,,ii  #aai? ,,congress  #a/ ,session    
,s4 #icd  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,m>* #aa 7legislative  
day1 ,m>* #aj71 #bjbe,ms4 ,w>r5 7=      
h]self1 ,mr4 ,w>nock1 ,mr4 ,m>key1 ,mr4 
,s&]s1 ,ms4 ,hirono1 ,mr4 ,wel*1 ,mr4   
,blum5?al1 ,mr4 ,van ,holl51 & ,mr4     
,kim7 introduc$ ! foll[+ bill2 :i* 0    
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to make h\s+ m     
af=dable1 & = o!r purposes4  #a4 ,%ort  
title2 table ( cont5ts  7a7 ,%ort title 
,?is ,act may be cit$ z ! ,am]ican ,h\s+
 & ,economic ,mobility ,act ( #bjbe4    
7b7 ,table ( cont5ts ,! table ( cont5ts 
= ?is ,act is z foll[s3 ,sec4 #a4 ,%ort 
title2 table ( cont5ts4,,title ,i--,mak+
 h\s+ m affordable,sec4 #aja4 ,local    
h\s+ innovation grants4,sec4 #ajb4      
,inve/+ 9 af=dable h\s+                 
infra/ructure4,sec4 #ajc4 ,conditions = 
! sale ( real e/ate-own$ prop]ties &    
non-p]=m+ loans4,,title ,,ii--,tak+ !   
fir/ /eps to rev]se ! legacy ( h\s+     
discrim9ation & gov]nm5t negligence,sec4

 #bja4 ,d[n paym5t assi/ance program =  
fir/-"t1 fir/-g5]ation homebuy]s4,sec4  
#bjb4 ,=mula grant program = communities
 ) an appraisal gap4,sec4 #bjc4 ,/r5g!n+
 ! ,community ,re9ve/m5t ,act (         
#aigg4,sec4 #bjd4 ,am5dm5ts relat+ to   
cr$it union s]vice to und]s]v$          
areas4,sec4 #bje4 ,rais+ public welf>e  
caps4,sec4 #bjf4 ,tempor>y eligibility (
 c]ta9 direct desc5dants ( c]ta9 vet]ans
 = h\s+ loans gu>ante$ by ! ,secret>y ( 
,vet]ans ,affairs4,,title ,,iii--,remov+
 b>ri]s t isolate communities,sec4 #cja4
 ,exp&+ rights "u ! ,fair ,h\s+         
,act4,sec4 #cjb4 ,improv+ outcomes 9    
h\s+ assi/ance programs4,,title         
,,iv--,e/ate tax reform,sec4 #dja4      
,am5dm5t to ,int]nal ,rev5ue ,code (    
#aihf4,sec4 #djb4 ,rate adju/m5t4,sec4  
#djc4 ,requir$ m9imum #aj-ye> t]m1 etc41
 = grantor reta9$ annuity tru/s4,sec4   
#djd4 ,c]ta9 transf] tax rules          
applicable to grantor tru/s4,sec4 #dje4 
,elim9ation ( g5]ation-skipp+ transf]   
tax exemption = transf]s to c]ta9       

p]sons4,sec4 #djf4 ,simplify+ gift tax  
exclusion = annual gifts4,sec4 #djg4    
,cl>ification reg>d+ disall[ance (      
/ep-up 9 basis = prop]ty held 9 c]ta9   
grantor tru/s4,sec4 #djh4 ,limitation on
 disc\nts2 valuation rules = c]ta9      
transf]s ( nonbus9ess assets4,sec4 #dji4
 ,sur*>ge on high income e/ates &       
tru/s4,sec4 #daj4 ,modification ( rules 
= value ( c]ta9 f>m1 etc41 real         
prop]ty4,sec4 #daa4 ,modification (     
e/ate tax rules ) respect to l& subject 
to cons]vation easem5ts4,,title         
,v--,accessibility requirements,sec4    
#eja4 ,accessibility requirem5ts4  ,i   
,mak+ h\s+ m af=dable  #aja4 ,local h\s+
 innovation grants  7a7 ,def9itions ,9  
?is section3 7#a7 ,elem5t>y s*ool2      
second>y s*ool ,! t]ms elem5t>y s*ool & 
second>y s*ool h ! mean+s giv5 ^? t]ms 9
 section #haja ( ! ,elem5t>y & ,second>y
 ,education ,act ( #aife 7#bj ,u4,s4,c4 
#ghja74  7#b7 ,eligible entity ,! t]m   
eligible entity means-- 7,a7 a ,/ate2   
7,b7 a unit ( g5]al local gov]nm5t2 or  

7,c7 an ,indian tribe4  7#c7 ,indian    
tribe ,! t]m ,indian tribe has ! mean+  
giv5 ! t]m 9 section #d ( ! ,native     
,am]ican ,h\s+ ,assi/ance &             
,self-,det]m9ation ,act ( #aiif 7#be    
,u4,s4,c4 #dajc74  7#d7 ,in/itution (   
high] education ,! t]m in/itution (     
high] education has ! mean+ giv5 ! t]m 9
 section #aja ( ! ,high] ,education ,act
 ( #aife 7#bj ,u4,s4,c4 #ajja74  7#e7   
,metropolitan area2 ,/ate2 unit ( g5]al 
local gov]nm5t ,! t]ms metropolitan     
area1 ,/ate1 & unit ( g5]al local       
gov]nm5t h ! mean+s giv5 ^? t]ms 9      
section #ajb ( ! ,h\s+ & ,community     
,developm5t ,act ( #aigd 7#db ,u4,s4,c4 
#ecjb74  7#f7 ,secret>y ,! t]m ,secret>y
 means ! ,secret>y ( ,h\s+ & ,urban     
,developm5t4  7b7 ,e/abli%m5t ,n lat]   
?an #a ye> aft] ! date ( enactm5t ( ?is 
,act1 ! ,secret>y %all e/abli% a program
 to aw>d grants on a competitive basis  
to eligible entities to-- 7#a7 re=m     
local l& use re/rictions to br+ d[n !   
co/s ( produc+ af=dable h\s+2 &  7#b7   

remove unnecess>y b>ri]s to build+      
af=dable units 9 _! communities4  7c7   
,eligible activities ,an eligible entity
 receiv+ a grant "u ?is section may use 
funds to-- 7#a7 c>ry out any ( !        
activities describ$ 9 section #aje ( !  
,h\s+ & ,community ,developm5t ,act (   
#aigd 7#db ,u4,s4,c4 #ecje72  7#b7 c>ry 
out any ( ! activities p]mitt$ "u !     
,local & ,regional ,project ,assi/ance  
,program "u section #fgjb ( title #di1  
,unit$ ,/ates ,code2 or  7#c7 mod]nize1 
r5ovate1 or repair facilities us$ by    
public elem5t>y s*ools1 public second>y 
s*ools1 & public in/itutions ( high]    
education1 includ+ mod]nization1        
r5ovation1 & repairs t-- 7,a7 promote   
physical1 s5sory1 & environm5tal        
accessibility2 &  7,b7 are consi/5t ) a 
recogniz$ gre5 build+ rat+ sy/em4  7d7  
,application  7#a7 ,9 g5]al ,an eligible
 entity desir+ a grant "u ?is section   
%all submit to ! ,secret>y an           
application t demon/rates t ! eligible  
entity has c>ri$ out1 or is 9 ! process 

( c>ry+ out1 initiatives t facilitate ! 
expansion ( ! supply ( well-locat$      
af=dable h\s+4  7#b7 ,activities        
,initiatives t meet ! crit]ia describ$ 9
 p>agraph 7#a7-- 7,a7 include-- 7i7     
e/abli%+ by-"r developm5t1 :i* all[s    
jurisdictions to adm9i/ratively approve 
new developm5ts t are consi/5t ) _! zon+
 code2  7ii7 revis+ or elim9at+ (f-/reet
 p>k+ requirem5ts to r$uce ! co/ ( h\s+ 
production2  7iii7 in/itut+ measures t  
inc5tivize own]s ( vacant l& to r$evelop
 ! space into af=dable h\s+ or o!r      
productive uses2  7iv7 revis+ m9imum lot
 size requirem5ts & bans or limits on   
multifamily con/ruction to all[ = d5s] &
 m af=dable developm5t2  7v7 in/itut+   
inc5tives to promote d5se developm5t1   
su* z d5sity bonuses2  7vi7 pass+       
inclusion>y zon+ ord9ances t require a  
portion ( newly develop$ units to be    
res]v$ = l[- & mod]ate-income r5t]s or  
homebuy]s2  7vii7 /reaml9+ regulatory   
requirem5ts & %ort5+ processes1 re=m+   
zon+ codes1 or o!r initiatives t r$uce  

b>ri]s to h\s+ supply ela/icity &       
af=dability2  7viii7 all[+ accessory    
dwell+ units2  7ix7 us+ local tax       
inc5tives to promote developm5t (       
af=dable h\s+2 &  7x7 implem5t+ measures
 t protect t5ants f h>assm5t &          
displacem5t1 includ+-- 7,i7 provid+     
access to c\nsel = t5ants fac+ eviction2
  7,,ii7 ! prohibition ( eviction except
 = j cause2  7,,iii7 measures int5d$ to 
prev5t or mitigate sudd5 increases 9    
r5ts2  7,,iv7 ! repeal ( laws t prev5t  
localities f implem5t+ a measure        
describ$ 9 subclause 7,i71 7,,ii71 or   
7,,iii72  7,v7 protections aga9/        
con/ructive eviction2  7,,vi7 t5ant     
"r-to-organize laws2  7,,vii7 a cause ( 
action = t5ants to sue l&lords :o ?reat5
 or beg9 an illegal eviction2 &         
7,,viii7 l&lord-t5ant m$iation or o!r   
non-eviction div]sion programs2 &  7,b7 
d n include activities t alt] ord9ances 
t gov]n wage & h\r laws1 family & m$ical
 leave laws1 heal? & safety requirem5ts1
 prevail+ wage laws1 or protections =   

work]s' heal? & safety1                 
anti-discrim9ation1 & "r to organize4   
7#c7 ,relation to consolidat$ plan ,an  
eligible entity %all include 9 an       
application submitt$ "u p>agraph 7#a7 a 
description ( h[ ! plann+ & developm5t (
 eligible activities describ$ 9         
subsection 7c7 may advance an objective1
 or an aspect ( an objective1 includ$ 9 
! compreh5sive h\s+ af=dability /rategy 
& community developm5t plan ( ! eligible
 entity "u "p #ia ( title #bd1 ,code (  
,f$]al ,regulations1 or any successor   
regulation 7commonly ref]r$ to z a      
consolidat$ plan74  7e7 ,labor laws     
7#a7 ,9 g5]al ,all labor]s & me*anics   
employ$ by contractors or subcontractors
 9 ! p]=mance ( con/ruction "w f9anc$ 9 
:ole or 9 "p ) a grant receiv$ "u ?is   
section %all be paid wages at rates n   
less ?an ^? prevail+ on simil>          
con/ruction 9 ! locality1 z det]m9$ by !
 ,secret>y ( ,labor 9 accordance )      
sub*apt] ,,iv ( *apt] #ca ( title #dj1  
,unit$ ,/ates ,code 7commonly kn[n z !  

,davis-,bacon ,act74  7#b7 ,au?ority &  
functions ,) respect to ! labor /&>ds   
specifi$ 9 p>agraph 7#a71 ! ,secret>y ( 
,labor %all h ! au?ority & functions set
 =? 9 ,reorganization ,plan ,numb]$ #ad 
( #aiej 7#fd ,/at4 #abfg2 #e ,u4,s4,c4  
,app47 & section #cade ( title #dj1     
,unit$ ,/ates ,code4  7f7 ,au?orization 
( appropriations ,!re is au?oriz$ to be 
appropriat$ to c>ry out ?is section     
#b1jjj1jjj1jjj = ea* ( fiscal ye>s #bjbe
 ?r\gh #bjbi4  #ajb4 ,inve/+ 9 af=dable 
h\s+ infra/ructure  7a7 ,h\s+ ,tru/     
,fund ,section #acch7;a7 ( ! ,f$]al     
,h\s+ ,ent]prises ,f9ancial ,safety &   
,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4   
#defh7;a77 is am5d$ by add+ at ! end !  
foll[+3  7#c7 ,au?orization (           
appropriations ,!re is au?oriz$ to be   
appropriat$ to ! ,h\s+ ,tru/ ,fund      
#dh1jjj1jjj1jjj = ea* ( fiscal ye>s     
#bjbe ?r\gh #bjcd4  4  7b7 ,capital     
,magnet ,fund ,section #acci ( ! ,f$]al 
,h\s+ ,ent]prises ,f9ancial ,safety &   
,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4   

#defi7 is am5d$ by add+ at ! end !      
foll[+3  7k7 ,au?orization (            
appropriations ,!re is au?oriz$ to be   
appropriat$ to ! ,capital ,magnet ,fund 
#c1jjj1jjj1jjj = ea* ( fiscal ye>s #bjbe
 ?r\gh #bjcd4  4  7c7 ,public h\s+      
capital fund ,section #i7;c77#b77;,a7 ( 
! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db 
,u4,s4,c4 #adcg;g7c77#b77;,a77 is am5d$ 
to read z foll[s3  7,a7 ,capital fund ,=
 allocations ( assi/ance f ! ,capital   
,fund1 #gj1jjj1jjj1jjj = fiscal ye>     
#bjbe4  4  7d7 ,indian h\s+ block grant 
program ,section #ajh ( ! ,native       
,am]ican ,h\s+ ,assi/ance &             
,self-,det]m9ation ,act ( #aiif 7#be    
,u4,s4,c4 #daag7 is am5d$-- 7#a7 by     
/rik+ su* sums z may be necess>y = ea* (
 fiscal ye>s #bjji ?r\gh #bjac & ins]t+ 
#b1ejj1jjj1jjj = fiscal ye> #bjbe & su* 
sums z may be necess>y = ea* ( fiscal   
ye>s #bjbf ?r\gh #bjcd2 &  7#b7 by /rik+
 ! second s5t5ce4  7e7 ,native ,hawaiian
 h\s+ block grant program ,section #hbd 
( ! ,native ,am]ican ,h\s+ ,assi/ance & 

,self-,det]m9ation ,act ( #aiif 7#be    
,u4,s4,c4 #dbdc7 is am5d$ by /rik+ su*  
sums z may be necess>y = ea* ( fiscal   
ye>s #bjja1 #bjjb1 #bjjc1 #bjjd1 & #bjje
 & ins]t+ #ej1jjj1jjj = fiscal ye> #bjbe
 & su* sums z may be necess>y = ea* (   
fiscal ye>s #bjbf ?r\gh #bjcd4  7f7     
,rural h\s+ programs ,out ( funds 9 !   
,treasury n o!rwise appropriat$1 !re is 
appropriat$ = fiscal ye> #bjbe-- 7#a7 to
 provide direct loans "u section #ejb ( 
! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4     
#adgb71 #dbj1jjj1jjj2  7#b7 to provide  
assi/ance "u section #ead ( su* ,act    
7#db ,u4,s4,c4 #adhd71 #ed1jjj1jjj2     
7#c7 to provide assi/ance "u section    
#eae ( su* ,act 7#db ,u4,s4,c4 #adhe71  
#dbj1jjj1jjj2  7#d7 to provide assi/ance
 "u section #eaf ( su* ,act 7#db        
,u4,s4,c4 #adhf71 #ge1jjj1jjj2  7#e7 to 
provide grants "u section #ebc ( su*    
,act 7#db ,u4,s4,c4 #adij;c71           
#ge1jjj1jjj2 &  7#f7 to provide fund+ to
 c>ry out ! ,multifamily ,pres]vation & 
,revitalization ,demon/ration ,program (

