,,ii ,calendar ,no4 #cdc #aaith ,,congress #b;d ,session ,h4 ,r4 #ffdd ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,february #aa1 #bjbf,received ,february #bc1 #bjbf,read the first time ,february #bd1 #bjbf,read the second time and placed on the calendar ,,an ,,act ,to increase the supply of housing in ,america1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,housing for the #bast ,century ,act4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4,title ,i--,building ,smarter for the #bast ,century,sec4 #aja4 ,housing ,supply ,frameworks4,sec4 #ajb4 ,accelerating home building grant program4,sec4 #ajc4 ,federal guidelines for point-access block buildings4,sec4 #ajd4 ,unlocking ,housing ,supply ,through ,streamlined and ,modernized ,reviews4,sec4 #aje4 ,federal ,housing ,agency ,application of ,environmental ,reviews4,sec4 #ajf4 ,multifamily loan limits4,sec4 #ajg4 ,,gao study on workforce housing4,title ,,ii--,modernizing ,local ,development and ,rural ,housing ,programs,sec4 #bja4 ,,home ,reform4,sec4 #bjb4 ,community ,development ,fund ,amendments4,sec4 #bjc4 ,grants for planning and implementation associated with affordable housing4,sec4 #bjd4 ,rural housing service program improvements4,sec4 #bje4 ,choice in ,affordable ,housing4,title ,,iii--,expanding ,manufactured and ,affordable ,housing ,finance ,opportunities,sec4 #cja4 ,manufactured ,housing ,innovations4,sec4 #cjb4 ,,fha small-dollar mortgages4,sec4 #cjc4 ,community investment and prosperity4,title ,,iv--,protecting ,borrowers and ,assisted ,families,sec4 #dja4 ,exclusion of certain disability benefits4,sec4 #djb4 ,military service question4,sec4 #djc4 ,,hud-,,usda-,,va ,interagency ,coordination4,sec4 #djd4 ,family self-sufficiency escrow expansion pilot program4,sec4 #dje4 ,reforms to housing counseling and financial literacy programs4,sec4 #djf4 ,establishment of eviction helpline4,sec4 #djg4 ,temperature ,sensor pilot program4,sec4 #djh4 ,,gao studies4,title ,v--,enhancing ,oversight of ,housing ,providers,sec4 #eja4 ,requirement to testify4,sec4 #ejb4 ,improving public housing agency accountability4,title ,,vi--,strengthening ,community ,banks' ,role in ,housing,sec4 #fja4 ,community ,bank ,deposit ,access4,sec4 #fjb4 ,keeping ,deposits ,local4,sec4 #fjc4 ,supervisory ,modifications for ,appropriate ,risk-based ,testing4,sec4 #fjd4 ,tailored ,regulatory ,updates for ,supervisory ,testing4,sec4 #fje4 ,credit ,union ,board ,modernization4,sec4 #fjf4 ,systemic ,risk ,authority ,transparency4,sec4 #fjg4 ,least cost exception4,sec4 #fjh4 ,failing ,bank ,acquisition ,fairness4,sec4 #fji4 ,advancing the ,mentor-,protg ,program for ,small ,financial ,institutions4,sec4 #faj4 ,american ,access to ,banking4,sec4 #faa4 ,promoting ,new ,bank ,formation4,sec4 #fab4 ,rural ,depositories ,revitalization ,study4,sec4 #fac4 ,discretionary ,surplus ,fund4 ,i ,building ,smarter for the #bast ,century #aja4 ,housing ,supply ,frameworks 7a7 ,definitions ,in this section3 7#a7 ,affordable housing ,the term affordable housing means housing for which the monthly payment is not more than #cj-percent of the monthly income of the household4 7#b7 ,assistant ,secretary ,the term ,assistant ,secretary means the ,assistant ,secretary for ,policy ,development and ,research of the ,department of ,housing and ,urban ,development4 7#c7 ,local zoning framework ,the term local zoning framework means the local zoning codes and other ordinances1 procedures1 and policies governing zoning and land-use at the local level4 7#d7 ,secretary ,the term ,secretary means the ,secretary of ,housing and ,urban ,development4 7#e7 ,state zoning framework ,the term ,state zoning framework means the ,state legislation or ,state agency and department procedures1 or such legislation or procedures in an insular area of the ,united ,states1 enabling local planning and zoning authorities and establishing and guiding related policies and programs4 7b7 ,guidelines on ,state and local zoning frameworks 7#a7 ,in general ,not later than #c years after the date of enactment of this ,act1 the ,assistant ,secretary shall publish documents outlining guidelines and best practices to support production of adequate housing to meet the needs of communities and provide housing opportunities for individuals at every income level across communities with respect to-- 7,a7 ,state zoning frameworks2 and 7,b7 local zoning frameworks4 7#b7 ,consultation2 public comment ,during the #b-year period beginning on the date of enactment of this ,act1 in developing the guidelines and best practices required under paragraph 7#a71 the ,assistant ,secretary shall-- 7,a7 publish draft guidelines and best practices in the ,federal ,register for public comment2 and 7,b7 establish a task force for the purpose of providing consultation to draft the guidelines and best practices published under subparagraph 7,a71 the members of which shall include-- 7i7 urban planners and architects2 7ii7 housing developers1 including affordable and market-rate housing developers1 manufactured housing developers1 cooperative housing developers1 and other business interests2 7iii7 community engagement experts and community members impacted by zoning decisions2 7iv7 public housing agencies and transit authorities2 7v7 members of local zoning and planning boards and local and regional transportation planning organizations2 7vi7 ,state officials responsible for housing or land use1 including members of ,state zoning boards of appeals2 7vii7 academic researchers2 and 7viii7 home builders4 7#c7 ,contents ,the guidelines and best practices required under paragraph 7#a7 shall-- 7,a7 with respect to ,state zoning frameworks1 outline potential models for updated ,state enabling legislation or ,state agency and department procedures2 7,b7 include recommendations regarding-- 7i7 the reduction or elimination of parking minimums2 7ii7 the increase in maximum floor area ratio requirements and maximum building heights and the reduction in minimum lot sizes and set-back requirements2 7iii7 the elimination of restrictions against accessory dwelling units2 7iv7 increasing by-right uses1 including duplex1 triplex1 or quadplex buildings1 across cities or metropolitan areas2 7v7 mechanisms1 including proximity to transit1 to determine the appropriate scope for rezoning and ensure development that does not disproportionately burden residents of economically distressed areas2 7vi7 provisions regarding review of by-right development proposals to streamline review and reduce uncertainty1 including-- 7,i7 nondiscretionary1 ministerial review2 and 7,,ii7 entitlement and design review processes2 7vii7 the reduction of obstacles1 regulatory or otherwise1 to a range of housing types at all levels of affordability1 including manufactured and modular housing2 7viii7 ,state model zoning regulations for directing local reforms1 including mechanisms to encourage adoption2 7ix7 provisions to encourage transit-oriented development1 including increased permissible units per structure and reduced minimum lot sizes near existing or planned public transit stations2 7x7 potential reforms to strengthen the public engagement process2 7xi7 reforms to protest petition statutes2 7xii7 the standardization1 reduction1 or elimination of impact fees2 7xiii7 cost-effective and appropriate building codes2 7xiv7 models for community benefit agreements2 7xv7 mechanisms to preserve affordability1 limit disruption of low-income communities1 and prevent displacement of existing residents2 7xvi7 with respect to ,state zoning frameworks-- 7,i7 ,state model codes for directing local reforms1 including mechanisms to encourage adoption2 7,,ii7 a model for a ,state zoning appeals process1 which would-- 7aa7 create a process for developers or builders requesting a variance1 conditional use1 special permit1 zoning district change1 similar discretionary permit1 or otherwise petitioning a local zoning or planning board for a project including a ,state-defined amount of affordable housing to appeal a rejection to a ,state body or regional body empowered by the ,state2 and 7bb7 establish qualifications for communities to be exempted from the appeals process based on their available stock of affordable housing2 and 7,,iii7 streamlining of ,state environmental review policies2 7xvii7 with respect to local zoning frameworks-- 7,i7 the simplification and standardization of existing zoning codes2 7,,ii7 maximum review timelines2 7,,iii7 best practices for the disposition of land owned by local governments for affordable housing development2 7,,iv7 differentiations between best practices for rural1 suburban1 and urban communities1 and communities with different levels of density or population distribution2 and 7,v7 streamlining of local environmental review policies2 and 7xviii7 other land use measures that promote access to new housing opportunities identified by the ,secretary2 and 7,c7 consider-- 7i7 the effects of adopting any recommendation on eligibility for ,federal discretionary grants and tax credits for the purpose of housing or community development2 7ii7 coordination between infrastructure investments and housing planning2 7iii7 local housing needs1 including ways to set and measure housing goals and targets2 7iv7 a range of affordability for rental units1 with a prioritization of units attainable to extremely low-1 low-1 and moderate-income residents2 7v7 a range of affordability for homeownership2 7vi7 accountability measures2 7vii7 the long-term cost to residents and businesses if more housing is not constructed2 7viii7 barriers to individuals seeking to access affordable housing in growing communities and communities with economic opportunity2 7ix7 with respect to ,state zoning frameworks-- 7,i7 distinctions between ,states providing constitutional or statutory home rule authority to municipalities and ,states operating under the ,dillon ,rule1 as articulated in ,hunter v4 ,pittsburgh1 #bjg ,u4,s4 #afa 7#aijg72 and 7,,ii7 ,statewide mechanisms to preserve existing affordability over the long term1 including support for land banks and community land trusts2 7x7 public comments elicited under paragraph 7#b77;,a72 and 7xi7 other considerations1 as identified by the ,assistant ,secretary4 7c7 ,abolishment of the regulatory barriers clearinghouse 7#a7 ,in general ,the ,regulatory ,barriers ,clearinghouse established pursuant to section #abje of the ,housing and ,community ,development ,act of #aiib 7#db ,u4,s4,c4 #abgje;d7 is abolished4 7#b7 ,repeal ,section #abje of the ,housing and ,community ,development ,act of #aiib 7#db ,u4,s4,c4 #abgje;d7 is repealed4 7d7 ,reporting ,not later than #e years after the date on which the ,assistant ,secretary publishes the final guidelines and best practices for ,state and local zoning frameworks under this section1 the ,assistant ,secretary shall submit to the ,congress a report describing-- 7#a7 the ,states that have adopted recommendations from the guidelines and best practices1 pursuant to section #d of this ,act2 7#b7 a summary of the localities that have adopted recommendations from the guidelines and best practices1 pursuant to section #d of this ,act2 7#c7 a list of ,states that adopted a ,state zoning framework2 7#d7 a summary of the modifications that each ,state has made in their ,state zoning framework2 7#e7 a general summary of the types of updates localities have made to their local zoning framework2 7#f7 with respect to the ,states that have adopted a ,state zoning framework or recommendations from the guidelines and best practices1 the effect of such adoptions2 and 7#g7 a summary of any recommendations that were routinely not adopted by ,states or by localities4 7e7 ,rule of construction ,nothing in this section may be construed to permit the ,department of ,housing and ,urban ,development to take an adverse action against or fail to provide otherwise offered actions or services for any ,state or locality if the ,state or locality declines to adopt a guideline or best practice under subsection 7c74 #ajb4 ,accelerating home building grant program 7a7 ,in general ,the ,secretary may establish a pilot program to award grants to eligible entities to review designs of covered structures of mixed-income housing and designate such reviewed designs to be included in pattern books for use in the jurisdiction of the eligible entity4 7b7 ,restriction ,amounts awarded under this section may not be used for construction1 alteration1 or repair work4 7c7 ,considerations ,in reviewing applications submitted by eligible entities for a grant under this section1 the ,secretary shall consider-- 7#a7 the need for affordable housing in the eligible entity2 7#b7 the presence of high opportunity areas in the eligible entity2 7#c7 coordination between the eligible entity and a ,state agency2 and 7#d7 coordination between the eligible entity and ,state1 local1 and regional transportation planning authorities4 7d7 ,set-aside for rural areas ,of the amounts made available in each fiscal year for grants under this section1 the ,secretary shall ensure that not less than #aj-percent shall be used for grants to eligible entities that are located in rural areas4 7e7 ,report requirement ,not later than #c years after being awarded a grant under this section1 an eligible entity shall submit to the ,secretary a report that-- 7#a7 describes the impacts of the activities carried out using the amounts provided under this section on improving the production and supply of affordable housing2 7#b7 includes a list of any pattern books the eligible entity has established using amounts provided under this section1 including a description of the designs such pattern book includes2 7#c7 identifies the number of permits issued by the eligible entity for housing development using designs from such pattern book2 and 7#d7 identifies the number of housing units produced in developments of the eligible entity using a design from such pattern book4 7f7 ,availability of information ,the ,secretary shall-- 7#a7 to the extent possible1 encourage eligible entities awarded grants under this section to make any pattern books established by such entity1 and designs in such pattern book1 publicly available through a website2 and 7#b7 collect1 identify1 and disseminate best practices relating to pattern books and make such information publicly available on a website of the ,department of ,housing and ,urban ,development4 7g7 ,repayment of awarded amounts ,the ,secretary may require an eligible entity to return1 to the ,secretary1 grant amounts awarded under this section if the ,secretary determines that the eligible entity has not approved a sufficient number of building permits that use designs included in a pattern book established by the eligible entity1 during the #e-year period following receipt of the grant by the eligible entity1 unless such period is extended by the ,secretary4 7h7 ,sunset ,the pilot program established under this section shall terminate on the date that is #g years after the date of the enactment of this section4 7i7 ,definitions ,in this section3 7#a7 ,affordable housing ,the term affordable housing means housing for which the total monthly housing cost payment is not more than #cj-percent of the monthly household income for a household earning not more than #hj-percent of the area-median income4 7#b7 ,covered structure ,the term covered structure means a low-rise or mid-rise structure with not more than #be dwelling units that may include-- 7,a7 an accessory dwelling unit2 7,b7 infill development2 7,c7 a duplex2 7,d7 a triplex2 7,e7 a fourplex2 7,f7 a cottage court2 7,g7 a courtyard building2 7,h7 a townhouse2 7,i7 a multiplex2 and 7,j7 any other structure with not less than #b dwelling units that the ,secretary has determined in advance to be appropriate4 7#c7 ,eligible entity ,the term eligible entity means-- 7,a7 a unit of general local government1 as defined in section #ajb7;a7 of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjb7;a772 and 7,b7 an ,indian ,tribe1 as defined in section #ajb7;a7 of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjb7;a774 7#d7 ,high opportunity area ,the term high opportunity area has the meaning given the term in section #abhb4a of title #ab1 ,code of ,federal ,regulations1 or any successor regulation4 7#e7 ,infill development ,the term infill development means a residential housing development on small parcels in previously established areas for replacement by new or refurbished housing that utilizes existing utilities and infrastructure4 7#f7 ,mixed-income housing ,the term mixed-income housing means a housing development that is comprised of housing units that promote differing levels of affordability in the community4 7#g7 ,pattern book ,the term pattern book means a set of pre-reviewed1 designated designs or construction plans that are assessed and approved as by-right development by localities for compliance with local building and permitting standards to streamline and expedite approval pathways for housing construction4 7#h7 ,rural area ,the term rural area means any area other than a city or town that has a population of less than #ej1jjj inhabitants4 7#i7 ,secretary ,the term ,secretary means the ,secretary of ,housing and ,urban ,development4 #ajc4 ,federal guidelines for point-access block buildings 7a7 ,in general ,not later than #ah months after the date of enactment of this section1 the ,secretary of ,housing and ,urban ,development shall issue guidelines to provide ,states1 territories1 ,tribes1 and localities with model code language1 best practices1 and technical guidance that could be used to facilitate the permitting of point-access block residential buildings4 7b7 ,contents ,when developing the guidelines under subsection 7a71 the ,secretary shall consider-- 7#a7 fire safety considerations1 including sprinkler coverage1 smoke detection1 ventilation1 and building egress performance2 7#b7 construction costs and potential impacts on housing affordability1 including the potential for increasing housing supply in high-cost jurisdictions2 7#c7 flexibility for diverse consumer needs1 including family sizes1 unit configurations1 and accessibility2 7#d7 examples of single-stair codes adopted or considered by ,states and cities in the ,united ,states2 7#e7 examples single-stair codes used in relevant international standards2 7#f7 research and model language relating to single-stair codes produced by organizations that focus on point-access block building design and building-code reform2 7#g7 consulting with experts1 including developers1 architects1 fire marshals1 researchers1 economists1 housing authorities1 and officials in ,states that have enacted or piloted single-stair codes2 and 7#h7 alternative methods of safety compliance1 including options that utilize additional passive or active safety features4 7c7 ,coordination with the ,international ,code ,council ,the ,secretary shall coordinate with the ,international ,code ,council to encourage the ,international ,code ,council to incorporate provisions about point-access block buildings into the ,international ,building ,code4 7d7 ,grants 7#a7 ,in general ,the ,secretary may establish a program to award competitive grants to eligible entities to implement pilot projects that evaluate1 demonstrate1 or validate the safety1 feasibility1 or cost-effectiveness of point-access block residential buildings4 7#b7 ,sunset ,the program established under paragraph 7#a7 shall terminate on the date that is #g years after the date of the enactment of this subsection4 7e7 ,rule of construction ,nothing in this section may be construed to preempt a ,state or local building code4 7f7 ,definitions ,in this section3 7#a7 ,eligible entity ,the term eligible entity means a ,state1 unit of local government1 ,tribal ,government1 public housing agency1 nonprofit housing organization1 community development organization1 private developer1 construction firm1 qualified design firm1 engineering firm1 academic institution1 research institution1 or any partnership or consortium comprised of #b or more such types of entities4 7#b7 ,point-access block building ,the term point-access block building means a ,group ,r-#b occupancy residential structure1 as such term is defined by the ,international ,building ,code1 in which a single internal stairway provides access and egress for all dwelling units in a building that is not greater than #f stories in height4 #ajd4 ,unlocking ,housing ,supply ,through ,streamlined and ,modernized ,reviews 7a7 ,,nepa streamlining for ,,hud housing-related activities 7#a7 ,in general ,the ,secretary of ,housing and ,urban ,development shall1 in accordance with section #eec of title #e1 ,united ,states ,code1 expand and reclassify housing-related activities under the necessary administrative regulations as follows3 7,a7 ,the following housing-related activities shall be subject to regulations equivalent or substantially similar to the regulations entitled exempt activities as set forth in section #eh4cd of title #bd1 ,code of ,federal ,regulations1 as in effect on ,january #a1 #bjbe3 7i7 ,tenant-based rental assistance1 as defined in section #h7o7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f7o774 7ii7 ,supportive services1 including health care1 housing services1 permanent housing placement1 day care1 nutritional services1 short-term payment for rent1 mortgage1 or utility costs1 and assistance in gaining access to ,federal ,government and ,state and local government benefits and services4 7iii7 ,operating costs1 including maintenance1 security1 operation1 utilities1 furnishings1 equipment1 supplies1 staff training1 and recruitment and other incidental costs4 7iv7 ,economic development activities1 including equipment purchases1 inventory financing1 interest subsidies1 operating expenses1 and similar costs not associated with construction or expansion of existing operations4 7v7 ,activities to assist homebuyers to purchase existing dwelling units or dwelling units under construction1 including closing costs and down payment assistance1 interest rate buydowns1 and similar activities that result in the transfer of title4 7vi7 ,affordable housing predevelopment costs related to obtaining site options1 project financing1 administrative costs and fees for loan commitment1 zoning approvals1 and other related activities that do not have a physical impact4 7vii7 ,approval of supplemental assistance1 including insurance or guarantee1 to a project previously approved by the ,secretary4 7viii7 ,emergency homeowner or renter assistance for ,,hvac1 hot water heaters1 and other necessary uses of existing utilities required under applicable law4 7,b7 ,the following housing-related activities shall be subject to regulations equivalent or substantially similar to the regulations entitled-- 7i7 categorical exclusions not subject to section #eh4e2 and 7ii7 categorical exclusions not subject to the ,federal laws and authorities cited in sections #ej4d in section #eh4ce7;b7 and section #ej4ai1 respectively of title #bd1 ,code of ,federal ,regulations1 as in effect on ,january #a1 #bjbe1 if such activities do not materially alter environmental conditions and do not materially exceed the original scope of the project3 7,i7 ,acquisition1 repair1 improvement1 reconstruction1 or rehabilitation of public facilities and improvements 7other than buildings7 if the facilities and improvements are in place and will be retained in the same use without change in size or capacity of more than #bj-percent1 including replacement of water or sewer lines1 reconstruction of curbs and sidewalks1 and repaving of streets4 7,,ii7 ,rehabilitation of #a-to-#d unit residential buildings1 and existing housing-related infrastructure1 such as repairs or rehabilitation of existing wells1 septics1 or utility lines that connect to that housing4 7,,iii7 ,new construction1 development1 demolition1 acquisition1 or disposition on up to #d scattered site existing dwelling units where there is a maximum of #d units