,i #aai? ,,congress #b;d ,session ,h4 ,r4 #idfa ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,june #be1 #bjbf,mr4 ,fitzg]ald introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to p]mit ! ,f$]al ,home ,loan ,mortgage ,corporation & ! ,f$]al ,national ,mortgage ,association to pur*ase & securitize c]ta9 resid5tial con/ruction loans4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,work+ ,families ,home ,con/ruction ,act ( #bjbf4 #b4 ,pur*ase ( qualify+ con/ruction loans by ,fannie ,mae & ,fr$die ,mac 7a7 ,9 g5]al ,not)/&+ any o!r provision ( law1 ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy 7h]eaft] ref]r$ to z ! ,director7 %all p]mit ! ent]prises to pur*ase & securitize qualify+ con/ruction loans1 z describ$ 9 ?is section4 7b7 ,qualify+ con/ruction loan ,a qualify+ loan %all h ea* ( ! foll[+ *>act]i/ics3 7#a7 ,! loan %all be made by a depository in/itution1 a cr$it union1 a ,/ate h\s+ f9ance ag5cy1 or any o!r entity z det]m9$ by ! ,director4 7#b7 ,! orig9at+ in/itution = ! loan %all v]ify & docum5t ! f9ancial viability1 capacity to complete1 & support f ! local community z def9$ 9 subsection 7d77#d71 = ! purpose ( provid+ t in=mation to an ent]prise4 7#c7 ,! loan %all h an int]e/ rate e/abli%$ by ! ,director1 :i* takes into acc\nt-- 7,a7 af=dability = a family describ$ 9 p>agraph 7#i72 & 7,b7 safety & s\ndness ) respect to ! op]at+ co/s & expect$ losses relat$ to pur*as+ qualify+ con/ruction loans4 7#d7 ,! loan %all be made to a build]1 homebuild]1 or develop]4 7#e7 ,! loan %all be = a con/ruction project t w result 9 ! build+ ( #a or m own]-occupi$ dwell+ units4 7#f7 ,! recipi5t ( ! loan %all contribute n less ?an #aj p]c5t ( ! capital requir$ to complete ! con/ruction project 7includ+ ! value ( ! l& on :i* ! project is locat$7 to be und]tak5 by ! recipi5t us+ su* loan4 7#g7 ,! loan %all be-- 7,a7 n m ?an #ajj1jjj = ea* dwell+ unit to be con/ruct$ z "p ( ! con/ruction project provid$ t ! am\nts describ$ 9 ?is p>agraph repres5t ! maximum am\nt ( supplem5tal or gap f9anc+ eligible = pur*ase & securitization by an ent]prise "u ?is ,act & may be lay]$ ) o!r con/ruction f9anc+ s\rces1 includ+ comm]cial con/ruction loans1 ,/ate or local f9anc+1 & develop] equity contributions & %all n be con/ru$ to require t a qualify+ con/ruction loan s]ve z ! sole or prim>y s\rce ( f9anc+ = any con/ruction project2 & 7,b7 n m ?an #b1djj1jjj 9 total = any s+le con/ruction project4 7#h7 ,! loan may be us$ =-- 7,a7 acquir+ l&2 7,b7 pr(essional s]vices1 includ+ eng9e]+ s]vices1 l& use plann+ s]vices1 survey+1 environm5tal due dilig5ce2 7,c7 develop+ infra/ructure t w s]ve su* eligible con/ruction project1 includ+ roads1 sew]s1 sidewalks1 grad+1 wat] l9es1 /ormwat] managem5t1 light+1 & /reet l&scap+ & signage2 7,d7 con/ruction ( dwell+ units2 7,e7 direct develop] inc5tives2 or 7,f7 municipal fees & p]mits4 7#i7 ,ea* dwell+ unit built z "p ( a con/ruction project f9anc$ ) a loan %all be sold to a family ^: income is betwe5 #ij p]c5t & #acj p]c5t ( ! area m$ian income 9 ! area :]e ! dwell+ unit is locat$4 7#aj7 ,:5 a dwell+ unit built z "p ( a con/ruction project f9anc$ ) a loan is sold1 ! t]ms ( ! sale %all require ! pur*as] to reside 9 ! dwell+ unit = n less ?an #a ye>1 & %all require develop]s to include a record$1 re/rictive cov5ant to t effect4 7c7 ,availability ( am\nts 7#a7 ,fr$die ,mac ,section #accg ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #defg7;a77#a77;,b77 is am5d$ 9 subsection 7a77#a77;,b7-- 7,a7 9 clause 7i7-- 7i7 by /rik+ #fe & ins]t+ #ec2 & 7ii7 by /rik+ & at ! end2 7,b7 9 clause 7ii71 by /rik+ #ce & ins]t+ #be2 & 7,c7 by add+ at ! end ! foll[+3 7iii7 #bb p]c5t ( su* am\nts = ! purpose ( pur*as+ & securitiz+ qualify+ con/ruction loans "u ! ,work+ ,families ,home ,con/ruction ,act ( #bjbf2 & 4 7#b7 ,fannie ,mae ,section #accg ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #defg7;a77#b77;,b77 is am5d$ 9 subsection 7a77#b77;,b7-- 7,a7 9 clause 7i7-- 7i7 by /rik+ #fe & ins]t+ #ec2 & 7ii7 by /rik+ & at ! end2 7,b7 9 clause 7ii7-- 7i7 by /rik+ #ce & ins]t+ #be2 & 7ii7 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7,c7 by add+ at ! end ! foll[+3 7iii7 #bb p]c5t ( su* am\nts = ! purpose ( pur*as+ & securitiz+ qualify+ con/ruction loans "u ! ,work+ ,families ,home ,con/ruction ,act ( #bjbf2 & 4 7d7 ,def9itions ,9 ?is section3 7#a7 ,cr$it union ,! t]m cr$it union has ! mean+ giv5 ! t]m insur$ cr$it union 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#b7 ,depository in/itution ,! t]m depository in/itution has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#c7 ,ent]prise ,! t]m ent]prise means-- 7,a7 ! ,f$]al ,home ,loan ,mortgage ,corporation2 or 7,b7 ! ,f$]al ,national ,mortgage ,association4 7#d7 ,support f ! local community ,! t]m support f ! local community means =mal au?orization or endorsem5t = ! propos$ con/ruction project f ! relevant local gov]nm5tal au?ority1 :i* %all be deem$ satisfi$ by any "o ( ! foll[+3 7,a7 a valid zon+ approval issu$ by ! relevant local gov]nm5t au?ority = ! propos$ con/ruction project2 7,b7 a build+ p]mit issu$ by ! relevant local gov]nm5t au?ority = ! propos$ con/ruction project2 7,c7 a =mal resolution or lett] ( support f a local elect$ (ficial ) jurisdiction ov] ! area 9 :i* ! project is locat$2 or 7,d7 su* o!r docum5tation z ! ,director det]m9es demon/rates =mal local gov]nm5tal au?orization = ! propos$ con/ruction project4