 ! ,rural ,h\s+ ,s]vice 7z au?oriz$ "u  
sections #ead1 #eae1 & #eaf ( su* ,act  
7#db ,u4,s4,c4 #adhd1 #adhe1 #adhf771   
#bdj1jjj1jjj4  7g7 ,middle ,class ,h\s+ 
,em]g5cy ,fund  7#a7 ,def9itions ,9 ?is 
subsection-- 7,a7 ! t]m af=dable r5tal  
h\s+ unit means a unit = :i* mon?ly r5t 
is n m ?an #cj p]c5t ( ! mon?ly area    
m$ian income2 &  7,b7 ! t]m ,/ate has ! 
mean+ giv5 ! t]m 9 section #c7;b77#g7 ( 
! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db 
,u4,s4,c4 #adcg;a7b77#g774  7#b7        
,e/abli%m5t ,! ,secret>y ( ,h\s+ &      
,urban ,developm5t %all e/abli% & manage
 a fund1 to be kn[n z ! ,middle ,class  
,h\s+ ,em]g5cy ,fund1 :i* %all be fund$ 
) any am\nts z may be appropriat$1      
transf]r$1 or cr$it$ to ! ,fund "u any  
provision law4  7#c7 ,grants ,f am\nts  
available 9 ! fund e/abli%$ "u p>agraph 
7#b71 ! ,secret>y ( ,h\s+ & ,urban      
,developm5t %all aw>d grants on a       
competitive basis to ,/ate h\s+ f9ance  
ag5cies locat$ 9 a ,/ate 9 :i*-- 7,a7   
!re is a %ortage ( af=dable r5tal h\s+  

units available to individuals ) an     
income t is at or bel[ ! area m$ian     
income & m$ian r5ts h ris5 on av]age ov]
 ! prec$+ #e ye>s sub/antially fa/] ?an 
! area m$ian income2 or  7,b7 !re is a  
%ortage ( h\s+ units available = sale t 
are af=dable to individuals ) an income 
t is at or bel[ ! area m$ian income &   
m$ian home prices h ris5 on av]age ov] !
 prec$+ #e ye>s sub/antially fa/] ?an ! 
area m$ian income4  7#d7 ,use ( funds   
,grants receiv$ "u ?is subsection %all  
be us$ to fund-- 7,a7 ! con/ruction or  
acquisition1 by nonpr(it organizations1 
,/ate or local ag5cies1 special-purpose 
units ( local gov]nm5t1 resid5t c\ncils 
organiz$ to acquire h\s+1 & o!r qualifi$
 pur*as]s 7z def9$ by ! ,secret>y (     
,h\s+ & ,urban ,developm5t71 ( r5tal    
h\s+ units or units = pur*ase t are     
af=dable to resid5ts mak+ less ?an #abj 
p]c5t ( ! area m$ian income2 &  7,b7    
measures to prev5t t5ant displacem5t &  
h>assm5t1 includ+-- 7i7 ! provision (   
legal advice & repres5tation = t5ants   

fac+ eviction2  7ii7 en=cem5t (         
anti-h>assm5t laws2  7iii7 em]g5cy r5tal
 assi/ance2 &  7iv7 o!r measures z      
specifi$ by ! ,secret>y ( ,h\s+ & ,urban
 ,developm5t4  7#e7 ,labor laws  7,a7 ,9
 g5]al ,all labor]s & me*anics employ$  
by contractors or subcontractors 9 !    
p]=mance ( con/ruction "w f9anc$ 9 :ole 
or 9 "p ) a grant receiv$ "u ?is        
subsection %all be paid wages at rates n
 less ?an ^? prevail+ on simil>         
con/ruction 9 ! locality z det]m9$ by ! 
,secret>y ( ,labor 9 accordance )       
sub*apt] ,,iv ( *apt] #ca ( title #dj1  
,unit$ ,/ates ,code 7commonly kn[n z !  
,davis-,bacon ,act74  7,b7 ,au?ority &  
functions ,) respect to ! labor /&>ds   
specifi$ 9 subp>agraph 7,a71 ! ,secret>y
 ( ,labor %all h ! au?ority & functions 
set =? 9 ,reorganization ,plan ,numb]$  
#ad ( #aiej 7#fd ,/at4 #abfg2 #e        
,u4,s4,c4 ,app47 & section #cade ( title
 #dj1 ,unit$ ,/ates ,code4  7#f7        
,regulations ,! ,secret>y ( ,h\s+ &     
,urban ,developm5t %all promulgate      

regulations to c>ry out ?is subsection t
 include-- 7,a7 ! metrics t ! ,secret>y 
w use to det]m9e eligibility = a grant  
"u ?is subsection2  7,b7 a requirem5t t 
grantees & subgrantees consult ) impact$
 communities 9 policymak+ & plann+ = !  
con/ruction or acquisition ( h\s+ units 
z describ$ 9 p>agraph 7#d77;,a72 &  7,c7
 a requirem5t t all h\s+ units con/ruct$
 or acquir$ us+ grants aw>d$ "u !       
subsection are af=dable to resid5ts mak+
 less ?an #abj p]c5t ( ! area m$ian     
income 9 p]petuity4  7#g7               
,appropriations ,out ( funds 9 !        
,treasury n o!rwise appropriat$1 !re is 
appropriat$ to ! fund e/abli%$ "u ?is   
subsection #d1jjj1jjj1jjj = fiscal ye>  
#bjbe4  #ajc4 ,conditions = ! sale (    
real e/ate-own$ prop]ties & non-p]=m+   
loans  7a7 ,f9d+s ,congress f9ds t--    
7#a7 ! ,f$]al ,h\s+ ,adm9i/ration1 !    
,f$]al ,national ,mortgage ,association1
 & ! ,f$]al ,home ,loan ,mortgage       
,corporation provide critical home[n]%ip
 opportunities t greatly b5efit         

individuals1 families1 & communities2 & 
7#b7 x is ! purpose ( ?is section to--  
7,a7 pres]ve own]-occupi$ homes )       
mortgages insur$ by ! ,f$]al ,h\s+      
,adm9i/ration or pur*as$ by ! ,f$]al    
,national ,mortgage ,association or !   
,f$]al ,home ,loan ,mortgage            
,corporation = cont9u$ use z            
own]-occupi$ homes2 &  7,b7 direct t1 ^u
 ! sale ( ^? prop]ties or transf] ( ^?  
mortgages1 c]ta9 p]c5tages ( ^?         
prop]ties are sold to l[- &             
mod]ate-income home[n]s4  7b7 ,loans    
insur$ by ! ,f$]al ,h\s+ ,adm9i/ration  
,title ,,ii ( ! ,national ,h\s+ ,act    
7#ab ,u4,s4,c4 #agjg et seq47 is am5d$  
by add+ at ! end ! foll[+3  #bei4 ,sale 
( real e/ate-own$ prop]ties  7a7        
,def9itions ,9 ?is section-- 7#a7 ! t]m 
,claim ,)\t ,conveyance ( ,title program
 means ! program ( ! ,f$]al ,h\s+       
,adm9i/ration c>ri$ out "u section      
#bjc4cfh ( title #bd1 ,code ( ,f$]al    
,regulations1 or any successor          
regulation2 &  7#b7 ! t]m community     

p>tn] has ! mean+ giv5 ! t]m nonpr(it   
organization 9 section #bbi ( !         
,l[-,income ,h\s+ ,pres]vation &        
,resid5t ,home[n]%ip ,act ( #aiij 7#ab  
,u4,s4,c4 #daai74  7b7 ,requirem5t ,n   
lat] ?an #a ye> aft] ! date ( enactm5t (
 ?is section1 ! ,secret>y %all develop  
programs )9 ! ,f$]al ,h\s+ ,adm9i/ration
 to ensure t n less ?an #ge p]c5t ( !   
s+le-family resid5tial prop]ties convey$
 to ! ,f$]al ,h\s+ ,adm9i/ration aft]   
=eclosure or convey$ to ?ird p>ties "u !
 ,claim ,)\t ,conveyance ( ,title       
program are sold-- 7#a7 directly to an  
own]-occupant2 or  7#b7 to community    
p>tn]s t w-- 7,a7 rehabilitate or       
develop ! prop]ty2 &  7,b7 sell !       
prop]ty to an own]-occupant4  7c7       
,guidel9es ,n lat] ?an #a ye> aft] !    
date ( enactm5t ( ?is section1 !        
,secret>y %all develop guidel9es = !    
,claim ,)\t ,conveyance ( ,title program
 t provide an exclusive li/+ p]iod dur+ 
:i* only eligible gov]nm5tal entities1  
nonpr(it organizations approv$ by !     

,dep>tm5t ( ,h\s+ & ,urban ,developm5t1 
& own]-occupant buy]s may submit bids4  
7d7 ,anti-,pr$atory feature ,unless !   
,secret>y provides prior approval1 !    
,secret>y %all prohibit any pur*as] ( a 
real e/ate-own$ prop]ty ( ! ,f$]al ,h\s+
 ,adm9i/ration f resell+ ! prop]ty )9   
#ae ye>s ( pur*ase us+ a l& in/allm5t   
contract or ?r\gh any o!r me*anism t    
does n transf] title to ! buy] at ! "t (
 sale4  #bfj4 ,sale ( non-p]=m+ loans   
7a7 ,def9itions ,9 ?is section-- 7#a7 ! 
t]m community p>tn] has ! mean+ giv5 !  
t]m 9 section #bei2 &  7#b7 ! t]m cov]$ 
mortgage-- 7,a7 means any mortgage      
insur$ "u ?is title t is secur$ by a    
s+le-family resid5tial prop]ty2 &  7,b7 
includes ! promissory note secur$ by !  
mortgage describ$ 9 subp>agraph 7,a74   
7b7 ,re/riction on sale or transf]      
,except z provid$ 9 ?is section1 !      
,secret>y may n sell or transf] any     
cov]$ mortgage4  7c7 ,conditions = sale 
or transf]  7#a7 ,9 g5]al ,! ,secret>y--
 7,a7 may sell or transf] a cov]$       

mortgage only if-- 7i7 ! capital level (
 ! ,fund is sub/antially bel[ ! capital 
ratio requir$ "u section #bje7;f77#b72  
7ii7 ! ,secret>y c]tifies t o!r         
reasonable measures are n available to  
re/ore ! ,fund to t capital ratio2 &    
7iii7 ! ,secret>y complies ) p>agraph   
7#b77;,c71 if applicable2 &  7,b7 may   
sell or transf] only su* cov]$ mortgages
 z are necess>y to assi/ 9 re/oration ( 
t capital ratio4  7#b7 ,requirem5ts = ! 
,secret>y  7,a7 ,9 g5]al ,if ! ,secret>y
 int5ds to sell or transf] a cov]$      
mortgage1 ! ,secret>y %all provide !    
curr5t borr[] & all own]s ( record ( !  
prop]ty secur+ ! cov]$ mortgage1 or     
require t ! curr5t borr[] & own]s (     
record be provid$1 a sep>ate writt5     
notice ( ! int5t to sell ! cov]$        
mortgage t-- 7i7 is mail$ via c]tifi$ & 
fir/ class mail n less ?an #ij days be=e
 ! date on :i* ! loan is includ$ 9 any  
propos$ sale2 &  7ii7 includes-- 7,i7 a 
description ( ! loss mitigation options 
( ! ,f$]al ,h\s+ ,adm9i/ration t are    

available to borr[]s 9 f9ancial di/ress 
& ! obligation ( s]vic]s to consid]     
borr[]s 9 default = ^? options2  7,,ii7 
a description ( ! actions t ! s]vic] ( !
 loan has tak5 to review & implem5t ^?  
options = ! borr[]2 &  7,,iii7 a        
description ( ! proc$ures ! borr[] may  
use to conte/ ) ! ,secret>y ! compliance
 by ! s]vic] ) t obligation4  7,b7      
,judicial review ,! det]m9ation ( !     
,secret>y to au?orize ! sale ( a        
mortgage insur$ "u ?is title %all be    
reviewable "u *apt] #g ( title #e1      
,unit$ ,/ates ,code1 = abuse (          
discretion & arbitr>y & caprici\s ag5cy 
action4  7,c7 ,auctions ,! ,secret>y may
 n sell any cov]$ mortgage ?r\gh any    
type ( non-p]=m+ loan sale auction      
program until ! ,secret>y issues rules1 
?r\gh ! notice & comm5t rulemak+        
proc$ures "u section #eec ( title #e1   
,unit$ ,/ates ,code1 t address ess5tial 
aspects ( any non-p]=m+ loan sale       
program1 includ+-- 7i7 ! me?od (        
selection ( loans = sale2  7ii7 notice  

to borr[]s prior to inclusion ( ! loan 9
 a sale2 &  7iii7 review ( loss         
mitigation /atus prior to ! sale1       
selection ( eligible bidd]s1 loss       
mitigation guidel9es applicable to loan 
pur*as]s1 & report+ requirem5ts =       
pur*as]s4  7#c7 ,c]tification requirem5t
 = l5d]s & s]vic]s  7,a7 ,c]tification  
,z a condition to paym5t ( an insurance 
claim "u ?is title 9 connection ) any   
non-p]=m+ loan sale1 ! l5d] or s]vic] ( 
! loan %all provide ! ,secret>y & !     
borr[] ) writt5 c]tification ( ! loss   
mitigation review conta9$ 9 ! ,,fha     
,s+le ,family ,h\s+ ,policy ,h&book     
#djjj4a1 or any successor h&book1 :i*   
c]tification %all include a description 
( ! actions ! l5d] or s]vic] has tak51  
prior to transf] ( ! loan to !          
,secret>y1 to-- 7i7 review ! borr[] =   
all available loss mitigation options ( 
! ,f$]al ,h\s+ ,adm9i/ration2 &  7ii7   
implem5t ! options describ$ 9 clause 7i7
 t are appropriate to ! borr[]4  7,b7   
,false /atem5ts  7i7 ,9 g5]al ,any false

 /atem5t provid$ 9 a c]tification       
describ$ 9 subp>agraph 7,a7 %all be a   
basis =-- 7,i7 recov]y by ! ,secret>y ( 
any am\nts paid "u ! insurance claim &  
any o!r p5alties & sanctions au?oriz$ "u
 ,f$]al law2 &  7,,ii7 a private "r (   
action by ! borr[] aga9/ ! l5d] &       
s]vic]1 ) rem$ies to include comp5satory
 & punitive damages & an assessm5t (    
co/s & attorney's fees4  7ii7 ,transf]s 
,unless a bona fide pur*as] has acquir$ 
title to ! prop]ty z a prim>y resid5ce--
 7,i7 a c]tification describ$ 9         
subp>agraph 7,a7 t conta9s a false      
/atem5t %all be a basis = revok+ !      
transf] ( ! prop]ty2 &  7,,ii7 !        
pre-sale l5d] & s]vic] ( ! prop]ty      
%all-- 7aa7 resume s]vic+ ! loan z a    
loan insur$ "u ?is title2 &  7bb7       
reimburse ! ,secret>y = any insurance   
claim paid & all co/s relat$ to ! sale (
 ! prop]ty4  7#d7 ,requirem5ts =        
pur*as]s  7,a7 ,9 g5]al ,ea* pur*as] ( a
 cov]$ mortgage %all (f] ! borr[] on !  
cov]$ mortgage loss mitigation options t

 all[ = paym5t r$uction at lea/ z great 
z w\ld be available to ! borr[] if !    
loan _h n be5 sold4  7,b7 ,loss         
mitigation options ,! specific =mula1   
calculations1 wat]fall /eps1 & o!r t]ms 
= appropriate loss mitigation options   
describ$ 9 subp>agraph 7,a7 %all be     
publi%$ by ! ,secret>y1 made available  
to ! public1 & includ$ 9 a writt5 notice
 giv5 to borr[]s be=e any accel]ation or
 =eclosure is initiat$ aft] a loan sale4
  7#e7 ,requirem5ts = transf]ees ,)     
respect to a transf]ee1 includ+ any     
subsequ5t transf]ee1 ( a cov]$ mortgage 
t is sold "u ?is title-- 7,a7 !         
transf]ee %all c]tify 9 writ+ to !      
,secret>y t ! transf]ee w comply ) !    
provisions ( ?is section 9 ! m>ket+ &   
transf] ( any prop]ty receiv$ 9 !       
disposition ( any transf]r$ loan2  7,b7 
! transf]ee %all provide to ! ,secret>y 
records docum5t+ t ! transf]s ( ^?      
prop]ties are 9 compliance ) ?is        
section2 &  7,c7 ! failure ( ! ,secret>y
 or ! transf]ee to comply ) !           

requirem5ts "u ?is section = a loan 9   
default %all be a def5se to =eclosure1 &
 a transf]ee may n execute a =eclosure  
judgm5t or ord] ( sale1 or conduct a    
=eclosure sale1 until ! transf]ee has   
compli$ ) all requirem5ts "u ?is        
section4  7d7 ,limitations ,) respect to
 cov]$ mortgages t are sold "u ?is title
 & acquir$ by ! buy] ?r\gh =eclosure    
sale1 n less ?an #ij p]c5t ( ! prop]ties
 t are ! subject ( ! cov]$ mortgages    
%all be-- 7#a7 sold to own]-occupants2  
7#b7 op]at$ or transf]r$ to an entity t 
w op]ate ! prop]ty z af=dable r5tal h\s+
 = h\seholds bel[ #hj p]c5t ( ! area    
m$ian income = a p]iod ( n less ?an #ae 
ye>s2 or  7#c7 transf]r$ or donat$ to a 
nonpr(it ag5cy t is c]tifi$ by !        
,secret>y & w r$evelop ! prop]ty = own] 
occupancy or af=dable r5tal h\s+4  7e7  
,prioritization ( sales ,! ,secret>y    
%all implem5t policies1 proc$ures1 &    
controls to-- 7#a7 id5tify & recruit    
community p>tn]s2  7#b7 engage 9        
consultations ) community p>tn]s be=e ! 

