,,ii  #aai? ,,congress  #b;d ,session   
,s4 #dbfb  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #bf1 #bjbf,ms4    
,blunt ,ro*e/] introduc$ ! foll[+ bill2 
:i* 0 read twice & ref]r$ to !          
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs  ,a ,,bill  ,to promote %>$    
equity models ( home[n]%ip1 & = o!r     
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,p]man5t ,h\s+ ,af=dability
 ,act4  #b4 ,def9itions ,9 ?is ,act3    
7#a7 ,community developm5t f9ancial     
in/itution ,! t]m community developm5t  
f9ancial in/itution has ! mean+ giv5 !  
t]m 9 section #ajc ( ! ,community       
,developm5t ,bank+ & ,f9ancial          
,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4
 #dgjb74  7#b7 ,community l& tru/ ,! t]m
 community l& tru/ means a nonpr(it     
entity1 a ,/ate1 a unit ( local         
gov]nm5t1 or an in/rum5tality ( a ,/ate 
or unit ( local gov]nm5t-- 7,a7 t is n  
manag$ by1 or an affiliate (1 a =-pr(it 
organization2  7,b7 ! prim>y purpose (  
:i* is acquir+1 develop+1 or hold+ l& to

 provide h\s+ t is p]man5tly af=dable to
 l[- & mod]ate-income p]sons2  7,c7 t   
monitors prop]ties to ensure af=dability
 is pres]v$2  7,d7 t provides h\s+ t is 
p]man5tly af=dable to l[- &             
mod]ate-income p]sons us+ a gr\nd lease1
 de$ cov5ant1 or o!r simil> legally     
en=ceable measure1 det]m9$ acceptable by
 ! ,secret>y1 t-- 7i7 keeps ! h\s+      
af=dable to l[- & mod]ate-income p]sons 
= n less ?an-- 7,i7 #ii ye>s2 or  7,,ii7
 ! greate/ m9imum af=dability p]iod     
p]mitt$ by applicable ,/ate law1 if t   
law re/ricts m9imum af=dability p]iods  
to a numb] ( ye>s t is less ?an #ii2 &  
7ii7 enables l[- & mod]ate-income p]sons
 to r5t or pur*ase ! h\s+ = home[n]%ip2 
&  7,e7 t ma9ta9s preemptive pur*ase    
options to pur*ase ! prop]ty1 if su*    
pur*ase w\ld all[ ! h\s+ to rema9       
af=dable to l[- & mod]ate-income p]sons4
  7#c7 ,eligible entity ,! t]m eligible 
entity means a unit ( local gov]nm5t1 an
 in/rum5tality ( a ,/ate or unit ( local
 gov]nm5t1 or a nonpr(it organization1  

includ+ a community l& tru/1 t manages a
 %>$ equity home[n]%ip model program4   
7#d7 ,eligible grantee ,! t]m eligible  
grantee means-- 7,a7 any ag5cy ( a      
,/ate2  7,b7 any au?ority *>t]$ by a    
,/ate to help meet af=dable h\s+ ne$s ( 
! resid5ts ( ! ,/ate2 &  7,c7 a         
community developm5t f9ancial in/itution
 t is c]tifi$ by ! ,secret>y ( !        
,treasury4  7#e7 ,qualifi$ homebuy] ,!  
t]m qualifi$ homebuy] means a homebuy] )
 a h\sehold income t is n m ?an #abj    
p]c5t ( ! area m$ian income4  7#f7      
,resale =mula ,! t]m resale =mula means 
a p]missible me?od ( det]m9+ fair return
 & resale price "u section              
#ib4bed7;a77#e77;i77,a7 ( title #bd1    
,code ( ,f$]al ,regulations1 z 9 effect 
on ,m>* #bh1 #bjbe4  7#g7 ,%>$ equity   
home[n]%ip model ,! t]m %>$ equity      
home[n]%ip model means a model (        
resale-re/rict$1 own]-occupi$ h\s+ !    
prim>y purpose ( :i* is to create &     
pres]ve a supply ( own]-occupi$ units   
af=dable to l[ & mod]ate income         