on any #a site4 7,,iv7 ,acquisitions 7including leasing7 or disposition of1 or equity loans on an existing structure1 or acquisition 7including leasing7 of vacant land if the structure or land acquired1 financed1 or disposed of will be retained for the same use4 7,c7 ,the following housing-related activities shall be subject to regulations equivalent or substantially similar to the regulations entitled-- 7i7 categorical exclusions subject to section #eh4e2 and 7ii7 categorical exclusions subject to the ,federal laws and authorities cited in sections #ej4d in section #eh4ce7;a7 and section #ej4bj1 respectively1 of title #bd1 ,code of ,federal ,regulations1 as in effect on ,january #a1 #bjbe1 if such activities do not materially alter environmental conditions and do not materially exceed the original scope of the project3 7,i7 ,acquisitions of open space or residential property1 where such property will be retained for the same use or will be converted to open space to help residents relocate out of an area designated as a high-risk area by the ,secretary4 7,,ii7 ,conversion of existing office buildings into residential development1 subject to-- 7aa7 a maximum number of units to be determined by the ,secretary2 and 7bb7 a limitation on the change in building size to not more than #bj-percent4 7,,iii7 ,new construction1 development1 demolition1 acquisition1 or disposition on #e to #ae dwelling units where there is a maximum of #ae units on any #a site4 ,the units can be #ae #a-unit buildings or #a #ae-unit building1 or any combination in between4 7,,iv7 ,new construction1 development1 demolition1 acquisition1 or disposition on #ae or more housing units developed on scattered sites when there are not more than #ae housing units on any #a site1 and the sites are more than a set number of feet apart as determined by the ,secretary4 7,v7 ,rehabilitation of buildings and improvements in the case of a building for residential use with #e to #ae units1 if the density is not increased beyond #ae units and the land use is not changed4 7,,vi7 ,infill projects consisting of new construction1 rehabilitation1 or development of residential housing units4 7,,vii7 ,buyouts1 defined as the voluntary acquisition of properties located in-- 7aa7 a floodway2 7bb7 a floodplain2 or 7cc7 an other area1 clearly delineated by the grantee1 that has been impacted by a predictable environmental threat to the safety and wellbeing of program beneficiaries caused or exacerbated by a federally declared disaster4 7#b7 ,report ,the ,secretary shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives annual reports during the #e-year period beginning on the date that is #b years after the date of enactment of this ,act that provide a summary of findings of reductions in review times and administrative cost reduction1 with a particular focus on the affordable housing sector1 as a result of the actions set forth in this subsection1 and any recommendations of the ,secretary for future congressional action with respect to revising categorical exclusions or exemptions under title #bd1 ,code of ,federal ,regulations4 7b7 ,better ,use of ,intergovernmental and ,local ,development for ,housing 7#a7 ,designation of environmental review procedure ,the ,department of ,housing and ,urban ,development ,act 7#db ,u4,s4,c4 #ceca et seq47 is amended by inserting after section #ab 7#db ,u4,s4,c4 #cecg;a7 the following3 #ac4 ,designation of environmental review procedure 7a7 ,in general ,except as provided in subsection 7b71 the ,secretary may1 for purposes of environmental review1 decision-making1 and action pursuant to the ,national ,environmental ,policy ,act of #aifi 7#db ,u4,s4,c4 #dcba et seq471 and other provisions of law that further the purposes of such ,act1 designate the treatment of assistance administered by the ,secretary as funds for a special project for purposes of section #cje7;c7 of the ,multifamily ,housing ,property ,disposition ,reform ,act of #aiid 7#db ,u4,s4,c4 #cedg74 7b7 ,exception ,the designation described in subsection 7a7 shall not apply to assistance for which a procedure for carrying out the responsibilities of the ,secretary under the ,national ,environmental ,policy ,act of #aifi 7#db ,u4,s4,c4 #dcba et seq471 and other provisions of law that further the purposes of such ,act1 is otherwise specified in law4 4 7#b7 ,tribal assumption of environmental review obligations ,section #cje7;c7 of the ,multifamily ,housing ,property ,disposition ,reform ,act of #aiid 7#db ,u4,s4,c4 #cedg7 is amended-- 7,a7 by striking ,state or unit of general local government each place it appears and inserting ,state1 ,indian ,tribe1 or unit of general local government2 7,b7 in paragraph 7#a77;,c71 in the heading1 by striking state or unit of general local government and inserting state1 ,indian ,tribe1 or unit of general local government2 and 7,c7 by adding at the end the following3 7#e7 ,definition of ,indian ,tribe ,for purposes of this subsection1 the term ,indian ,tribe means a federally recognized ,tribe1 as defined in section #d7ac77;,b7 of the ,native ,american ,housing ,assistance and ,self-,determination ,act of #aiif 7#be ,u4,s4,c4 #dajc7ac77;,b774 4 7c7 ,applicability ,any activity generated under subsections 7a7 or 7b7 would be subject to an authorization of appropriations4 7d7 ,infill project defined ,in this section1 the term infill project means a project that-- 7#a7 occurs within the geographic limits of a municipality2 7#b7 is adequately served by existing utilities and public services as required under applicable law2 7#c7 is located on a site of previously disturbed land of not more than #e acres and substantially surrounded by residential or commercial development2 7#d7 will repurpose a vacant or underutilized parcel of land1 or a dilapidated or abandoned structure2 and 7#e7 will serve a residential or commercial purpose4 #aje4 ,federal ,housing ,agency ,application of ,environmental ,reviews 7a7 ,memorandum of understanding 7#a7 ,in general ,not later than #ahj days after the date of enactment of this ,act1 the ,secretary of ,housing and ,urban ,development and the ,secretary of ,agriculture shall enter into a memorandum of understanding to-- 7,a7 evaluate the use of categorical exclusions 7as defined in section #aaa of the ,national ,environmental ,policy ,act of #aifi 7#db ,u4,s4,c4 #dccf;e77 for housing projects funded by amounts from the ,department of the ,housing and ,urban ,development and the ,department of ,agriculture2 7,b7 develop a process to designate a lead agency among the ,department of ,housing and ,urban ,development and the ,department of ,agriculture to streamline the adoption of environmental impact statements and environmental assessments approved by the other agency to construct housing projects funded by amounts from both agencies2 7,c7 maintain compliance with environmental regulations under part #eh of title #bd1 ,code of ,federal ,regulations1 as in effect on ,january #a1 #bjbe2 and 7,d7 evaluate the feasibility of a joint physical inspection process for housing projects funded by amounts from the ,department of the ,housing and ,urban ,development and the ,department of ,agriculture4 7#b7 ,report ,not later than #a year after the date of enactment of this ,act1 the ,secretary of ,housing and ,urban ,development and the ,secretary of ,agriculture shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report that includes recommendations for legislative1 regulatory1 or administrative actions-- 7,a7 to improve the efficiency and effectiveness of housing projects funded by amounts from the ,department of the ,housing and ,urban ,development and the ,department of ,agriculture2 and 7,b7 that do not materially1 with respect to residents of housing projects described in subparagraph 7,a7-- 7i7 reduce the safety of those residents2 7ii7 shift long-term costs onto those residents2 or 7iii7 undermine the environmental standards of those residents4 7b7 ,study and ,review 7#a7 ,exemption ,in providing assistance under section #eja1 #ejb1 #ejd1 #eae1 #ecc1 or #ech of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adga1 #adgb1 #adgd1 #adhe1 #adijm1 or #adijp-#b7 for the construction or modification of residential housing located on an infill site1 the ,secretary of ,agriculture shall not be required to carry out any study or report on the environmental effects of such assistance4 7#b7 ,report ,not later than the date that is #e years after the date of enactment of this section1 the ,secretary of ,agriculture shall submit1 to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 a report that-- 7,a7 determines whether the implementation of this section-- 7i7 reduced the amount of time it takes to review an application for assistance under the sections of the ,housing ,act of #aidi identified in paragraph 7#a72 and 7ii7 reduced the administrative cost of providing such assistance2 7,b7 describes how the implementation of this section affects the affordable housing sector in rural ,america2 and 7,c7 includes any legislative recommendations from the ,secretary of ,agriculture4 7#b7 ,definitions ,in this section3 7,a7 ,greenfield ,the term greenfield means a site that has not been developed1 including a woodland1 farmland1 and an open field4 7,b7 ,infill site ,the term infill site-- 7i7 means a site that is served by existing infrastructure1 including water lines1 sewer lines1 and roads2 and 7ii7 does not include-- 7,i7 a site that is served by existing infrastructure that only consists of a road2 7,,ii7 a site within a census tract designated as very high or relatively high risk for wildfire1 coastal flooding1 and riverine flooding under the ,national ,risk ,index of the ,federal ,emergency ,management ,agency pursuant to section #bjf of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eacf72 and 7,,iii7 a greenfield4 #ajf4 ,multifamily loan limits 7a7 ,in general ,title ,,ii of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjg et seq47 is amended-- 7#a7 in section #bjf;,a 7#ab ,u4,s4,c4 #agab;a7-- 7,a7 in subsection 7a71 in the matter following paragraph 7#g71 by striking 7commencing in #bjjd and all that follows through the period at the end and inserting the following3 1 commencing on ,january #a1 #bjbf4 ,the adjustment of the ,dollar ,amounts shall be calculated by the ,secretary using the percentage change in the ,price ,deflator ,index of ,multifamily ,residential ,units ,under ,construction released by the ,bureau of the ,census from ,march of the previous year to ,march of the year in which the adjustment is made1 or calculated by the ,secretary using an alternative indicator after publishing information about such alternative indicator in the ,federal ,register for public comment if the ,price ,deflator ,index of ,multifamily ,residential ,units ,under ,construction is not available or published42 and 7,b7 by striking subsection 7b7 and inserting the following3 7b7 ,rounding ,the dollar amount of any adjustment described in subsection 7a7 shall be rounded to the next lower dollar4 7c7 ,publication ,the ,secretary shall publish in the ,federal ,register any adjustments made to the ,dollar ,amounts4 2 7#b7 in section #bjg7;c77#c77;,a7 7#ab ,u4,s4,c4 #agac7;c77#c77;,a77-- 7,a7 by striking #ch1jbe and inserting #afg1caj2 7,b7 by striking #db1abj and inserting #ahe1cbh2 7,c7 by striking #ej1caj and inserting #bba1cfd2 7,d7 by striking #fb1jaj and inserting #bgb1hdd2 7,e7 by striking #gj1bjj and inserting #cjh1hhj2 7,f7 by striking 1 or not to exceed #ag1dfj per space2 7,g7 by striking #dc1hge and inserting #aic1jej2 7,h7 by striking #di1adj and inserting #baf1baf2 7,i7 by striking #fj1bee and inserting #bfe1abb2 7,j7 by striking #ge1dfe and inserting #ccb1jdf2 and 7,k7 by striking #he1cbh and inserting #cge1ddc2 7#c7 in section #bac7;b77#b7 7#ab ,u4,s4,c4 #agae;e7b77#b77-- 7,a7 by striking #da1bjg and inserting #aha1caa2 7,b7 by striking #dg1eaa and inserting #bji1jdh2 7,c7 by striking #eg1cjj and inserting #beb1abj2 7,d7 by striking #gc1cdc and inserting #cbb1gji2 7,e7 by striking #ha1gjh and inserting #cei1eae2 7,f7 by striking #dc1hge and inserting #aic1jej2 7,g7 by striking #di1gaj and inserting #bah1gbd2 7,h7 by striking #fj1ddf and inserting #bfe1ifb2 7,i7 by striking #gh1aig and inserting #cdd1jfg2 and 7,j7 by striking #he1hcf and inserting #cgg1fgh2 7#d7 in section #bbj7;d77#c77;,b77iii77,i7 7#ab ,u4,s4,c4 #agaek7d77#c77;,b77iii77,i77-- 7,a7 by striking #ch1jbe and inserting #afg1caj2 7,b7 by striking #db1abj and inserting #ahe1cbh2 7,c7 by striking #ej1caj and inserting #bba1cfd2 7,d7 by striking #fb1jaj and inserting #bgb1hdd2 7,e7 by striking #gj1bjj and inserting #cjh1hhj2 7,f7 by striking #dc1hge and inserting #aic1jej2 7,g7 by striking #di1adj and inserting #baf1baf2 7,h7 by striking #fj1bee and inserting #bfe1abb2 7,i7 by striking #ge1dfe and inserting #ccb1jdf2 and 7,j7 by striking #he1cbh and inserting #cge1ddc2 7#e7 in section #bba7;d77#d77;ii77,i7 7#ab ,u4,s4,c4 #agael7d77#d77;ii77,i77-- 7,a7 by striking #cg1hdc and inserting #aff1eji2 7,b7 by striking #db1ied and inserting #ahh1iig2 7,c7 by striking #ea1ibj and inserting #bbh1ddh2 7,d7 by striking #fe1afi and inserting #bhf1gdd2 7,e7 by striking #gc1hdf and inserting #cbd1ibb2 7,f7 by striking #dj1hgf and inserting #agi1hed2 7,g7 by striking #df1hei and inserting #bjf1ahj2 7,h7 by striking #ef1igi and inserting #bej1gjh2 7,i7 by striking #gc1gaj and inserting #cbd1cbd2 and 7,j7 by striking #hj1iac and inserting #cef1jag2 7#f7 in section #bca7;c77#b77;,a7 7#ab ,u4,s4,c4 #agaev7c77#b77;,a77-- 7,a7 by striking #ce1igh and inserting #aff1eji2 7,b7 by striking #dj1bbj and inserting #ahh1iig2 7,c7 by striking #dh1jbi and inserting #bbh1ddh2 7,d7 by striking #eg1gih and inserting #bhf1gdd2 7,e7 by striking #fg1iej and inserting #cbd1ibb2 7,f7 by striking #dj1hgf and inserting #agi1hed2 7,g7 by striking #df1hei and inserting #bjf1ahj2 7,h7 by striking #ef1igi and inserting #bej1gjh2 7,i7 by striking #gc1gaj and inserting #cbd1cbd2 and 7,j7 by striking #hj1iac and inserting #cef1jag2 and 7#g7 in section #bcd7;e77#c77;,a7 7#ab ,u4,s4,c4 #agaey7e77#c77;,a77-- 7,a7 by striking #db1jdh and inserting #ahe1jaa2 7,b7 by striking #dh1dha and inserting #bac1caf2 7,c7 by striking #eh1dfi and inserting #beg1bfc2 7,d7 by striking #gd1hdj and inserting #cbi1bif2 7,e7 by striking #hc1cge and inserting #cff1hej2 7,f7 by striking #dd1bej and inserting #aid1gjj2 7,g7 by striking #ej1gbd and inserting #bbc1ahf2 7,h7 by striking #fa1fhj and inserting #bga1cib2 7,i7 by striking #gi1gic and inserting #cea1jhi2 and 7,j7 by striking #hg1ehh and inserting #che1chg4 7b7 ,rule of construction ,nothing in this section or the amendments made by this section may be construed to limit the authority of the ,secretary of ,housing and ,urban ,development to revise the statutory exceptions for high-cost percentage and high-cost areas annual indexing4 #ajg4 ,,gao study on workforce housing 7a7 ,in general ,not later than #a year after the date of the enactment of this section1 the ,comptroller ,general of the ,united ,states shall conduct a study and submit to the ,congress a report that-- 7#a7 identifies obstacles middle-income households face when looking to secure affordable housing2 7#b7 identifies geographic areas where housing is the most unaffordable and unavailable for middle-income households2 7#c7 includes a list of ,federal housing programs1 including ,federal tax credits1 grants1 and loan programs1 that are not available to middle-income households due to their income status1 including ,federal housing programs designed to promote affordability2 7#d7 recommends income and other parameters to establish a clear and consistent ,federal definition for the term workforce housing for use when describing the segment of housing that could be made available to such middle-income households in ,federal housing programs if funding commensurate with the additional eligibility were to be made available2 and 7#e7 analyzes how to modify or newly develop new ,federal housing programs and incentives to include workforce housing if funding commensurate with the additional eligibility were to be made available4 7b7 ,middle-income household defined ,in this section1 the term middle income household means a household with an income above #hj-percent but that does not exceed #abj-percent of the median family income of the area1 as determined by the ,secretary with adjustments for smaller and larger families4 ,,ii ,modernizing ,local ,development and ,rural ,housing ,programs #bja4 ,,home ,reform 7a7 ,in general ,section #ajd of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgjd7 is amended-- 7#a7 in paragraph 7#f77;,b71 by striking significant2 and 7#b7 by adding at end the following new paragraph3 7#bf7 ,the term infill housing project means a residential housing project that-- 7,a7 is located within the geographic limits of a municipality2 7,b7 is adequately served by existing utilities and public services as required under applicable law2 7,c7 is located on a site of previously disturbed land of not more than #e acres2 and 7,d7 is substantially surrounded by residential or commercial development1 as determined by the ,secretary4 4 7b7 ,assistance for low-,income families ,title ,,ii of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgba et seq47 is amended-- 7#a7 in section #bad7b71 by striking households that qualify as low-income families and inserting families with a household income that does not exceed #ajj-percent of the median-family income of the area1 as determined by the ,secretary2 7#b7 in section #bae-- 7,a7 in subsection 7b77#b71 by striking whose family qualifies as a low-income family and inserting with a family income that does not exceed #ajj-percent of the median-family income of the area as determined by the ,secretary with adjustments for smaller and larger families2 and 7,b7 in subsection 7b77#c77;,a77ii71 by striking low-income homebuyers and inserting homebuyers with a household income that does not exceed #ajj-percent of the median-family income of the area1 as determined by the ,secretary with adjustments for smaller and larger families2 and 7#c7 in section #bga7;c7-- 7,a7 in paragraph 7#a77;,b71 by striking low-income and inserting families with a household income that does not exceed #ajj-percent of the median-family income of the area as determined by the ,secretary with adjustments for smaller and larger families2 and 7,b7 in paragraph 7#b77;,a71 by striking low-income families and inserting families with a household income that does not exceed #ajj-percent of the median-family income of the area as determined by the ,secretary with adjustments for smaller and larger families4 7c7 ,choices made by participating jurisdictions ,section #bab7;a77#b7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgdb7 is amended to read as follows3 7#b7 ,limitation ,the ,secretary may not restrict a participating jurisdiction's choice of rehabilitation1 substantial rehabilitation1 new construction1 reconstruction1 acquisition1 or other eligible housing uses authorized in paragraph 7#a7 unless such restriction is explicitly authorized under section #bbc7b74 4 7d7 ,use of amounts by certain jurisdictions for infrastructure improvements 7#a7 ,in general ,section #bab7;a7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgdb7;a77 is amended by inserting after paragraph 7#c7 the following3 7#d7 ,infrastructure improvements in nonentitlement areas 7,a7 ,in general ,a participating jurisdiction may use funds provided under this subtitle for infrastructure improvements1 including the installation or repair of water and sewer lines1 sidewalks1 roads1 and utility connections if-- 7i7 such participating jurisdiction does not receive assistance under title ,i of the ,housing and ,community ,development ,act of #aigd2 and 7ii7 such improvements are directly related to1 and located within or immediately adjacent to-- 7,i7 housing assisted under this subtitle2 or 7,,ii7 housing assisted under section #db of the ,internal ,revenue ,code of #aihf4 7,b7 ,application of labor standards ,the labor standards and requirements set forth in section #aaj of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecaj7 shall apply to any infrastructure improvement conducted using funds provided under this subtitle4 7,c7 ,rule of construction ,nothing in this paragraph may be construed to impose any requirements of the ,,home ,investment ,partnerships program on housing that benefits from an infrastructure improvement conducted using funds provided under this subtitle but was not otherwise assisted under the ,,home ,investment ,partnerships program4 4 7#b7 ,rulemaking ,not later than #a year after the date of the enactment of this section1 the ,secretary shall issue rules to carry out the amendment made by paragraph 7#a74 7e7 ,per unit investment limitations ,section #bab7;e77#a7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgdb7;e77#a77 is amended by striking the second sentence4 7f7 ,affordable rental housing qualifications ,section #bae7;a7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgde7;a77 is amended by adding at the end the following3 7#g7 ,qualification ,exception ,notwithstanding paragraph 7#a77;,a71 a rental unit shall be considered to qualify as affordable housing under this title if-- 7,a7 the unit is occupied by a tenant receiving tenant-based rental assistance under section #h of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f72 7,b7 the tenant's contribution toward rent does not exceed the amount permitted under such section #h assistance2 and 7,c7 the total rent for the unit does not exceed the amount approved by the public housing agency administering the assistance under that program4 4 7g7 ,affordable homeownership housing qualifications ,section #bae of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgde7;b77 is amended-- 7#a7 in subsection 7b7-- 7,a7 in paragraph 7#a71 by striking #ie percent and inserting #aaj percent2 7,b7 in paragraph 7#c7-- 7i7 in subparagraph 7,a77ii71 by striking or at the end2 7ii7 in subparagraph 7,b71 by striking and at the end and inserting or2 and 7iii7 by adding at the end the following new subparagraph3 7,c7 maintain long-term affordability through a shared equity ownership model1 a community land trust1 a limited equity cooperative1 a community development corporation1 or other mechanism approved by the ,secretary1 that preserves affordability for future eligible homebuyers and ensures compliance with the purposes of this title1 including through the use of purchase options1 rights of first refusal or other preemptive rights to purchase housing2 and 2 and 7#b7 by adding at the end the following3 7c7 ,qualification exceptions for homeownership 7#a7 ,military members ,a participating jurisdiction1 in accordance with terms established by the ,secretary1 may suspend or waive the income qualifications described in subsection 7b77#b7 with respect to housing that otherwise meets the criteria described in subsection 7b7 if the owner of the housing-- 7,a7 is a member of a regular component of the armed forces or a member of the ,national ,guard on full-time ,national ,guard duty1 active ,guard and ,reserve duty1 or inactive-duty training 7as those terms are defined in section #aja7;d7 of title #aj1 ,united ,states ,code72 and 7,b7 has received-- 7i7 temporary duty orders to deploy with a military unit or military orders to deploy as an individual acting in support of a military operation1 to a location that is not within a reasonable distance from the housing1 as determined by the ,secretary1 for a period of not less than #ij days2 or 7ii7 orders for a permanent change of station4 7#b7 ,heirs and beneficiaries of deceased owners ,housing that meets the criteria described in subsection 7b77#c7 prior to the death of an owner of such housing shall continue to qualify as affordable housing under this title if-- 7,a7 the housing is the principal residence of an heir or beneficiary of the deceased owner1 as