sale ( a pool ( cov]$ mortgages "u ?is  
title to det]m9e :e!r t sale c be       
design$ to meet ! specific ne$s ( !     
communities s]v$ by ! community p>tn]s2 
&  7#c7 prioritize ! sale ( pools (     
s+le-family mortgages to community      
p>tn]s by-- 7,a7 design+ pools ( cov]$  
mortgages = direct sale to a community  
p>tn]1 ! price ( :i* %all be set by !   
,secret>y bas$ on a pric+ model t       
consid]s-- 7i7 ! curr5t fair m>ket value
 ( ! prop]ties2 &  7ii7 ! pot5tial      
impact ( =eclosures on ^? prop]ties to !
 value ( o!r homes t secure mortgages   
insur$ "u ?is title 9 ! same c5sus      
tract2 or  7,b7 9 ! case ( an auction1  
if ! w9n+ bid is n f a community p>tn]1 
p]mitt+ any community p>tn] t bid dur+ t
 same auction to h a f9al opportunity to
 ent] a high] bid on ! pool4  4  7c7    
,fannie ,mae ,section #cjb ( ! ,f$]al   
,national ,mortgage ,association ,*>t]  
,act 7#ab ,u4,s4,c4 #agag7 is am5d$ by  
add+ at ! end ! foll[+3  7d7 7#a7 ,9 ?is
 subsection1 ! t]m cov]$ mortgage-- 7,a7

 means any mortgage t is secur$ by a    
s+le-family resid5tial prop]ty2 &  7,b7 
includes ! promissory note secur$ by !  
mortgage describ$ 9 subp>agraph 7,a74   
7#b7 ,! corporation may n sell or       
transf] any cov]$ mortgage "u ?is       
section unless ! requirem5ts ( ?is      
subsection are met4  7#c7 7,a7 ,if !    
corporation int5ds to sell or transf] a 
cov]$ mortgage1 ! corporation %all      
provide ! curr5t borr[] & all own]s (   
record ( ! prop]ty secur+ ! cov]$       
mortgage1 or require t ! curr5t borr[] &
 own]s ( record be provid$1 a sep>ate   
writt5 notice ( ! int5t to sell ! cov]$ 
mortgage t-- 7i7 is mail$ via c]tifi$ & 
fir/ class mail n less ?an #ij days be=e
 ! date on :i* ! loan is includ$ 9 any  
propos$ sale2 &  7ii7 includes-- 7,i7 a 
description ( ! loss mitigation options 
( ! corporation t are available to      
borr[]s 9 f9ancial di/ress & !          
obligation ( s]vic]s to consid] borr[]s 
9 default = ^? options2  7,,ii7 a       
description ( ! actions t ! s]vic] ( !  

loan has tak5 to review & implem5t ^?   
options = ! borr[]2 &  7,,iii7 a        
description ( ! proc$ures ! borr[] may  
use to conte/ ) ! corporation !         
compliance by ! s]vic] ) t obligation4  
7,b7 ,! ,f$]al ,h\s+ ,f9ance ,ag5cy1 z  
receiv] = ! corporation1 may n au?orize 
! corporation to sell any cov]$ mortgage
 ?r\gh any type ( non-p]=m+ loan sale   
auction program until ! ,director ( !   
,f$]al ,h\s+ ,f9ance ,ag5cy issues      
rules1 ?r\gh ! notice & comm5t rule mak+
 proc$ures "u section #eec ( title #e1  
,unit$ ,/ates ,code1 t address ess5tial 
aspects ( any non-p]=m+ loan sale       
program1 includ+-- 7i7 ! me?od (        
selection ( loans = sale2  7ii7 notice  
to borr[]s prior to inclusion ( ! loan 9
 a sale2 &  7iii7 review ( loss         
mitigation /atus prior to ! sale1       
selection ( eligible bidd]s1 loss       
mitigation guidel9es applicable to loan 
pur*as]s1 & report+ requirem5ts =       
pur*as]s4  7#d7 7,a7 ,ea* pur*as] ( a   
cov]$ mortgage %all (f] ! borr[] on !   

cov]$ mortgage loss mitigation options t
 all[ = paym5t r$uction at lea/ z great 
z w\ld be available to ! borr[] if !    
loan _h n be5 sold4  7,b7 ,! specific   
=mula1 calculations1 wat]fall /eps1 &   
o!r t]ms = loss mitigation options      
describ$ 9 subp>agraph 7,a7 %all be     
publi%$ by ! corporation1 made available
 to ! public1 & includ$ 9 a writt5      
notice giv5 to borr[]s be=e any         
accel]ation or =eclosure is initiat$    
aft] a loan sale4  7#e7 ,) respect to a 
transf]ee1 includ+ any subsequ5t        
transf]ee1 ( a cov]$ mortgage t is sold 
by ! corporation "u ?is section-- 7,a7 !
 transf]ee %all c]tify 9 writ+ to !     
corporation t ! transf]ee w comply ) !  
provisions ( ?is subsection 9 ! m>ket+ &
 transf] ( any prop]ty receiv$ 9 !      
disposition ( any transf]r$ loan2  7,b7 
! transf]ee %all provide to !           
corporation records docum5t+ t !        
transf]s ( ^? prop]ties are 9 compliance
 ) ?is subsection2 &  7,c7 ! failure ( !
 corporation or ! transf]ee to comply ) 

! requirem5ts "u ?is subsection = a loan
 9 default %all be a def5se to          
=eclosure1 & a transf]ee may n execute a
 =eclosure judgm5t or ord] ( sale1 or   
conduct a =eclosure sale1 until !       
transf]ee has compli$ ) all requirem5ts 
"u ?is subsection4  7#f7 ,) respect to  
cov]$ mortgages t are sold by !         
corporation "u ?is section & =eclos$ ^u 
by ! buy]1 n less ?an #ij p]c5t ( !     
prop]ties t are ! subject ( ! cov]$     
mortgages 9 an auction %all be-- 7,a7   
sold to own]-occupants2  7,b7 op]at$ or 
transf]r$ to an entity t w op]ate !     
prop]ty z af=dable r5tal h\s+ =         
h\seholds bel[ #hj p]c5t ( ! area m$ian 
income = a p]iod ( n less ?an #ae ye>s2 
or  7,c7 transf]r$ or donat$ to a       
nonpr(it ag5cy t is c]tifi$ by !        
corporation & w r$evelop ! prop]ty =    
own] occupancy or af=dable r5tal h\s+4  
7#g7 ,! corporation %all implem5t       
policies1 proc$ures1 & controls to--    
7,a7 id5tify & recruit community p>tn]s2
  7,b7 engage 9 consultations )         

community p>tn]s be=e ! sale ( a pool ( 
cov]$ mortgages "u ?is section to       
det]m9e :e!r t sale c be design$ to meet
 ! specific ne$s ( ! communities s]v$ by
 ! community p>tn]s2 &  7,c7 prioritize 
! sale ( pools ( s+le-family mortgages  
to community p>tn]s by-- 7i7 design+    
pools ( cov]$ mortgages = direct sale to
 a community p>tn]1 ! price ( :i* %all  
be set by ! corporation bas$ on a pric+ 
model t consid]s-- 7,i7 ! curr5t fair   
m>ket value ( ! prop]ties2 &  7,,ii7 !  
pot5tial impact ( =eclosures on ^?      
prop]ties to ! value ( o!r homes 9 !    
same c5sus tract2 or  7ii7 9 ! case ( an
 auction1 if ! w9n+ bid is n f a        
community p>tn]1 p]mitt+ any community  
p>tn] t bid dur+ t same auction to h a  
f9al opportunity to ent] a high] bid on 
! pool4  4  7d7 ,fr$die ,mac ,section   
#cje ( ! ,f$]al ,home ,loan ,mortgage   
,corporation ,act 7#ab ,u4,s4,c4 #aded7 
is am5d$ by add+ at ! end ! foll[+3  7e7
 7#a7 ,9 ?is subsection1 ! t]m cov]$    
mortgage-- 7,a7 means any mortgage t is 

secur$ by a s+le-family resid5tial      
prop]ty2 &  7,b7 includes ! promissory  
note secur$ by ! mortgage describ$ 9    
subp>agraph 7,a74  7#b7 ,! ,corporation 
may n sell or transf] any cov]$ mortgage
 "u ?is section unless ! requirem5ts (  
?is subsection are met4  7#c7 7,a7 ,if !
 ,corporation int5ds to sell or transf] 
a cov]$ mortgage1 ! ,corporation %all   
provide ! curr5t borr[] & all own]s (   
record ( ! prop]ty secur+ ! cov]$       
mortgage1 or require t ! curr5t borr[] &
 own]s ( record be provid$1 a sep>ate   
writt5 notice ( ! int5t to sell ! cov]$ 
mortgage t-- 7i7 is mail$ via c]tifi$ & 
fir/ class mail n less ?an #ij days be=e
 ! date on :i* ! loan is includ$ 9 any  
propos$ sale2 &  7ii7 includes-- 7,i7 a 
description ( ! loss mitigation options 
( ! ,corporation t are available to     
borr[]s 9 f9ancial di/ress & !          
obligation ( s]vic]s to consid] borr[]s 
9 default = ^? options2  7,,ii7 a       
description ( ! actions t ! s]vic] ( !  
loan has tak5 to review & implem5t ^?   

options = ! borr[]2 &  7,,iii7 a        
description ( ! proc$ures ! borr[] may  
use to conte/ ) ! ,corporation !        
compliance by ! s]vic] ) t obligation4  
7,b7 ,! ,f$]al ,h\s+ ,f9ance ,ag5cy1 z  
receiv] = ! ,corporation1 may n sell any
 cov]$ mortgage ?r\gh any type (        
non-p]=m+ loan sale auction program     
until ! ,director ( ! ,f$]al ,h\s+      
,f9ance ,ag5cy issues rules1 ?r\gh !    
notice & comm5t rulemak+ proc$ures "u   
section #eec ( title #e1 ,unit$ ,/ates  
,code1 t address ess5tial aspects ( any 
non-p]=m+ loan sale program1 includ+--  
7i7 ! me?od ( selection ( loans = sale2 
7ii7 notice to borr[]s prior to         
inclusion ( ! loan 9 a sale2 &  7iii7   
review ( loss mitigation /atus prior to 
! sale1 selection ( eligible bidd]s1    
loss mitigation guidel9es applicable to 
loan pur*as]s1 & report+ requirem5ts =  
pur*as]s4  7#d7 7,a7 ,ea* pur*as] ( a   
cov]$ mortgage %all (f] ! borr[] on !   
cov]$ mortgage loss mitigation options t
 all[ = paym5t r$uction at lea/ z great 

z w\ld be available to ! borr[] if !    
loan _h n be5 sold4  7,b7 ,! specific   
=mula1 calculations1 wat]fall /eps1 &   
o!r t]ms = loss mitigation options      
describ$ 9 subp>agraph 7,a7 %all be     
publi%$ by ! ,corporation1 made         
available to ! public1 & includ$ 9 a    
writt5 notice giv5 to borr[]s be=e any  
accel]ation or =eclosure is initiat$    
aft] a loan sale4  7#e7 ,) respect to a 
transf]ee1 includ+ any subsequ5t        
transf]ee1 ( a cov]$ mortgage t is sold 
by ! ,corporation "u ?is section-- 7,a7 
! transf]ee %all c]tify 9 writ+ to !    
,corporation t ! transf]ee w comply ) ! 
provisions ( ?is subsection 9 ! m>ket+ &
 transf] ( any prop]ty receiv$ 9 !      
disposition ( any transf]r$ loan2  7,b7 
! transf]ee %all provide to !           
,corporation records docum5t+ t !       
transf]s ( ^? prop]ties are 9 compliance
 ) ?is subsection2 &  7,c7 ! failure ( !
 ,corporation or ! transf]ee to comply )
 ! requirem5ts "u ?is subsection = a    
loan 9 default %all be a def5se to      

=eclosure1 & a transf]ee may n execute a
 =eclosure judgm5t or ord] ( sale1 or   
conduct a =eclosure sale1 until !       
transf]ee has compli$ ) all requirem5ts 
"u ?is subsection4  7#f7 ,) respect to  
cov]$ mortgages t are sold by !         
,corporation "u ?is section & =eclos$ ^u
 by ! buy]1 n less ?an #ij p]c5t ( !    
prop]ties t are ! subject ( ! cov]$     
mortgages 9 an auction %all be-- 7,a7   
sold to own]-occupants2  7,b7 op]at$ or 
transf]r$ to an entity t w op]ate !     
prop]ty z af=dable r5tal h\s+ =         
h\seholds bel[ #hj p]c5t ( ! area m$ian 
income = a p]iod ( n less ?an #ae ye>s2 
or  7,c7 transf]r$ or donat$ to a       
nonpr(it ag5cy t is c]tifi$ by !        
,corporation & w r$evelop ! prop]ty =   
own] occupancy or af=dable r5tal h\s+4  
7#g7 ,! ,corporation %all implem5t      
policies1 proc$ures1 & controls to--    
7,a7 id5tify & recruit community p>tn]s2
  7,b7 engage 9 consultations )         
community p>tn]s be=e ! sale ( a pool ( 
cov]$ mortgages "u ?is section to       

det]m9e :e!r t sale c be design$ to meet
 ! specific ne$s ( ! communities s]v$ by
 ! community p>tn]s2 &  7,c7 prioritize 
! sale ( pools ( s+le-family mortgages  
to community p>tn]s by-- 7i7 design+    
pools ( cov]$ mortgages = direct sale to
 a community p>tn]1 ! price ( :i* %all  
be set by ! ,corporation bas$ on a pric+
 model t consid]s-- 7,i7 ! curr5t fair  
m>ket value ( ! prop]ties2 &  7,,ii7 !  
pot5tial impact ( =eclosures on ^?      
prop]ties to ! value ( o!r homes 9 !    
same c5sus tract2 or  7ii7 9 ! case ( an
 auction1 if ! w9n+ bid is n f a        
community p>tn]1 p]mitt+ any community  
p>tn] t bid dur+ t same auction to h a  
f9al opportunity to ent] a high] bid on 
! pool4  4  7e7 ,sale ( re-,p]=m+ loans 
,! ,f$]al ,h\s+ ,ent]prises ,f9ancial   
,safety & ,s\ndness ,act ( #aiib 7#ab   
,u4,s4,c4 #deja et seq47 is am5d$ by    
ins]t+ aft] section #acbh 7#ab ,u4,s4,c4
 #dedh7 ! foll[+3  #acbi4 ,sale (       
re-p]=m+ loans  7a7 ,bulk auction or    
gr\p sales ,an ent]prise may n conduct  

bulk auctions or o!r gr\p sales ( s+le  
family re-p]=m+ resid5tial loans unless 
! foll[+ requirem5ts are met3 7#a7 ,!   
ent]prise e/abli%es a sy/em t provides  
priority to ,f$]al1 ,/ate1 local1 or    
,tribal gov]nm5ts or nonpr(it           
organizations t h ! capacity & exp]i5ce 
requir$ = buy+1 s]vic+1 & resolv+ s+le  
family mortgage loans 9 a mann] t       
promotes af=dable h\s+1 fair h\s+1      
af=dable home[n]%ip1 provision ( h\s+   
c\nsel+1 or neighborhood /abilization4  
7#b7 ,cle>1 writt5 notice is s5t by !   
ent]prise or s]vic] ?r\gh c]tifi$ &     
fir/-class mail to ! borr[] & all own]s 
( record1 ) a copy s5t to ! ent]prise if
 s5t by ! s]vic]1 n less ?an #ij days   
be=e ! inclusion ( ! loan 9 any propos$ 
sale-- 7,a7 /at+ t ! loan w be includ$ 9
 a bulk auction or gr\p sale ( re-p]=m+ 
loans2 &  7,b7 describ+ ! bulk auction  
or gr\p sale process1 includ+-- 7i7 !   
loss mitigation or o!r protections      
available to ! borr[] & o!r own]s (     
record bo? be=e & aft] ! auction or     

sale2 &  7ii7 ! obligations ( ! s]vic] (
 ! loan be=e & aft] ! auction or sale1  
includ+ loss mitigation requirem5ts4    
7#c7 ,! ent]prise requires 9 ! t]ms ( ! 
bulk auction or gr\p sale t pur*as]s    
take loans subject to ! foll[+          
requirem5ts3 7,a7 ,! pur*as] is requir$ 
to (f] t>get$ paym5t relief options to  
borr[]s t become m ?an #fj days del9qu5t
 on _! mortgage aft] _! loan is sold t  
includes def]ral ( pr9cipal & t]m       
ext5sion options t r$uce paym5ts to an  
af=dable level4  7,b7 ,! pur*as] is     
requir$ to (f] a def]ral program to     
borr[]s t become m ?an #fj days del9qu5t
 on _! mortgage aft] _! loan is sold t  
(f]s t]ms & protections at lea/ z       
favorable z ^? available "u loss        
mitigation guidel9es ( ! ent]prise1     
includ+ ! abs5ce ( fees1 to borr[]s :o c
 af=d _! pre-h>d%ip mortgage paym5t4    
7,c7 ,failure by ! pur*as] to foll[ !   
e/abli%$ loss mitigation guidel9es %all 
s]ve z a def5se to a judicial =eclosure 
& a basis to enjo9 or o!rwise /ay a     

