,x ,home-own]%ip = ,ma9 ,/reet ,am]ica #ajja4 ,homes are = p1 n corporations 7a7 ,def9itions ,9 ?is section3 7#a7 ,consum] report+ ag5cy ,! t]m consum] report+ ag5cy has ! mean+ giv5 ! t]m 9 section #fjc ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha;a774 7#b7 ,except$ pur*ase ,! t]m except$ pur*ase means any pur*ase ( a s+le-family home t is-- 7,a7 newly con/ruct$1 r5ovat$1 or a r5tal conv]sion = sale by a l>ge in/itutional inve/or & n z a resid5ce r5t$ p5d+ sale2 7,b7 pursuant to a build-to-r5t program :]e ! l>ge in/itutional inve/or pur*ases1 con/ructs1 or con/ructs & reta9s a newly con/ruct$ s+le-family homes to be manag$ z a r5tal prop]ty1 :e!r z "p ( a community made up exclusively ( r5t]-occupi$ s+le-family homes or z "p ( a community made up ( s+le-family homes t are bo? own]- & r5t]-occupi$2 7,c7 pursuant to a r5ovate-to-r5t program t-- 7i7 sub/antially rehabilitates s+le-family homes t d n meet /ructural or core sy/em elem5ts ( local build+ codes2 & 7ii7 makes improvem5ts 9 an aggregate doll> am\nt ( n less ?an #ae p]c5t ( ! pur*ase price ( ! s+le-family home2 7,d7 pursuant to a home[n]%ip program t-- 7i7 requires r5tal paym5ts & any o!r fees t are n great] ?an ^? collect$ by ! l>ge in/itutional inve/or on o!r simil>ly situat$ s+le-family homes n cov]$ by ! eligible home[n]%ip program2 7ii7 is subject to a contract betwe5 ! l>ge in/itutional inve/or & r5t] t %all be consid]$ a consum] cr$it transaction secur$ by a dwell+ or real prop]ty2 7iii7 provides = positive report+ ( r5tal paym5ts to consum] report+ ag5cies = any r5t]1 :o %all be in=m$ ( & opts into su* report+2 & 7iv7 requires contribution ( mean+ful f9ancial support f ! l>ge in/itutional inve/or1 includ+ price concessions1 = ! pur*ase ( ! s+le-family home by ! r5t]2 7,e7 pursuant to a program to boo/ home[n]%ip t-- 7i7 provides = positive report+ ( r5tal paym5ts to consum] report+ ag5cies = any r5t]1 :o %all be in=m$ ( & opts into su* report+2 7ii7 provides = ! "r ( fir/ refusal & a #cj-;day fir/ look p]iod2 & 7iii7 may entail ! mean+ful f9ancial support f ! l>ge in/itutional inve/or1 includ+ price concessions1 = ! pur*ase ( a s+le-family home by ! r5t] 7:e!r x is ! home ! r5t] occupies or ano!r home72 7,f7 9 connection ) ! satisfaction ( debts previ\sly contract$ 9 good fai? & :]e ! l>ge in/itutional inve/or has ! "r to repossess ! s+le-family home "u su* contract2 7,g7 und]tak5 by a mortgage s]vic]1 l5d]1 or o!r entity t has a legal "r to a s+le-family home1 = ! purpose ( loss mitigation or compliance ) s]vic+ or inve/or obligations1 & n z a long-t]m inve/m5t /rategy1 & is solely z a result (-- 7i7 a =eclosure2 7ii7 a de$-9-lieu ( =eclosure2 7iii7 en=cem5t ( a mortgage1 de$ ( tru/1 or o!r security int]e/2 or 7iv7 op]ation ( law foll[+ borr[] default2 7,h7 pur*as$ f ano!r l>ge in/itutional inve/or t ei!r own$ ! s+le-family home on ! date ( enactm5t ( ?is ,act or pur*as$ ! s+le-family home 9 compliance ) ?is section2 7,i7 pur*as$ f an inve/or n cov]$ "u ?is section1 s long z ! pur*ase