h\seholds t-- 7,a7 c>ry t]ms (          
af=dability t are n less ?an-- 7i7 #ii  
ye>s2 or  7ii7 ! greate/ m9imum         
af=dability p]iod p]mitt$ by applicable 
,/ate law1 if t law re/ricts m9imum     
af=dability p]iods to a numb] ( ye>s t  
is less ?an #ii2 &  7,b7 re/rict !      
resale value ( prop]ties 9 ! program    
accord+ to a resale =mula describ$ 9 a  
gr\nd lease1 de$ re/riction1 or simil>  
legal me*anism4  #c4 ,la/+ ,home        
,af=dability ,fund  7a7 ,9 g5]al ,n lat]
 ?an #ij days aft] ! date ( enactm5t (  
?is ,act1 ! ,secret>y ( ! ,treasury 79  
?is section ref]r$ to z ! ,secret>y7    
%all e/abli% a program to provide grants
 to eligible grantees to use = ! purpose
 ( provid+ l[-int]e/ con/ruction loans  
to eligible entities4  7b7 ,application 
by eligible grantees ,to be eligible to 
receive am\nts "u ?is section1 an       
eligible grantee %all submit an         
application at su* "t & 9 su* mann] z ! 
,secret>y may reasonably require1       
includ+ a detail$ description (-- 7#a7  

h[ ! eligible grantee int5ds to use any 
am\nts provid$ "u ?is section2 &  7#b7 !
 qualifications su* eligible grantee has
 t w all[ su* eligible grantee to       
successfully adm9i/] a grant "u ?is     
section4  7c7 ,use ( am\nts by eligible 
grantees  7#a7 ,9 g5]al ,any eligible   
grantee t receives am\nts "u ?is section
 %all use su* am\nts & relat$ proce$s to
 e/abli% a revolv+ fund & provide       
l[-int]e/ con/ruction loans to #a or m  
eligible entities1 :i* am\nts may be    
aw>d$ to eligible entities on a roll+   
basis4  7#b7 ,loan requirem5ts  7,a7 ,9 
g5]al ,loans provid$ by an eligible     
grantee to an eligible entity us+ am\nts
 provid$ "u ?is section %all-- 7i7 h an 
int]e/ rate ( n m ?an #c p]c5t2 &  7ii7 
h an orig9ation fee ( n m ?an #a p]c5t (
 ! am\nt ( ! loan4  7,b7 ,liquidity     
requirem5ts ,an eligible grantee may n  
require1 z a condition ( receiv+ a loan 
"u ?is section1 t an eligible entity has
 m ?an #aj p]c5t ( ! am\nt to be loan$ 9
 liquid assets at ! "t ( ! loan4  7#c7  

,limitation ,an eligible entity t       
receives am\nts "u ?is section may n be 
! same entity z ! eligible grantee t    
provides ^? am\nts4  7#d7 ,priority ,an 
eligible grantee %all prioritize loans  
to eligible entities t plan to use      
am\nts loan$ "u ?is section to con/ruct 
or rehabilitate prop]ties-- 7,a7 locat$ 
9 areas ) high co/ burd51 z det]m9$ by !
 ,secret>y1 individuals at risk (       
displacem5t due to ris+ h\s+ co/s1 or   
r$l9+2 or  7,b7 t are requir$ to be     
af=dable z describ$ 9 subsection 7e7 =  
t]ms t are m ?an #ii ye>s4  7d7 ,use (  
am\nts by eligible entities ,an eligible
 entity may use am\nts loan$ by an      
eligible grantee = co/s associat$ ) !   
con/ruction or rehabilitation ( h\s+    
int5d$ to be sold to a homebuy]1 a memb]
 ( a limit$ equity coop]ative1 or a     
community l& tru/ & us$ z a prim>y      
resid5ce1 includ+ mat]ials1 labor       
7includ+ contractor fees71 l& developm5t
 7includ+ demolition & grad+71 p]mit &  
develop] fees1 insurance co/s1 on-site  

infra/ructure co/s 7includ+ !           
in/allation ( roads1 wat]1 electrical1  
sew]1 /orm dra9age1 & sidewalks71 &     
pr$evelopm5t 7includ+ ar*itectural co/s 
& eng9e]+ co/s74  7e7 ,af=dability      
requirem5t ,an eligible entity t uses   
am\nts loan$ "u ?is section to con/ruct 
or rehabilitate a prop]ty-- 7#a7 may    
only sell or facilitate ! sale ( su*    
prop]ty to qualifi$ homebuy]s2 &  7#b7  
%all ensure any subsequ5t sales are to  
qualifi$ homebuy]s at a bel[-m>ket value
 t is det]m9$ by a resale =mula describ$
 9 a gr\nd lease1 de$ re/riction1 or o!r
 simil> me*anism4  7f7 ,areas ( s]vice  
,! ,secret>y %all seek to provide grants
 to eligible grantees t w fund          
activities 9 geographically div]se      
areas1 includ+ areas ( p]si/5t pov]ty1  
und]s]v$ areas1 & rural areas4  7g7     
,rulemak+ ,! ,secret>y may issue rules  
to c>ry out ?is section4  7h7 ,report+  
7#a7 ,grantee reports ,! ,secret>y %all 
require ea* grantee receiv+ grant am\nts
 9 any giv5 ye> "u ?is section to submit