non-judicial =eclosure4  7,d7 ,data     
report+ z provid$ "u subsection 7b77#a74
  7,e7 ,if a prop]ty becomes vacant1 !  
pur*as] %all n release ! li5 until !    
prop]ty is sold or donat$4  7,f7 ,use ( 
contract = de$1 lease to own1 or a l&   
in/allm5t contract to sell or o!rwise   
transf] any prop]ty t is secur$ by a    
pur*as$ loan %all be prohibit$ unless ! 
t5ant or pur*as] is a nonpr(it          
organization4  7b7 ,data & report+  7#a7
 ,pur*as] report+ ,dur+ ! #d-ye> p]iod  
foll[+ any auction or sale ( s+le family
 re-p]=m+ resid5tial mortgage loans "u  
subsection 7a71 ! ,director %all require
 ! ent]prise to collect f ea* pur*as] ( 
su* loans1 includ+ any subsequ5t pur*as]
 ( a loan1 qu>t]ly loan-level data      
reg>d+ ! treatm5t & outcome ( ! loan1   
includ+-- 7,a7 loan *>act]i/ics1 includ+
 loan type1 rema9+ loan t]m1 loan to    
value ratio1 numb] ( mon?s 9 arre>s1 &  
loan /atus2  7,b7 loss mitigation data1 
includ+ :e!r loss mitigation 0 provid$  
by ! pur*as]1 debt-to-income ratio &    

p]c5t paym5t r$uction = any modifi$     
loans1 & p]=mance ( modifi$ loans2  7,c7
 demographic data = ea* borr[] & any    
co-borr[]1 includ+ race1 national orig91
 sex1 ,,zip ,code1 & c5sus tract1 &1 if 
available1 disability /atus & vet]an    
/atus2 &  7,d7 o!r pur*as] actions1     
includ+ *>ge (fs & resales ( loans &    
dates = su* actions4  7#b7 ,semiannual  
reports to ,congress ,! ,director %all  
submit to ,congress1 & make publicly    
available at no co/ to ! public 9 a     
readily accessible =mat on ! website ( !
 ,ag5cy1 semi-annual reports on-- 7,a7  
loans sold 9 an auction or sale "u      
subsection 7a7 by ea* ent]prise1        
disaggregat$ by pool1 includ+-- 7i7 !   
numb] ( loans & types ( loans2  7ii7    
mean & m$ian del9qu5cy & loan to value  
ratios at ! "t ( ! sale2  7iii7 ! numb] 
& p]c5tage ( loans modifi$ prior to     
auction or sale2 &  7iv7 demographic &  
geographic data1 includ+ prop]ty        
locations by c5sus tract or l>g]        
geographic location if necess>y to      

protect p]sonally id5tifiable in=mation2
  7,b7 ! p]=mance ( loans aft] an       
auction or sale "u subsection 7a71      
disaggregat$ by loan pool1 includ+ !    
initial pur*as]1 curr5t own]1 curr5t    
s]vic]1 data summ>iz+ any alt]natives to
 =eclosure (f]$ & enact$1 & data        
summ>iz+ ! data collect$ "u subp>agraph 
7,a72 &  7,c7 ! results ( a fair l5d+   
analysis conduct$ bas$ on ! data 9      
subp>agraphs 7,a7 & 7,b7 to id5tify any 
discrim9atory impacts or outcomes       
associat$ ) ! auctions or sales4  7c7   
,p5alties = noncompliance ,! ent]prises 
may =cibly reta9 loans or prop]ties1 )\t
 provid+ comp5sation1 f pur*as]s t d n  
meet ! requirem5ts "u subsection        
7a77#c74  7d7 ,regulations ,! ,director 
%all issue regulations def9+ ! t]ms (   
p]missible auctions or sales 9          
accordance ) ! requirem5ts 9 ?is        
section4  4  ,,ii ,tak+ ! fir/ /eps to  
rev]se ! legacy ( h\s+ discrim9ation &  
gov]nm5t neglig5ce  #bja4 ,d[n paym5t   
assi/ance program = fir/-"t1            

fir/-g5]ation homebuy]s  7a7 ,def9itions
 ,9 ?is section3 7#a7 ,eligible resid5t 
,! t]m eligible resid5t means an        
individual :o-- 7,a7 is a fir/-"t       
homebuy]2  7,b7 is a fir/-g5]ation      
homebuy]2 &  7,c7 has an income t is    
less ?an-- 7i7 #abj p]c5t ( ! area m$ian
 income2 or  7ii7 9 ! case ( a homebuy] 
acquir+ a prop]ty = use z a pr9cipal    
resid5ce t is locat$ 9 a high-co/ area1 
z det]m9$ by ! ,secret>y1 #adj p]c5t ( !
 area m$ian income4  7#b7 ,fir/-g5]ation
 homebuy] ,! t]m fir/-g5]ation homebuy] 
means a homebuy] :o is1 z self-atte/$ by
 ! homebuy]1 an individual-- 7,a7 ^:    
p>5ts d n1 or did n at ! "t ( _! dea?1  
to ! be/ ( ! individual's k1 h any      
pres5t own]%ip int]e/ 9 a pr9cipal      
resid5ce 9 any ,/ate1 exclud+ own]%ip ( 
heir prop]ty2 &  7,b7 ^: sp\se or       
dome/ic p>tn] has n1 dur+ ! #c-ye> p]iod
 end+ on ! date ( pur*ase ( a prop]ty   
us+ a grant "u subsection 7b71 _h any   
pres5t own]%ip int]e/ 9 a pr9cipal      
resid5ce 9 any ,/ate1 exclud+ own]%ip ( 

heir prop]ty1 )\t reg>d to :e!r ! sp\se 
or dome/ic p>tn] is a co-borr[] on a    
mortgage = ! prop]ty be+ pur*as$4  7#c7 
,fir/-"t homebuy] ,! t]m fir/-"t        
homebuy] means a homebuy] :o is1 z      
self-atte/$ by ! homebuy]1 an individual
 7& if m>ri$ or 9 a dome/ic p>tn]%ip1 ! 
sp\se or dome/ic p>tn] ( ! individual7  
:o1 dur+ ! #c-ye> p]iod end+ on ! date (
 pur*ase ( a prop]ty us+ a grant "u     
subsection 7b7-- 7,a7 has _h no pres5t  
own]%ip 9 a pr9cipal resid5ce 9 any     
,/ate1 exclud+ own]%ip ( heir prop]ty2  
or  7,b7 surr5d]$ any pres5t own]%ip    
int]e/ 9 a pr9cipal resid5ce 9 any      
,/ate1 exclud+ own]%ip ( heir prop]ty1 z
 "p ( a divorce proce$+4  7#d7 ,heir    
prop]ty ,! t]m heir prop]ty means       
resid5tial prop]ty = :i* title-- 7,a7   
pass$ by op]ation ( law ?r\gh inte/acy2 
&  7,b7 is held by #b or m heirs z      
t5ants 9 common4  7#e7 ,secret>y ,! t]m 
,secret>y means ! ,secret>y ( ,h\s+ &   
,urban ,developm5t4  7#f7 ,/ate ,! t]m  
,/ate includes ! ,di/rict ( ,columbia & 

any t]ritory or possession ( ! ,unit$   
,/ates4  7b7 ,e/abli%m5t ,!re is        
e/abli%$ 9 ! ,treasury ( ! ,unit$ ,/ates
 a fund t-- 7#a7 %all be adm9i/]$ by !  
,secret>y1 act+ ?r\gh ! ,(fice ( ,h\s+ (
 ! ,dep>tm5t ( ,h\s+ & ,urban           
,developm5t2 &  7#b7 %all be us$-- 7,a7 
to provide grants to eligible resid5ts  
to pur*ase a prop]ty = use z a pr9cipal 
resid5ce2  7,b7 = outrea* to f9ancial   
in/itutions 9 t>get$ areas & eligible   
resid5ts1 includ+ = ! adm9i/ration ( t  
outrea*2  7,c7 = c\nsel+ or f9ancial    
education adm9i/]$ by c\nsel+ ag5cies   
approv$ by ! ,secret>y 9 ord] to ensure 
su/a9able home[n]%ip2 &  7,d7 to ma9ta9 
any records requir$ to implem5t ?is     
section4  7c7 ,grant am\nt ,an eligible 
resid5t may receive a grant "u          
subsection 7b7 9 an am\nt equal to--    
7#a7 n m ?an #c4e p]c5t ( ! apprais$    
value ( ! prop]ty to be pur*as$2 or     
7#b7 if ! apprais$ value ( ! prop]ty to 
be pur*as$ exce$s ! pr9cipal obligation 
am\nt limitation = mortgages insur$ "u  

title ,,ii ( ! ,national ,h\s+ ,act 7#ab
 ,u4,s4,c4 #agjg et seq471 #c4e p]c5t ( 
! maximum pr9cipal obligation limitation
 = ! prop]ty to be pur*as$4  7d7        
,relation to ,,fha loan ,an eligible    
resid5t %all n be requir$ to obta9 a    
mortgage t is insur$ "u title ,,ii ( !  
,national ,h\s+ ,act 7#ab ,u4,s4,c4     
#agjg et seq47 z a condition ( receiv+ a
 grant "u subsection 7b74  7e7 ,lay]+ ( 
assi/ance ,receipt by an eligible       
recipi5t ( assi/ance = a d[n paym5t f a 
s\rce o!r ?an ! fund e/abli%$ "u        
subsection 7b71 includ+ assi/ance f !   
,f$]al ,gov]nm5t1 a ,/ate or local      
gov]nm5t1 or any o!r public1 private1 or
 nonpr(it s\rce1 %all n affect !        
eligibility ( ! eligible recipi5t =     
assi/ance "u subsection 7b74  7f7       
,regulations & database ,n lat] ?an #a  
ye> aft] ! date ( enactm5t ( ?is ,act1 !
 ,secret>y %all-- 7#a7 9 consultation ) 
int]e/$ p>ties1 includ+ h\s+ c\nsel+    
ag5cies approv$ by ! ,secret>y &        
individuals or gr\ps ) exp]tise 9 fair  

h\s+1 promulgate regulations relat+ to !
 use ( ! fund e/abli%$ "u subsection    
7b72  7#b7 promulgate regulations relat+
 to ! disbursem5t ( funds "u ?is section
 to ensure t an eligible resid5t is able
 to receive funds be=e ! clos+ date = ! 
home ( ! eligible resid5t1 :i* may      
include creat+ a program t all[s a l5d] 
to be reimburs$ by ! fund e/abli%$ "u   
subsection 7b7 if ! l5d]-- 7,a7 provides
 an eligible resid5t ) funds = ! clos+2 
or  7,b7 all[s an eligible resid5t to be
 preapprov$ to receive assi/ance "u ?is 
section :5 arrang+ f9anc+ = ! home ( !  
eligible resid5t2 &  7#c7 e/abli% me?ods
 to v]ify t an individual is an eligible
 resid5t4  7g7 ,appropriation ,out (    
funds 9 ! ,treasury n o!rwise           
appropriat$1 !re is appropriat$ to !    
fund e/abli%$ "u subsection 7b7 su* sums
 z may be necess>y = ea* ( fiscal ye>s  
#bjbe ?r\gh #bjcd to c>ry out !         
activities "u subsection 7b77#b74  7h7  
,inclusion ( program 9 home buy+        
in=mation booklets ,section #e7;b7 ( !  

,real ,e/ate ,settlem5t ,proc$ures ,act 
( #aigd 7#ab ,u4,s4,c4 #bfjd7;b77 is    
am5d$ by ins]t+ aft] p>agraph 7#ad7 !   
foll[+3  7#ae7 ,in=mation relat+ to !   
d[n paym5t assi/ance program e/abli%$ "u
 section #bja ( ! ,am]ican ,h\s+ &      
,economic ,mobility ,act ( #bjbe4  4    
7i7 ,inclusion ( program z mortgage     
product ,section #bjc7;f77#a7 ( !       
,national ,h\s+ ,act 7#ab ,u4,s4,c4     
#agji7;f77#a77 is am5d$ by ins]t+ 1     
includ+ ! d[n paym5t assi/ance program  
e/abli%$ "u section #bja ( ! ,am]ican   
,h\s+ & ,economic ,mobility ,act (      
#bjbe1 aft] mortgage products4  7j7     
,reliance on borr[] atte/ations ,no     
additional docum5tation beyond !        
borr[]'s atte/ation %all be requir$ to  
demon/rate eligibility "u p>agraphs 7#b7
 & 7#c7 ( subsection 7a71 & no cr$itor  
%all be subject to liability1 includ+   
monet>y p5alties or requirem5ts to      
indemnify a ,f$]al ag5cy or repur*ase a 
loan t has be5 sold or securitiz$1 = !  
provision ( d[n paym5t assi/ance "u ?is 

section to a borr[] :o does n meet !    
eligibility requirem5ts "u ^? p>agraphs 
if ! cr$itor does s 9 good fai? reliance
 on borr[] atte/ations ( eligibility    
requir$ by ^? p>agraphs or any          
regulation promulgat$ to c>ry out ^?    
p>agraphs4  7k7 ,repaym5t ( assi/ance   
7#a7 ,requirem5t ,an eligible resid5t :o
 receives a grant "u subsection 7b7 to  
pur*ase a prop]ty = use z a pr9cipal    
resid5ce & does n occupy ! prop]ty z a  
pr9cipal resid5ce = #e ye>s or m %all   
repay to ! ,secret>y a proportional     
am\nt ( ! grant bas$ on ! numb] ( ye>s1 
if any1 = :i* ! eligible resid5t has    
occupi$ ! prop]ty z a pr9cipal resid5ce4
  7#b7 ,limitation ,not)/&+ p>agraph    
7#a71 an eligible resid5t :o receives a 
grant "u subsection 7b7 to pur*ase a    
prop]ty = use z a pr9cipal resid5ce &   
does n occupy ! prop]ty z a pr9cipal    
resid5ce = #e ye>s or m %all n be liable
 to ! ,secret>y = repaym5t "u p>agraph  
7#a7 ( ?is subsection if-- 7,a7 !       
failure to occupy ! prop]ty z a pr9cipal

 resid5ce is due at lea/ 9 "p to a      
h>d%ip2 or  7,b7 ! eligible resid5t     
sells ! prop]ty be=e ! expiration ( !   
#e-ye> p]iod beg9n+ on ! date (         
acquisition & ! capital ga9s f ! sale to
 a bona fide pur*as] 9 an arm's l5g?    
transaction are less ?an ! am\nt !      
eligible resid5t w\ld be requir$ to     
repay "u p>agraph 7#a74  #bjb4 ,=mula   
grant program = communities ) an        
appraisal gap  7a7 ,def9itions ,9 ?is   
section-- 7#a7 ! t]m neighborhood ) an  
appraisal gap means a c5sus tract 9 :i* 
! m$ian sales price ( a dwell+ unit is  
l[] ?an ! m$ian co/ to acquire &        
rehabilitate1 or build1 a new dwell+    
unit2  7#b7 ! t]m ,secret>y means !     
,secret>y ( ,h\s+ & ,urban ,developm5t2 
&  7#c7 ! t]m ,/ate has ! mean+ giv5 !  
t]m 9 section #c7;b77#g7 ( ! ,unit$     
,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4
 #adcg;a7b77#g774  7b7 ,e/abli%m5t ,!   
,secret>y %all e/abli% a =mula grant    
program to provide fund+ to ,/ates to   
support neighborhoods ) an appraisal    

gap1 includ+ borr[]s ) negative equity 9
 _! prim>y resid5ce 9 ^? neighborhoods1 
?r\gh-- 7#a7 measures t provide funds to
 borr[]s to-- 7,a7 pay d[n arre>s on an 
o!rwise af=dable loan2  7,b7 pay d[n    
arre>s or pr9cipal on a loan 9 ord] to  
qualify = a loan modification t w all[ !
 borr[] to keep ! home2  7,c7 pay (f1 or
 pay d[n "p (1 a second mortgage or home
 equity l9e ( cr$it2  7,d7 pay (f a     
small-doll> mortgage2  7,e7 pay del9qu5t
 taxes & tax li5s2  7,f7 pay (f del9qu5t
 wat] or sew] bills & li5s2 &  7,g7 pay 
= home repairs or ma9t5ance or =        
modifications to br+ ! home into        
compliance ) any applicable codes2 &    
7#b7 programs to pur*ase or rehabilitate
 vacant or di/ress$ prop]ties to enhance
 neighborhood prop]ty values4  7c7      
,=mula ,! ,secret>y %all di/ribute      
am\nts "u ?is section to ,/ates bas$    
on-- 7#a7 ! numb] ( borr[]s ) a prim>y  
resid5ce ) negative equity 9 ea* ,/ate2 
&  7#b7 ! %>e ( neighborhoods ) an      
appraisal gap 9 ea* ,/ate4  7d7         