occurr$ n m ?an #b ye>s aft] ! effective date "u subsection 7f72 7,j7 newly con/ruct$1 r5ovat$1 or a r5tal conv]sion t is int5d$ & op]at$ = occupancy z "p ( a community = h\seholds ) #a or m memb]s ag$ #ee ye>s or old]1 & satisfies visitability /&>ds e/abli%$ by ! ,secret>y ( ,h\s+ & ,urban ,developm5t2 or 7,k7 pur*as$ ?r\gh a s+le pur*ase or comb9ation or s]ies ( pur*ases describ$ 9 subp>agraphs 7,a7 ?r\gh 7,j74 7#c7 ,s+le-family home ,! t]m s+le-family home-- 7,a7 means a /ructure t conta9s #b or few] dwell+ units t are ea* int5d$ = resid5tial occupancy by a s+le h\sehold2 & 7,b7 does n include a manufactur$ home1 z def9$ 9 section #fjc ( ! ,national ,manufactur$ ,h\s+ ,con/ruction & ,safety ,/&>ds ,act ( #aigd 7#db ,u4,s4,c4 #edjb74 7#d7 ,l>ge in/itutional inve/or 7,a7 ,9 g5]al ,! t]m l>ge in/itutional inve/or-- 7i7 means an inve/m5t fund1 corporation1 g5]al or limit$ p>tn]%ip1 limit$ liability company1 jo9t v5ture1 association1 or o!r =-pr(it entity t is a legal entity /ructur$ 9 a mann] t is n a=em5tion$ t-- 7,i7 is engag$1 9 :ole or 9 "p1 9 ! bus9ess ( inve/+ 91 own+1 r5t+1 manag+1 or hold+ s+le-family homes2 & 7,,ii7 alone or 9 conc]t ) #a or m o!r entities1 beg9n+ aft] ! date ( enactm5t ( ?is ,act1 directly or indirectly has inve/m5t control ( n less ?an #cej s+le-family homes 9 ! aggregate1 n includ+ any s+le-family home pur*as$ 9 an except$ pur*ase made aft] ! date ( enactm5t ( ?is ,act2 & 7ii7 does n include any local1 ,/ate1 ,tribal1 or ,f$]al gov]nm5t entity or in/rum5tality !re(4 7,b7 ,rule ( con/ruction ,= purposes ( ?is p>agraph1 an entity has direct or indirect inve/m5t control ov] a s+le-family home if ! entity-- 7i7 owns1 or has prim>y au?ority or fiduci>y responsibility to make mat]ial inve/m5t or managem5t decisions relat+ to1 ! s+le-family home2 7ii7 is1 or directly or indirectly controls1 ! g5]al p>tn] or manag+ memb] ( ! entity t owns ! s+le-family home2 7iii7 is or controls ! inve/m5t manag]1 managem5t company1 or inve/m5t advisor ( ! entity t owns ! s+le-family home2 7iv7 owns or controls m ?an #be p]c5t ( any class ( equity int]e/s ( ! entity t owns ! s+le-family home1 unless su* entity is a passive inve/or2 or 7v7 o!rwise controls ! entity t owns ! s+le-family home4 7#e7 ,pur*ase ,! t]m pur*ase includes any pur*ase1 transf]1 or o!r acquisition ( a s+le family home1 includ+ ?r\gh m]g]s1 acquisitions1 con/ruction1 =eclosures1 or bulk pur*ases1 :e!r or n = ca% consid]ation4 7b7 ,prohibition on pur*ases by l>ge in/itutional inve/ors 7#a7 ,9 g5]al ,no l>ge in/itutional inve/or may pur*ase1 or ent] into a contract to directly or indirectly pur*ase1 any s+le-family home4 7#b7 ,exceptions ,! prohibition "u p>agraph 7#a7 %all n apply to-- 7,a7 any except$ pur*ase2 or 7,b7 any pur*ase ( a s+le-family home 9 connection ) a re/ructur+ or o!r reorganization ( own]%ip ( s+le-family homes t 7 own$ or pur*as$ on or be=e ! date ( enactm5t ( ?is ,act4 7#c7 ,rule ( con/ruction ,no?