 a report1 = su* ye> & ea* ye> t loans  
are made us+ grant funds1 to ! ,secret>y
 t includes-- 7,a7 ! numb] ( qualify+   
loans made2  7,b7 ! organizations       
receiv+ loans2  7,c7 ! numb] ( out/&+   
loans on ,septemb] #cj? ( ! report ye>2 
7,d7 ! p]c5tage ( organizations belong+ 
to ea* type ( eligible grantee z        
describ$ 9 subp>agraphs 7,a7 ?r\gh 7,c7 
( section #b7d72  7,e7 ! project$ numb] 
( units con/ruct$ or rehabilitat$ by ea*
 loan2  7,f7 ! av]age int]e/ rate on    
qualify+ loans2  7,g7 ! av]age          
orig9ation fee on qualify+ loans2  7,h7 
! m$ian pur*ase price ( ! homes         
con/ruct$ or rehabilitat$ by ea* loan   
comp>$ to ! m$ian m>ket rate price 9 !  
area2  7,i7 ! zip codes :]e ! homes     
con/ruct$ or rehabilitat$ by ea* loan   
are locat$2  7,j7 ! area m$ian income   
level ( h\seholds assi/$2  7,k7 !       
p]c5tage & numb] ( loans made = !       
purpose ( con/ruction2  7,l7 ! p]c5tage 
& numb] ( loans make = ! purpose (      
rehabilitation2  7,m7 a description (   

any me*anism us$ to ensure p]man5t      
af=dability by ea* grantee1 su* z gr\nd 
leases1 de$ re/rictions1 cov5ants1 or   
o!r me*anisms2  7,n7 ! resale =mula us$ 
by ea* eligible entity t receives a loan
 f ! grantee2 &  7,o7 :]e applicable1 = 
ea* loan made1 ! p]c5tage ( total       
project co/ expect$ to be cov]$ by !    
loan4  7#b7 ,report to ,congress ,n lat]
 ?an #ij days aft] ! conclusion ( ea*   
fiscal ye> 9 :i* assi/ance "u ?is       
section is made available1 ! ,secret>y  
%all submit to ! ,committee on ,bank+1  
,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! 
,committee on ,f9ancial ,s]vices ( !    
,h\se ( ,repres5tatives a report on     
am\nts provid$ "u ?is section t conta9s1
 ) aggregates1 av]ages1 & summ>ies1 z   
appropriate1 in=mation provid$ by       
grantees "u p>agraph 7#a74  7i7         
,au?orization ( appropriations ,!re is  
au?oriz$ to be appropriat$ to !         
,secret>y #ajj1jjj1jjj = fiscal ye>     
#bjbg to c>ry out ?is section1 to rema9 
available until exp5d$4  #d4 ,la/+      

af=dability home[n]%ip grant pilot      
program  7a7 ,9 g5]al ,! ,secret>y (    
,h\s+ & ,urban ,developm5t 79 ?is       
section ref]r$ to z ! ,secret>y7 %all   
e/abli% a pilot program to provide      
grants to eligible entities4  7b7 ,use (
 am\nts ,ea* eligible entity t receives 
am\nts "u ?is section %all use su*      
am\nts to-- 7#a7 pur*ase vacant l& to   
develop h\s+ & sell t h\s+ to homebuy]s 
or memb]s ( a limit$ equity coop]ative2 
&  7#b7 pur*ase exi/+ prop]ties or      
pr$evelop$ l& on :i* prop]ties w be     
develop$ t w be sold to homebuy]s or    
memb]s ( a limit$ equity coop]ative4    
7c7 ,priority ,! ,secret>y %all         
prioritize ! aw>d ( grants to eligible  
entities t w ma9ta9 af=dability = !     
homes sold by ! eligible entity = !     
longe/ t]m4  7d7 ,requirem5ts  7#a7     
,vacant l& ,9 ! case ( vacant l& pur*as$
 by an eligible entity "u ?is section1 !
 h\s+ %all be built & m>ket$ = sale n   
lat] ?an #c ye>s aft] ! date ( !        
pur*ase1 :i* p]iod may be ext5d$ at !   