,au?orization ( appropriations ,!re is  
au?oriz$ to be appropriat$ to c>ry out  
?is section #e1jjj1jjj1jjj = fiscal ye> 
#bjbe4  #bjc4 ,/r5g!n+ ! ,community     
,re9ve/m5t ,act ( #aigg  7a7 ,%ort title
 ,?is section may be cit$ z ! ,community
 ,re9ve/m5t ,re=m ,act ( #bjbe4  7b7    
,am5dm5ts to ! ,community ,re9ve/m5t    
,act ( #aigg ,! ,community ,re9ve/m5t   
,act ( #aigg 7#ab ,u4,s4,c4 #bija et    
seq47 is am5d$-- 7#a7 by /rik+ sections 
#hjb & #hjc 7#ab ,u4,s4,c4 #bija1 #bijb7
 & ins]t+ ! foll[+3  #hjb4 ,f9d+s &     
purpose  7a7 ,f9d+s ,congress f9ds t--  
7#a7 regulat$ f9ancial in/itutions are  
requir$ by law to demon/rate t !y s]ve !
 conv5i5ce & ne$s ( ! communities 9 :i* 
!y are *>t]$ or d bus9ess1 9 p>ticul>   
l[- & mod]ate-income communities2  7#b7 
! conv5i5ce & ne$s ( communities include
 ! ne$ = cr$it s]vices1 deposit s]vices1
 transaction s]vices1 o!r f9ancial      
s]vices1 & community developm5t loans & 
inve/m5ts2 &  7#c7 regulat$ f9ancial    
in/itutions h a cont9u+ & affirmative   

obligation to meet ! cr$it or o!r       
f9ancial ne$s ( all ! local communities 
9 :i* !y are *>t]$ or d bus9ess1 includ+
 communities 9 :i*-- 7,a7 ! in/itutions 
make loans & d n accept deposits2 or    
7,b7 ! in/itutions accept deposits b d n
 make loans4  7b7 ,purpose ,x is !      
purpose ( ?is title to require ea*      
appropriate ,f$]al f9ancial sup]visory  
ag5cy to use its au?ority :5 exam9+     
regulat$ f9ancial in/itutions to ensure 
t ^? in/itutions meet ! cr$it & o!r     
f9ancial ne$s ( ! local communities 9   
:i* !y are *>t]$ or d bus9ess consi/5t )
 ! safe & s\nd op]ation ( ^?            
in/itutions4  #hjc4 ,def9itions ,9 ?is  
title3 7#a7 ,application = a deposit    
facility ,! t]m application = a deposit 
facility means an application to !      
appropriate ,f$]al f9ancial sup]visory  
ag5cy o!rwise requir$ "u ,f$]al law or  
regulations !reund] =-- 7,a7 a *>t] = a 
national bank or ,f$]al sav+s & loan    
association2  7,b7 deposit insurance 9  
connection ) a newly *>t]$ ,/ate bank1  

sav+s bank1 sav+s & loan association1 or
 simil> in/itution2  7,c7 ! e/abli%m5t (
 a dome/ic bran* or o!r facility ) !    
ability to accept deposits ( a regulat$ 
f9ancial in/itution2  7,d7 ! relocation 
( ! home (fice or a bran* (fice ( a     
regulat$ f9ancial in/itution2  7,e7 !   
m]g] or consolidation )1 ! acquisition (
 ! assets (1 or ! assumption ( !        
liabilities ( a regulat$ f9ancial       
in/itution requir+ approval "u section  
#ah7;c7 ( ! ,f$]al ,deposit ,insurance  
,act 7#ab ,u4,s4,c4 #ahbh7;c772 or  7,f7
 ! acquisition ( %>es 91 or ! assets (1 
a regulat$ f9ancial in/itution requir+  
approval "u section #c ( ! ,bank ,hold+ 
,company ,act ( #aief 7#ab ,u4,s4,c4    
#ahdb74  7#b7 ,appropriate ,f$]al bank+ 
ag5cy ,! t]m appropriate ,f$]al bank+   
ag5cy has ! mean+ giv5 ! t]m 9 section  
#c ( ! ,f$]al ,deposit ,insurance ,act  
7#ab ,u4,s4,c4 #ahac74  7#c7            
,appropriate ,f$]al f9ancial sup]visory 
ag5cy ,! t]m appropriate ,f$]al f9ancial
 sup]visory ag5cy means-- 7,a7 !        

appropriate ,f$]al bank+ ag5cy ) respect
 to depository in/itutions & depository 
in/itution hold+ companies2 &  7,b7 !   
,bureau ( ,consum] ,f9ancial ,protection
 ) respect to any cov]$ p]son sup]vis$  
by ! ,bureau pursuant to section #ajbd (
 ! ,dodd-,frank ,wall ,/reet ,re=m &    
,consum] ,protection ,act 7#ab ,u4,s4,c4
 #eead74  7#d7 ,assessm5t area ,! t]m   
assessm5t area means1 ) respect to a    
regulat$ f9ancial in/itution1 ea*       
community1 includ+ a ,/ate1 metropolitan
 area1 or urban or rural c\nty1 9 :i* ! 
in/itution-- 7,a7 ma9ta9s deposit-tak+  
bran*es1 automat$ tell] ma*9es1 or      
retail (fices2  7,b7 is repres5t$ by an 
ag5t2 or  7,c7 issues a significant     
numb] ( loans or o!r products relative  
to ! total numb] ( loans or o!r products
 made by ! in/itution or relative to !  
total numb] ( loans or o!r products (f]$
 by ! private sector m>ket4  7#e7       
,climate resili5cy & disa/] mitigation  
,! t]m climate resili5cy & disa/]       
mitigation means activities t-- 7,a7    

assi/ individuals & communities to      
prep>e =1 adapt to1 & )/& climate-relat$
 risks1 natural disa/]s1 or wea!r-relat$
 disa/]s2  7,b7 b5efit or s]ve resid5ts 
( l[- to mod]ate-income c5sus tracts or 
climate vuln]able communities & d n     
directly result 9 =c$ or involunt>y     
relocation ( ^? resid5ts2 &  7,c7 are   
done 9 conjunction )-- 7i7 a plan1      
program or initiative ( a ,f$]al1 ,/ate1
 local or ,tribal gov]nm5t2 or  7ii7 a  
mission-driv5 nonpr(it organization t is
 focus$ on b5efit+ or s]v+ t>get$ c5sus 
tracts or climate vuln]able communities4
  7#f7 ,climate vuln]able communities ,!
 t]m climate vuln]able communities means
 communities exp]i5c+ height5$ risk &   
increas$ s5sitivity to climate *ange )  
less capacity & few] res\rces to cope )1
 adapt to1 or recov] f climate impacts1 
z det]m9$ by ! appropriate ,f$]al       
f9ancial sup]visory ag5cies4  7#g7      
,community b5efits plan ,! t]m community
 b5efits plan means a plan t provides   
measurable goals = future am\nts ( safe 

& s\nd loans1 inve/m5ts1 s]vices1 & o!r 
f9ancial products = l[- & mod]ate-income
 communities & o!r di/ress$ or und]s]v$ 
communities4  7#h7 ,community developm5t
 ,! t]m community developm5t includes-- 
7,a7 af=dable h\s+ = l[- or             
mod]ate-income individuals & avoidance (
 patt]ns ( l5d+ result+ 9 ! loss (      
af=dable h\s+ units & h\s+ = l[- &      
mod]ate-income individuals 9            
high-opportunity areas2  7,b7 community 
developm5t s]vices1 includ+ c\nsel+ &   
successful mortgage or loan             
modifications ( del9qu5t loans2  7,c7   
activities t promote integration2  7,d7 
activities t promote economic developm5t
 by f9anc+ small bus9esses or f>ms t    
meet ! size eligibility requirem5ts ( ! 
developm5t company or small bus9ess     
inve/m5t company programs "u section    
#aba4cja ( title #ac1 ,code ( ,f$]al    
,regulations1 or any successor          
regulation1 ) an emphasis on small      
bus9esses t h gross annual rev5ues ( n m
 ?an #a1jjj1jjj2  7,e7 activities t     

revitalize or /abilize-- 7i7 l[- or     
mod]ate-income geographies2  7ii7       
designat$ disa/] areas2  7iii7 di/ress$ 
or und]s]v$ nonmetropolitan             
middle-income geographies designat$ by !
 ,f$]al ,f9ancial ,in/itutions          
,exam9ation ,c\ncil1 bas$ on-- 7,i7     
rates ( pov]ty1 unemploym5t1 &          
population loss2 or  7,,ii7 population  
size1 d5sity1 & disp]sion1 if ^?        
activities help to meet ess5tial        
community ne$s1 includ+ ! ne$s ( l[- &  
mod]ate-income individuals2 or  7iv7 o!r
 di/ress$ or und]s]v$ communities2  7,f7
 activities t promote physical1         
environm5tal1 & s5sory accessibility 9  
h\s+ /ock t is integrat$ into !         
community2 &  7,g7 o!r activities t     
promote ! objectives ( ?is title1 z     
det]m9$ by ! appropriate ,f$]al f9ancial
 sup]visory ag5cies4  7#i7 ,depository  
in/itution2 depository in/itution hold+ 
company2 insur$ depository in/itution ,!
 t]ms depository in/itution1 depository 
in/itution hold+ company1 & insur$      

depository in/itution h ! mean+s giv5 ^?
 t]ms 9 section #c ( ! ,f$]al ,deposit  
,insurance ,act 7#ab ,u4,s4,c4 #ahac74  
7#aj7 ,entire community ,! t]m entire   
community means-- 7,a7 all ( ! assessm5t
 areas ( a regulat$ f9ancial in/itution2
 &  7,b7 areas outside ( assessm5t areas
 describ$ 9 subp>agraph 7,a7 9 :i* a    
regulat$ f9ancial in/itution has made   
loans or receiv$ deposits4  7#aa7       
,enum]at$ consum] laws ,! t]m enum]at$  
consum] laws has ! mean+ giv5 ! t]m 9   
section #ajjb ( ! ,consum] ,f9ancial    
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edha74  7#ab7 ,fossil fuel ,! t]m      
fossil fuel means coal1 petroleum1      
me?ane gas 7(t5 ref]r$ to z natural     
gas71 or any d]ivative ( coal1          
petroleum1 or me?ane gas t is us$ = fuel
 directly or indirectly1 su* z = g5]at+ 
electricity4  7#ac7 ,fossil fuel company
 ,! t]m fossil fuel company means any   
company t-- 7,a7 is among ! #bjj        
companies ) ! l>ge/ fossil fuel res]ves 
9 ! _w2  7,b7 is among ! #cj l>ge/      

public company own]s 9 ! _w ( coal-fir$ 
p[] plants2  7,c7 has z its core        
bus9ess-- 7i7 ! con/ruction or op]ation 
( fossil fuel infra/ructure2 or  7ii7 ! 
exploration1 extraction1 ref9+1 process+
 or di/ribution ( fossil fuels2 or  7,d7
 receives m ?an #ej p]c5t ( its gross   
rev5ue f companies t meet ! def9ition "u
 subp>agraph 7,a71 7,b71 or 7,c74  7#ad7
 ,fossil fuel expansion ,! t]m fossil   
fuel expansion means f9anc+ = new fossil
 fuel infra/ructure projects1 includ+   
f9anc+ ( exploration activities1 t      
w\ld-- 7,a7 increase gre5h\se gas       
emissions2 &  7,b7 increase ! difficulty
 ( a*iev+ ,f$]al1 ,/ate1 or local c>bon 
emission r$uction goals4  7#ae7 ,fossil 
fuel infra/ructure ,! t]m fossil fuel   
infra/ructure means oil or gas wells1   
oil or gas pipel9es & ref9]ies1 oil1    
coal or gas-fir$ p[] plants1 oil & gas  
/orage tanks1 fossil fuel export        
t]m9als1 & any o!r infra/ructure us$    
exclusively = fossil fuels1 includ+     
facilities ) c>bon capture1 utilization1

 & /orage4  7#af7 ,geography ,! t]m     
geography means a c5sus tract del9eat$  
by ! ,bureau ( ! ,c5sus 9 ! mo/ rec5t   
dec5nial c5sus4  7#ag7 ,int]m$iate bank 
,! t]m int]m$iate bank is a depository  
in/itution ) assets ( n less ?an        
#djb1jjj1jjj & less ?an #a1fji1jjj1jjj1 
z adju/$ annually = purposes ( an       
exam9ation "u section #hjd4  7#ah7 ,l>ge
 bank ,! t]m l>ge bank is a depository  
in/itution ) assets ( n less ?an        
#a1fji1jjj1jjj1 z adju/$ annually =     
purposes ( an exam9ation "u section     
#hjd4  7#ai7 ,o!r di/ress$ or und]s]v$  
community ,! t]m o!r di/ress$ or        
und]s]v$ community means an area or     
c5sus tract t1 accord+ to a p]iodic     
review & data analysis by ! appropriate 
,f$]al f9ancial sup]visory ag5cies on an
 int]ag5cy basis ?r\gh ! ,f$]al         
,f9ancial ,in/itutions ,exam9ation      
,c\ncil ( c]ta9 metrics1 su* z loans p] 
h\seholds or small bus9ess1 is exp]i5c+ 
economic h>d%ip or is und]s]v$ by       
f9ancial in/itutions4  7#bj7 ,o!r       

und]s]v$ population ,! t]m o!r und]s]v$ 
population means a population t is      
exp]i5c+ ongo+ effects ( discrim9ation  
or is relatively und]s]v$ by f9ancial   
in/itutions1 z measur$ by loans p]      
h\seholds or o!r simil> metrics4  7#ba7 
,regulat$ f9ancial in/itution ,! t]m    
regulat$ f9ancial in/itution means--    
7,a7 an insur$ depository in/itution2   
7,b7 a depository in/itution hold+      
company2 &  7,c7 a ,u4,s4 nonbank       
mortgage orig9ator4  7#bb7 ,retail l5d+ 
assessm5t area ,! t]m retail l5d+       
assessm5t area means a geographical area
 9 :i* a regulat$ f9ancial in/itution-- 
7,a7 makes a ?re%old numb] ( loans1 z   
det]m9$ by ! appropriat$ ,f$]al         
sup]visory ag5cies2  7,b7 does n h      
bran*es1 deposit-tak+ automat$ tell]    
ma*9es1 or (fices2 &  7,c7 is n         
repres5t$ by ag5ts4  7#bc7 ,small bank  
,! t]m small bank is a depository       
in/itution ) assets ( less ?an          
#djb1jjj1jjj1 z adju/$ annually to take 
into acc\nt inflation = purposes (      

det]m9+ :i* in/itutions are subject to  
an exam9ation "u section #hjd4  7#bd7   
,u4,s4 nonbank mortgage orig9ator ,! t]m
 ,u4,s4 nonbank mortgage orig9ator means
 a cov]$ p]son subject to section #ajbd 
( ! ,dodd-,frank ,wall ,/reet ,re=m &   
,consum] ,protection ,act 7#ab ,u4,s4,c4
 #eead7 t (f]s or provides-- 7,a7       
orig9ation ( loans secur$ by real e/ate 
= use by consum]s prim>ily = p]sonal1   
family1 or h\sehold purposes2 or  7,b7  
loan modification or =eclosure relief   
s]vices 9 connection ) a loan describ$ 9
 subp>agraph 7,a74  2  7#b7 9 section   
#hjd 7#ab ,u4,s4,c4 #bijc7-- 7,a7 by    
r$esignat+ subsections 7c7 & 7d7 z      
subsections 7f7 & 7g71 respectively2    
7,b7 by /rik+ subsections 7a7 & 7b7 &   
ins]t+ ! foll[+3  7a7 ,depository       
in/itutions & bank hold+ companies  7#a7
 ,9 g5]al ,9 connection ) its exam9ation
 ( a regulat$ f9ancial in/itution o!r   
?an a ,u4,s4 nonbank mortgage orig9ator1
 ! appropriate ,f$]al f9ancial          
sup]visory ag5cy %all p]=m ! foll[+3    

7,a7 ,assess ! record ( ! in/itution 9  
meet+ ! cr$it & o!r f9ancial ne$s ( its 
entire community1 9 p>ticul> l[- &      
mod]ate-income p & communities1 & o!r   
di/ress$ or und]s]v$ communities1 & o!r 
und]s]v$ populations consi/5t ) ! safe &
 s\nd op]ation ( ! in/itution4  7,b7    
,assess ! effectiv5ess ( ! foll[+       
activities 9 meet+ ! cr$it & o!r        
f9ancial ne$s ( ! assessm5t areas ( !   
in/itution1 consi/5t ) ! safe & s\nd    
op]ation ( ! in/itution3 7i7 ,retail    
l5d+1 includ+ home1 small bus9ess1      
consum]1 automobile1 & o!r l5d+ &       
f9ancial products1 t responds to cr$it  
ne$s or o!r f9ancial ne$s4  7ii7        
,community developm5t l5d+ & inve/m5ts1 
:i* may include a consid]ation (-- 7,i7 
! orig9ation ( loans & o!r ef=ts by !   
in/itution to assi/ exi/+ l[- &         
mod]ate-income resid5ts to rema9 9      
af=dable h\s+ 9 _! community2 &  7,,ii7 
! orig9ation ( loans by ! in/itution t  
result 9 ! con/ruction1 rehabilitation1 
or pres]vation ( af=dable h\s+ units4   