+ 9 ?is section may be con/ru$ to-- 7,a7 require any l>ge in/itutional inve/or to dive/ or o!rwise sell any s+le-family home pur*as$ be=e ! date ( enactm5t ( ?is ,act2 or 7,b7 prev5t ! fil+ ( a petition1 or o!rwise affect any bankruptcy proce$+1 "u title #aa1 ,unit$ ,/ates ,code4 7#d7 ,implem5tation 7,a7 ,9 g5]al ,9 consultation ) ! ,secret>y ( ,h\s+ & ,urban ,developm5t1 ! ,director ( ,f$]al ,h\s+ ,f9ance ,ag5cy1 & ! ,*air ( ! ,securities & ,ex*ange ,commission1 ! ,secret>y ( ! ,treasury may issue regulations 9 accordance ) ! notice & comm5t rulemak+ proc$ures "u section #eec ( title #e1 ,unit$ ,/ates ,code1 to c>ry out ! purposes ( ?is section1 includ+ regulations to-- 7i7 m9imize m>ket disruptions ^u id5tify+ a risk ( mat]ial negative impact on ! h\s+ m>ket1 includ+ an impact on ! ability ( m>ket p>ticipants to dispose ( s+le-family homes 9 an ord]ly fa%ion2 & 7ii7 mitigate1 to ! ext5t possible1 negative impacts on consum]s & communities4 7,b7 ,rule ( con/ruction ,= ! avoidance ( d\bt1 no regulation issu$ "u subp>agraph 7,a7 may am5d ! def9itions ( ! t]ms def9$ "u subsection 7a71 includ+ to-- 7i7 alt] ! scope ( except$ pur*ases 9 a mann] t w\ld und]m9e ! goal ( exp&+ ! numb] ( s+le-family homes available to individual h\seholds = pur*ase2 7ii7 alt] any type ( except$ pur*ase 9 a mann] t w\ld und]m9e ! goal ( exp&+ ! numb] ( s+le-family homes available to individual h\seholds = pur*ase2 7iii7 add any category ( l>ge in/itutional inve/or z an eligible class if n det]m9$ by ?is section2 or 7iv7 alt] ! quantitative ?re%old 9 ! def9ition ( l>ge in/itutional inve/or4 7c7 ,r5t] outrea* res\rce e/abli%$ 7#a7 ,9 g5]al ,! ,secret>y %all1 n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is section1 e/abli% a r5t] outrea* res\rce t consi/s ( a toll-free telephone numb] & a public website design$ to assi/ r5t]s ( resid5tial prop]ties own$ by a l>ge in/itutional inve/or 9-- 7,a7 notify+ ,f$]al ag5cies ab\t disputes relat+ to ! r5tal ( su* prop]ties1 includ+ disputes ab\t pot5tial violations ( ,f$]al law2 7,b7 %>+ in=mation ab\t su* disputes ) o!r ,f$]al ag5cies1 includ+ o!r ,f$]al ag5cies t manage simil> disputes2 7,c7 monitor+ su* disputes2 & 7,d7 resolv+ su* disputes1 to ! ext5t practicable4 7#b7 ,response to outrea* 7,a7 ,9 g5]al ,! ,secret>y %all e/abli% reasonable proc$ures to-- 7i7 promptly respond1 9 writ+ :]e appropriate1 to a r5t] :o provides in=mation to ! ,secret>y ab\t a dispute us+ ! r5t] outrea* res\rce e/abli%$ "u p>agraph 7#a72 & 7ii7 docum5t su* responses4 7,b7 ,cont5ts ,responses provid$ "u subp>agraph 7,a7 %all include1 :]e appropriate1 in=mation ab\t-- 7i7 /eps t h be5 tak5 by ! ,secret>y or ano!r ,f$]al ag5cy 9 response to ! in=mation ab\t ! dispute provid$ by ! r5t]1 includ+ det]m9+ ! appropriate l>ge in/itutional inve/or involv$ z describ$ 9 p>agraph 7#c72 7ii7 any responses receiv$ by ! ,secret>y or ano!r ,f$]al ag5cy f ! l>ge in/itutional inve/or relat$ to su* dispute2 & 7iii7 any outcome ( ! dispute1 to ! ext5t practicable4 7#c7 ,inve/igation ( pot5tial violations ( ,f$]al law 7,a7 ,9 g5]al ,! ,secret>y %all promptly process & inve/igate any in=mation relat+ to a dispute receiv$ ?r\gh ! r5t] outrea* res\rce e/abli%$ "u p>agraph 7#a7 ab\t a pot5tial violation ( ,f$]al law t is receiv$ f a r5t] ( a resid5tial prop]ty own$ by a l>ge in/itutional inve/or ?r\gh ! r5t] outrea* res\rce e/abli%$ "u p>agraph 7#a71 includ+3 7i7 ,reque/+ in=mation f a l>ge in/itutional inve/or2 7ii7 ,det]m9+ ! appropriate l>ge in/itutional inve/or involv$ 9 ! dispute2 & 7iii7 ,%>+ in=mation ab\t su* pot5tial violation ( ,f$]al law ) any relevant ,f$]al ag5cies1 z ! ,secret>y may det]m9e appropriate4 7,b7 ,responses to reque/s = in=mation ,^u reque/ = in=mation made pursuant to subp>agraph 7,a71 ! ,secret>y %all provide a l>ge in/itutional inve/or ! opportunity to respond1 includ+ reg>d+ :e!r su* l>ge in/itutional inve/or curr5tly owns ! prop]ty describ$ 9 su* reque/ = in=mation4 7#d7 ,in=mation = appropriate ,/ate au?ority ,:5 ! ,secret>y receives in=mation ab\t a pot5tial violation ( ,/ate law or ab\t a dispute receiv$ ?r\gh ! r5t] outrea* res\rce1 f a r5t] ( a resid5tial prop]ty own$ by a l>ge in/itutional inve/or ?r\gh ! r5t] outrea* res\rce e/abli%$ "u p>agraph 7#a71 ! ,secret>y %all1 at a m9imum1 provide ! r5t] ) contact in=mation = ! appropriate1 ,/ate-specific1 ,/ate au?ority au?oriz$ to process & inve/igate su* in=mation4 7#e7 ,notice ab\t r5t] outrea* res\rce ,ea* l>ge in/itutional inve/or %all-- 7,a7 provide to ea* r5t] ( a resid5tial prop]ty own$ by su* inve/or at ! "t su* r5t] fir/ occupies su* home & annually !reaft]-- 7i7 writt5 notice ab\t ! r5t] outrea* res\rce e/abli%$ "u p>agraph 7#a72 & 7ii7 ! "n1 phone numb]1 & email address ( ! p]son or entity responsible = receiv+ & address+ r5t] disputes = ! l>ge in/itutional inve/or1 & update ! "n1 phone numb]1 & email address )9 #cj days if su* in=mation *anges prior to ! subsequ5t "t at :i* su* notice is requir$ to be provid$2 & 7,b7 prom95tly feature in=mation ab\t ! r5t] outrea* res\rce e/abli%$ "u p>agraph 7#a7 on a public website ( su* inve/or t is accessible by su* r5t]4 7#f7 ,annual report to ! ,congress 7,a7 ,9 g5]al ,! ,secret>y %all1 n lat] ?an ,m>* #ca ( ea* ye>1 submit to ! ,congress a public report :i* analyzes & aggregates ! in=mation receiv$ or obta9$ pursuant to ?is subsection dur+ ! prior ye> t includes-- 7i7 in=mation ab\t ! types & ! numb] ( disputes receiv$ ab\t pot5tial violations ( ,f$]al law2 7ii7 in=mation ab\t ! types & ! numb] ( disputes receiv$ ab\t pot5tial violations ( ,/ate law2 7iii7 :]e practicable1 in=mation ab\t ! resolution ( su* disputes2 & 7iv7 in=mation provid$ to ! ,secret>y ( ,h\s+ & ,urban ,developm5t "u p>agraph 7#h74 7,b7 ,anonymization ( data ,any data includ$ 9 a report t is submitt$ "u ?is p>agraph %all be aggregat$ or anonymiz$ s z to protect any individual dispute or p]sonally id5tifiable in=mation receiv$ ?r\gh ! r5t] outrea* res\rce4 7#g7 ,protection ( p]sonal in=mation ,9 comply+ ) ! requirem5ts ( ?is subsection1 ! ,secret>y %all take su* measures z ! ,secret>y det]m9es are necess>y to provide = ! protection ( p]sonally id5tifiable in=mation receiv$ ?r\gh ! r5t] outrea* res\rce 9 a mann] t con=ms ) exi/+ /&>ds = protection ( ! confid5tiality ( p]sonally id5tifiable in=mation4 7#h7 ,annual notification ,n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is ,act1 & n lat] ?an ,decemb] #ca/ ( ea* ye> !reaft]1 ea* p]son or entity t satisfies ! def9ition ( a l>ge in/itutional inve/or1 z su* t]m is def9$ 9 subsection 7a7 %all-- 7,a7 notify ! ,secret>y ea* ye> :e!r su* own] is a l>ge in/itutional inve/or z def9$ 9 subsection 7a72 & 7,b7 9 su* notification1 id5tify h[ _m s+le-family homes su* l>ge in/itutional inve/or has direct or indirect inve/m5t control ( z ( ! date ( ! submission ( su* notice1 & ! city & ,/ate :]e ea* su* s+le-family home is locat$1 unless su* l>ge in/itutional inve/or owns #aj or few] s+le-family homes 9 su* city4 7d7 ,en=cem5t 7#a7 ,civil p5alties ,! ,secret>y ( ! ,treasury1 or ! ,attorney ,g5]al at ! reque/ ( ! ,secret>y ( ! ,treasury1 may br+ an action aga9/ a l>ge in/itutional inve/or t violates subsection 7b7 = a civil p5alty 9 an am\nt t is n m ?an #a1jjj1jjj p] violation1 or #c times ! pur*ase price ( ! prop]ty involv$1 :i*ev] is great]4 7#b7 ,transf] to hud = home[n]%ip expansion activities ,= fiscal ye> #bjbg & ea* fiscal ye> !reaft]1 to ! ext5t & 9 ! am\nts provid$ 9 advance 9 appropriations ,acts1 civil p5alties assess$ "u ?is section %all be transf]r$ to & available to ! ,secret>y ( ,h\s+ & ,urban ,developm5t to provide additional fund+ = ! ,,home ,inve/m5t ,p>tn]%ips program "u subtitle ,a ( title ,,ii ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgda et seq471 to be allocat$ 9 accordance ) ! =mula "u t program1 = new con/ruction1 acquisition1 & rehabilitation ( s+le-family homes & to provide assi/ance grants to fir/-"t homebuy]s1 :i* may be = d[npaym5ts1 clos+ co/s1 & int]e/ rate buyd[ns4 7e7 ,/udies on l>ge in/itutional inve/ors 7#a7 ,gao report ,n lat] ?an #b ye>s aft] ! date on :i* ! prohibition "u subsection 7b77#a7 takes effect1 & aga9 n lat] ?an #aj ye>s aft] t date1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ! ,s5ate ,committee on ,bank+1 ,h\s+ & ,urban ,affairs & ! ,h\se ,committee on ,f9ancial ,s]vices a report on-- 7,a7 ! impact ( ! own]%ip by l>ge in/itutional inve/ors ( s+le-family homes on h\s+ availability & af=dability = r5t]s & homebuy]s2 & 7,b7 ! effectiv5ess ( ?is section 9 r$uc+ dem& by l>ge in/itutional inve/ors = s+le-family homes & exp&+ home[n]%ip = r5t]s & homebuy]s4 7#b7 ,hud report ,n lat] ?an #b ye>s aft] ! date on :i* ! prohibition "u subsection 7b77#a7 takes effect1 & aga9 n lat] ?an #aj ye>s aft] t date1 ! ,secret>y ( ! ,h\s+ & ,urban ,developm5t1 9 consultation ) ! ,secret>y ( ! ,treasury1 ! ,adm9i/rator ( ! ,rural ,h\s+ ,s]vice1 ! ,executive ,director ( ! ,loan ,gu>anty ,s]vice ( ! ,dep>tm5t ( ,vet]ans ,affairs1 ! ,*air ( ,securities & ,ex*ange ,commission1 & ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 %all submit to ! ,committee on ,bank+1 ,h\s+ & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report on-- 7,a7 :e!r !re %\ld be adju/m5ts to ! def9ition ( ! t]m l>ge in/itutional inve/or2 7,b7 ! f9ancial impact ( ?is section on l>ge in/itutional inve/ors1 r5t]s1 & homebuy]s2 & 7,c7 any legislative recomm5dations reg>d+ ways to improve ! au?orities provid$ "u ?is section to increase ! supply & af=dability ( s+le-family homes = pur*ase by individual homebuy]s4 7#c7 ,s5se ( congress ,x is ! s5se ( ,congress t-- 7,a7 ?is section is int5d$ to exp& ! numb] ( s+le-family homes available to individuals = pur*ase & is aim$ at pres]v+ & exp&+ ! supply ( s+le-family homes available to individuals2 & 7,b7 any fur!r /udy on ! effectiv5ess ( ?is section & any legislative recomm5dations !refrom %\ld consid] ?is s5se ( ,congress4 7f7 ,effective date ,! requirem5ts & prohibitions "u subsections 7b7 & 7d7 ( ?is section-- 7#a7 %all take effect on ! date t is #ahj days aft] ! date ( enactm5t ( ?is ,act2 & 7#b7 are repeal$ on ! date t is #ae ye>s aft] ! effective date "u p>agraph 7#a74 ,,xi ,c5tral bank digital curr5cy #aaja4 ,c5tral bank digital curr5cy ,! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bba et seq47 is am5d$ by ins]t+ aft] section #af 7#ab ,u4,s4,c4 #daa et seq47 ! foll[+3 #af;,a4 ,c5tral bank digital curr5cy 7a7 ,def9itions ,9 ?is section3 7#a7 ,c5tral bank digital curr5cy ,! t]m c5tral bank digital curr5cy means a digital asset t-- 7,a7 is d5om9at$ 9 ,unit$ ,/ates doll>s2 7,b7 is a ,unit$ ,/ates curr5cy2 7,c7 is a direct liability ( ! ,f$]al ,res]ve ,sy/em2 & 7,d7 is widely available to ! g5]al public4 7#b7 ,digital asset ,! t]m digital asset has ! mean+ giv5 ! t]m 9 section #b ( ! ,,g5ius ,act 7#ab ,u4,s4,c4 #eija74 7b7 ,prohibition ,except z provid$ 9 subsection 7c71 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em or a ,f$]al res]ve bank may n issue or create a c5tral bank digital curr5cy or any digital asset t is sub/antially simil> to a c5tral bank digital curr5cy directly or indirectly ?r\gh a f9ancial in/itution or o!r int]m$i>y4 7c7 ,exception ,subsection 7b7 %all n prohibit any doll>-d5om9at$ curr5cy t is op51 p]missionless1 & private1 & fully pres]ves ! privacy protections ( ,unit$ ,/ates co9s & physical curr5cy4 7d7 ,sunset ,?is provisions ( ?is section %all cease to be effective on ,decemb] #ca1 #bjcj4 7e7 ,rule ( con/ruction ,no?+ 9 ?is section %all be con/ru$ to all[ ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve to issue a c5tral bank digital curr5cy or any digital asset t is sub/antially simil> to a c5tral bank digital curr5cy directly or indirectly abs5t au?orization by an ,act ( ,congress4 4 ,,xii ,miscellane\s #abja4 ,sev]ability ,if any provision ( ?is ,act1 or ! application !re( to any p]son or circum/ance1 is held invalid1 ! rema9d] ( ! ,act1 & ! application ( su* provisions to o!r p]sons or circum/ances1 %all n be affect$ !reby4 #abjb4 ,no additional funds au?oriz$ ,no additional funds are au?oriz$ to be appropriat$ to c>ry out ! requirem5ts ( ?is ,act or any am5dm5t made by ?is ,act4 ,cl]k4