discretion ( ! ,secret>y = ext5uat+     
circum/ances1 su* z delays 9 !          
developm5t process1 provid$ t !         
,secret>y makes public a li/ (          
localities :]e su* ext5uat+ circum/ances
 are occurr+4  7#b7 ,exi/+ l& or        
prop]ties ,9 ! case ( exi/+ prop]ties or
 pr$evelop$ l& pur*as$ by an eligible   
entity "u ?is section1 ! homes %all be  
ready = sale to homebuy]s n lat] ?an #c 
ye>s aft] ! date ( ! pur*ase1 :i* p]iod 
may be ext5d$ at ! discretion ( !       
,secret>y = ext5uat+ circum/ances4  7#c7
 ,all prop]ties ,ea* home develop$ )    
am\nts provid$ "u ?is section %all be   
sold to h\seholds-- 7,a7 ) an income t  
is less ?an or equal to-- 7i7 #hj p]c5t 
( ! area m$ian income2 or  7ii7 #abj    
p]c5t ( ! area m$ian income1 if ! home  
is locat$ 9 a rural area2  7,b7 ) gr\nd 
leases1 de$ re/rictions1 cov5ants1 or   
o!r me*anisms to ensure p]man5t         
af=dability2 &  7,c7 accord+ to a resale
 =mula det]m9$ by ! eligible entity4    
7e7 ,report+  7#a7 ,eligible entity     

reports ,n lat] ?an #b ye>s aft] receiv+
 a grant "u ?is section1 & bi5nially =  
#f ye>s !reaft]1 an eligible entity %all
 submit to ! ,secret>y a /reaml9$ report
 t includes-- 7,a7 z applicable1 ! numb]
 ( acres pur*as$2  7,b7 z applicable1 ! 
numb] ( units pur*as$2  7,c7 z          
applicable1 ! numb] ( build+s & units   
develop$2  7,d7 z applicable1 ! numb] ( 
build+s & units r5ovat$2  7,e7 a        
description ( ! gr\nd leases1 de$       
re/rictions1 cov5ants1 or o!r me*anisms 
us$ to ensure p]man5t af=dability2  7,f7
 a description ( ! resale =mula us$2    
7,g7 ! numb] ( h\seholds s]v$2  7,h7 !  
av]age size ( units2  7,i7 ! m$ian      
pur*ase price2  7,j7 to ! ext5t         
possible1 ! av]age am\nt ( ! d[n paym5t 
paid by h\seholds2  7,k7 ! av]age t5ure 
( resid5ts2  7,l7 to ! ext5t possible1 !
 av]age cr$it score ( pur*as]s2  7,m7 ! 
av]age del9qu5cy & =eclosure rate2 &    
7,n7 ! av]age annual resid5t fees4  7#b7
 ,report to ,congress ,n lat] ?an #ij   
days aft] ! conclusion ( ea* fiscal ye> 

9 :i* assi/ance "u ?is section is made  
available1 ! ,secret>y %all submit to ! 
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs ( ! ,s5ate & ! ,committee on   
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives a report on ?is section 
t conta9s1 ) aggregates1 av]ages1 &     
summ>ies1 z appropriate1 in=mation      
provid$ by eligible entities "u p>agraph
 7#a74  7f7 ,au?orization (             
appropriations  7#a7 ,9 g5]al ,!re is   
au?oriz$ to be appropriat$ to !         
,secret>y #ajj1jjj1jjj = ea* ( fiscal   
ye>s #bjbg ?r\gh #bjca to c>ry out ?is  
section4  7#b7 ,te*nical assi/ance ,n m 
?an #aj p]c5t ( am\nts appropriat$ "u   
p>agraph 7#a7 may be us$ to provide     
te*nical assi/ance to eligible entities 
t receive a grant "u ?is section4  #e4  
,%>$ equity h\s+ rese>* & aw>5ess       
programs  7a7 ,h\s+ rese>*  7#a7 ,9     
g5]al ,! ,secret>y ( ,h\s+ & ,urban     
,developm5t 79 ?is section ref]r$ to z !
 ,secret>y71 act+ ?r\gh ! ,(fice (      
,policy ,developm5t & ,rese>*1 %all     