defined by the ,secretary2 and 7,b7 the heir or beneficiary1 in accordance with terms established by the ,secretary1 assumes the duties and obligations of the deceased owner with respect to funds provided under this title4 4 7h7 ,elimination of expiration of right to draw home investment trust funds ,section #bah of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgdh7 is amended-- 7#a7 by striking subsection 7g72 and 7#b7 by redesignating subsection 7h7 as subsection 7g74 7i7 ,adjusted recapture and reuse of set-aside for community housing developmental organizations ,section #bca7;b7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgga7;b77 is amended to read as follows3 7b7 ,recapture and reuse ,if any funds reserved under subsection 7a7 remain uninvested for a period of #bd months1 the ,secretary shall make such funds available to the participating jurisdiction for any eligible activities under title ,,ii of this ,act without regard to whether a community housing development organization materially participates in the use of such funds4 4 7j7 ,asset recycling information dissemination expansion ,section #bde7;b77#b7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abghe7;b77#b77 is amended by striking #ie percent and inserting #aaj percent4 7k7 ,environmental review requirements 7#a7 ,in general ,section #bhh of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abhch7 is amended by adding at the end the following3 7e7 ,categorical exemptions ,the following categories of activities carried out under this title shall be statutorily exempt from environmental review under the ,national ,environmental ,policy ,act of #aifi 7#db ,u4,s4,c4 #dcba et seq471 and shall not require further review under such ,act-- 7#a7 new construction infill housing projects2 7#b7 acquisition of real property for affordable housing purposes2 7#c7 rehabilitation projects carried out pursuant to section #bab7;a77#a72 and 7#d7 new construction projects of #ae units or less4 7f7 ,removing duplicative reviews 7#a7 ,in general ,to the extent practicable and permitted by law1 the ,secretary shall ensure that a project that has undergone an environmental review under this section shall not be subject to a duplicative environmental review solely due to the addition1 substitution1 or reallocation of other sources of ,federal assistance1 if the scope1 scale1 and location of the project remain substantially unchanged4 7#b7 ,coordination of environmental review responsibilities ,the ,secretary shall1 by regulation1 provide for coordination of environmental review responsibilities with other ,federal agencies to streamline inter-agency compliance and avoid unnecessary duplication of effort under the ,national ,environmental ,policy ,act of #aifi 7#db ,u4,s4,c4 #dcba et seq47 and other applicable laws4 7#c7 ,recognition of prior reviews by responsible entities ,a project may not be subject to an environmental review under this section if a substantially similar review has already been completed by an entity designated under section #ajd7;g77#a7 of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjd7;g77#a77 or by another entity the ,secretary determines to have equivalent authority1 if the scope1 scale1 and location of the project remain substantially unchanged4 4 7#b7 ,rulemaking ,not later than #a year after the date of the enactment of this ,act1 the ,secretary shall issue such rules as the ,secretary determines necessary to carry out the amendment made by this subsection4 7#c7 ,applicability ,any activity generated under this subsection would be subject to an authorization of appropriations4 7l7 ,application of ,build ,america1 ,buy ,america requirements for ,,home ,investment ,partnerships ,program 7#a7 ,in general ,not later than #ahj days after the date of the enactment of this section1 the ,secretary of ,housing and ,urban ,development shall complete a review of the implementation of the ,build ,america1 ,buy ,america ,act 7title ,,iv of division ,g of ,public ,law #aag-eh2 #db ,u4,s4,c4 #hcja note7 with respect to the activities assisted under title ,,ii of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgba et seq474 7#b7 ,updated guidance ,not later than #ij days after the review described in subsection 7a7 is completed1 the ,secretary shall issue updated guidance to clarify the application of the ,build ,america1 ,buy ,america ,act 7title ,,iv of division ,g of ,public ,law #aag-eh2 #db ,u4,s4,c4 #hcja note7 with respect to the activities assisted under title ,,ii of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgba et seq474 7#c7 ,report ,not later than #bgj days after the date of the enactment of this section1 the ,secretary shall submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate a report that describes-- 7,a7 the results of the review required under subsection 7a72 and 7,b7 the guidance issued as described in subsection 7b74 7m7 ,application of other specified statutory requirements ,title ,,ii of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgba et seq47 is amended by adding at the end the following new section 7and by conforming the table of sections in section #a7;b71 accordingly73 #bia4 ,nonapplicability of certain requirements for small projects ,notwithstanding any other provision of law1 the requirements of section #c of the ,housing and ,urban ,development ,act of #aifh 7#ab ,u4,s4,c4 #agjau71 and any implementing regulations or guidance1 shall not apply to an activity assisted under this title that involves rehabilitation1 construction1 or other development of housing if-- 7#a7 the recipient of assistance under this title is-- 7,a7 a ,state recipient pursuant to section #baf2 or 7,b7 a participating jurisdiction that received a total allocation of less than #c1jjj1jjj in the most recent fiscal year pursuant to section #baf2 and 7#b7 the total number of dwelling units assisted as a part of such activity is #ej or fewer4 4 7n7 ,technical amendments ,the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgja et seq47 is amended-- 7#a7 by striking ,stewart ,b4 ,mc,kinney ,homeless ,assistance ,act each place it appears and inserting ,mc,kinney-,vento ,homeless ,assistance ,act2 and 7#b7 by striking ,committee on ,banking1 ,finance and ,urban ,affairs each place it appears and inserting ,committee on ,financial ,services4 7o7 ,reallocation not available for certain jurisdictions ,section #bag7;d7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgdg7;d77 is amended-- 7#a7 in paragraph 7#a71 by striking the second sentence and inserting the following3 ,subject to paragraph 7#d71 jurisdictions eligible for such reallocations shall include participating jurisdictions and jurisdictions meeting the requirements of this title1 including the requirements in paragraphs 7#c71 7#d71 and 7#e7 of section #baf42 and 7#b7 by adding at the end the following3 7#d7 ,reallocation not available for certain jurisdictions ,the ,secretary may decline to make a reallocation available to a jurisdiction eligible for such reallocation if such jurisdiction has failed to meet or comply with any requirement under this title4 4 7p7 ,amendments to qualification as affordable housing ,section #bae7;a7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgde7;a77 is amended-- 7#a7 in paragraph 7#a77;,e71 by striking except upon a foreclosure by a lender 7or upon other transfer in lieu of foreclosure7 if such action 7i7 recognizes any contractual or legal rights of public agencies1 nonprofit sponsors1 or others to take actions that would avoid termination of low-income affordability in the case of foreclosure or transfer in lieu of foreclosure1 and 7ii7 is not for the purpose of avoiding low income affordability restrictions1 as determined by the ,secretary2 and and inserting the following3 8except-- 7i7 upon a foreclosure by a lender 7or upon other transfer in lieu of foreclosure7 if such action-- 7,i7 recognizes any contractual or legal rights of public agencies1 nonprofit sponsors1 or others to take actions that would avoid termination of low-income affordability in the case of foreclosure or transfer in lieu of foreclosure2 and 7,,ii7 is not for the purpose of avoiding low-income affordability restrictions1 as determined by the ,secretary2 or 7ii7 where existing affordable housing is no longer financially viable due to unforeseen acts or occurrences beyond the reasonable contemplation or control of the participating jurisdiction in which the affordable housing is located or the owner of the affordable housing that significantly impact the financial or physical condition of the affordable housing1 as determined by the ,secretary2 and 2 and 7#b7 by adding at the end the following3 7#h7 ,small-scale housing 7,a7 ,in general ,small-scale housing shall qualify as affordable housing under this title if-- 7i7 each dwelling unit in such housing bears rent in an amount that complies with the requirements described in paragraph 7#a77;,a72 7ii7 each dwelling unit in such housing is occupied by a low-income family2 7iii7 no dwelling unit in such housing is refused for leasing to a holder of a voucher under section #h of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f7 because of the status of the prospective tenant as a holder of such voucher2 7iv7 such housing complies with the requirement described in paragraph 7#a77;,e72 and 7v7 the participating jurisdiction in which such small-scale housing is located monitors the compliance of such housing with the requirements of this title in a manner consistent with the purposes of section #bbf7;b71 as determined by the ,secretary4 7,b7 ,small-scale housing defined ,in this paragraph1 the term small-scale housing means housing with not more than #d dwelling units each of which is made available for rental4 4 7q7 ,tenant and participant protections for small-scale affordable housing ,section #bbe of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgee7 is amended by adding at the end the following3 7e7 ,exception ,paragraphs 7#b71 7#c71 and 7#d7 shall not apply to small-scale housing1 as such term is defined in section #bae7;a77#g74 4 7r7 ,revision of definition of community land trust ,section #ajd of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgjd7 is amended by adding at the end the following3 7#bg7 ,the term community land trust means a nonprofit entity1 a ,state1 a unit of local government or instrumentality of a ,state or unit of local government that-- 7,a7 is not managed by1 or an affiliate of1 a for-profit organization2 7,b7 has as a primary purpose of acquiring1 developing1 or holding land to provide housing that is permanently affordable to low- and moderate-income persons2 7,c7 monitors properties to ensure affordability is preserved2 7,d7 provides housing that is permanently affordable to low- and moderate-income persons using a ground lease1 deed covenant1 or other similar legally enforceable measure1 determined acceptable by the ,secretary1 that-- 7i7 keeps housing affordable to low- and moderate-income persons for not less than #cj years2 and 7ii7 enables low- and moderate-income persons to rent or purchase the housing for homeownership2 and 7,e7 maintains preemptive purchase options to purchase the property if such purchase would allow the housing to remain affordable to low-and moderate-income persons4 4 7s7 ,conforming amendments ,the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgja et seq47 is amended-- 7#a7 in section #bcc by striking subsection 7f72 and 7#b7 in section #bcc7;b77#f71 by striking to community land trusts 7as such term is defined in subsection 7f77 and inserting to community land trusts 7as such term is defined in section #ajd74 7t7 ,minimum allocations ,section #bag7;b7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgdg 7b77 is amended-- 7#a7 in paragraph 7#b71 by striking #ejj1jjj each place that term appears and inserting #gej1jjj2 7#b7 in paragraph 7#c7-- 7,a7 by striking jurisdictions that are allocated an amount of #ejj1jjj or more and inserting jurisdictions that are allocated an amount of #gej1jjj or more2 7,b7 by striking that are allocated an amount less than #ejj1jjj and inserting that are allocated an amount less than #gej1jjj2 and 7,c7 by striking 1 except as provided in paragraph 7#d72 and 7#c7 by striking paragraph 7#d74 7u7 ,additional technical corrections ,the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgja et seq47 is amended-- 7#a7 in section #ajh7;a77#a71 by striking section #aje7;b77#ae7 and inserting section #aje7;b77#ah72 and 7#b7 in section #bag7;b77#a77;,f71 by striking ,subcommittee on ,housing and ,community ,development and inserting ,subcommittee on ,housing1 ,transportation1 and ,community ,development4 #bjb4 ,community ,development ,fund ,amendments 7a7 ,identifying ,regulatory ,barriers to ,housing ,supply ,section #ajd of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjd7 is amended by adding at the end the following3 7n7 ,plan to track and reduce overly burdensome land use policies 7#a7 ,in general ,beginning #a year after the date of the enactment of this subsection1 prior to receipt in any fiscal year of a grant from the ,secretary under subsection 7b71 7d77#a71 or 7d77#b77;,b7 of section #ajf1 each recipient shall have prepared and submitted1 not less frequently than once during the preceding #e-year period1 a description of-- 7,a7 whether the jurisdiction served by the recipient has adopted any of the types of land use policies described in paragraph 7#b7 during the preceding #e-year period2 7,b7 the plans the jurisdiction served by the recipient has to adopt and implement any of the types of land use policies described in paragraph 7#b72 and 7,c7 any ways in which the jurisdiction served by the recipient expects the planned adoption of any of the types of land use policies described in paragraph 7#b7 would benefit the jurisdiction4 7#b7 ,types of land use policies ,the types of policies to be considered for the purposes of the submission of information required under paragraph 7#a7 include the following3 7,a7 ,expanding by-right multifamily zoned areas4 7,b7 ,allowing duplexes1 triplexes1 or fourplexes in areas zoned primarily for single-family residential homes4 7,c7 ,allowing manufactured homes in areas zoned primarily for single-family residential homes4 7,d7 ,allowing multifamily development in retail1 office1 and light manufacturing zones4 7,e7 ,allowing single-room occupancy development wherever multifamily housing is allowed4 7,f7 ,reducing minimum lot size4 7,g7 ,ensuring historic preservation requirements and other land use policies or requirements are coordinated to encourage creation of housing in historic buildings and historic districts4 7,h7 ,increasing the allowable floor area ratio by allowing a higher ratio of total floor area in a building in comparison to its lot size4 7,i7 ,creating transit-oriented development zones4 7,j7 ,streamlining or shortening permitting processes and timelines1 including through one-stop and parallel-process permitting4 7,k7 ,eliminating or reducing off-street parking requirements4 7,l7 ,ensuring impact and utility investment fees accurately reflect required infrastructure needs and related impacts on housing affordability are otherwise mitigated4 7,m7 ,allowing off-site construction1 including prefabricated construction4 7,n7 ,reducing or eliminating minimum unit square footage requirements4 7,o7 ,allowing the conversion of office units to apartments4 7,p7 ,allowing the subdivision of single-family homes into duplexes4 7,q7 ,allowing accessory dwelling units1 including detached accessory dwelling units1 on all lots with single-family homes4 7,r7 ,establishing density bonuses4 7,s7 ,eliminating or relaxing residential property height limitations4 7,t7 ,using property tax abatements to enable higher density and mixed-income communities4 7,u7 ,donating vacant land for affordable housing development4 7,v7 ,enacting other relevant high-density1 single-family1 and multifamily zoning policies that the recipient chooses to report4 7#c7 ,effect of submission ,a submission under this subsection shall not be binding with respect to the use or distribution of amounts received under section #ajf4 7#d7 ,acceptance or nonacceptance of plan ,the acceptance or nonacceptance of any plan submitted under this subsection in which the information required under this subsection is provided may not be considered an endorsement or approval of the plan1 policies1 or methodologies1 or lack thereof4 7#e7 ,prohibition on use of information for enforcement ,information provided by a recipient to the ,secretary under this subsection may not be used as the basis for any enforcement action4 4 7b7 ,addition of affordable housing construction as an eligible activity 7#a7 ,eligible activity ,section #aje7;a7 of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecje7;a77 is amended-- 7,a7 in paragraph 7#be77;,d71 by striking and at the end2 7,b7 in paragraph 7#bf71 by striking the period at the end and inserting 2 and2 and 7,c7 by adding at the end the following new paragraph3 7#bg7 the new construction of affordable housing1 within the meaning given such term under section #bae of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgde71 and which shall not exceed #bj-percent of the amounts allocated to the recipient4 4 7#b7 ,low- and moderate-income requirement ,section #aje7;c77#c7 of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecje7;c77#c77 is amended by striking or rehabilitation and inserting 1 rehabilitation1 or new construction4 7#c7 ,applicability ,the amendments made by this subsection shall apply with respect only to amounts appropriated after the date of the enactment of this ,act4 7c7 ,databases of publicly owned land 7#a7 ,in general ,section #ajd7;b7 of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjd7;b77 is amended-- 7,a7 in paragraph 7#e71 by striking and at the end2 7,b7 in paragraph 7#f71 by striking the period at the end and inserting 2 and2 and 7,c7 by adding at the end the following3 7#g7 the grantee maintains1 on a publicly accessible website1 a searchable database that identifies all parcels of undeveloped land owned by the grantee4 4 7#b7 ,effective date ,the amendments made by this subsection shall take effect on ,october #a1 #bjbf4 #bjc4 ,grants for planning and implementation associated with affordable housing 7a7 ,in general ,the ,secretary of ,housing and ,urban ,development shall1 not later than #a year after the date of the enactment of this section1 establish a pilot program to award grants on a competitive basis to eligible entities to assist planning and implementation activities associated with affordable housing4 7b7 ,use of amounts 7#a7 ,by regional planning agencies ,if an eligible entity that receives amounts under this section is a regional planning agency or consortia of regional planning agencies1 such eligible entity shall use such amounts to assist planning activities with respect to affordable housing1 including-- 7,a7 the development of housing plans2 7,b7 the substantial improvement of ,state or local housing strategies2 7,c7 the development of new regulatory requirements and processes2 7,d7 updating zoning codes2 7,e7 increasing the capacity to conduct housing inspections2 7,f7 increasing the capacity to reduce barriers to housing supply elasticity and housing affordability2 7,g7 the development of local or regional plans for community development2 and 7,h7 the substantial improvement of community development strategies1 including strategies designed to-- 7i7 increase the availability of affordable housing and access to affordable housing2 7ii7 increase access to public transportation2 and 7iii7 advance sustainable or location-efficient community development goals4 7#b7 ,by states1 insular areas1 metropolitan cities1 and urban counties ,if an eligible entity that receives amounts under this section is a ,state1 insular area1 metropolitan city1 or urban county1 such eligible entity shall use such amounts to-- 7,a7 implement and administer housing strategies and housing plans2 7,b7 implement and administer any plans to increase housing choice1 address disparities in housing needs1 and provide greater access to opportunity2 7,c7 fund any community investments that support goals identified in a housing strategy or housing plan2 7,d7 implement and administer regulatory requirements and processes with respect to reformed zoning codes2 7,e7 increase the capacity to conduct housing inspections2 7,f7 increase the capacity to reduce barriers to housing supply elasticity and housing affordability2 7,g7 implement and administer local or regional plans for community development2 and 7,h7 fund any planning to increase-- 7i7 the availability of affordable housing and access to affordable housing2 7ii7 access to public transportation2 and 7iii7 any location-efficient community development goals4 7#c7 ,use for administrative costs ,a eligible entity that receives amounts under this section may not use more than #aj-percent of such amounts for administrative costs4 7c7 ,coordination ,to the extent practicable1 the ,secretary shall coordinate with the ,federal ,transit ,administrator in carrying out this section4 7d7 ,additional uses of amounts 7#a7 ,housing construction ,expenditures on new construction of housing shall be an eligible expense under this section4 7#b7 ,buildings for general conduct of government ,expenditures on building for the general conduct of government1 other than the ,federal ,government1 shall be eligible under this section when necessary and appropriate as a part of a natural hazard mitigation project4 7e7 ,expiration of authority ,after the expiration of the #e-year period beginning on the date of the enactment of this section1 the ,secretary may not newly establish a pilot program as described in this section4 7f7 ,sunset ,the pilot program established under this section shall terminate on the date that is #e years after the date of the enactment of this section4 7g7 ,definitions ,in this subsection3 7#a7 ,eligible entity ,the term eligible entity means-- 7,a7 a ,state1 insular area1 metropolitan city1 or urban county1 as such terms are defined in section #ajb of the ,housing and ,community ,development ,act of #aigd2 or 7,b7 a regional planning agency or consortia of regional planning agencies4 7#b7 ,housing plan ,the term housing plan means a plan to1 with respect to an area within the jurisdiction of an eligible entity-- 7,a7 increase the amount of available housing to meet the demand for such housing and any projected increase in the demand for such housing2 7,b7 increase the affordability of housing2 7,c7 increase the accessibility of housing for people with disabilities1 including location-efficient housing2 7,d7 preserve or improve the quality of housing2 7,e7 reduce barriers to housing development2 and 7,f7 coordinate with transportation-related agencies4 7#c7 ,housing strategy ,the term housing strategy means a housing strategy required under section #aje of the ,cranston-,gonzalez ,national ,affordable ,housing ,act4 #bjd4 ,rural housing service program improvements 7a7 ,in general ,section #ejd7;a7 of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adgd7;a77 is amended-- 7#a7 in the first sentence1 by inserting and may make a loan to an eligible low-income applicant after applicant2 and 7#b7 by striking #g1ejj and inserting #ae1jjj4 7b7 ,annual report on rural housing programs ,title ,v of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adga et seq471 as amended by this section1 is amended by adding at the end the following3 #ede4 ,annual report 7a7 ,in general ,the ,secretary shall submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and publish on a website of the ,department of ,agriculture an annual report on the rural housing programs carried out under this title4 7b7 ,contents ,the report required under subsection 7a7 shall include significant details on the information about the health of the programs carried out by the ,rural ,housing ,service1 including-- 7#a7 raw data about loan performance that can be sorted by program and region2 7#b7 a description of the housing stock of such programs2 7#c7 information about why properties end participation in such programs1 including maturation prepayment1 foreclosure1 or other servicing issues2 and 7#d7 risk ratings for properties assisted under such programs4 7c7 ,protection of information ,data included in a report required under subsection 7a7 may be aggregated or anonymized to protect the financial information and personal information of program participants4 4 7c7 ,application review 7#a7 ,sense of ,congress ,it is the sense of the ,congress1 not later than #ij days after the date on which the ,secretary of ,agriculture receives an application for a loan1 grant or combined loan and grant under section #ejb or #ejd of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adgb1 #adgd71 the ,secretary of ,agriculture should-- 7,a7 review the application2 7,b7 complete the underwriting2 7,c7 make a determination of eligibility with respect to the application2 and 7,d7 notify the applicant of determination4 7#b7 ,report 7,a7 ,in general ,not later than #ij days after the date of enactment of this ,act1 and annually thereafter until the date described in subparagraph 7,b71 the ,secretary of ,agriculture shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report that-- 7i7 details the timeliness of eligibility determinations and final determinations with respect to applications under section #ejb and #ejd of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adgb1 #adgd71 including justifications for any eligibility determinations taking longer than #ij days2 and 7ii7 includes recommendations to shorten the timeline for notifications of eligibility determinations described in subparagraph 7,a7 to not more than #ij days4 7,b7 ,date described ,the date described in this paragraph is the date on which1 during the preceding #e-year period1 the ,secretary of ,agriculture provides each eligibility determination described in subparagraph 7,a7 during the #ij-;day period beginning on the date on which each application is received4 7d7 ,,gao report on ,rural ,housing ,service technology ,not later than #a year after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall submit to the ,congress a report that includes-- 7#a7 an analysis of how the outdated technology used by the ,rural ,housing ,service impacts participants in the programs of the ,rural ,housing ,service2 7#b7 an estimate of the amount of funding that is needed to modernize the technology used by the ,rural ,housing ,service2 and 7#c7 an estimate of the number and type of new employees the ,rural ,housing ,service needs to modernize the technology used by the ,rural ,housing ,service4 #bje4 ,choice in ,affordable ,housing 7a7 ,preapproval of units ,section #h7o77#h77;,a7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f7o77#h77;,a77 is amended by adding at the end the following3 7iv7 ,initial inspection prior to lease agreement 7,i7 ,definition ,in this clause1 the term new landlord means an owner of a dwelling unit who has not previously entered into a housing assistance payment contract with a public housing agency under this subsection for any dwelling unit4 7,,ii7 ,early inspection ,upon the request of a new landlord1 a public housing agency may inspect the dwelling unit owned by the new landlord to determine whether the unit meets the housing quality standards under subparagraph 7,b7 before the unit is selected by a family assisted under this subsection4 7,,iii7 ,effect ,an inspection conducted under subclause 7,,ii7 that determines that the dwelling unit meets the housing quality standards under subparagraph 7,b7 shall satisfy the requirements in this subparagraph and subparagraph 7,c7 if the new landlord enters into a lease agreement with a family assisted under this subsection not later than #fj days after the date of the inspection4 7,,iv7 ,information when family is selected ,when a public housing agency selects a family to participate in the tenant-based assistance program under this subsection1 the public housing agency shall include in the information provided to the family a list of dwelling units that have been inspected under subclause 7,,ii7 and determined to meet the housing quality standards under subparagraph 7,b74 4 7b7 ,satisfaction of inspection requirements through participation in other housing programs ,section #h7o77#h7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f7o77#h77 is amended by adding at the end the following3 7,i7 ,satisfaction of inspection requirements through participation in other housing programs 7i7 ,low-income housing tax credit-financed buildings ,a dwelling unit shall be deemed to meet the inspection requirements under this paragraph if-- 7,i7 the dwelling unit is in a building1 the acquisition1 rehabilitation1 or construction of which was financed by a person who received a low-income housing tax credit under section #db of the ,internal ,revenue ,code of #aihf in exchange for that financing2 7,,ii7 the dwelling unit was physically inspected and passed inspection as part of the low-income housing tax credit program described in subclause 7,i7 during the preceding #ab-month period2 and 7,,iii7 the applicable public housing agency is able to obtain the results of the inspection described in subclause 7,,ii74 7ii7 ,home investment partnerships program ,a dwelling shall be deemed to meet the inspection requirements under this paragraph if-- 7,i7 the dwelling unit is assisted under the ,,home ,investment ,partnerships ,program under title ,,ii of the ,cranston-,gonzalez ,national ,affordable ,housing ,act2 7,,ii7 the dwelling unit was physically inspected and passed inspection as part of the program described in subclause 7,i7 during the preceding #ab-month period2 and 7,,iii7 the applicable public housing agency is able to obtain the results of the inspection described in subclause 7,,ii74 7iii7 ,rural ,housing ,service ,a dwelling unit shall be deemed to meet the inspection requirements under this paragraph if-- 7,i7 the dwelling unit is assisted by the ,rural ,housing ,service of the ,department of ,agriculture2 7,,ii7 the dwelling unit was physically inspected and passed inspection in connection with the assistance described in subclause 7,i7 during the preceding #ab-month period2 and 7,,iii7 the applicable public housing agency is able to obtain the results of the inspection described in subclause 7,,ii74 7iv7 ,remote or video inspections ,when complying with inspection requirements for a housing unit located in a rural or small area using assistance under this subtitle1 the ,secretary may allow a grantee to conduct a remote or video inspection of a unit provided that the remote or video inspection-- 7,i7 covers a substantially similar review of the relevant aspects of the unit compared to an in-person inspection2 7,,ii7 does not misrepresent the condition of the unit2 and 7,,iii7 provides the information necessary to fully and accurately evaluate the conditions of the unit to ensure that the unit meets the applicable standards4 7v7 ,rule of construction ,nothing in clause 7i71 7ii71 7iii71 or 7iv7 may be construed to affect the operation of a housing program described in1 or authorized under a provision of law described in1 that clause4 4 ,,iii ,expanding ,manufactured and ,affordable ,housing ,finance ,opportunities #cja4 ,manufactured ,housing ,innovations 7a7 ,in general ,section #fjc7f7 of the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edjb7f77 is amended by striking on a permanent chassis and inserting with or without a permanent chassis4 7b7 ,standards for manufactured homes built without a permanent chassis ,section #fjd7;a7 of the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edjc7 is amended by adding at the end the following3 7#g7 ,standards for manufactured homes built without a permanent chassis 7,a7 ,in general ,the ,secretary shall issue revised standards for manufactured homes built without a permanent chassis and shall consult with the consensus committee in the development of such revised standards1 using the process described in paragraph 7#d74 7,b7 ,creating final standards ,the ,secretary shall1 after consulting and conferring with the consensus committee1 establish standards to ensure manufactured homes without a permanent chassis have-- 7i7 a distinct label to be issued by the ,secretary distinguishing manufactured homes built without a permanent chassis from manufactured homes built on a permanent chassis2 7ii7 a data plate1 as described in section #cbhj4e of title #bd1 ,code of ,federal ,regulations1 distinguishing manufactured homes built without a permanent chassis from manufactured homes built on a permanent chassis2 and 7iii7 a notation on any invoice produced by the manufacturer of a manufactured home that is distinguishable from the invoice for a manufactured home constructed with a permanent chassis4 4 7c7 ,manufactured home standards and certifications ,section #fjd of the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edjc7 is amended by adding at the end the following3 7i7 ,manufactured home standards and certifications 7#a7 ,in general 7,a7 ,initial certification ,subject to subparagraph 7,b71 not later than #a year after the date of enactment of this subsection1 a ,state shall submit to the ,secretary an initial certification that the laws and regulations of the ,state-- 7i7 treat a manufactured home without a chassis in parity with a manufactured home 7as defined and regulated by the ,state72 and 7ii7 subject a manufactured home without a permanent chassis to the same laws and regulations of the ,state as a manufactured home built on a permanent chassis with respect to financing1 title1 insurance1 manufacture1 sale1 taxes1 transportation1 installation1 and other areas as the ,secretary determines1 after consultation with and approval by the consensus committee1 are necessary to give effect to the purpose of this section4 7,b7 ,state plan submission ,any ,state plan submitted under section #fbc7;c7 of the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edbb7;c77 shall contain the required ,state certification under subparagraph 7,a7 or paragraph 7#c7 and1 if contained therein1 no additional or ,state certification under subparagraph 7,a7 or paragraph 7#c74 7,c7 ,extended deadline ,with respect to a ,state with a legislature that meets biennially1 the deadline for the submission of the initial certification required under subparagraph 7,a7 shall be #b years after the date of enactment of this subsection4 7,d7 ,late certification 7i7 ,no waiver ,the ,secretary may not waive the prohibition described in paragraph 7#e77;,b7 with respect to a certification submitted after the deadline under subparagraph 7,a7 or paragraph 7#c7 unless the ,secretary approves the late certification4 7ii7 ,rule of construction ,nothing in this subsection shall be construed to prevent a ,state from submitting the initial certification required under subparagraph 7,a7 after the required deadline under that subparagraph4 7#b7 ,form of ,state certification not presented in a ,state plan ,the initial certification required under paragraph 7#a77;,a71 if not submitted with a ,state plan under paragraph 7#a77;,b71 shall contain1 in a form prescribed by the ,secretary1 an attestation by an official that the ,state has taken the steps necessary to ensure the veracity of the certification required under paragraph 7#a77;,a71 including1 as necessary1 by-- 7,a7 amending the definition of manufactured home in the laws and regulations of the ,state2 and 7,b7 directing ,state agencies to amend the definition of manufactured home in regulations4 7#c7 ,annual recertification ,not later than a date to be determined by the ,secretary each year1 a ,state shall submit to the ,secretary an additional certification that-- 7,a7 confirms the accuracy of the initial certification submitted under subparagraph 7,a7 or 7,b7 of paragraph 7#a72 and 7,b7 certifies that any new laws or regulations enacted or adopted by the ,state since the date of the previous certification do not change the veracity of the initial certification submitted under paragraph 7#a77;,a74 7#d7 ,list ,the ,secretary shall publish and maintain in the ,federal ,register and on the website of the ,department of ,housing and ,urban ,development a list of ,states that are up-to-date with the submission of initial and subsequent certifications required under this subsection4 7#e7 ,prohibition 7,a7 ,definition ,in this paragraph1 the term covered manufactured home means a home that is-- 7i7 not considered a manufactured home under the laws and regulations of a ,state because the home is constructed without a permanent chassis2 7ii7 considered a manufactured home under the definition of the term in section #fjc2 and 7iii7 constructed after the date of enactment of this subsection4 7,b7 ,building1 installation1 and sale ,if a ,state does not submit a certification under paragraph 7#a77;,a7 or paragraph 7#c7 by the date on which those certifications are required to be submitted-- 7i7 with respect to a ,state in which the ,state administers the installation of manufactured homes1 the ,state shall prohibit the manufacture1 installation1 or sale of a covered manufactured home within the ,state2 and 7ii7 with respect to a ,state in which the ,secretary administers the installation of manufactured homes1 the ,state and the ,secretary shall prohibit the manufacture1 installation1 or sale of a covered manufactured home within the ,state4 4 7d7 ,other ,federal laws regulating manufactured homes ,the ,secretary of ,housing and ,urban ,development may coordinate with the heads of other ,federal agencies to ensure that ,federal agencies treat a manufactured home 7that is defined in ,federal laws and regulations other than section #fjc of the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edjb77 in the same manner as a manufactured home 7that is defined in section #fjc of the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edjb771 as amended by this ,act4 7e7 ,assistance to ,states ,section #fji of the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edjh7 is amended-- 7#a7 in paragraph 7#a71 by striking and at the end2 7#b7 in paragraph 7#b71 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following3 7#c7 model guidance to support the submission of the certification required under section #fjd7;i74 4 7f7 ,preemption ,nothing in this section or the amendments made by this section may be construed as limiting the scope of ,federal preemption under section #fjd7;d7 of the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edjc7;d774 7g7 ,primary authority to establish manufactured home construction and safety standards ,the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edja et seq47 is further amended-- 7#a7 in section #fjc7g71 by inserting energy efficiency1 after design12 and 7#b7 in section #fjd1 by adding at the end the following3 7j7 ,primary authority to establish standards 7#a7 ,in general ,the ,secretary shall have the primary authority to establish ,federal manufactured home construction and safety standards4 7#b7 ,approval from ,secretary 7,a7 ,in general ,the head of any ,federal agency that seeks to establish a manufactured home construction and safety standard on or after the date of the enactment of this subsection-- 7i7 shall submit to the ,secretary a proposal describing such standard2 and 7ii7 may not establish such standard without approval from the ,secretary4 7,b7 ,rejection of standards ,the ,secretary shall reject a standard submitted to the ,secretary for approval under subparagraph 7,a7-- 7i7 if the standard would significantly increase the cost of producing manufactured homes1 as determined by the ,secretary2 7ii7 if the standard would conflict with existing manufactured home construction and safety standards established by the ,secretary2 or 7iii7 for any other reason as determined appropriate by the ,secretary4 7,c7 ,rule of construction ,nothing in this subsection may be construed to require the ,secretary to establish new or revised ,federal manufactured home construction and safety standards4 4 #cjb4 ,,fha small-dollar mortgages 7a7 ,in general ,not later than #a year after the date of the enactment of this section1 the ,secretary of ,housing and ,urban ,development1 acting through the ,federal ,housing ,commissioner1 may establish a pilot program to increase access to small-dollar mortgages for mortgagors which may include-- 7#a7 authorizing direct payments to mortgagees to incentivize the origination of small-dollar mortgages2 7#b7 adjusting terms and costs imposed by the ,federal ,housing ,administration with respect to small-dollar mortgages2 7#c7 providing direct grants for mortgagors who obtain small-dollar mortgages to cover costs associated with-- 7,a7 down payments2 7,b7 closing costs2 7,c7 appraisals2 and 7,d7 title insurance2 7#d7 conducting outreach to potential mortgagors about the availability of small-dollar mortgages2 and 7#e7 providing technical assistance for mortgagees that originate small-dollar mortgages4 7b7 ,report ,beginning not later than #a year after the establishment of the pilot program under subsection 7a7 and ending #a year after the sunset of the pilot program1 the ,federal ,housing ,commissioner shall submit to the ,congress an annual report that-- 7#a7 tracks and evaluates the outcomes of small-dollar mortgages originated by mortgagees as a result of support provided under subsection 7a72 7#b7 analyzes risks of the pilot program to the solvency of the ,mutual ,mortgage ,insurance ,fund2 7#c7 includes data with respect to-- 7,a7 the number of small-dollar mortgages originated in the #aj-year period preceding the date of the enactment of this section1 including small-dollar mortgages insured or guaranteed by the ,federal ,government and small-dollar mortgages not insured by the ,federal ,government2 7,b7 the original principal balance of each small-dollar mortgage identified under subparagraph 7,a72 7,c7 demographic information about the mortgagors associated with each such small-dollar mortgages2 and 7,d7 the number and type of mortgagees that offer small-dollar mortgages2 7#d7 provides a description of the fixed costs that are associated with mortgages and the impact of such costs on the ability of lenders to earn a market rate return on small-dollar mortgages2 and 7#e7 includes analysis1 by regions of the ,united ,states1 including rural regions1 that identifies regions with the greatest need for1 and the highest likelihood of1 the origination of small-dollar mortgages and regions that could benefit the most from increased availability of small-dollar mortgages4 7c7 ,sunset ,the pilot program established under subsection 7a7 shall terminate on the date that is #d years after the date on which the pilot program is established under subsection 7a74 7d7 ,expiration of authority ,after the expiration of the #c-year period beginning on the date of enactment of this section1 neither the ,federal ,housing ,commissioner nor the ,secretary of ,housing and ,urban ,development may newly establish a pilot program to increase access to small-dollar mortgages for mortgagors4 7e7 ,small-dollar mortgage defined ,the term small-dollar mortgage means a mortgage that-- 7#a7 has an original principal balance of #ajj1jjj or less2 and 7#b7 is secured by a #a- to #d-unit property that is the principal residence of the mortgagor4 #cjc4 ,community investment and prosperity 7a7 ,revised statutes ,the paragraph designated as the ,eleventh of section #eacf of the ,revised ,statutes of the ,united ,states 7#ab ,u4,s4,c4 #bd7 is amended1 in the fifth sentence1 by striking #ae each place it appears and inserting #bj4 7b7 ,federal ,reserve ,act ,section #i7bc7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cch;a7 is amended1 in the fifth sentence1 by striking #ae each place it appears and inserting #bj4 7c7 ,study ,not later than #b years after the date of the enactment of this section1 and every #b years thereafter1 the ,comptroller of the ,currency and the ,board of ,governors of the ,federal ,reserve ,system shall each submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 a report1 after consulting with the other agency in the development of such report1 about public welfare investments that were made by associations under section #eacf of the ,revised ,statutes of the ,united ,states and ,state member banks under section #i7bc7 of the ,federal ,reserve ,act in the #b previous calendar years1 that-- 7#a7 identifies the number of such investments1 broken down by-- 7,a7 purpose2 7,b7 type2 7,c7 amount of assets of the association or ,state member bank that made the investment1 using not less than #d categories to describe the amount of assets of the associations and banks2 and 7,d7 ,state1 or other location2 7#b7 identifies the dollar amounts of such investments1 broken down by-- 7,a7 purpose2 7,b7 type2 7,c7 amount of assets of the association or ,state member bank that made the investment1 using not less than #d categories to describe the amount of assets of the associations and banks2 and 7,d7 ,state or other location2 and 7#c7 for each type of public welfare investment identified under paragraphs 7#a7 and 7#b71 a description of the substantive and procedural requirements that apply to each type of investment made under-- 7,a7 in the case of a report by the ,comptroller of the ,currency1 section #eacf of the ,revised ,statutes of the ,united ,states2 or 7,b7 in the case of a report by the ,board of ,governors1 section #i7bc7 of the ,federal ,reserve ,act4 ,,iv ,protecting ,borrowers and ,assisted ,families #dja4 ,exclusion of certain disability benefits 7a7 ,in general ,section #c7;b77#d77;,b7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;a7b77#d77;,b77 is amended-- 7#a7 by redesignating clauses 7iv7 and 7v7 as clauses 7vi7 and 7vii71 respectively2 and 7#b7 by inserting after clause 7iii7 the following3 7iv7 with respect to the supported housing program under section #h7o77#ai71 any disability benefits received under chapter #aa or chapter #ae of title #ch1 ,united ,states ,code1 received by a veteran1 except that this exclusion may not apply to the definition of adjusted income2 7v7 with respect to any household receiving rental assistance under the supported housing program under section #h7o77#ai7 as it relates to eligibility for other types of housing assistance1 any disability benefits received under chapter #aa or chapter #ae of title #ch1 ,united ,states ,code1 received by a veteran1 except that this exclusion may not apply to the definition of adjusted income2 4 7b7 ,treatment of certain disability benefits ,when determining the eligibility of a veteran to rent a residential dwelling unit constructed on ,department property on or after the date of the enactment of this ,act1 for which assistance is provided as part of a housing assistance program administered by the ,secretary of ,housing and ,urban ,development and not yet in existence at the time of the enactment of this section1 the ,secretary shall exclude from income any disability benefits received under chapter #aa or chapter #ae of title #ch1 ,united ,states ,code1 by such person4 7c7 ,department property defined ,in this section1 the term ,department property has the meaning given the term in section #ija of title #ch1 ,united ,states ,code4 #djb4 ,military service question 7a7 ,in general ,subpart ,a of part #b of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #deda et seq47 is amended by adding at the end the following3 #acbi4 ,uniform residential loan application ,not later than #f months after the date of enactment of this section1 the ,director shall1 by regulation or order1 require each enterprise to include a disclosure below the military service question which shall be above the signature line on the form known as the ,uniform ,residential ,loan ,application