7iii7 ,community developm5t f9ance te/s 
or simil> te/s develop$ by ! appropriate
 ,f$]al bank+ ag5cies %all include      
sep>ate quantitative measures =         
community developm5t inve/m5ts4 ,!      
evaluation ( inve/m5ts %all positively  
or negatively affect te/ scores dep5d+  
on bank p]=mance1 9 community developm5t
 f9ance te/s or simil> te/s4  7iv7      
,retail f9ancial s]vices & community    
developm5t s]vices4  7v7 ,evaluation ( !
 responsiv5ess1 af=dability1 &          
su/a9ability ( retail f9ancial s]vices  
includ+ cr$it & deposit products %all   
positively or negatively affect te/s    
scores1 dep5d+ on bank p]=mance1 9 !    
retail products & s]vice te/ or simil>  
te/s4  7vi7 ,retail l5d+ assessm5t areas
 %all be e/abli%$ = l>ge banks &        
int]m$iate banks if n m ?an #ij p]c5t ( 
! retail loans ( ! bank are 9 assessm5t 
areas conta9+ _! bran*es & deposit-tak+ 
automat$ tell] ma*9es4 ,l>ge banks &    
int]m$iate bank evaluations %all also   
exam9e l5d+ outside ( retail l5d+       

assessm5t areas & assessm5t areas       
conta9+ bran*es & deposit-tak+ automat$ 
tell] ma*9es4 ,evaluations ( ^! loans   
%all be consid]$ :5 assign+ an          
in/itution level rat+ to ! bank4  7,c7  
,) respect to its evaluation ( an       
application = a deposit facility by !   
in/itution-- 7i7 consid] ! record       
describ$ 9 subp>agraph 7,a71 !          
effectiv5ess ( ! activities describ$ 9  
subp>agraph 7,b71 ! ov]all rat+ ( !     
in/itution "u ?is section1 & any        
improvem5t plans submitt$ pursuant to   
?is section2  7ii7 provide an           
opportunity = public comm5t = a p]iod ( 
n less ?an #fj days2  7iii7 consid]     
*anges 9 ! community re9ve/m5t p]=mance 
( ! in/itution s9ce ! mo/ rec5t rat+ "u 
?is section by ! appropriate ,f$]al     
f9ancial sup]visory ag5cy2 &  7iv7      
require-- 7,i7 a demon/ration ( public  
b5efit1 includ+ a community b5efits plan
 ) measurable goals reg>d+ increas+     
responsible l5d+ & o!r f9ancial products
 t is comm5surate ) ! ability ( !       

in/itution to accompli% ^? goals2       
7,,ii7 t ! in/itution consult )         
community-bas$ organizations & o!r      
community /akehold]s 9 develop+ !       
community b5efits plan2 &  7,,iii7 a    
public he>+ = any in/itution t has a    
receiv$ a ne$-to-improve or l[          
satisfactory grade 9 any individual     
assessm5t area dur+ ! mo/ rec5t         
exam9ation4  7#b7 ,consid]ation ( l5d+ 9
 p>tn]%ip ) non-depository l5d]s  7,a7  
,9 g5]al ,z "p ( assess+ a f9ancial     
in/itution "u p>agraph 7#a71 !          
appropriate ,f$]al f9ancial sup]visory  
ag5cy %all evaluate ! p]=mance ( !      
f9ancial in/itution 9 orig9at+ loans =  
small f>ms1 consum] loans 7includ+      
resid5tial mortgages1 unsecur$ in/allm5t
 loans1 advances1 & l9es ( cr$it71 &    
loans = small bus9esses 7includ+        
unsecur$ in/allm5t loans1 advances1 &   
l9es ( cr$it7 9 p>tn]%ip ) #a or m      
non-depository l5d]s4  7,b7 ,af=dability
 & su/a9ability ,9 mak+ ! evaluation    
describ$ 9 subp>agraph 7,a71 !          

appropriate ,f$]al f9ancial sup]visory  
ag5cy %all consid] ! af=dability &      
su/a9ability ( ! loan orig9ations made 9
 p>tn]%ip ) #a or m non-depository      
l5d]s4  7,c7 ,def9itions ,9 ?is         
p>agraph3 7i7 ,non-depository l5d] ,!   
t]m non-depository l5d] means a l5d] t  
is n an insur$ depository in/itution4   
7ii7 ,small bus9ess2 small f>m ,! t]ms  
small bus9ess & small f>m h ! mean+s    
giv5 ^? t]ms "u ! regulations promulgat$
 by ! ,bureau implem5t+ ! am5dm5ts made 
by section #ajga ( ! ,dodd ,frank ,wall 
,/reet ,re=m & ,consum] ,protection ,act
 ( #bjaj 7,public ,law #aaa-bjc2 #abd   
,/at4 #bjef7 "u "p #ajjb ( title #ab1   
,code ( ,f$]al ,regulations1 or any     
successor regulation4  7#c7 ,d$uctions =
 fossil expansion  7,a7 ,9 g5]al ,z "p (
 assess+ a f9ancial in/itution "u       
p>agraph 7#a71 ! appropriate ,f$]al     
f9ancial sup]visory ag5cy %all-- 7i7    
det]m9e ! total doll> am\nt ( loans &   
inve/m5ts to fossil fuel companies = !  
purposes ( fossil fuel expansion t 7    

orig9at$ or held by ! f9ancial          
in/itution dur+ ! p]iod cov]$ by an     
exam9ation "u section #hjd2 &  7ii7     
d$uct n m ?an t total doll> am\nt f !   
report$ community developm5t loans &    
inve/m5ts ( ! f9ancial in/itution1 bo? 9
 ! aggregate & at ! local m>ket1 or     
assessm5t area1 level4  7,b7 ,activities
 ,! d$uction describ$ 9 subp>agraph     
7,a77ii7 may only be (fset by f9anc+ by 
! in/itution ( climate resili5cy &      
disa/] mitigation activities            
specifically t>get$ to und]s]v$         
communities1 su* z-- 7i7 ! developm5t ( 
climate resili5t af=dable h\s+1 s*ools1 
& small bus9esses 7z def9$ 9 p>agraph   
7#b77;,c772  7ii7 clean electricity     
projects & microgrids2  7iii7           
nature-bas$ protective infra/ructure2   
7iv7 build+ dec>bonization1 :i* includes
 holi/ic home wea!rization & heal?      
int]v5tions2  7v7 l5d+ to gre5 small    
bus9esses & companies ) legitimate      
public dec>bonization transition plans1 
/rategies1 & t>gets2  7vi7 electric     

public transit & electric vehicle *>g+  
infra/ructure2  7vii7 inve/m5ts 9       
wea!rization & climate resili5ce = local
 bus9esses2  7viii7 op]ational &        
te*nical support & capacity build+ =    
environm5tal & climate ju/ice           
organizations1 includ+ support =        
community gr\ps active 9 environm5tal   
te/+ & tra9+ ( community memb]s to      
id5tify climate or environm5tal risks & 
opportunities 9 _! communities2 &  7ix7 
work=ce developm5t relat$ to !          
transition away f fossil fuels1 includ+ 
activities to tra9 work]s on skills ne$$
 to p>ticipate 9 c>bon-pollution-free   
en]gy sectors4  7#d7 ,p5alties = su/a9$ 
fail+ p]=mance ,a regulat$ f9ancial     
in/itution o!r ?an a ,u4,s4 nonbank     
mortgage orig9ator t receives ov]all    
p]=mance rat+s "u ?is section ( ne$s to 
improve or sub/antial noncompliance = #b
 consecutive exam9ations %all be subject
 to ! foll[+ p5alties1 z deem$          
applicable by ! appropriate ,f$]al      
f9ancial sup]visory ag5cy3 7,a7         

,re/rictions on ! in/itution's gr[?     
7ov]all or 9 discrete areas71 bus9ess   
activities1 or paym5t ( divid5ds1       
includ+ re/rictions on ability to sell  
loans orig9at$ by ! in/itution to       
ent]prises1 z def9$ 9 section #acjc ( ! 
,f$]al ,h\s+ ,ent]prises ,f9ancial      
,safety & ,s\ndness ,act ( #aiib 7#ab   
,u4,s4,c4 #dejb74  7,b7 ,recomm5dations 
to appropriate ,/ate ag5cies t ,/ate    
mortgage lic5ses be susp5d$ or revok$ ) 
a /atem5t ( facts cov]+ ! ju/ification =
 ! recomm5d$ susp5sion or revocation4   
7,c7 ,requir+ ! in/itution to simplify  
or r$uce its op]ations1 includ+ t !     
in/itution r$uce its asset size1 dive/  
subsidi>ies or bus9ess l9es1 or exit f  
#a or m m>kets ( op]ation4  7,d7        
,recov]y1 or claw back1 ( portions (    
executive comp5sation receiv$ dur+      
consecutive evaluation p]iods "u ?is    
section ( :i* ! in/itution receiv$ an   
ov]all p]=mance rat+ ( ne$s to improve  
or sub/antial noncompliance4  7b7 ,u4,s4
 nonbank mortgage orig9ator  7#a7 ,9    

g5]al ,9 connection ) its exam9ation ( a
 ,u4,s4 nonbank mortgage orig9ator1 !   
appropriate ,f$]al f9ancial sup]visory  
ag5cy %all p]=m ! foll[+3 7,a7 ,assess !
 record ( ! ,u4,s4 nonbank mortgage     
orig9ator 9 meet+ ! cr$it or o!r        
f9ancial ne$s ( its entire community1 9 
p>ticul> l[-income & mod]ate-income p & 
communities & o!r di/ress$ or und]s]v$  
communities & o!r und]s]v$ populations1 
consi/5t ) ! safe & s\nd op]ation ( !   
,u4,s4 nonbank mortgage orig9ator4  7,b7
 ,assess1 z appropriate1 ! foll[+       
activities 9 ! assessm5t areas ( !      
,u4,s4 nonbank mortgage orig9ator3 7i7  
,retail l5d+1 includ+ home loans4  7ii7 
,community developm5t s]vices4  7iii7   
,community developm5t l5d+ & inve/m5ts1 
:i* may include a consid]ation (-- 7,i7 
! orig9ation ( loans & o!r ef=ts by !   
in/itution to assi/ exi/+ l[- &         
mod]ate-income resid5ts to rema9 9      
af=dable h\s+ 9 _! community2  7,,ii7 ! 
orig9ation ( loans by ! in/itution t    
result 9 ! con/ruction1 rehabilitation  

or pres]vation ( af=dable h\s+ units2 & 
7,,iii7 inve/m5ts 91 grants to1 or loans
 to community developm5t f9ancial       
in/itutions 7z def9$ 9 section #ajc ( ! 
,community ,developm5t ,bank+ &         
,f9ancial ,in/itutions ,act ( #aiid 7#ab
 ,u4,s4,c4 #dgjb771 community developm5t
 corporations 7z def9$ 9 section #fac ( 
! ,community ,economic ,developm5t ,act 
( #aiha 7#db ,u4,s4,c4 #ihjb771 & o!r   
nonpr(it organizations s]v+ ! h\s+ &    
developm5t ne$s ( ! community4  7iv7    
,retail l5d+ assessm5t areas %all be    
e/abli%$ if n m ?an #ij p]c5t ( ! retail
 loans ( ! ,u4,s4 nonbank orig9ator are 
9 conta9+ (fices or ag5ts4 ,!           
evaluations %all also exam9e l5d+       
outside ( retail l5d+ assessm5t areas & 
assessm5t areas conta9+ (fices or ag5ts4
 ,evaluations ( ^! loans %all be        
consid]$ :5 assign+ an in/itution level 
rat+ to ! ,u4,s4 nonbank mortgage       
orig9ator4  7,c7 ,) respect to its      
evaluation ( an application = a deposit 
facility by ! ,u4,s4 nonbank mortgage   

orig9ator-- 7i7 consid] ! record        
describ$ 9 subp>agraph 7,a71 !          
activities describ$ 9 subp>agraph 7,b71 
! ov]all rat+ ( ! ,u4,s4 nonbank        
mortgage orig9ator "u ?is section1 & any
 improvem5t plans submitt$ pursuant to  
?is section2  7ii7 provide an           
opportunity = public comm5t = a p]iod ( 
n less ?an #fj days2  7iii7 consid]     
*anges 9 ! community re9ve/m5t p]=mance 
( ! ,u4,s4 nonbank mortgage orig9ator   
s9ce ! mo/ rec5t rat+ "u ?is section by 
! appropriate ,f$]al f9ancial sup]visory
 ag5cy2 &  7iv7 require-- 7,i7 a        
demon/ration t grant+ ! application = a 
deposit facility is 9 ! public int]e/1  
:i* %all include a submission ( a       
community b5efits plan1 :i* %all be     
comm5surate ) ! ability ( ! in/itution  
to accompli% ! plan1 by ! ,u4,s4 nonbank
 mortgage orig9ator to ! appropriate    
,f$]al f9ancial sup]visory ag5cy2       
7,,ii7 t ! ,u4,s4 nonbank mortgage      
orig9ator consult ) community-bas$      
organizations & o!r community /akehold]s

 9 develop+ ! community b5efits plan2 & 
7,,iii7 a public he>+ = any ,u4,s4      
nonbank mortgage orig9ator t has a      
receiv$ a ne$-to-improve or l[          
satisfactory grade 9 any individual     
assessm5t area dur+ ! mo/ rec5t         
exam9ation4  7#b7 ,p5alties & fees ,!   
appropriate ,f$]al f9ancial sup]visory  
ag5cy %all h ! same au?ority to assess  
p5alties & fees "u subsection 7a77#d7 = 
! ,u4,s4 nonbank mortgage orig9ator z is
 ! case = regulat$ f9ancial in/itutions 
describ$ 9 subsection 7a74  7#c7        
,au?ority to adju/ exam9ation &         
sup]visory fees ,! appropriate ,f$]al   
f9ancial sup]visory ag5cies %all h !    
au?ority to adju/ ! doll> am\nt (       
exam9ation & sup]visory fees1 bas$ 9 "p 
on ! rat+ ( in/itutions "u ?is section4 
7c7 ,requirem5ts  7#a7 ,9 g5]al ,9      
connection ) its exam9ation ( a regulat$
 f9ancial in/itution "u subsection 7a7  
or 7b71 ! appropriate ,f$]al f9ancial   
sup]visory ag5cy %all-- 7,a7 consid]    
public comm5ts receiv$ by ! appropriate 

,f$]al f9ancial sup]visory ag5cy reg>d+ 
! record ( ! in/itution 9 meet+ ! cr$it 
or o!r f9ancial ne$s ( its entire       
community1 includ+ l[- & mod]ate-income 
communities1 & hold n less ?an #a public
 he>+ to receive comm5ts = l>ge banks ) 
assets ( n less ?an #ej1jjj1jjj1jjj2 &  
7,b7 require-- 7i7 an improvem5t plan = 
an in/itution t receives a rat+ ( #8l[  
satisfactory' or l[] on ! writt5        
evaluation ( ! in/itution1 or su* a rat+
 9 any individual assessm5t area2 &     
7ii7 ! improvem5t plan describ$ 9 clause
 7i7 to result 9 ! reasonable likelihood
 t ! in/itution w obta9 a rat+ ( at lea/
 high satisfactory 9 meet+ community    
cr$it or o!r f9ancial ne$s 9 ! relevant 
measure on ! next exam9ation4  7#b7     
,improvem5t plan  7,a7 ,9 g5]al ,a      
regulat$ f9ancial in/itution t is       
requir$ to submit an improvem5t plan    
requir$ "u p>agraph 7#a77;,b7 %all      
submit ! plan 9 writ+ to ! appropriate  
,f$]al f9ancial sup]visory ag5cy n lat] 
?an #ij days aft] receiv+ notice t !    