e/abli% a program t conducts1 supports1 
& dissem9ates rese>* ab\t be/ practices 
= community l& tru/s & o!r %>$ equity   
home[n]%ip models1 includ+ be/ practices
 reg>d+ gr\nd leases1 de$ re/rictions1  
or o!r legal me*anisms = pres]v+        
long-t]m af=dability4  7#b7 ,aw>ds ,=   
,/ates1 local gov]nm5ts1 ,tribal        
gov]nm5ts1 & entities manag+ %>$ equity 
home[n]%ip models1 includ+ nonpr(it     
organizations1 ! ,secret>y %all provide 
fund+ to organizations repres5t+        
nonpr(it %>$ equity model int]e/s to    
create or su/a9 %>$ equity home[n]%ip   
models ?r\gh te*nical assi/ance &       
capacity build+4  7#c7 ,au?orization (  
appropriations ,!re is au?oriz$ to be   
appropriat$ to ! ,secret>y su* sums z   
may be necess>y to c>ry out ?is         
subsection4  7b7 ,public aw>5ess  7#a7  
,9 g5]al ,n lat] ?an #a ye> aft] ! date 
( enactm5t ( ?is ,act1 ! ,secret>y %all 
conduct a public aw>5ess campaign to    
educate ! public & ! f9ancial sector    
ab\t ! b5efits & responsibilities ( %>$ 

equity home[n]%ip models1 includ+       
community l& tru/s1 :i* may include--   
7,a7 creat+ a web page to publicize %>$ 
equity home[n]%ip models2  7,b7         
dissem9at+ in=mation to h\s+ c\nsel+    
ag5cies or o!r entities to provide      
in=mation to pot5tial homebuy]s2  7,c7  
provid+ in=mation to l5d]s ab\t ! %>$   
equity home[n]%ip model1 includ+ /&>d   
gr\nd leases & appraisal guidance       
develop$ by ! ,f$]al ,national ,mortgage
 ,association & ! ,f$]al ,home ,loan    
,mortgage ,corporation2 &  7,d7 to !    
ext5t possible1 "w ) ,/ates1 local      
gov]nm5ts1 ,tribal gov]nm5ts1 & entities
 manag+ %>$ equity home[n]%ip models1   
includ+ nonpr(it organizations1 to      
advance public aw>5ess4  7#b7           
,au?orization ( appropriations ,!re is  
au?oriz$ to be appropriat$ to !         
,secret>y #c1jjj1jjj = ea* ( fiscal ye>s
 #bjbg ?r\gh #bjbi to c>ry out ?is      
subsection4  7c7 ,outrea*  7#a7 ,9 g5]al
 ,! ,secret>y1 9 consultation &         
coord9ation ) o!r appropriate entities1 

includ+ ! ,f$]al ,h\s+ ,f9ance ,ag5cy1  
%all c>ry out an education & outrea*    
campaign to in=m & educate consum]s1    
home build]s1 resid5tial l5d]s1 & o!r   
real e/ate pr(essionals on !            
availability1 b5efits1 & advantages (   
community l& tru/s & o!r %>$ equity     
home[n]%ip models4  7#b7 ,au?orization (
 appropriations ,!re is au?oriz$ to be  
appropriat$ to ! ,secret>y su* sums z   
may be necess>y to c>ry out ?is         
subsection4  7d7 ,report ,n lat] ?an #ij
 days aft] ! conclusion ( ea* fiscal ye>
 9 :i* assi/ance "u ?is section is made 
available1 ! ,secret>y %all submit to ! 
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs ( ! ,s5ate & ! ,committee on   
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives a report on ! %>$ equity
 h\s+ rese>* & aw>5ess programs describ$
 9 ?is section t includes1 = ! p]iod    
cov]$ by ! report-- 7#a7 a description (
 public aw>5ess & public outrea*        
campaigns conduct$ by ! ,secret>y2  7#b7
 a description ( consultation &         