stating1 ,if yes1 you may qualify for a ,,va ,home ,loan4 ,consult your lender regarding eligibility44 4 7b7 ,,gao study ,not later than #ah months after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall conduct a study and submit to the ,congress a report on whether or not less than #hj-percent of lenders using the ,uniform ,residential ,loan ,application have included on that form the disclaimer required under section #acbi of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib1 as added by subsection 7a74 #djc4 ,,hud-,,usda-,,va ,interagency ,coordination 7a7 ,memorandum of understanding ,not later than #ahj days after the date of enactment of this ,act1 the ,secretary of ,housing and ,urban ,development1 the ,secretary of ,agriculture1 and the ,secretary of ,veterans ,affairs shall establish a memorandum of understanding1 or other appropriate interagency agreement1 to share relevant housing-related research and market data that facilitates evidence-based policymaking4 7b7 ,interagency report 7#a7 ,report ,not later than #a year after the date of enactment of this ,act1 the ,secretary of ,housing and ,urban ,development1 the ,secretary of ,agriculture1 and the ,secretary of ,veterans ,affairs shall jointly submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs1 the ,committee on ,agriculture1 ,nutrition1 and ,forestry1 and the ,committee on ,veterans' ,affairs of the ,senate and the ,committee on ,financial ,services1 the ,committee on ,agriculture1 and the ,committee on ,veterans' ,affairs of the ,house of ,representatives a report that describes opportunities for increased collaboration between the ,secretary of ,housing and ,urban ,development1 the ,secretary of ,agriculture1 and the ,secretary of ,veterans ,affairs to improve efficiencies in housing programs4 7#b7 ,publication ,the report required under paragraph 7#a7 shall1 prior to submission1 be published in the ,federal ,register and open for comment for a period of #cj days4 #djd4 ,family self-sufficiency escrow expansion pilot program ,title ,i of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg et seq47 is amended by adding at the end the following3 #ci4 ,escrow expansion pilot program 7a7 ,definitions ,in this section3 7#a7 ,covered family ,the term covered family means a family that-- 7,a7 receives assistance under section #h or #i of this ,act2 7,b7 is enrolled in the pilot program2 and 7,c7 has an adjusted income that does not exceed #hj-percent of the area-median income at the time of enrollment in the pilot program4 7#b7 ,eligible entity ,the term eligible entity means an entity described in subsection 7c77#b7 of section #bc4 7#c7 ,pilot program ,the term pilot program means the pilot program established under this section4 7#d7 ,welfare assistance ,the term welfare assistance has the meaning given the term in section #ihd4ajc of title #bd1 ,code of ,federal ,regulations1 or any successor regulation4 7b7 ,program establishment ,the ,secretary shall1 not later than #a year after the date of the enactment of this section1 establish a pilot program under which the ,secretary shall select not more than #be eligible entities to establish and manage escrow accounts for not more than a total of #e1jjj covered families1 in accordance with this section4 7c7 ,escrow accounts 7#a7 ,in general ,an eligible entity selected to participate in the pilot program-- 7,a7 shall establish an interest-bearing escrow account and place into the account an amount equal to any increase in the amount of rent paid by each covered family in accordance with the provisions of section #c1 #h7o71 or #h7y71 as applicable1 that is attributable to increases in earned income by the covered family during the participation of such covered family in the pilot program2 and 7,b7 notwithstanding any other provision of law1 may use existing funds made available to such entity at any time under section #h or #i for the purposes of making the escrow deposit for a covered family assisted under1 or residing in a unit assisted under1 section #h or #i provided that such amounts are offset by the increase in the amount of rent paid by the covered family4 7#b7 ,withdrawals ,a covered family may withdraw funds1 including any interest earned1 from an escrow account established by an eligible entity under the pilot program for such covered family-- 7,a7 after the covered family ceases to receive welfare assistance2 and 7,b7 7i7 not earlier than the date that is #e years after the date on which the eligible entity establishes the escrow account under this subsection2 7ii7 not later than the date that is #g years after the date on which the eligible entity establishes the escrow account under this subsection1 if the covered family chooses to continue to participate in the pilot program after the date that is #e years after the date on which the eligible entity establishes the escrow account2 7iii7 on the date the covered family ceases to receive housing assistance under section #h or #i1 if such date is earlier than #e years after the date on which the eligible entity establishes the escrow account2 7iv7 earlier than #e years after the date on which the eligible entity establishes the escrow account1 if the covered family is using the funds to advance a self-sufficiency goal as approved by the eligible entity2 or 7v7 under other circumstances for good cause as determined by the ,secretary4 7#c7 ,interim recertification ,for the purposes of the pilot program established under this section1 a covered family shall recertify the income of such family not less than once each year4 7#d7 ,contract or plan ,an eligible entity may not require a covered family to-- 7,a7 complete a contract that requires the participation of the covered family in the pilot program established under this section2 or 7,b7 participate in any individual training or services plan as a condition for participating in the pilot program4 7d7 ,effect of increases in family income ,the amount equal to any increase in the earned income of a covered family from the date of enrollment of the covered family in the pilot program established under this section through the date all funds are withdrawn from the escrow account established for such family under this section may not be considered as income or a resource for purposes of eligibility of the covered family for other benefits1 or amount of benefits payable to the family1 under any program administered by the ,secretary4 7e7 ,application 7#a7 ,in general ,an eligible entity seeking to participate in the pilot program shall submit to the ,secretary an application-- 7,a7 at such time1 in such manner1 and containing such information as the ,secretary may require by notice2 and 7,b7 that includes the number of covered families to which the eligible entity intends to provide escrow accounts under this section4 7#b7 ,geographic and entity variety ,the ,secretary shall ensure that eligible entities selected to participate in the pilot program-- 7,a7 are located across various ,states and in both urban and rural areas2 and 7,b7 vary by size and type1 including both public housing agencies and private owners of projects receiving project-based rental assistance under section #h4 7f7 ,notification and opt-out ,an eligible entity participating in the pilot program shall-- 7#a7 notify each covered family of their enrollment in the pilot program2 7#b7 provide each covered family with a detailed description of the pilot program1 including how the pilot program will impact their rent and finances2 7#c7 inform each covered family that the family may not simultaneously participate in the pilot program and the ,family ,self-,sufficiency program under this section2 and 7#d7 provide each covered family with the ability to elect not to participate in the pilot program-- 7,a7 not less than #b weeks before the date on which the escrow account is established under subsection 7c72 and 7,b7 at any point during the duration of the pilot program4 7g7 ,maximum rents ,during the term of participation by a covered family in the pilot program1 the amount of rent paid by the covered family shall be calculated under the section #c or #h7o71 as applicable4 7h7 ,pilot program timeline 7#a7 ,awards ,not later than #ah months after the date of enactment of this section1 the ,secretary shall select the eligible entities to participate in the pilot program4 7#b7 ,establishment and terms of accounts ,an eligible entity selected to participate in the pilot program shall-- 7,a7 not later than #f months after selection1 establish escrow accounts under subsection 7c7 for covered families2 and 7,b7 maintain those escrow accounts for not less than #e years1 or until the date the family ceases to receive assistance under section #h or #i1 and1 at the discretion of the covered family1 not more than #g years after the date on which the escrow account is established4 7i7 ,nonparticipation and housing assistance 7#a7 ,in general ,a family that elects not to participate in the pilot program may not be delayed or denied assistance under section #h or #i for reason of such election4 7#b7 ,no termination ,housing assistance may not be terminated as a consequence of participating1 or not participating1 in the pilot program under this section for any period of time4 7j7 ,study ,not later than #h years after the date the ,secretary selects eligible entities to participate in the pilot program under this section1 the ,secretary shall conduct a study and submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report on outcomes for covered families that participated in the pilot program1 which shall evaluate the effectiveness of the pilot program in assisting families to achieve economic independence and self-sufficiency1 and the impact coaching and supportive services1 or the lack thereof1 had on individual incomes4 7k7 ,waivers ,the ,secretary may1 upon the written request of an eligible entity receiving amounts under this section1 waive requirements under this section that relate to the administration of the pilot program for the eligible entity that submitted the request if such waiver would allow such eligible entity to effectively administer the pilot program and make the required escrow account deposits under this section4 7l7 ,termination ,the pilot program established under this section shall terminate on the date that is #g years after the date of enactment of this section4 4 #dje4 ,reforms to housing counseling and financial literacy programs 7a7 ,in general ,section #ajf of the ,housing and ,urban ,development ,act of #aifh 7#ab ,u4,s4,c4 #agjax7 is amended-- 7#a7 in subsection 7a77#d77;,c71 by striking adequate distribution and all that follows through foreclosure rates and inserting that the recipients are geographically diverse and include organizations that serve urban or rural areas2 7#b7 in subsection 7e71 by adding at the end the following3 7#f7 ,performance review ,the ,secretary-- 7,a7 may conduct periodic reviews2 and 7,b7 shall conduct performance reviews of all organizations receiving assistance under this section that-- 7i7 consist of a review of the organization's or entity's compliance with all program requirements2 and 7ii7 may take into account the organization's or entity's aggregate counselor performance under paragraph 7#g77;,b74 7#g7 ,considerations 7,a7 ,covered mortgage loan defined ,in this paragraph1 the term covered mortgage loan means any loan which is secured by a first or subordinate lien on residential real property 7including individual units of condominiums and cooperatives7 designed principally for the occupancy of between #a and #d families that is-- 7i7 insured by the ,federal ,housing ,administration under title ,,ii of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjg et seq472 or 7ii7 guaranteed under section #ahd or #ahd;,a of the ,housing and ,community ,development ,act of #aiib 7#ab ,u4,s4,c4 #agaez-#ac;a1 #agaez-#ac;b74 7,b7 ,comparison ,for each counselor employed by an organization receiving assistance under this section for pre-purchase housing counseling1 the ,secretary may consider the performance of the counselor compared to the default rate of all counseled borrowers of a covered mortgage loan in comparable markets and such other factors as the ,secretary determines appropriate to further the purposes of this section4 7#h7 ,certification ,if1 based on the comparison required under paragraph 7#g77;,b71 the ,secretary determines that a counselor lacks competence to provide counseling in the areas described in subsection 7e77#b7 and such action will not create a significant loss of capacity for housing counseling services in the service area1 the ,secretary may-- 7,a7 require continued education coupled with successful completion of a probationary period2 7,b7 require retesting if the counselor continues to demonstrate a lack of competence under paragraph 7#g77;,b72 and 7,c7 suspend an individual certification if a counselor fails to demonstrate competence after not fewer than #b retesting opportunities under subparagraph 7,b74 2 7#c7 in subsection 7i7-- 7,a7 by redesignating paragraph 7#c7 as paragraph 7#d72 and 7,b7 by inserting after paragraph 7#b7 the following3 7#c7 ,termination of assistance 7,a7 ,in general ,the ,secretary may deny renewal of covered assistance to an organization or entity receiving covered assistance if the ,secretary determines that the organization or entity1 or the individual through which the organization or entity provides counseling1 is not in compliance with program requirements-- 7i7 based on the performance review described in subsection 7e77#f72 and 7ii7 in accordance with existing regulations issued by the ,secretary4 7,b7 ,notice ,the ,secretary shall give an organization or entity receiving covered assistance not less than #fj days prior written notice of any denial of renewal under this paragraph1 and the determination of renewal shall not be finalized until the end of that notice period4 7,c7 ,informal conference ,if requested in writing by the organization or entity within the notice period described in subparagraph 7,b71 the organization or entity shall be entitled to an informal conference with the ,deputy ,assistant ,secretary of ,housing ,counseling on behalf of the ,secretary at which the organization or entity may present for consideration specific factors that the organization or entity believes were beyond the control of the organization or entity and that caused the failure to comply with program requirements1 such as a lack of lender or servicer coordination or communication with housing counseling agencies and individual counselors4 2 and 7#d7 by adding at the end the following3 7j7 ,offering foreclosure mitigation counseling 7#a7 ,covered mortgage loan defined ,in this subsection1 the term covered mortgage loan means any loan which is secured by a first or subordinate lien on residential real property 7including individual units of condominiums and housing cooperatives7 or stock or membership in a cooperative ownership housing corporation designed principally for the occupancy of between #a and #d families that is-- 7,a7 insured by the ,federal ,housing ,administration under title ,,ii of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjg et seq472 7,b7 guaranteed under section #ahd or #ahd;,a of the ,housing and ,community ,development ,act of #aiib 7#ab ,u4,s4,c4 #agaez-#ac;a1 #agaez-#ac;b72 7,c7 made1 guaranteed1 or insured by the ,department of ,veterans ,affairs2 or 7,d7 made1 guaranteed1 or insured by the ,department of ,agriculture4 7#b7 ,opportunity for borrowers ,a borrower with respect to a covered mortgage loan who is #cj days or more delinquent on payments for the covered mortgage loan shall be given an opportunity to participate in available housing counseling4 7#c7 ,cost ,if the requirements of sections #bjb7;a77#c7 and #bje7;f7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjh7;a77#c71 #agaa7;f77 are met1 the fair market rate cost of counseling for delinquent borrowers described in paragraph 7#b7 with respect to a covered mortgage loan described in paragraph 7#a77;,a7 shall be paid for by the ,mutual ,mortgage ,insurance ,fund1 as authorized under section #bjc7r77#d7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agji7r77#d774 4 #djf4 ,establishment of eviction helpline 7a7 ,in general ,the ,secretary of ,housing and ,urban ,development shall1 not later than #a year after the date of the enactment of this ,act1 establish a program-- 7#a7 to establish a hotline to provide tenants of covered federally assisted rental dwelling units with counseling1 resources1 and referrals to available assistance relating to eviction-related matters2 and 7#b7 to provide information about such hotline to tenants of covered federally assisted rental dwelling units by publishing information about such hotline in common areas of each federally assisted rental dwellings and through other means determined appropriate by the ,secretary4 7b7 ,sunset ,the program established under this section shall terminate on the date that is #g years after the date of the enactment of this section4 7c7 ,definitions ,in this section3 7#a7 ,assistance ,the term assistance means any grant1 loan1 subsidy1 contract1 cooperative agreement1 or other form of financial assistance1 but such term does not include the insurance or guarantee of a loan1 mortgage1 or pool of loans or mortgages4 7#b7 ,covered federally assisted rental dwelling unit ,the term covered federally assisted rental dwelling unit means a residential dwelling unit-- 7,a7 that is made available for rental2 and 7,b7 7i7 for which assistance is provided1 or that is part of a housing project for which assistance is provided1 under any program administered by the ,secretary of ,housing and ,urban ,development1 including-- 7,i7 the public housing program under the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg et seq472 7,,ii7 the program for rental assistance under section #h of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f72 7,,iii7 the ,,home ,investment ,partnerships program under title ,,ii of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgba et seq472 7,,iv7 title ,,iv of the ,mc,kinney-,vento ,homeless ,assistance ,act 7#db ,u4,s4,c4 #aacfj et seq472 7,v7 the ,housing ,trust ,fund program under section #acch of the ,housing and ,community ,development ,act of #aiib 7#ab ,u4,s4,c4 #defh72 7,,vi7 the program for supportive housing for the elderly under section #bjb of the ,housing ,act of #aiei 7#ab ,u4,s4,c4 #agjaq72 7,,vii7 the program for supportive housing for persons with disabilities under section #haa of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #hjac72 7,,viii7 the ,,aids ,housing ,opportunities program under subtitle ,d of title ,,viii of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abija et seq472 7,,ix7 the program for ,native ,american housing under the ,native ,american ,housing ,assistance and ,self-,determination ,act of #aiif 7#be ,u4,s4,c4 #daja et seq472 and 7,x7 the program for housing assistance for ,native ,hawaiians under title ,,viii of the ,native ,american ,housing ,assistance and ,self-,determination ,act of #aiif 7#be ,u4,s4,c4 #dbba et seq472 or 7ii7 that is a property1 or is on or in a property1 that has a federally backed mortgage loan or federally backed multifamily mortgage loan1 as such terms are defined in section #djbd7;a7 of the ,,cares ,act 7#ae ,u4,s4,c4 #ijeh7;a774 #djg4 ,temperature ,sensor pilot program 7a7 ,in general ,the ,secretary of ,housing and ,urban ,development shall establish a temperature sensor pilot program to provide grants to public housing agencies and owners of covered federally assisted rental dwelling units to acquire1 install1 and test the efficacy of approved temperature sensors in residential dwelling units to ensure such units remain in compliance with temperature requirements4 7b7 ,eligibility 7#a7 ,in general ,the ,secretary shall1 not later than #ahj days after the date of the enactment of this ,act1 establish eligibility criteria for public housing agencies and owners of covered federally assisted rental dwelling units to participate in the pilot program established pursuant to subsection 7a74 7#b7 ,criteria ,in establishing the eligibility criteria described in paragraph 7#a71 the ,secretary shall ensure-- 7,a7 the pilot program includes a diverse range of participants that represent different geographic regions1 climate regions1 unit sizes1 and types of housing2 and 7,b7 that the functionality of an approved temperature sensor will be installed and tested using amounts awarded under this section1 including internet connectivity requirements4 7c7 ,installation ,each public housing agency or owner of a covered federally assisted rental dwelling unit that acquires #a or more approved temperature sensors under this section shall1 after receiving written permission from the resident of a dwelling unit1 install such temperature sensor and monitor the data from such temperature sensor4 7d7 ,collection of complaint records 7#a7 ,in general ,each public housing agency or owner of a covered federally assisted rental dwelling unit that installs #a or more approved temperature sensors under this section shall collect and retain information about temperature-related complaints and violations4 7#b7 ,definitions ,the ,secretary shall1 not later than #ahj days after the date of the enactment of this ,act1 define the terms temperature-related complaints and temperature-related violations for the purposes of this section4 7e7 ,data collection 7#a7 ,in general ,data collected from temperature sensors acquired and installed by public housing agencies and owners of covered federally assisted rental dwelling units under this section shall be retained until the ,secretary notifies the public housing agency or owner that the pilot program and the evaluation of the pilot program are complete4 7#b7 ,personally identifiable information ,the ,secretary shall1 not later than #ahj days after the date of the enactment of this ,act1 establish standards for the protection of personally identifiably information collected during the pilot program by public housing agencies1 owners of federally assisted rental dwelling units1 and the ,secretary4 7f7 ,pilot program evaluation 7#a7 ,interim evaluation ,not later than #ab months after the establishment of the pilot program under this section1 the ,secretary shall publicly publish and submit to the ,congress a report that-- 7,a7 examines the number of temperature-related complaints and violations in federally assisted rental dwelling units with temperature sensors1 disaggregated by temperature sensor technology and climate region-- 7i7 that occurred before the installation of such sensor1 if known2 and 7ii7 that occurred after the installation of such sensor2 and 7,b7 identifies any barriers to full utility of temperature sensor capabilities1 including broadband internet access and tenant participation4 7#b7 ,final evaluation ,not later than #cf months after the conclusion of the pilot program established by the ,secretary under this section1 the ,secretary shall publicly publish and submit to the ,congress a report that-- 7,a7 examines the number of temperature-related complaints and violations in federally assisted rental dwelling units with temperature sensors1 disaggregated by temperature sensor technology and climate region-- 7i7 that occurred before the installation of such sensor2 and 7ii7 that occurred after the installation of such sensor2 7,b7 identifies any barriers to full utility of temperature sensor capabilities1 including broadband internet access and tenant participation2 and 7,c7 compares the utility of various temperature sensor technologies based on-- 7i7 climate zones2 7ii7 cost2 7iii7 features2 and 7iv7 any other factors identified by the ,secretary4 7g7 ,sunset ,the pilot program established under this section shall terminate on the date that is #c years after the date of the enactment of this section4 7h7 ,definitions ,for the purposes of this section3 7#a7 ,approved temperature sensor ,the term approved temperature sensor means an internet capable temperature reporting device able to measure ambient air temperature to the tenth degree ,fahrenheit and ,celsius selected from a list of such devices approved in advance by the ,secretary4 7#b7 ,assistance ,the term assistance means any grant1 loan1 subsidy1 contract1 cooperative agreement1 or other form of financial assistance1 but such term does not include the insurance or guarantee of a loan1 mortgage1 or pool of loans or mortgages4 7#c7 ,covered federally assisted rental dwelling unit ,the term covered federally assisted rental dwelling unit means a residential dwelling unit that is made available for rental and for which assistance is provided1 or that is part of a housing project for which assistance is provided1 under-- 7,a7 the program for project-based rental assistance under section #h of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f72 7,b7 the public housing program under the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg et seq472 7,c7 the program for supportive housing for the elderly under section #bjb of the ,housing ,act of #aiei 7#ab ,u4,s4,c4 #agjaq72 or 7,d7 the program for supportive housing for persons with disabilities under section #haa of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #hjac74 7#d7 ,owner ,the term owner means-- 7,a7 with respect to the program for project-based rental assistance under section #h of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f71 any private person or entity1 including a cooperative1 an agency of the ,federal ,government1 or a public housing agency1 having the legal right to lease or sublease dwelling units2 7,b7 with respect to the public housing program under the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg et seq471 a public housing agency or an owner entity of public housing units as defined in section #ije4ajh of title #bd1 ,code of ,federal ,regulations2 7,c7 with respect to the program for supportive housing for the elderly under section #bjb of the ,housing ,act of #aiei 7#ab ,u4,s4,c4 #agjaq71 a private nonprofit organization as defined under section #bjb7k77#d7 of the ,housing ,act of #aiei2 and 7,d7 with respect to the program for supportive housing for persons with disabilities under section #haa of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #hjac71 a private nonprofit organization as defined under section #haa7k77#e7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act4 #djh4 ,,gao studies 7a7 ,report to ,congress ,not later than #a year after the date of the enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall carry out a study and submit to the ,congress a report that identifies options to remove barriers and improve housing for persons who are elderly or disabled1 including any potential impacts of providing capital advances for-- 7#a7 the program for supportive housing for the elderly under section #bjb of the ,housing ,act of #aiei 7#ab ,u4,s4,c4 #agjaq72 and 7#b7 the program for supportive housing for persons with disabilities under section #haa of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #hjac74 7b7 ,,gao study to determine proximity of housing to ,superfund sites ,not later than #a year after the date of the enactment of this section1 the ,comptroller ,general of the ,united ,states shall carry out a study and submit to the ,congress a report that identifies how many residential dwelling units1 and how many dwelling units that are a part of public housing 7as such term is defined in section #c7;b7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;a7b7771 are located less than #a mile from a site that is included on the ,national ,priorities ,list established pursuant to section #aje of the ,comprehensive ,environmental ,response1 ,compensation1 and ,liability ,act of #aihj 7#db ,u4,s4,c4 #ifje74 7c7 ,report to congress ,not later than #a year after the date of the enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall carry out a study and submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate a report that-- 7#a7 establishes a comprehensive definition of residential heirs property1 or family land inherited without a will or legal documentation of ownership2 7#b7 examines the occurrence of and consequences to owners of residential heirs property1 and provides an estimate regarding the number of current residential heirs properties2 7#c7 describes the objectives and requirements of the ,uniform ,partition of ,heirs ,property ,act as approved by the ,national ,conference of ,commissioners on ,uniform ,state ,laws in #bjaj2 7#d7 details the various resources that may be available to the owners of residential heirs properties1 including housing counseling1 legal services1 and financial assistance to resolve residential heirs property title issues from the ,federal ,government1 nonprofits1 and institutes of higher education2 and 7#e7 makes recommendations with respect to how to reduce the number of residential heirs properties1 including-- 7,a7 by incentivizing ,states and other jurisdictions which enact or adopt the ,uniform ,partition of ,heirs ,property ,act or similar such reforms2 7,b7 by awarding grants to ,states and other jurisdictions to assist residents of such ,states and jurisdictions to establish and document property ownership rights or settle a decedent's estate2 7,c7 by awarding grants to entities which provide housing counseling1 legal assistance1 and financial assistance to homeowners and their heirs relating to title clearing and home retention efforts of heirs' property and which target services to low- and moderate-income persons or provide services in neighborhoods that have a high concentration of low- and moderate-income persons2 and 7,d7 by conducting other activities that assist individuals to clear title with respect to heirs' property and with general estate planning4 ,v ,enhancing ,oversight of ,housing ,providers #eja4 ,requirement to testify ,section #g of the ,department of ,housing and ,urban ,development ,act 7#db ,u4,s4,c4 #cece7 is amended by adding at the end the following new subsection3 7u7 ,annual testimony ,the ,secretary shall appear before the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate at an annual hearing and present testimony regarding the operations of the ,department during the preceding year1 including-- 7#a7 the current programs and operations of the ,department2 7#b7 the physical condition of all public housing and other housing assisted by the ,department2 7#c7 the financial health of the mortgage insurance funds of the ,federal ,housing ,agency2 7#d7 oversight by the ,department of grantees and subgrantees for purposes of preventing waste1 fraud1 and abuse2 7#e7 the progress made by the ,federal ,government in ending the affordable housing and homelessness crises2 7#f7 the capacity of the ,department to deliver on its statutory mission2 and 7#g7 other ongoing activities of the ,department1 as appropriate4 4 #ejb4 ,improving public housing agency accountability 7a7 ,in general ,the ,secretary shall require each covered public housing agency to provide a notice each year to the ,secretary that-- 7#a7 indicates that if a receiver or ,federal monitor remains appointed for the covered public housing agency as of ,october #a of the calendar year to which such notice relates2 7#b7 provides the date on which the receiver or ,federal monitor was first appointed and the projected date1 if known1 the appointment of the receiver or ,federal monitor will be terminated2 and 7#c7 identifies the current receiver or ,federal monitor appointed to oversee the public housing agency4 7b7 ,federal monitor and receiver transparency 7#a7 ,notwithstanding any other provision of law1 not later than ,october #a of each year1 each receiver or ,federal monitor that is currently appointed to oversee a covered public housing agency shall provide to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate a written assessment that-- 7,a7 describes the management and oversight activities of the receiver or ,federal monitor for the covered public housing agency2 7,b7 identifies the significant factors that led to the appointment of the receiver or ,federal monitor for the covered public housing agency2 7,c7 identifies the factors that remain unresolved at the covered public housing agency that have led to the continued oversight of the receiver or ,federal monitor2 and 7,d7 includes a timeline developed by the receiver or ,federal monitor that projects when the factors identified under subparagraphs 7,b7 and 7,c7 will be resolved4 7#b7 ,in addition to the written assessment required in paragraph 7#a71 upon written request by the ,committee on ,financial ,services of the ,house of ,representatives or the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 each receiver or ,federal monitor appointed to oversee a covered public housing agency shall promptly furnish additional or supplemental information requested by the ,committee on ,financial ,services of the ,house of ,representatives or the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate with respect to the covered public housing agency which such receiver or ,federal monitor is appointed to oversee1 including presenting testimony upon request4 7c7 ,disclosure required ,the ,secretary shall1 not later than #a year after the date of the enactment of this section1 require each covered public housing agency to publicly disclose1 on the website of the covered public housing agency1 with respect to each contract entered into by such covered public housing agency in the preceding year1 the following information3 7#a7 ,all material information about the contract1 including the goods and service provided4 7#b7 ,the identity of the vendor selected to receive the contract4 7#c7 ,the date of the solicitation of the contract4 7#d7 ,the relevant information pertaining to the bids and quotes solicited for the contract4 7#e7 ,the name of the official who solicited the contract4 7d7 ,inspector general review ,not later than #ahj days after receiving a written request from the ,committee on ,financial ,services of the ,house of ,representatives or the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 the inspector general shall provide to the requesting committee an analysis of-- 7#a7 the status of any covered public housing agency's compliance with any agreements entered into between the covered public housing agency and the ,department of ,housing and ,urban ,development1 including specific areas of deficiency and progress toward compliance2 7#b7 a review of actions taken by the receiver or ,federal monitor appointed to oversee a covered public housing agency and any private sector housing development partners pursuant to such agreement1 including any gaps in oversight by the receiver or ,federal monitor2 7#c7 an assessment of the physical conditions of housing provided by the covered public housing agency1 including the status of the covered public housing agency's compliance with relevant health and safety requirements2 7#d7 an examination of any allegations of waste1 fraud1 abuse or violations of ,federal law committed by employees or contractors of the covered public housing agency2 7#e7 any additional pertinent information1 as determined necessary and appropriate by the inspector general2 and 7#f7 any recommendations of the inspector general that relate to how to improve the compliance of the covered public housing agency with any agreements entered into with the ,department of ,housing and ,urban ,development or enhance the oversight of the receiver or ,federal monitor over such covered public housing agency4 7e7 ,definitions 7#a7 ,covered public housing agency ,the term covered public housing agency means a public housing agency 7as such term is defined in section #c7;b7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;a7b777 for which an administrative or judicial receiver or ,federal monitor was appointed4 7#b7 ,inspector general ,the term inspector general means the inspector general of the ,department of ,housing and ,urban ,development4 7#c7 ,secretary ,the term ,secretary means the ,secretary of ,housing and ,urban ,development4 ,,vi ,strengthening ,community ,banks' ,role in ,housing #fja4 ,community ,bank ,deposit ,access 7a7 ,in general ,section #bi of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f7 is amended by adding at the end the following3 7j7 ,limited exception for custodial deposits 7#a7 ,in general ,custodial deposits of an eligible institution shall not be considered to be funds obtained1 directly or indirectly1 by or through a deposit broker to the extent that the total amount of such custodial deposits does not exceed an amount equal to #bj percent of the total liabilities of the eligible institution4 7#b7 ,definitions ,in this subsection3 7,a7 ,custodial deposit ,the term custodial deposit means a deposit that is not deposited at an insured depository institution in return for fees paid by the insured depository institution pursuant to an agreement with a third party and that would otherwise be considered to be obtained1 directly or indirectly1 by or through a deposit broker1 if the deposit is deposited at #a or more insured depository institutions1 for the purpose of providing or maintaining deposit insurance for the benefit of a third party1 by or through any of the following1 each acting in a formal custodial or fiduciary capacity for the benefit of a third party3 7i7 ,an insured depository institution serving as agent1 trustee1 or custodian4 7ii7 ,a trust entity controlled by an insured depository institution serving as agent1 trustee1 or custodian4 7iii7 ,a ,state-chartered trust company serving as agent1 trustee1 or custodian4 7iv7 ,a plan administrator or investment advisor1 acting in a formal custodial or fiduciary capacity for the benefit of a plan4 7,b7 ,eligible institution ,the term eligible institution means an insured depository institution that accepts custodial deposits1 if the insured depository institution has less than #aj1jjj1jjj1jjj in total assets as reported on the consolidated report of condition and income as reported quarterly to the appropriate ,federal banking agency and-- 7i7 7,i7 when most recently examined under section #aj7;d7 was assigned a composite rating of #a1 #b1 or #c under the ,uniform ,financial ,institutions ,rating ,system 7or an equivalent rating under a comparable rating system72 and 7,,ii7 is well capitalized2 or 7ii7 has obtained a waiver pursuant to subsection 7c74 7,c7 ,plan ,the term plan has the meaning given the term in section #c of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajjb74 7,d7 ,plan administrator ,the term plan administrator has the meaning given the term administrator in section #c of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajjb74 7,e7 ,well capitalized ,the term well capitalized has the meaning given the term in section #ch7;b74 4 7b7 ,interest rate restriction ,section #bi of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f71 as amended by subsection 7a71 is further amended by adding at the end the following3 7k7 ,restriction on interest rate paid on certain custodial deposits 7#a7 ,definitions ,in this subsection-- 7,a7 the terms custodial deposit1 eligible institution1 and well capitalized have the meanings given those terms in subsection 7j72 and 7,b7 the term covered insured depository institution means an insured depository institution that while acting as an eligible institution under subsection 7j71 accepts custodial deposits while not well capitalized4 7#b7 ,prohibition ,a covered insured depository institution may not pay a rate of interest on custodial deposits that are accepted while not well capitalized that1 at the time the funds or custodial deposits are accepted1 significantly exceeds the limit set forth in paragraph 7#c74 7#c7 ,limit on interest rates ,the limit on the rate of interest referred to in paragraph 7#b7 shall be not greater than-- 7,a7 the rate paid on deposits of similar maturity in the normal market area of the covered insured depository institution for deposits accepted in the normal market area of the covered insured depository institution2 or 7,b7 the national rate paid on deposits of comparable maturity1 as established by the ,corporation1 for deposits accepted outside the normal market area of the covered insured depository institution4 4 #fjb4 ,keeping ,deposits ,local 7a7 ,amount of reciprocal deposits that are not considered to be funds obtained by or through a deposit broker ,section #bi7;i7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f7i77 is amended by striking paragraph 7#a7 and inserting the following3 7#a7 ,in general ,the sum of the following amounts of reciprocal deposits of an agent institution shall not be considered to be funds obtained1 directly or indirectly1 by or through a deposit broker3 7,a7 ,an amount equal to #ej percent of the portion of the total liabilities of the agent institution that is less than or equal to #a1jjj1jjj1jjj4 7,b7 ,an amount equal to #dj percent of the portion1 if any1 of the total liabilities of the agent institution that is greater than #a1jjj1jjj1jjj1 but less than or equal to #aj1jjj1jjj1jjj4 7,c7 ,an amount equal to #cj percent of the portion1 if any1 of the total liabilities of the agent institution that is greater than #aj1jjj1jjj1jjj1 but less than or equal to #bej1jjj1jjj1jjj4 4 7b7 ,definition of ,agent ,institution ,section #bi7;i77#b77;,a77i7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f7i77#b77;,a77i77 is amended by striking subclause 7,i7 and inserting the following3 7,i7 when most recently examined under section #aj7;d7 was assigned a ,,camels rating of #a1 #b1 or #c under the ,uniform ,financial ,institutions ,rating ,system 7or an equivalent rating under a comparable rating system72 and 4 7c7 ,reciprocal deposits study 7#a7 ,in general ,the ,federal ,deposit ,insurance ,corporation1 in consultation with the ,board of ,governors of the ,federal ,reserve ,system1 shall carry out a study on reciprocal deposits4 7#b7 ,contents ,the study required under paragraph 7#a7 shall include-- 7,a7 an analysis of how reciprocal deposits have performed since #bjah1 which shall include-- 7i7 the use of quantitative and qualitative data2 7ii7 a breakdown of the usage of reciprocal deposits by size of insured depository institution2 7iii7 the usage of reciprocal deposits during periods of stress2 and 7iv7 an analysis1 to the extent practicable1 of end-user depositors1 such as municipalities1 businesses1 and non-profit organizations1 that drive demand for reciprocal products2 7,b7 an analysis1 to the extent practicable1 of how reciprocal deposits compare to other deposit arrangements2 and 7,c7 an analysis of the benefits and potential risks of reciprocal deposits4 7#c7 ,report ,not later than #f months after the date of enactment of this ,act1 the ,federal ,deposit ,insurance ,corporation shall issue a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate containing all findings and determinations made in carrying out the study required under paragraph 7#a74 #fjc4 ,supervisory ,modifications for ,appropriate ,risk-based ,testing 7a7 ,examination relief for certain well managed and well capitalized financial institutions 7#a7 ,insured depository institutions ,section #aj7;d7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7;d77 is amended by adding at the end the following3 7#aa7 ,examination relief for certain well managed and well capitalized insured depository institutions 7,a7 ,in general ,the following shall apply to a well managed and well capitalized insured depository institution with #f1jjj1jjj1jjj or less in consolidated assets3 7i7 ,alternating limited-scope examinations ,after an insured depository institution receives a full-scope1 on-site examination from the appropriate ,federal banking agency1 the next examination of the insured depository institution by the appropriate ,federal banking agency shall be a limited-scope examination1 as determined by the appropriate ,federal banking agency4 7ii7 ,combined examinations ,if an insured depository institution is otherwise subject to separate safety and soundness examinations1 consumer compliance examinations1 and information technology and cybersecurity examinations1 the appropriate ,federal banking agency shall1 upon request of the insured depository institution1 combine two or three such examinations1 as specified by the insured depository institution1 and carry them out at the same time4 7,b7 ,exception ,subparagraph 7,a7 shall not apply to an insured depository institution if-- 7i7 the insured depository institution is currently subject to a formal enforcement proceeding or order by the ,corporation or the appropriate ,federal banking agency2 or 7ii7 a person acquired control of the insured depository institution since the most recent full-scope1 on-site examination of the insured depository institution from the appropriate ,federal banking agency4 7,c7 ,rulemaking ,not later than #ab months after the date of enactment of this paragraph1 the ,federal banking agencies shall issue rules to carry out subparagraph 7,a71 including1 with respect to an insured depository institution described under subparagraph 7,a71 to-- 7i7 establish procedures for the limited-scope examinations described in subparagraph 7,a77i72 7ii7 establish procedures for reviewing insured depository institutions that-- 7,i7 experience material changes in financial condition or operational risk profile between scheduled examinations2 or 7,,ii7 have failed to comply with ,federal or ,state banking laws and regulations2 and 7iii7 balance the goals of streamlining the examination cycle for individual insured depository institutions and reducing unnecessary regulatory burdens while maintaining sufficient oversight to ensure the continued safety and soundness of the insured depository institutions and compliance with all applicable laws and regulations4 7,d7 ,rule of construction ,nothing in this paragraph may be construed to limit the authority of a ,federal banking agency to conduct off-site monitoring1 targeted reviews1 or additional full-scope1 on-site examinations of an insured depository institution if the ,federal banking agency determines such monitoring1 reviews1 or examinations are necessary to ensure safety and soundness or compliance with applicable laws4 7,e7 ,definitions ,in this paragraph3 7i7 ,consumer compliance examination ,the term consumer compliance examination means an examination to assess compliance with the requirements of ,federal consumer financial law 7as such term is defined in section #ajjb of the ,consumer ,financial ,protection ,act of #bjaj74 7ii7 ,well capitalized ,the term well capitalized has the meaning given that term in section #ch7;b74 7iii7 ,well managed ,with respect to an insured depository institution1 the term well managed means that1 when the institution was most recently examined by the appropriate ,federal banking agency1 the institution was found to be well managed1 and the institution's composite condition was found to be satisfactory or outstanding4 4 7#b7 ,insured credit unions ,section #bjd of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghd7 is amended by adding at the end the following3 7h7 ,examination relief for certain well managed and well capitalized insured credit unions 7#a7 ,in general ,the following shall apply to a well managed and well capitalized insured credit union with #f1jjj1jjj1jjj or less in consolidated assets3 7,a7 ,alternating limited-scope examinations ,after an insured credit union receives a full-scope1 on-site examination from the ,national ,credit ,union ,administration1 the next examination of the insured credit union by the ,national ,credit ,union ,administration shall be a limited-scope examination1 as determined by the ,national ,credit ,union ,administration4 7,b7 ,combined