regulat$ f9ancial in/itution is requir$ 
to submit ! plan4  7,b7 ,public comm5t  
,^u receipt ( an improvem5t plan ( a    
regulat$ f9ancial in/itution requir$ "u 
p>agraph 7#a77;,b71 ! appropriate ,f$]al
 f9ancial sup]visory ag5cy %all-- 7i7   
make ! plan available to ! public =     
review & comm5t = a p]iod ( n less ?an  
#fj days2 &  7ii7 require ! regulat$    
f9ancial in/itution to revise1 z        
appropriate1 ! improvem5t plan 9        
response to ! public comm5ts receiv$ "u 
! public review & comm5t p]iod describ$ 
9 clause 7i7 & submit ! plan to !       
appropriate ,f$]al f9ancial sup]visory  
ag5cy n lat] ?an #fj days aft] ! end ( t
 p]iod4  7#c7 ,exam9ation ( c]ta9       
regulat$ f9ancial in/itutions ,9 ! case 
( a regulat$ f9ancial in/itution ^: l5d+
 or o!r bus9ess is n clu/]$ 9           
geographical areas & is ?9ly disp]s$    
across ! c\ntry1 ! in/itution %all--    
7,a7 be evaluat$ "u subsection 7a7 or   
7b71 z applicable-- 7i7 by consid]+ !   
effectiv5ess ( ! in/itution 9 s]v+      

cu/om]s or borr[]s1 ) a special emphasis
 on l[- & mod]ate-income individuals &  
o!r und]s]v$ populations across ! c\ntry
 reg>dless ( :]e ! individuals reside2 &
  7ii7 bas$ on objective ?re%olds       
develop$ by ! appropriate ,f$]al        
f9ancial sup]visory ag5cies to cl>ify :5
 l5d+ or o!r bus9ess is disp]s$ across !
 c\ntry & n clu/]$ 9 di/9ct geographical
 areas1 :i* may include l[ levels ( l5d+
 or o!r f9ancial products across ,/ates 
or o!r areas2 &  7,b7 meet ! ne$s ( o!r 
di/ress$ or und]s]v$ communities4  7d7  
,consid]ation ,rem$iation ( consum]s    
pursuant to an ord] by a c\rt or        
adm9i/rative body or a settlem5t ) a    
gov]nm5t ag5cy or a private p>ty may n  
be consid]$ 9 an assessm5t conduct$ "u  
subsection 7a7 or 7b74  7e7 ,rule (     
con/ruction ,an evaluation ( a bank     
hold+ company "u ?is section %all       
incorporate evaluations ( subsidi>y     
regulat$ f9ancial in/itutions made by ! 
appropriate ,f$]al f9ancial sup]visory  
ag5cy ( ea* subsidi>y1 if applicable4  2

  7,c7 9 subsection 7f71 z s            
r$esignat$-- 7i7 by /rik+ p>agraph 7#b72
  7ii7 by r$esignat+ p>agraph 7#c7 z    
p>agraph 7#b72 &  7iii7 9 p>agraph 7#b71
 z s r$esignat$1 by /rik+ subp>agraph   
7,c72 &  7,d7 9 subsection 7g71 z s     
r$esignat$1 by /rik+ subsection 7a7 &   
ins]t+ subsections 7a7 & 7b72  7#c7 9   
section #hjg 7#ab ,u4,s4,c4 #bijf7--    
7,a7 9 subsection 7a7-- 7i7 by /rik+ an 
insur$ depository in/itution & ins]t+ a 
regulat$ f9ancial in/itution2 &  7ii7 by
 ins]t+ or f9ancial aft] cr$it2  7,b7 9 
subsection 7b7-- 7i7 9 p>agraph 7#a7--  
7,i7 9 subp>agraph 7,a7-- 7aa7 9 clause 
7ii71 by /rik+ & at ! end2  7bb7 by     
r$esignat+ clause 7iii7 z clause 7iv72 &
  7cc7 by ins]t+ aft] clause 7ii7 !     
foll[+3  7iii7 disclose :e!r !          
in/itution engag$ 9 acts or practices t 
! ,bureau ( ,consum] ,f9ancial          
,protection has det]m9$1 & has publicly 
disclos$1 violate ! enum]at$ consum]    
laws2 &  2 &  7,,ii7 by /rik+           
subp>agraph 7,b7 & ins]t+ ! foll[+3     

7,b7 ,evaluation on an assessm5t area   
basis ,! in=mation requir$ "u           
subsections 7a7 & 7b7 ( section #hjd    
%all be pres5t$ sep>ately = ea*         
assessm5t area4  7,c7 ,treatm5t )       
respect to violations ( enum]at$ consum]
 laws ,if a regulat$ f9ancial in/itution
 has engag$ 9 acts or practices t !     
appropriate ,f$]al f9ancial sup]visory  
ag5cy has det]m9$ to be unfair1         
deceptive1 or abusive or acts or        
practices t violate enum]at$ consum]    
laws int5d$ to ensure ! fair1 equitable1
 & nondiscrim9atory access to cr$it =   
individuals & communities t are en=c$ by
 ! ,bureau ( ,consum] ,f9ancial         
,protection or o!r ,f$]al or ,/ate      
ag5cies1 ! writt5 evaluation %all be    
negatively influ5c$ 9 a mann]           
comm5surate ) ! ext5t ( ! h>m suff]$ by 
^? individuals & communities4  2  7ii7 9
 p>agraph 7#b7-- 7,i7 by /rik+          
subp>agraphs 7,a71 7,b71 7,c71 & 7,d7 & 
ins]t+ ! foll[+3  7,a7 ,out/&+ record ( 
meet+ community cr$it or o!r f9ancial   

ne$s4  7,b7 ,high ,satisfactory record (
 meet+ community cr$it or o!r f9ancial  
ne$s4  7,c7 ,l[ ,satisfactory record (  
meet+ community cr$it or o!r f9ancial   
ne$s4  7,d7 ,ne$s to improve record (   
meet+ community cr$it or o!r f9ancial   
ne$s4  7,e7 ,sub/antial noncompliance 9 
meet+ community cr$it or o!r f9ancial   
ne$s4  2 &  7iii7 by ins]t+ aft] ! flu% 
text foll[+ p>agraph 7#b7 ! foll[+3     
7#c7 ,additional au?ority ,! appropriate
 ,f$]al f9ancial sup]visory ag5cies     
may-- 7,a7 alt] ! rat+s "u ?is          
subsection to *ange or include          
additional rat+s = ! ov]all rat+s &     
subte/ rat+s2 &  7,b7 develop an        
accompany+ po9t sy/em t includes ranges 
= ea* rat+ category "u p>agraph 7#b74  2
  7,c7 by r$esignat+ subsection 7e7 z   
subsection 7f72 &  7,d7 by ins]t+ aft]  
subsection 7d7 ! foll[+3  7e7 ,appeals (
 rat+ ,if a regulat$ f9ancial in/itution
 appeals ! assign$ rat+ "u ?is section1 
! appropriate ,f$]al f9ancial sup]visory
 ag5cy %all-- 7#a7 po/ a public notice (

 ! appeal on ! "p ( ! website ( !       
appropriate ,f$]al f9ancial sup]visory  
ag5cy t conta9s in=mation on ?is title2 
&  7#b7 provide an opportunity = public 
comm5t on ! appeal4  2  7#d7 9 section  
#hjf 7#ab ,u4,s4,c4 #bije7-- 7,a7 by    
/rik+ ,regulations & ins]t+ ! foll[+3   
7a7 ,9 g5]al ,regulations  2  7,b7 9    
subsection 7a71 z s designat$1 by /rik+ 
companies11 & ins]t+ companies12 &  7,c7
 by add+ at ! end ! foll[+3  7b7        
,p]iodic review ,n lat] ?an #e ye>s aft]
 ! date ( enactm5t ( ?is subsection & e 
#e ye>s !reaft]1 ! appropriate ,f$]al   
f9ancial sup]visory ag5cies %all-- 7#a7 
review ! regulations promulgat$ to c>ry 
out ?is title2 &  7#b7 report to        
,congress any recomm5dations = updates  
to ! regulations & ?is title1 :i* may   
include consid]ation (-- 7,a7 data      
collection "u ?is title2  7,b7 ! rigor (
 evaluations "u ?is title2  7,c7 !      
assessm5t area cov]age ( loans &        
deposits2 &  7,d7 ! ext5t to :i* !      
provisions ( ?is title are r$uc+        

disp>ities 9 access to cr$it & capital  
by income & race4  2 &  7#e7 by add+ at 
! end ! foll[+3  #haj4 ,data collection 
& report+ requirem5ts  7a7 ,data        
collection  7#a7 ,consum] loans  7,a7 ,9
 g5]al ,ea* regulat$ f9ancial in/itution
 %all collect & ma9ta9 9 ma*9e readable 
=m1 z prescrib$ by ! appropriate ,f$]al 
f9ancial sup]visory ag5cy1 data =       
consum] loans orig9at$ or pur*as$ by !  
regulat$ f9ancial in/itution1 includ+   
motor vehicle loans1 cr$it c>ds1 l9es ( 
cr$it1 & o!r secur$ or unsecur$ loans4  
,! regulat$ f9ancial in/itution %all    
ma9ta9 data sep>ately = ea* category (  
consum] loan1 includ+ ! foll[+ = ea*    
loan3 7i7 ,a unique numb] or            
alpha-num]ic symbol t c be us$ to       
id5tify ! relevant loan4  7ii7 ,! loan  
am\nt at orig9ation or pur*ase4  7iii7  
,! loan location4  7iv7 ,! gross annual 
income ( ! borr[] t ! regulat$ f9ancial 
in/itution consid]$ 9 mak+ its cr$it    
decision4  7,b7 ,exemptions ,!          
appropriate ,f$]al f9ancial sup]visory  

ag5cies may exempt classes ( regulat$   
f9ancial in/itutions f ! requirem5ts "u 
subp>agraph 7,a7 due to l[ levels (     
consum] l5d+ or o!r factors4  7#b7      
,community developm5t loans & inve/m5ts 
7,a7 ,collection & ma9t5ance ( data ,ea*
 regulat$ f9ancial in/itution %all      
collect & ma9ta9 9 ma*9e readable =m1 z 
prescrib$ by ! appropriate ,f$]al       
f9ancial sup]visory ag5cy1 data on !    
categories ( community developm5t l5d+ &
 inve/m5ts1 includ+ data reg>d+ f9anc+  
af=dable h\s+1 small bus9ess developm5t1
 & economic developm5t4  7,b7 ,public   
dissem9ation ,ea* regulat$ f9ancial     
in/itution & ! appropriate ,f$]al       
f9ancial sup]visory ag5cies %all-- 7i7  
publicly dissem9ate ! data describ$ 9   
subp>agraph 7,a7 on a c\nty level & =   
categories ( c5sus tracts includ+ l[- & 
mod]ate-income c5sus tracts or o!r      
di/ress$ & und]s]v$ c5sus tracts2 &     
7ii7 consid] dissem9at+ ! data describ$ 
9 subp>agraph 7,a7 by individual c5sus  
tracts 9 addition to ! categories       

describ$ 9 clause 7i74  7#c7 ,assessm5t 
area data  7,a7 ,9 g5]al ,ea* regulat$  
f9ancial in/itution %all collect &      
report to ! appropriate ,f$]al f9ancial 
sup]visory ag5cy by ,m>* #a ( ea* ye> a 
li/ = ea* assessm5t area %[+ !          
geographies )9 ! area4  7,b7            
,publication ,! appropriate ,f$]al      
f9ancial sup]visory ag5cies %all make ! 
li/ ( assessm5t areas report$ by ea*    
regulat$ f9ancial in/itution "u         
subp>agraph 7,a7 publicly available on !
 "p ( ! website ( ! appropriate ,f$]al  
f9ancial sup]visory ag5cy t conta9s     
in=mation on ?is title4  7#d7 ,deposits 
,! appropriate ,f$]al f9ancial          
sup]visory ag5cies %all-- 7,a7 collect  
data f regulat$ f9ancial in/itutions t  
reflects-- 7i7 ! numb] ( cu/om]s ( ^?   
in/itutions t reside 9 categories (     
c5sus tracts includ+ l[- &              
mod]ate-income c5sus tracts or o!r      
di/ress$ & und]s]v$ c5sus tracts & !    
doll> am\nt ( deposits ( ^? cu/om]s2 &  
7ii7 ! numb] ( small bus9esses t are    

locat$ 9 ! c5sus tract categories       
describ$ 9 clause 7i72 &  7,b7 consid] !
 dissem9ation ( ! deposit data collect$ 
"u subp>agraph 7,a7 by individual c5sus 
tracts 9 addition to ! categories       
describ$ 9 t subp>agraph4  7b7          
,aggregate disclosure /atem5ts  7#a7 ,9 
g5]al ,ea* appropriate ,f$]al f9ancial  
sup]visory ag5cy %all prep>e annually1 =
 ea* assessm5t area1 a disclosure       
/atem5t ( home1 small bus9ess1 small    
f>m1 & consum] l5d+ = ea* regulat$      
f9ancial in/itution subject to report+  
"u ?is section & an aggregat$ /atem5t = 
all report+ in/itutions comb9$1 :i* %all
 indicate1 = ea* assessm5t area1 ! numb]
 & am\nt ( all small bus9ess1 small f>m1
 & consum] loans orig9at$ or pur*as$    
sort$ by income level ( borr[]s1 race & 
e?nicity ( borr[]s1 rev5ue size ( small 
bus9esses & f>ms1 & categories ( c5sus  
tracts4  7#b7 ,deposits & community     
developm5t loans & inve/m5ts ,an        
appropriate ,f$]al f9ancial sup]visory  
ag5cy %all include data on deposits &   

community developm5t loans & inve/m5ts 9
 ! disclosure /atem5ts prep>$ "u        
p>agraph 7#a74  7#c7 ,adju/$ =m ,an     
appropriate ,f$]al f9ancial sup]visory  
ag5cy may adju/ ! =m ( ! disclosure     
/atem5t prep>$ "u p>agraph 7#a7 if      
necess>y1 because ( special             
circum/ances1 to protect ! privacy ( a  
borr[] or ! competitive position ( a    
regulat$ f9ancial in/itution4  7c7      
,c5tral data depositories ,! ,f$]al     
,f9ancial ,in/itutions ,exam9ation      
,c\ncil1 9 consultation ) ! appropriate 
,f$]al f9ancial sup]visory ag5cies1 %all
 implem5t a sy/em-- 7#a7 to all[ !      
public to access onl9e & 9 a se>*able   
=mat ! data ma9ta9$ "u p>agraphs 7#a7   
?r\gh 7#d7 ( subsection 7a72 &  7#b7 t  
ensures t p]sonally id5tifiable f9ancial
 in=mation is n disclos$ to public4  7d7
 ,limitation ,an appropriate ,f$]al     
f9ancial sup]visory ag5cy may n use !   
au?orities ( ! appropriate ,f$]al       
f9ancial sup]visory ag5cy "u ?is section
 to obta9 a record f a regulat$ f9ancial

 in/itution = ! purpose ( ga!r+ or      
analyz+ ! p]sonally id5tifiable f9ancial
 in=mation ( a consum]4  #haa4          
,community ,advisory ,committees  7a7   
,depository in/itutions ,ea* regulat$   
f9ancial in/itution t is n a ,u4,s4     
nonbank mortgage orig9ator %all =m a    
sep>ate ,community ,advisory ,committee 
7:i* %all be compos$ ( a div]se set (   
consum]1 h\s+1 community developm5t1 &  
o!r /akehold] gr\ps7 9 ea* ( ! foll[+3  
7#a7 ,) respect to a depository         
in/itution ) consolidat$ assets equal to
 or great] ?an #b1jjj1jjj1jjj ! bran*es 
( :i* are locat$ 9 #a c5sus region1 ea* 
metropolitan /ati/ical area :]e !       
f9ancial in/itution or any subsidi>ies (
 ! f9ancial in/itution h a bran* or o!r 
facility 7includ+ an automat$ tell]     
ma*9e7 & ea* metropolitan /ati/ical area
 :]e ! f9ancial in/itution has a        
sub/antial numb] ( cu/om]s :o ma9ta9    
deposit acc\nts ) ! f9ancial in/itution4
  7#b7 ,) respect to a depository       
in/itution ) consolidat$ assets equal to

 or great] ?an #b1jjj1jjj1jjj ! bran*es 
( :i* are locat$ 9 m ?an #a c5sus       
region1 ea* c5sus division )9 ea* ( !   
regions4  7#c7 ,) respect to a          
depository in/itution ) consolidat$     
assets ( less ?an #b1jjj1jjj1jjj1 ea*   
,/ate :]e ! f9ancial in/itution or any  
subsidi>ies ( ! f9ancial in/itution are 
locat$4  7b7 ,u4,s4 nonbank mortgage    
orig9ators ,ea* ,u4,s4 nonbank mortgage 
orig9ator %all =m a sep>ate ,community  
,advisory ,committee 7:i* %all be       
compos$ ( a div]se set ( consum]1 h\s+1 
community developm5t1 & o!r /akehold]   
gr\ps7 9 ea* ( ! foll[+3 7#a7 ,) respect
 to a ,u4,s4 nonbank mortgage orig9ator 
t is requir$ to make a numb] (          
disclosures "u ! ,home ,mortgage        
,disclosure ,act ( #aige 7#ab ,u4,s4,c4 
#bhja et seq47 t is less ?an ! national 
m$ian1 ea* ,/ate 9 :i* ! ,u4,s4 nonbank 
mortgage orig9ator (f]s loans4  7#b7 ,) 
respect to a ,u4,s4 nonbank mortgage    
orig9ator t is requir$ to make a numb] (
 disclosures "u ! ,home ,mortgage       