coord9ation ef=ts ) ! ,f$]al ,h\s+      
,f9ance ,ag5cy1 includ+ a description ( 
,f$]al ,h\s+ ,f9ance ,ag5cy activities  
to improve mortgage l5d] education &    
outrea* t result$ f consultation &      
coord9ation ef=ts2  7#c7 a description (
 ! rese>* conduct$ on be/ practices =   
community l& tru/s & o!r %>$ equity     
home[n]%ip models2 &  7#d7 ! numb] &    
location ( entities t receiv$ te*nical  
assi/ance & capacity build+ on community
 l& tru/s & o!r %>$ equity home[n]%ip   
models4  #f4 ,surplus l&  7a7 ,9 g5]al  
,section #eej ( title #dj1 ,unit$ ,/ates
 ,code1 is am5d$-- 7#a7 9 subsection    
7a7-- 7,a7 9 ! subsection head+1 by     
/rik+ ,def9ition & ins]t+ ,def9itions2 &
  7,b7 by /rik+ section1 ! t]m & ins]t+ 
section-- 7#a7 ! t]m %>$ equity         
home[n]%ip model has ! mean+ giv5 ! t]m 
9 section #b ( ! ,p]man5t ,h\s+         
,af=dability ,act2 &  2  7#b7 9         
subsection 7b77#b77;,d71 by ins]t+ & =  
prop]ty transf]r$ "u subsection 7i7 to a
 community l& tru/ or o!r %>$ equity    

home[n]%ip model aft] families2 &  7#c7 
by add+ at ! end ! foll[+3  7i7 ,prop]ty
 = community l& tru/ or o!r %>$ equity  
home[n]%ip model  7#a7 ,conveyance ,!   
,adm9i/rator may convey to a community  
l& tru/ or o!r %>$ equity home[n]%ip    
model ! "r1 title1 & int]e/ ( !         
,gov]nm5t 9 & to any surplus real       
prop]ty t ! ,secret>y ( ,h\s+ & ,urban  
,developm5t det]m9es is suitable = a    
community l& tru/ or o!r %>$ equity     
home[n]%ip model4  7#b7 ,de$ (          
conveyance ,! de$ ( conveyance ( any    
surplus real prop]ty dispos$ ( "u ?is   
subsection-- 7,a7 %all provide t all ( !
 prop]ty be us$ & ma9ta9$ = purposes ( a
 community l& tru/ or o!r %>$ equity    
home[n]%ip model 9 p]petuity1 & t if !  
prop]ty ceases to be us$ or ma9ta9$ 9 a 
community l& tru/ or o!r %>$ equity     
home[n]%ip model1 all or any portion ( !
 prop]ty %all1 9 its !n exi/+ condition1
 at ! option ( ! ,gov]nm5t1 rev]t to !  
,gov]nm5t2 &  7,b7 may conta9 additional
 t]ms1 res]vations1 re/rictions1 &      

conditions ! ,adm9i/rator det]m9es are  
necess>y to safegu>d ! int]e/s ( !      
,gov]nm5t4  7#c7 ,fix+ value  7,a7 ,9   
g5]al ,9 fix+ ! sale or lease value (   
prop]ty dispos$ ( "u p>agraph 7#b71 !   
,secret>y ( ,h\s+ & ,urban ,developm5t  
%all take into consid]ation & disc\nt ! 
value = any b5efit :i* has accru$ or may
 accrue to ! ,gov]nm5t f ! use ( !      
prop]ty by ! community l& tru/ or o!r   
%>$ equity home[n]%ip model4  7,b7      
,am\nt ( disc\nt ,! am\nt ( ! disc\nt "u
 subp>agraph 7,a7 is #ge p]c5t ( ! m>ket
 value ( ! prop]ty1 except t ! ,secret>y
 ( ,h\s+ & ,urban ,developm5t may       
disc\nt by a great] p]c5tage if !       
,secret>y1 9 consultation ) !           
,adm9i/rator1 det]m9es t a high]        
p]c5tage is ju/ifi$4  4  7b7 ,report ,n 
lat] ?an #ij days aft] ! conclusion (   
ea* fiscal ye> 9 :i* assi/ance "u       
section #eej7;i7 ( title #dj1 ,unit$    
,/ates ,code1 z add$ by subsection 7a71 
is made available1 ! ,secret>y ( ,h\s+ &
 ,urban ,developm5t %all submit to !    

,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs ( ! ,s5ate & ! ,committee on   
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives a report on surplus l& t
 includes-- 7#a7 ! numb] ( surplus real 
prop]ties convey$ by ! ,f$]al ,gov]nm5t 
= ! purpose ( af=dable h\s+1 includ+ su*
 prop]ties t 7 convey$ to a community l&
 tru/ or o!r %>$ equity home[n]%ip      
model2 &  7#b7 ! av]age disc\nt$ value (
 real prop]ty convey$ by ! ,f$]al       
,gov]nm5t = ! purpose ( af=dable h\s+1  
includ+ su* real prop]ty t 0 convey$ to 
a community l& tru/ or o!r %>$ equity   
home[n]%ip model4