examinations ,if an insured credit union is otherwise subject to separate safety and soundness examinations1 consumer compliance examinations1 and information technology and cybersecurity examinations1 the ,national ,credit ,union ,administration shall1 upon request of the insured credit union1 combine two or three such examinations1 as specified by the insured credit union1 and carry them out at the same time4 7#b7 ,exception ,paragraph 7#a7 shall not apply to an insured credit union if the insured credit union is currently subject to a formal enforcement proceeding or order by the ,national ,credit ,union ,administration4 7#c7 ,rulemaking ,not later than #ab months after the date of enactment of this subsection1 the ,national ,credit ,union ,administration shall issue rules to carry out paragraph 7#a71 including1 with respect to an insured credit union described under paragraph 7#a71 to-- 7,a7 establish procedures for the limited-scope examinations described in paragraph 7#a77;,a72 7,b7 establish procedures for reviewing insured credit unions that-- 7i7 experience material changes in financial condition or operational risk profile between scheduled examinations2 or 7ii7 have failed to comply with ,federal or ,state banking laws and regulations2 and 7,c7 balance the goals of streamlining the examination cycle for individual insured credit unions and reducing unnecessary regulatory burdens while maintaining sufficient oversight to ensure the continued safety and soundness of the insured credit unions and compliance with all applicable laws and regulations4 7#d7 ,rule of construction ,nothing in this subsection may be construed to limit the authority of the ,national ,credit ,union ,administration to conduct off-site monitoring1 targeted reviews1 or additional full-scope1 on-site examinations of an insured credit union if the ,national ,credit ,union ,administration determines such monitoring1 reviews1 or examinations are necessary to ensure safety and soundness or compliance with applicable laws4 7#e7 ,definitions ,in this paragraph3 7,a7 ,consumer compliance examination ,the term consumer compliance examination means an examination to assess compliance with the requirements of ,federal consumer financial law 7as such term is defined in section #ajjb of the ,consumer ,financial ,protection ,act of #bjaj74 7,b7 ,well capitalized ,the term well capitalized has the meaning given that term in section #baf7;c74 7,c7 ,well managed ,with respect to an insured credit union1 the term well managed means that1 when the credit union was most recently examined by the ,national ,credit ,union ,administration1 the credit union was found to be well managed1 and the credit union's composite condition was found to be satisfactory or outstanding4 4 7b7 ,examination practices 7#a7 ,insured depository institutions ,section #aj7;d7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7;d771 as amended by subsection 7a77#a71 is further amended by adding at the end the following3 7#ab7 ,examination practices ,with respect to on-site examination of an insured depository institution with less than #f1jjj1jjj1jjj in total assets1 the appropriate ,federal banking agency shall-- 7,a7 ensure the examination is led by1 to the maximum extent practicable1 an examiner with significant experience as an examiner2 7,b7 make every effort1 to the maximum extent practicable1 to minimize the number of examiners utilized and the amount of time spent at the institution to carry out the examination2 7,c7 make every effort1 to the maximum extent practicable1 to schedule the examination at a time that is convenient for the institution2 and 7,d7 to the maximum extent practicable1 give the institution advance notice of issues expected to be covered in the examination4 7#ac7 ,report ,in its annual report to ,congress1 each ,federal banking agency shall include-- 7,a7 information on how the agency is complying with paragraphs 7#aa7 and 7#ab72 and 7,b7 aggregate data summarizing the agency's examination practices with respect to insured depository institutions with less than #f1jjj1jjj1jjj in total assets1 including-- 7i7 the average experience of examiners1 including the average number of years of examiner experience of those who lead on-site examinations2 7ii7 the average number of examiners utilized2 and 7iii7 the average amount of time the agency spends visiting such institutions for on-site examinations4 4 7#b7 ,insured credit unions ,section #bjd of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghd71 as amended by subsection 7a77#b71 is further amended by adding at the end the following3 7i7 ,examination practices ,with respect to on-site examination of an insured credit union with less than #f1jjj1jjj1jjj in total assets1 the ,national ,credit ,union ,administration shall-- 7#a7 ensure the examination is led by1 to the maximum extent practicable1 an examiner with significant experience as an examiner2 7#b7 make every effort1 to the maximum extent practicable1 to minimize the number of examiners utilized and the amount of time spent at the credit union to carry out the examination2 7#c7 make every effort1 to the maximum extent practicable1 to schedule the examination at a time that is convenient for the credit union2 and 7#d7 to the maximum extent practicable1 give the credit union advance notice of issues expected to be covered in the examination4 7j7 ,report ,in its annual report to ,congress1 the ,national ,credit ,union ,administration shall include-- 7#a7 information on how the ,administration is complying with subsections 7h7 and 7i72 and 7#b7 aggregate data summarizing the ,administration's examination practices with respect to insured credit unions with less than #f1jjj1jjj1jjj in total assets1 including-- 7,a7 the average experience of examiners1 including the average number of years of examiner experience of those who lead on-site examinations2 7,b7 the average number of examiners utilized2 and 7,c7 the average amount of time the ,administration spends visiting such credit unions for on-site examinations4 4 #fjd4 ,tailored ,regulatory ,updates for ,supervisory ,testing ,section #aj7;d7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7;d77 is amended-- 7#a7 in paragraph 7#d77;,a71 by striking #c1jjj1jjj1jjj and inserting #f1jjj1jjj1jjj2 and 7#b7 in paragraph 7#aj71 by striking #c1jjj1jjj1jjj and inserting #f1jjj1jjj1jjj4 #fje4 ,credit ,union ,board ,modernization ,section #aac of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #agfa;b7 is amended-- 7#a7 by striking monthly each place such term appears2 7#b7 in the matter preceding paragraph 7#a71 by striking ,the board of directors and inserting the following3 7a7 ,in general ,the board of directors 2 7#c7 in subsection 7a7 7as so designated71 by striking shall meet at least once a month and2 and 7#d7 by adding at the end the following3 7b7 ,meetings ,the board of directors of a ,federal credit union shall meet as follows3 7#a7 ,with respect to a de novo ,federal credit union1 not less frequently than monthly during each of the first five years of the existence of such ,federal credit union4 7#b7 ,not less than six times annually1 with at least one meeting held during each fiscal quarter1 with respect to a ,federal credit union-- 7,a7 with composite rating of either #a or #b under the ,uniform ,financial ,institutions ,rating ,system 7or an equivalent rating under a comparable rating system72 and 7,b7 with a capability of management rating under such composite rating of either #a or #b4 7#c7 ,not less frequently than once a month1 with respect to a ,federal credit union-- 7,a7 with composite rating of either #c1 #d1 or #e under the ,uniform ,financial ,institutions ,rating ,system 7or an equivalent rating under a comparable rating system72 or 7,b7 with a capability of management rating under such composite rating of either #c1 #d1 or #e4 4 #fjf4 ,systemic ,risk ,authority ,transparency 7a7 ,,gao review ,section #ac7;c77#d77;,g77iv7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d77;,g77iv77 is amended to read as follows3 7iv7 ,,gao review 7,i7 ,in general ,the ,comptroller ,general of the ,united ,states shall1 not later than #fj days after a determination is made under clause 7i71 and again #ahj days thereafter1 review and report to the ,congress on the determination under clause 7i71 including-- 7aa7 the basis for the determination2 7bb7 the purpose for which any action was taken pursuant to such clause2 7cc7 the likely effect of the determination and such action on the incentives and conduct of insured depository institutions and uninsured depositors2 7dd7 any mismanagement by the executives and board of the insured depository institution that contributed to the failure of the insured depository institution2 7ee7 a review of the compensation practices of the insured depository institution2 7ff7 any supervisory or regulatory shortcomings with respect to the appropriate ,federal banking agency of the insured depository institution2 7gg7 any actions taken by the ,federal banking regulators1 ,financial ,stability ,oversight ,council1 ,department of the ,treasury1 and other relevant financial regulators in relation to the failure of the insured depository institution2 and 7hh7 any additional relevant entities or activities that may have contributed to the failure of the insured depository institution1 including with respect to auditing1 accounting1 credit rating agencies1 investment bank underwriters1 and emergency liquidity options such as loans from the ,federal reserve banks or advances through the ,federal ,home ,loan ,bank system4 7,,ii7 ,rule of construction ,nothing in this clause or a report issued pursuant to this clause may be construed to limit the authority of a ,federal agency to enforce violations of ,federal statutes1 rules1 or orders4 4 7b7 ,appropriate federal banking agency report ,section #ac7;c7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77 is amended by adding at the end the following3 7#ab7 ,appropriate federal banking agency report 7,a7 ,in general ,the appropriate ,federal banking agency of an insured depository institution about which a determination is made under paragraph 7#d77;,g77i7 shall1 not later than #ij days after the date of such determination1 and again #baj days thereafter1 submit a report to the ,congress that discloses the following3 7i7 ,subject to such redactions as the appropriate ,federal banking agency determines appropriate to protect personally identifiable information about customers and other financial institutions 7as such term is defined under section #aa7;e77#i77;,d771 all-- 7,i7 reports of examination and inspection that relate to the failed insured depository institution in the previous #c-year period2 7,,ii7 formal communications of a material supervisory determination conveyed to the failed insured depository institution in the previous #c-year period2 and 7,,iii7 any additional exam reports and correspondence that the appropriate ,federal banking agency determines may be relevant to the failure of the insured depository institution4 7ii7 ,an examination of any mismanagement by the executives and board of the insured depository institution that contributed to the failure of the insured depository institution4 7iii7 ,any supervisory or regulatory shortcomings by such appropriate ,federal banking agency with respect to the insured depository institution4 7iv7 ,any dynamics that the appropriate ,federal banking agency determines may have contributed to the failure of the insured depository institution4 7v7 ,any supervisory1 regulatory1 or legislative recommendations such appropriate ,federal banking agency may have to improve the safety and soundness of similarly situated insured depository institutions1 the banking system1 and financial stability4 7,b7 ,protection of sensitive information 7i7 ,effect on privilege ,the provision of any information by a ,federal banking agency under this paragraph may not be construed as-- 7,i7 waiving1 destroying1 or otherwise affecting any privilege applicable to the information2 or 7,,ii7 waiving any exemption applicable to the information under section #eeb of title #e1 ,united ,states ,code 7commonly known as the ,freedom of ,information ,act74 7ii7 ,transparency 7,i7 ,in general ,a ,federal banking agency shall publish materials contained in a report required under subparagraph 7,a7 to the fullest extent possible to promote transparency4 7,,ii7 ,consultation on omitting materials ,if a ,federal banking agency determines particular materials described under subclause 7,i7 should not be published1 the ,federal banking agency shall consult with the chair and ranking member of the ,committee on ,financial ,services of the ,house of ,representatives and the chair and ranking member of the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate4 7,,iii7 ,omitting materials ,if1 after the consultation required under subclause 7,,ii71 the ,federal banking agency determines there is a substantial public interest in not publishing such materials1 the ,federal banking agency shall provide those materials to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate with a written explanation describing the reasons for not publishing those materials4 7iii7 ,privilege ,for purposes of this subparagraph1 the term privilege includes any work-product1 attorney-client1 or other privilege recognized under ,federal or ,state law4 7,c7 ,report extension ,a ,federal banking agency may extend a deadline described under subparagraph 7,a7 for an additional #fj days1 if the ,federal banking agency-- 7i7 faces ongoing circumstances that require the ,federal banking agency to prioritize activities to promote stability of the ,u4,s4 banking system2 and 7ii7 notifies the ,congress of such extension and the reasons for such extension4 7,d7 ,consolidated reports ,a ,federal banking agency may consolidate multiple reports required under this paragraph so long as the individual reports being consolidated all meet the timing requirements under this paragraph4 7,e7 ,rule of construction ,nothing in this paragraph or reports or materials provided pursuant to this paragraph may be construed to limit the authority of a ,federal agency to enforce violations of ,federal statutes1 rules1 or orders4 4 #fjg4 ,least cost exception 7a7 ,in general ,section #ac7;c77#d7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d77 is amended-- 7#a7 in subparagraph 7,a77ii71 by inserting except as provided in subparagraph 7,i71 before the total amount2 7#b7 in subparagraph 7,e77i71 by inserting and except as provided in subparagraph 7,i71 after appropriate12 and 7#c7 by adding at the end the following3 7,i7 ,least cost resolution exception 7i7 ,in general ,with respect to an exercise of authority by the ,corporation described in subparagraph 7,a71 the ,corporation may1 at the discretion of the ,corporation1 select an alternative method of exercising such authority that is not the least costly to the ,deposit ,insurance ,fund1 if-- 7,i7 the ,corporation determines that the selected alternative complies with the requirements of clause 7iii72 and 7,,ii7 the ,corporation and the ,board of ,governors of the ,federal ,reserve ,system1 after consultation with the ,secretary of the ,treasury1 determine that the potential additional risks to the ,deposit ,insurance ,fund of the selected alternative are outweighed by the reasonably expected benefits of limiting further concentration of the ,united ,states banking system in global systemically important banking organizations4 7ii7 ,maximum cost to the deposit insurance fund ,not later than #a year after the date of enactment of this subparagraph1 the ,corporation1 by rule1 shall establish criteria for determining on a case-by-case basis the maximum allowable cost against the net worth of the ,deposit ,insurance ,fund that may be utilized to account for any determination under clause 7i74 7iii7 ,requirements described ,the requirements for the selected alternative described in clause 7i7 are as follows3 7,i7 ,the selected alternative is the least costly to the ,deposit ,insurance ,fund of all alternatives that do not involve a transaction with a global systemically important banking organization and that do not exceed the cost of liquidating the insured depository institution4 7,,ii7 ,the difference between the cost of the selected alternative and the cost of a covered alternative is less than or equal to the maximum cost to the ,deposit ,insurance ,fund specified pursuant to the rule adopted under clause 7ii74 7,,iii7 ,in the case of a selected alternative that involves another person purchasing assets of the insured depository institution or assuming deposit liabilities of the insured depository institution1 such person agrees to pay an assessment to the ,corporation comprised of payments-- 7aa7 made over a period to be determined by the ,corporation1 but which may not be less than #e years2 and 7bb7 in an amount that takes into account1 on a case-by-case basis1 criteria the ,corporation1 by rule1 shall establish1 including a realistic discount rate1 the aggregate amount equal to the difference calculated in subclause 7,,ii71 and any bid inconsistent with the purposes of this ,act1 with such rule to be established by the ,corporation not later than #a year after the date of enactment of this subparagraph4 7iv7 ,report to congress ,not later than #cj days after selecting an alternative described in clause 7i71 the ,corporation shall issue a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate containing an analysis of the economic difference between the cost to the ,deposit ,insurance ,fund of the selected alternative and the cost to the ,deposit ,insurance ,fund of the least costly alternative that would have been selected absent the application of this subparagraph4 7v7 ,cost determinations ,all cost determinations required under this subparagraph shall be made in accordance with subparagraphs 7,b7 and 7,c74 7vi7 ,definitions ,in this subparagraph3 7,i7 ,covered alternative ,the term covered alternative means a method of exercising authority described in subparagraph 7,a7 that is the least costly to the ,deposit ,insurance ,fund of all such methods that involve a sale of all or substantially all assets of the insured depository institution to1 and assumption of all or substantially all deposit liabilities of the insured depository institution by1 a global systemically important banking organization4 7,,ii7 ,global systemically important banking organization ,the term global systemically important banking organization means a global systemically important ,,bhc 7as such term is defined in section #bag4djb of title #ab1 ,code of ,federal ,regulations1 or any successor thereto7 and any affiliate thereof4 4 7b7 ,rule of construction ,section #ac7;c77#d77;,h7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d77;,h77 does not apply to the amendments made by subsection 7a74 #fjh4 ,failing ,bank ,acquisition ,fairness 7a7 ,concentration limit exceptions only available to avoid serious adverse economic or financial effects 7#a7 ,concentration limits with respect to deposits 7,a7 ,federal ,deposit ,insurance ,act ,the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is amended-- 7i7 in section #ah7;c77#ac7-- 7,i7 by amending subparagraph 7,b7 to read as follows3 7,b7 ,subparagraph 7,a7 shall not apply to an interstate merger transaction if-- 7i7 such interstate merger transaction involves #a or more insured depository institutions in default or in danger of default and the responsible agency determines1 based on clear and convincing evidence1 that consummation of the proposed interstate merger transaction is necessary to prevent significant economic disruption or significant adverse effects on financial stability1 and the ,corporation has not received any qualified bid from a company that is not subject to the prohibition in subparagraph 7,a72 or 7ii7 the ,corporation provides assistance under section #ac to facilitate such interstate merger transaction and the responsible agency determines1 based on clear and convincing evidence1 that consummation of the proposed interstate merger transaction is necessary to prevent significant economic disruption or significant adverse effects on financial stability1 and the ,corporation has not received any qualified bid from a company that is not subject to the prohibition in subparagraph 7,a74 2 and 7,,ii7 in subparagraph 7,c7-- 7aa7 in clause 7i71 by striking and at the end2 7bb7 in clause 7ii71 by striking the period at the end and inserting a semicolon2 and 7cc7 by adding at the end the following3 7iii7 the term qualified bid means an application1 proposed application1 or bid from a company where-- 7,i7 if applicable1 the company1 any affiliate insured depository institution1 and any affiliate depository institution holding company are well capitalized and well managed1 as of the date of the application1 proposed application1 or bid2 and 7,,ii7 upon consummation of the transaction1 the resulting insured depository institution is well capitalized2 7iv7 the term well capitalized-- 7,i7 with respect to an insured depository institution1 has the meaning given such term in section #ch7;b7 7#ab ,u4,s4,c4 #ahcao7b772 7,,ii7 with respect to a bank holding company1 has the meaning given such term in section #b7o77#a77;,b7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda7o77#a77;,b772 7,,iii7 with respect to a savings and loan holding company1 has the meaning given such term in section #bch4b of title #ab1 ,code of ,federal ,regulations2 and 7,,iv7 with respect to a company that is not an insured depository institution1 bank holding company1 or savings and loan holding company1 means maintaining equity capital that the ,corporation determines is commensurate with the capital maintained by an insured depository institution that is well capitalized2 and 7v7 the term well managed has the meaning given such term in section #b7o77#i7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda7o77#i774 2 and 7ii7 in section #dd1 by amending subsection 7e7 to read as follows3 7e7 ,exception for ,banks in ,default or in ,danger of ,default 7#a7 ,general exception ,the responsible agency may1 without regard to paragraph 7#a71 7#c71 7#d71 or 7#e7 of subsection 7b7 or paragraph 7#b71 7#d71 or 7#e7 of subsection 7a71 approve an application under subsection 7a77#a7 for approval of a merger transaction if-- 7,a7 the merger transaction involves #a or more banks in default or in danger of default2 or 7,b7 the ,corporation provides assistance under section #ac7;c7 to facilitate such merger transaction4 7#b7 ,concentration limit exception ,the responsible agency may1 without regard to subsection 7b77#b71 approve an application under subsection 7a77#a7 for approval of a merger transaction if-- 7,a7 the merger transaction involves #a or more banks in default or in danger of default and the responsible agency determines1 based on clear and convincing evidence1 that consummation of the proposed interstate merger transaction is necessary to prevent significant economic disruption or significant adverse effects on financial stability1 and the ,corporation has not received any qualified bid from another institution that is not subject to the prohibition in subsection 7b77#b72 or 7,b7 the ,corporation provides assistance under section #ac7;c7 to facilitate such merger transaction and the responsible agency determines1 based on clear and convincing evidence1 that consummation of the proposed interstate merger transaction is necessary to prevent significant economic disruption or significant adverse effects on financial stability1 and the ,corporation has not received any qualified bid from another institution that is not subject to the prohibition in subsection 7b77#b74 7#c7 ,qualified bid defined ,in this subsection1 the term qualified bid has the meaning given that term in section #ah7;c77#ac77;,c74 4 7,b7 ,bank ,holding ,company ,act of #aief ,the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda et seq47 is amended-- 7i7 in section #c7;d71 by amending paragraph 7#e7 to read as follows3 7#e7 ,exception for banks in default or in danger of default 7,a7 ,general exception ,the ,board may1 without regard to subparagraph 7,b7 or 7,d7 of paragraph 7#a7 or paragraph 7#c71 approve an application pursuant to paragraph 7#a77;,a7 if-- 7i7 the application is for an acquisition of #a or more banks in default or in danger of default2 or 7ii7 the application is for an acquisition with respect to which assistance is provided under section #ac7;c7 of the ,federal ,deposit ,insurance ,act4 7,b7 ,concentration limit exception ,the ,board may1 without regard to paragraph 7#b71 approve an application pursuant to paragraph 7#a77;,a7 if-- 7i7 the application is for the acquisition of #a or more banks in default or in danger of default and the ,board determines1 based on clear and convincing evidence1 that consummation of the proposed acquisition is necessary to prevent significant economic disruption or significant adverse effects on financial stability1 and the ,corporation has not received any qualified bid from another institution that is not subject to the prohibition in paragraph 7#b72 or 7ii7 the application is for an acquisition with respect to which assistance is provided under section #ac7;c7 of the ,federal ,deposit ,insurance ,act and the ,board determines1 based on clear and convincing evidence1 that consummation of the proposed acquisition is necessary to prevent significant economic disruption or significant adverse effects on financial stability1 and the ,corporation has not received any qualified bid from another institution that is not subject to the prohibition in paragraph 7#b74 7,c7 ,qualified bid defined ,in this paragraph1 the term qualified bid has the meaning given that term in section #ah7;c77#ac77;,c7 of the ,federal ,deposit ,insurance ,act4 2 and 7ii7 in section #d7;i77#h71 by amending subparagraph 7,b7 to read as follows3 7,b7 ,exception ,subparagraph 7,a7 shall not apply to an acquisition if-- 7i7 such acquisition involves an insured depository institution in default or in danger of default and the ,board determines1 based on clear and convincing evidence1 that consummation of the proposed acquisition is necessary to prevent significant economic disruption or significant adverse effects on financial stability1 and the ,corporation has not received any qualified bid 7as defined in section #ah7;c77#ac77;,c7 of the ,federal ,deposit ,insurance ,act7 from another institution that is not subject to the prohibition in paragraph 7#b72 or 7ii7 the ,federal ,deposit ,insurance ,corporation provides assistance under section #ac of the ,federal ,deposit ,insurance ,act to facilitate such acquisition and the ,board determines1 based on clear and convincing evidence1 that consummation of the proposed acquisition is necessary to prevent significant economic disruption or significant adverse effects on financial stability1 and the ,corporation has not received any qualified bid 7as defined in section #ah7;c77#ac77;,c7 of the ,federal ,deposit ,insurance ,act7 from another institution that is not subject to the prohibition in paragraph 7#b74 4 7#b7 ,concentration limit with respect to consolidated liabilities ,section #ad7;c7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #aheb7;c77 is amended-- 7,a7 by redesignating paragraphs 7#a71 7#b71 and 7#c7 as subparagraphs 7,a71 7,b71 and 7,c71 respectively2 7,b7 by striking ,with the and inserting the following3 7#a7 ,in general ,with the 2 and 7,c7 by adding at the end the following3 7#b7 ,limitation ,the ,board may provide written consent for an acquisition described in paragraph 7#a77;,a7 or in paragraph 7#a77;,b7 only if the ,board determines1 based on clear and convincing evidence1 that consummation of the proposed acquisition is necessary to prevent significant economic disruption or significant adverse effects on financial stability1 and the ,corporation has not received any qualified bid 7as defined in section #ah7;c77#ac77;,c7 of the ,federal ,deposit ,insurance ,act7 from another institution that is not subject to the prohibition in subsection 7b74 4 7b7 ,congressional notification and justification for waivers 7#a7 ,in general ,whenever the ,board of ,governors of the ,federal ,reserve ,system1 the ,comptroller of the ,currency1 or the ,federal ,deposit ,insurance ,corporation waives a concentration limit under section #ah7;c77#ac77;,b7 or section #dd7;e7 of the ,federal ,deposit ,insurance ,act or under section #c7;d77#e71 section #d7;i77#h77;,b71 or section #ad7;c77#b7 of the ,bank ,holding ,company ,act of #aief1 in connection with the acquisition of a bank or insured depository institution in default or in danger of default1 or in connection with an acquisition with respect to which the ,federal ,deposit ,insurance ,corporation provides assistance under section #ac of the ,federal ,deposit ,insurance ,act1 the waiving agency and the ,federal ,deposit ,insurance ,corporation1 jointly1 shall1 not later than #cj days after such waiver1 submit a written report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs in the ,senate containing-- 7,a7 a justification for the waiver1 including an analysis of why it was necessary to prevent significant economic disruption or significant adverse effects on financial stability2 7,b7 a description of alternative bids or outcomes considered1 including efforts to solicit and encourage bids from entities that would not require a waiver2 7,c7 an explanation of why alternative bids were not selected1 if applicable2 and 7,d7 any recommendations for legislative or regulatory changes to improve competition in future insured depository institution resolutions4 7#b7 ,public disclosure ,the waiving agency submitting a report under paragraph 7#a7 and the ,federal ,deposit ,insurance ,corporation shall make the report publicly available on their respective websites1 subject to redactions for confidential supervisory information and any other information described under section #eeb7;b7 of title #e1 ,united ,states ,code4 7c7 ,limitation on considering bad faith bids in least cost determination ,section #ac7;c77#d7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d771 as amended by section #fjg7;a77#c71 is further amended by adding at the end the following3 7,j7 ,limitation on considering bad faith bids ,in making a determination under this paragraph of whether an exercise of authority is the least costly to the ,deposit ,insurance ,fund1 the ,corporation may not consider any application1 proposed application1 or bid from a company1 if such application1 proposed application1 or bid would result in violation of-- 7i7 section #ah7;c77#ac7 or #dd7;b77#b72 or 7ii7 section #c7;d77#b71 #d7;i77#h71 or #ad of the ,bank ,holding ,company ,act of #aief4 4 #fji4 ,advancing the ,mentor-,protg ,program for ,small ,financial ,institutions 7a7 ,in general ,section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note7 is amended by adding at the end the following new subsection3 7d7 ,financial ,agent ,mentor-,protg ,program 7#a7 ,in general ,the ,secretary of the ,treasury shall establish a program to be known as the ,financial ,agent ,mentor-,protg ,program 7in this subsection referred to as the ,program7 under which a financial agent designated by the ,secretary or a large financial institution may serve as a mentor1 under guidance or regulations prescribed by the ,secretary1 to a small financial institution to allow such small financial institution-- 7,a7 to be prepared to perform as a financial agent2 or 7,b7 to improve capacity to provide services to the customers of the small financial institution4 7#b7 ,outreach ,the ,secretary shall hold outreach events to promote the participation of financial agents1 large financial institutions1 and small financial institutions in the ,program at least once a year4 7#c7 ,exclusion ,the ,secretary shall issue guidance or regulations to establish a process under which a financial agent1 large financial institution1 or small financial institution may be excluded from participation in the ,program4 7#d7 ,report ,the ,secretary shall report to ,congress information pertaining to the ,program1 including-- 7,a7 the number of financial agents1 large financial institutions1 and small financial institutions participating in such ,program2 and 7,b7 the number of outreach events described in paragraph 7#b7 held during the year covered by such report4 7#e7 ,definitions ,in this subsection3 7,a7 ,financial agent ,the term financial agent means any national banking association designated by the ,secretary of the ,treasury to be employed as a financial agent of the ,government4 7,b7 ,large financial institution ,the term large financial institution means any entity regulated by the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 or the ,national ,credit ,union ,administration that has total consolidated assets greater than or equal to #ej1jjj1jjj1jjj4 7,c7 ,rural depository institution ,the term rural depository institution means a depository institution 7as defined in section #c of the ,federal ,deposit ,insurance ,act7-- 7i7 with total consolidated assets of less than #aj1jjj1jjj1jjj2 and 7ii7 located in a rural area1 as defined under section #ajbf4ce7;b77#b77;iv77,a7 of title #ab1 ,code of ,federal ,regulations4 7,d7 ,small financial institution ,the term small financial institution means-- 7i7 any entity regulated by the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 or the ,national ,credit ,union ,administration that has total consolidated assets less than or equal to #b1jjj1jjj1jjj2 7ii7 a minority depository institution2 or 7iii7 a rural depository institution4 4 7b7 ,effective date ,this section and the amendment made by this section shall take effect #ij days after the date of the enactment of this ,act4 #faj4 ,american ,access to ,banking 7a7 ,streamlining application process and review of capital raising by de novo regulated institutions 7#a7 ,in general ,each of the ,federal financial institutions regulatory agencies shall-- 7,a7 for the purpose of streamlining the process of applying to become a de novo regulated institution1 conduct a review of any application forms related to such process2 7,b7 to the extent practicable1 gather information needed from applicants seeking to become a de novo regulated institution from other ,federal ,government agencies or public sources to minimize information requests of such applicants2 and 7,c7 in consultation with the ,securities and ,exchange ,commission1 review how de novo regulated institutions raise capital while maintaining investor protections1 including the impact of-- 7i7 general capital raising restrictions2 and 7ii7 capital raising restrictions related to individuals who are not accredited investors4 7#b7 ,report ,not later than #a year after the date of the enactment of this section1 and annually for #e years thereafter1 each of the ,federal financial institutions regulatory agencies shall submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and publish on a public website of such agency a report that contains-- 7,a7 a description of the actions taken by such agency pursuant to paragraph 7#a72 and 7,b7 as appropriate1 any administrative or legislative recommendations with respect to the purpose described in paragraph 7#a77;,c74 7b7 ,improving communication with de novo regulated institutions 7#a7 ,in general ,each of the ,federal financial institutions regulatory agencies shall1 at the request of an applicant to become a de novo regulated institution1 designate an employee of the agency as a caseworker1 who may perform such duty in addition to the other duties of the employee4 7#b7 ,caseworker duties ,each caseworker described in paragraph 7#a7 shall1 to the maximum extent practicable-- 7,a7 meet with the lead organizers applying to become a de novo regulated institution to provide a tutorial with respect to the application process2 and 7,b7 be the primary point of contact of the respective ,federal financial institutions regulatory agency for such organizers during the application process4 7#c7 ,new caseworker ,each agency described in paragraph 7#a7 may designate a new caseworker1 as appropriate1 to support continuity based on staffing and responsibilities assigned to the current caseworker4 7c7 ,de ,novo ,mentor-,protg partnerships 7#a7 ,in general ,at the request of an institution that seeks to become a de novo regulated institution1 each of the ,federal financial institutions regulatory agencies shall1 to the maximum extent practicable1 provide a list to such institution of similar types of institutions that-- 7,a7 were recently approved to become a de novo regulated institution2 and 7,b7 are interested in volunteering to serve as a mentor to provide advice about the de novo application process4 7#b7 ,mentorship information ,not later than #a year after the date of the enactment of this section1 each of the ,federal financial institutions regulatory agencies shall provide public information and directions on how an institution may request a mentor or serve as a mentor as described in paragraph 7#a74 7d7 ,state and stakeholder engagement plan 7#a7 ,in general ,each of the ,federal financial institutions regulatory agencies shall develop a plan to-- 7,a7 regularly consult with ,state regulators to promote cooperation between ,state and ,federal banking and credit union agencies in the creation of de novo regulated institutions1 including responding to any ,state regulator that requests assistance on how a ,state-chartered financial institution can request ,federal insurance2 7,b7 regularly consult with stakeholders1 including applicants to become de novo regulated institutions and recently approved regulated institutions1 to inform any reforms that may support the creation of de novo regulated institutions1 including rural institutions1 community development financial institutions1 and minority depository institutions2 and 7,c7 provide guidance1 training material1 and regular workshops to assist any interested parties to understand such agencies' processes4 7#b7 ,submission to ,congress 7,a7 ,in general ,not later than #b years after the date of the enactment of this section1 and every #e years thereafter1 each of the ,federal financial institutions regulatory agencies shall submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate the respective plan of such agency described in paragraph 7#a74 7,b7 ,public comment ,with respect to developing the plan described in paragraph 7#a71 each of the ,federal financial institutions regulatory agencies shall-- 7i7 provide an opportunity for public comments2 and 7ii7 take such public comments into consideration4 7e7 ,definitions 7#a7 ,in general ,in this section3 7,a7 ,federal banking agency ,the term ,federal banking agency has the meaning given the term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7,b7 ,federal financial institutions regulatory agencies ,the term ,federal financial institutions regulatory agencies has the meaning given the term in section #ajjc of the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccjb74 7,c7 ,regulated institution ,the term regulated institution means-- 7i7 with respect to a ,federal banking agency1 a depository institution 7as such term is defined in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 for which the ,federal banking agency is the appropriate ,federal banking agency 7as such term is defined in such section #c72 and 7ii7 with respect to the ,national ,credit ,union ,administration1 an insured credit union 7as such term is defined in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb774 7,d7 ,state ,the term ,state means each of the several ,states1 the ,district of ,columbia1 and each territory of the ,united ,states4 7,e7 ,state regulator ,the term ,state regulator means-- 7i7 with respect to a ,federal banking agency1 a ,state banking regulator2 and 7ii7 with respect to the ,national ,credit ,union ,administration1 the ,state regulatory agency having jurisdiction over a ,state credit union 7as such term is defined in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb774 7#b7 ,rule of construction ,for purposes of this section1 the process of applying to become a de novo regulated institution shall include the process of applying for ,federal deposit insurance1 ,federal share insurance1 or membership in the ,federal ,reserve ,system4 #faa4 ,promoting ,new ,bank ,formation 7a7 ,pilot phase-in of capital standards ,the ,federal banking agencies may issue rules that provide for a #b-year phase-in period for a qualifying community bank or its depository institution holding company to meet any ,federal capital requirements that would otherwise be applicable to the qualifying community bank or its depository institution holding company1 beginning on-- 7#a7 the date on which the qualifying community bank became an insured depository institution2 or 7#b7 in the case of its depository institution holding company1 the date on which the qualifying community bank of the depository institution holding company became an insured depository institution4 7b7 ,pilot changes to business plans 7#a7 ,in general ,during the #b-year period beginning on the date on which a qualifying community bank became an insured depository institution1 the qualifying community bank or its depository institution holding company may request to deviate from a business plan that has been approved by the appropriate ,federal banking agency by submitting a request to such agency pursuant to this section4 7#b7 ,review of changes ,the appropriate ,federal banking agency shall1 not later than the end of the #ij-;day period beginning on the receipt of a request under paragraph 7#a7-- 7,a7 approve1 conditionally approve1 or deny such request2 and 7,b7 notify the applicant of such decision and1 if the agency denies the request-- 7i7 provide the applicant with the reason for such denial2 and 7ii7 suggest changes to the request that1 if adopted1 would allow the agency to approve such request4 7#c7 ,result of failure to act ,if the appropriate ,federal banking agency fails to approve or deny a request within the #ij-;day period required under paragraph 7#b71 such request shall be deemed to be approved4 7c7 ,pilot program study 7#a7 ,study ,the ,federal banking agencies shall1 jointly1 carry out a study on the impact of the pilot program carried out pursuant to subsections 7a7 and 7b7 of this section on the formation of de novo insured depository institutions1 including such institutions which are rural depository institutions1 community development financial institutions1 and minority depository institutions1 taking into account safety and soundness1 promoting competition1 and expanding access to affordable financial products and services to underserved communities4 7#b7 ,report to ,congress ,not later than ,december #ca1 #bjca1 the ,federal banking agencies shall1 jointly1 issue a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate containing all findings and determinations made in carrying out the study required under paragraph 7#a74 7d7 ,study on de novo insured depository institutions 7#a7 ,study ,the ,federal banking agencies shall1 jointly1 carry out a study on-- 7,a7 the principal causes for the low number of de novo insured depository institutions in the #aj-year period ending on the date of enactment of this subsection2 7,b7 ways to promote more de novo insured depository institutions in areas currently underserved by insured depository institutions2 and 7,c7 ways to ensure de novo depository institutions1 including institutions which are rural depository institutions1 community development financial institutions1 and minority depository institutions1 can utilize the ,community ,bank ,leverage ,ratio4 7#b7 ,report to congress ,not later than the end of the #a-year period beginning on the date of enactment of this ,act1 the ,federal banking agencies shall1 jointly1 issue a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate containing all findings and determinations made in carrying out the study required under paragraph 7#a74 7e7 ,definitions ,in this section3 7#a7 ,appropriate ,federal banking agency ,the term appropriate ,federal banking agency has the meaning given the term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#b7 ,depository institution ,the term depository institution has the meaning given the term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#c7 ,depository institution holding company ,the term depository institution holding company has the meaning given the term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#d7 ,federal banking agency ,the term ,federal banking agency has the meaning given the term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#e7 ,insured depository institution ,the term insured depository institution has the meaning given the term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#f7 ,qualifying community bank ,the term qualifying community bank means a depository institution that-- 7,a7 including its holding company and all of its subsidiaries and affiliates1 has total combined assets of less than #aj1jjj1jjj1jjj2 and 7,b7 became an insured depository institution between ,january #a1 #bjbf1 and ,december #ca1 #bjbh4 #fab4 ,rural ,depositories ,revitalization ,study 7a7 ,study ,the ,federal banking agencies shall1 jointly1 carry out a study-- 7#a7 to identify methods to improve the growth1 capital adequacy1 and profitability of depository institutions in the ,united ,states that primarily serve rural areas2 and 7#b7 to identify ,federal statutes 7other than appropriations ,acts7 or regulations of the ,federal banking agencies that limit-- 7,a7 the methods identified under paragraph 7#a72 or 7,b7 the establishment of de novo depository institutions in rural areas4 7b7 ,report ,not later than #a year after the date of enactment of this ,act1 the ,federal banking agencies shall1 jointly1 issue a report to ,congress containing all findings and determinations made in carrying out the study required under subsection 7a74 7c7 ,study on ,rural ,credit ,unions ,the ,national ,credit ,union ,administration shall carry out a study-- 7#a7 to identify methods to improve the growth1 capital adequacy1 and profitability of credit unions in the ,united ,states that primarily serve rural areas2 and 7#b7 to identify ,federal statutes 7other than appropriations ,acts7 or regulations of the ,national ,credit ,union ,administration that limit-- 7,a7 the methods identified under paragraph 7#a72 or 7,b7 the establishment of de novo credit unions in rural areas4 7d7 ,report on ,rural ,credit ,unions ,not later than #a year after the date of enactment of this ,act1 the ,national ,credit ,union ,administration shall issue a report to ,congress containing all findings and determinations made in carrying out the study required under subsection 7c74 7c7 ,definitions ,in this section3 7#a7 ,depository institution ,the term depository institution has the meaning given that term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#b7 ,federal banking agencies ,the term ,federal banking agencies means the ,board of ,governors of the ,federal ,reserve ,system1 the ,comptroller of the ,currency1 and the ,federal ,deposit ,insurance ,corporation4 7#c7 ,rural ,with respect to an area1 the term rural has the meaning given that term in section #ajbf4ce7;b77#b77;iv77,a7 of title #ab1 ,code of ,federal ,regulations4 #fac4 ,discretionary ,surplus ,fund 7a7 ,in general ,the dollar amount specified under section #g7;a77#c77;,a7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bhi7;a77#c77;,a77 is reduced by #aae1jjj1jjj4 7b7 ,effective date ,the amendment made by subsection 7a7 shall take effect on ,september #cj1 #bjce4 ,passed the ,house of ,representatives ,february #i1 #bjbf4,kevin ,f4 ,mc,cumber1,clerk4 ,february #bd1 #bjbf,read the second time and placed on the calendar