,disclosure ,act ( #aige 7#ab ,u4,s4,c4 
#bhja et seq47 t is m ?an ! national    
m$ian1 ea* c5sus division )9 ! c5sus    
regions 9 :i* ! ,u4,s4 nonbank mortgage 
orig9ator (f]s loans4  7c7 ,biannual    
consultation ,! executives ( ea*        
regulat$ f9ancial in/itution %all meet n
 less frequ5tly ?an twice p] ye> ) !    
,community ,advisory ,committees ( !    
regulat$ f9ancial in/itution =m$ "u     
subsection 7a7 or 7b71 z applicable--   
7#a7 to discuss ! f9ancial in/itution's 
curr5t "w to meet ! cr$it & deposit ne$s
 ( l[- & mod]ate-income individuals &   
und]s]v$ communities1 p]sons )          
disabilities1 ,,lgbtq communities1 &    
,*9ese1 ,asian ,indian1 ,filip9o1       
,japanese1 ,korean1 ,vietnamese1        
,paki/ani1 ,cambodian1 ,hmong1 ,laotian1
 ,?ai1 ,taiwanese1 ,burmese1            
,banglade%i1 ,nepalese1 ,indonesian1    
,malaysian1 ,hispanic or ,lat9o1 ,black 
or ,african ,am]ican1 ,am]ican ,indian &
 ,alaska ,native1 ,native ,hawaiian1    
,samoan1 ,*amorro1 ,tongan1 i,taukei1   

,m>%allese1 & ,o!r ,pacific ,isl&]      
communities1 z applicable to !          
geographic areas ( ! f9ancial           
in/itution2  7#b7 ) respect to an       
in/itution describ$ 9 subsection 7a77#b7
 or a ,u4,s4 nonbank mortgage orig9ator 
describ$ 9 subsection 7b77#b71 to assi/ 
! executives 9 develop+ & updat+ a plan 
= h[ ! in/itution w "w to meet ! cr$it  
ne$s ( ! in/itution's entire community1 
includ+ l[- & mod]ate-income            
neighborhoods2 &  7#c7 to discuss !     
in/itution's data 7:i* %all be          
disaggregat$ by ,*9ese1 ,asian ,indian1 
,filip9o1 ,japanese1 ,korean1           
,vietnamese1 ,paki/ani1 ,cambodian1     
,hmong1 ,laotian1 ,?ai1 ,taiwanese1     
,burmese1 ,banglade%i1 ,nepalese1       
,indonesian1 ,malaysian1 ,hispanic or   
,lat9o1 ,black or ,african ,am]ican1    
,am]ican ,indian & ,alaska ,native1 &   
,native ,hawaiian1 ,samoan1 ,*amorro1   
,tongan1 i,taukei1 ,m>%allese & ,o!r    
,pacific ,isl&] communities1 z          
applicable to ! in/itution's geographic 

areas7 on-- 7,a7 mortgage l5d+ & l5d+ to
 small bus9esses & small f>ms1 z def9$ 9
 section #hjd7;a77#b77;,c72  7,b7 retail
 products & s]vices2  7,c7 community    
developm5t s]vices2 &  7,d7 community   
developm5t f9anc+4  7d7 ,specific       
consultations ,9 addition to !          
consultations requir$ "u p>agraph 7#b71 
! executives ( a depository in/itution  
describ$ 9 subsection 7a77#b7 %all meet 
) ! ,community ,advisory ,committee ( ! 
in/itution be=e-- 7#a7 ! in/itution     
applies = a m]g] or acquisition2  7#b7 !
 in/itution1 or any subsidi>y ( !       
in/itution1 applies = deposit insurance2
  7#c7 ! in/itution applies to op5 a new
 bran* or to relocate an exi/+ bran*2 or
  7#d7 ! in/itution provides notice t x 
w\ld close a bran* or o!r facility4     
#hab4 ,/udy on discrim9ation &          
disp>ities 9 access to cr$it  7a7 ,/udy 
,n lat] ?an ! end ( ! #b-ye> p]iod      
beg9n+ on ! date ( enactm5t ( ?is       
section1 & e #b ye>s !reaft]1 !         
appropriate ,f$]al f9ancial sup]visory  

ag5cies %all1 jo9tly1 & 9 consultation )
 su* o!r ,f$]al or ,/ate ag5cies z !    
appropriate ,f$]al f9ancial sup]visory  
ag5cies det]m9e appropriate1 complete an
 int]ag5cy /ati/ical /udy to id5tify--  
7#a7 metropolitan areas & rural c\nties 
t ei!r exp]i5ce ongo+ discrim9ation or  
exhibit significant racial disp>ities 9 
access to cr$it = any racial or e?nic   
gr\p2 &  7#b7 significant disp>ities 9  
access to bran*es by racial or e?nic    
composition ( c5sus tract & disp>ities 9
 access to community developm5t f9anc+  
by racial or e?nic composition ( c5sus  
tract4  7b7 ,use ( data ,9 c>ry+ out ea*
 /udy requir$ "u subsection 7a71 !      
appropriate ,f$]al f9ancial sup]visory  
ag5cies %all make use ( data includ+--  
7#a7 data obta9$ "u ! ,home ,mortgage   
,disclosure ,act ( #aige 7#ab ,u4,s4,c4 
#bhja et seq472  7#b7 data obta9$ "u    
section #gjd;,b ( ! ,equal ,cr$it       
,opportunity ,act 7#ae ,u4,s4,c4        
#afia;c-#b72  7#c7 data obta9$ "u ?is   
,act2  7#d7 available ,/ate data2 &     

7#e7 in=mation conta9$ 9 public         
litigation aga9/ regulat$ f9ancial      
in/itutions = r$l9+ or l5d+             
discrim9ation 7includ+ litigation       
initiat$ by ! ,bureau ( ,consum]        
,f9ancial ,protection1 ! ,dep>tm5t (    
,h\s+ & ,urban ,affairs1 ! ,dep>tm5t (  
,ju/ice1 or by private p>ties74  7c7    
,report ,^u ! completion ( ea* /udy     
requir$ "u subsection 7a71 ! appropriate
 ,f$]al f9ancial sup]visory ag5cies %all
 jo9tly submit to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate & ! ,committee on ,f9ancial      
,s]vices ( ! ,h\se ( ,repres5tatives a  
report t includes-- 7#a7 all f9d+s &    
det]m9ations made 9 c>ry+ out ! /udy2 & 
7#b7 policy recomm5dations to rem$y !   
discrim9ation & disp>ities id5tifi$ 9 ! 
/udy4  #hac4 ,public regi/ries ,!       
appropriate ,f$]al sup]visory f9ancial  
ag5cies1 act+ ?r\gh ! ,f$]al ,f9ancial  
,in/itutions ,exam9ation ,c\ncil1 %all--
 7#a7 ma9ta9 a li/ ( community-bas$     
organizations & o!r /akehold]s :o wi% to

 be li/$ & :o h comm5t$ on exam9ations  
conduct$ "u section #hjd & applications 
reg>d+ community ne$s & bank p]=mance2 &
  7#b7 conduct outrea* to community     
gr\ps & /rive = geographical div]sity1  
g5d] & racial div]sity1 & div]sity 9    
t]ms ( v>i\s types ( ne$s1 includ+      
af=dable h\s+ & economic developm5t to  
community facilities4  4  7c7 ,am5dm5t  
to ! ,bank ,hold+ ,company ,act ( #aief 
,section #d7k77#f7 ( ! ,bank ,hold+     
,company ,act ( #aief 7#ab ,u4,s4,c4    
#ahdc7k77#f77 is am5d$ to read z foll[s3
  7#f7 ,notice & opportunity = comm5t   
requir$  7,a7 ,9 g5]al ,no f9ancial     
hold+ company %all directly or          
indirectly acquire1 & no company t      
becomes a f9ancial hold+ company %all   
directly or indirectly acquire control  
(1 any company 9 ! ,unit$ ,/ates1       
includ+ ?r\gh m]g]1 consolidation1 or   
o!r type ( bus9ess comb9ation1 t is     
engag$ 9 activities p]mitt$ "u ?is      
subsection or subsection 7n7 or 7o71    
unless-- 7i7 ! hold+ company has provid$

 notice to ! ,bo>d1 n lat] ?an #fj days 
prior to ! propos$ acquisition or prior 
to becom+ a f9ancial hold+ company1 &   
dur+ t "t p]iod1 or su* long] "t p]iod n
 exce$+ an additional #fj days1 z       
e/abli%$ by ! ,bo>d2  7ii7 ! ,bo>d has  
provid$ public notice & opportunity =   
comm5t = n less ?an #fj days2 &  7iii7 !
 ,bo>d has n issu$ a notice disapprov+ !
 propos$ acquisition or ret5tion4  7,b7 
,factors = consid]ation ,9 review+ any  
prior notice fil$ "u ?is p>agraph1 !    
,bo>d %all-- 7i7 consid] ! ov]all rat+ (
 ! f9ancial hold+ company "u !          
,community ,re9ve/m5t ,act ( #aigg 7#ab 
,u4,s4,c4 #bija et seq47 & any          
improvem5t plans submitt$ pursuant to t 
,act2  7ii7 provide opportunity = public
 comm5t = a p]iod ( n less ?an #fj days2
  7iii7 consid] *anges 9 ! community    
re9ve/m5t p]=mance ( ! f9ancial hold+   
company s9ce ! la/ rat+ "u ! ,community 
,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4  
#bija et seq47 by ! appropriate ,f$]al  
f9ancial sup]visory ag5cy2 &  7iv7      

require-- 7,i7 a demon/ration t grant+ !
 application = a deposit facility is 9 !
 public int]e/1 :i* %all include        
submission to ! appropriate ,f$]al      
f9ancial sup]visory ag5cy ( a community 
b5efits plan comm5surate ) ! ability ( !
 in/itution to c>ry out t plan2  7,,ii7 
t ! in/itution consult ) community-bas$ 
organizations & o!r community /akehold]s
 9 develop+ ! community b5efits plan2 & 
7,,iii7 a public he>+ = any bank t has  
receiv$ a ne$-to-improve or l[          
satisfactory grade 9 any assessm5t area 
dur+ ! la/ exam9ation "u ! ,community   
,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4  
#bija et seq474  4  7d7 ,te*nical &     
con=m+ am5dm5t ,section                 
#aj7;c77#b77;,h77i7 ( ! ,home ,own]s'   
,loan ,act 7#ab ,u4,s4,c4               
#adfg;a7c77#b77;,h77i77 is am5d$ by     
/rik+ section #hjd7;c7 ( ! ,community   
,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4  
#bijc7;c77 & ins]t+ section #hjd7;f7 ( !
 ,community ,re9ve/m5t ,act ( #aigg 7#ab
 ,u4,s4,c4 #bijc7;f774  #bjd4 ,am5dm5ts 

relat+ to cr$it union s]vice to und]s]v$
 areas  7a7 ,9 g5]al ,! ,f$]al ,cr$it   
,union ,act 7#ab ,u4,s4,c4 #agea et     
seq47 is am5d$-- 7#a7 9 section #aja    
7#ab ,u4,s4,c4 #ageb7-- 7,a7 9 p>agraph 
7#h71 by /rik+ & at ! end2  7,b7 9      
p>agraph 7#i71 by /rik+ ! p]iod at ! end
 & ins]t+ 2 &2 &  7,c7 by add+ at ! end 
! foll[+3  7#aj7 ! t]m und]s]v$ area--  
7,a7 means a local community1           
neighborhood1 or rural di/rict t-- 7i7  
is an inve/m5t area1 z def9$ 9 section  
#ajc ( ! ,community ,developm5t ,bank+ &
 ,f9ancial ,in/itutions ,act ( #aiid    
7#ab ,u4,s4,c4 #dgjb71 t meets su*      
additional requirem5ts t ! ,bo>d may    
impose2 &  7ii7 is und]s]v$1 bas$ on    
data ( ! ,bo>d & ! ,f$]al bank+ ag5cies 
7z def9$ 9 section #c ( ! ,f$]al        
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahac771 by o!r depository in/itutions  
7z def9$ 9 section #ai7;b77#a77;,a7 ( ! 
,f$]al ,res]ve ,act 7#ab ,u4,s4,c4      
#dfa7;b77#a77;,a772 &  7,b7 not)/&+     
subp>agraph 7,a71 includes1 ) respect to

 any ,f$]al cr$it union1 any geographic 
area )9 :i* ! cr$it union-- 7i7 has     
receiv$ approval to provide s]vice z an 
und]s]v$ area be=e ! date ( enactm5t (  
?is p>agraph f ! ,adm9i/ration2 &  7ii7 
has e/abli%$ a s]vice facility be=e t   
date ( enactm5t4  2  7#b7 9 section #ajf
 7#ab ,u4,s4,c4 #agef7-- 7,a7 9 ! fir/  
s5t5ce1 by /rik+ ,f$]al & ins]t+ 7a7    
,f$]al2 &  7,b7 by add+ at ! end !      
foll[+3  7b7 ,! ,bo>d %all monitor      
adh]5ce by a ,f$]al cr$it union to a    
significant unmet ne$s plan submitt$ "u 
section #aji7;h7 by t ,f$]al cr$it union
 t describes h[ ! ,f$]al cr$it union w  
s]ve ! deposit & o!r f9ancial ne$s ( !  
community4  2 &  7#c7 9 section #aji    
7#ab ,u4,s4,c4 #agei7-- 7,a7 9          
subsection 7c71 by am5d+ p>agraph 7#b7  
to read z foll[s3  7#b7 ,exception =    
und]s]v$ areas  7,a7 ,9 g5]al ,not)/&+  
subsection 7b71 ! ,bo>d may approve an  
application by a ,f$]al cr$it union to  
all[ ! memb]%ip ( ! cr$it union to      
include any p]son or organization ^:    

pr9cipal resid5ce or place ( bus9ess is 
locat$ )9 a local community1            
neighborhood1 or rural di/rict if-- 7i7 
! ,bo>d det]m9es-- 7,i7 at any "t aft]  
,augu/ #g1 #aiih1 t ! local community1  
neighborhood1 or rural di/rict tak5 into
 acc\nt = purposes ( ?is p>agraph is an 
und]s]v$ area2 &  7,,ii7 at ! "t ( !    
approval1 t ! cr$it union is well       
capitaliz$ or adequately capitaliz$ 7z  
def9$ 9 section #baf7;c77#a772 &  7ii7  
be=e ! end ( ! #bd-mon? p]iod beg9n+ on 
! date ( ! approval1 ! cr$it union has  
e/abli%$ & ma9ta9s an ongo+ me?od to    
provide s]vices 9 ! local community1    
neighborhood1 or rural di/rict4  7,b7   
,t]m9ation ( approval  7i7 ,9 g5]al ,any
 failure ( a ,f$]al cr$it union to meet 
! requirem5t ( clause 7ii7 ( subp>agraph
 7,a7 by ! end ( ! #bd-mon? p]iod ref]r$
 to 9 t clause %all con/itute a         
t]m9ation1 z a matt] ( law1 ( any       
approval ( an application "u ?is        
p>agraph by ! ,bo>d ) respect to !      
memb]%ip ( ! cr$it union4  7ii7         

,significant unmet ne$s plan ,! ,bo>d   
may t]m9ate ! approval ( an application 
"u ?is p>agraph ) respect to ! memb]%ip 
( a ,f$]al cr$it union ^u a f9d+ t !    
cr$it union is n meet+ ! t]ms ( !       
significant unmet ne$s plan ( ! cr$it   
union submitt$ "u subsection 7h77#a74   
7,c7 ,cr$it union report+ requirem5t    
,any ,f$]al cr$it union t has an        
application approv$ "u ?is p>agraph     
%all1 z "p ( ! ord9>y c\rse ( !         
exam9ation cycle & sup]vision process1  
submit a report to ! ,adm9i/ration t    
includes-- 7i7 ! numb] ( memb]s ( !     
cr$it union :o are memb]s by reason ( ! 
application2  7ii7 ! numb] ( (fices or  
facilities ma9ta9$ by ! cr$it union 9 ! 
local community1 neighborhood1 or rural 
di/rict tak5 into acc\nt by ! ,bo>d 9   
approv+ ! application2 &  7iii7 evid5ce1
 z specifi$ by ! ,bo>d by regulation1   
demon/rat+ compliance by ! cr$it union )
 ! significant unmet ne$s plan submitt$ 
by ! cr$it union "u subsection 7h77#a71 
z specifi$ by ! ,adm9i/ration4  7,d7    

,publication by adm9i/ration ,!         
,adm9i/ration %all publi% an annual     
report conta9+-- 7i7 a li/ ( all !      
applications approv$ "u ?is p>agraph    
be=e ! date on :i* ! report is publi%$2 
7ii7 ! numb] & locations ( ! und]s]v$   
areas tak5 into acc\nt 9 approv+ ^?     
applications2  7iii7 ! total numb] (    
memb]s ( cr$it unions :o are memb]s by  
reason ( ! approval ( ^? applications2 &
  7iv7 evid5ce demon/rat+ compliance by 
cr$it unions ) significant unmet ne$s   
plans submitt$ by ! cr$it unions "u     
subsection 7h77#a71 z specifi$ by !     
,adm9i/ration4  2  7,b7 9 subsection    
7e77#b71 by ins]t+ subsection 7c77#b7 & 
aft] provid$ 92 &  7,c7 by add+ at ! end
 ! foll[+3  7h7 ,additional requirem5ts 
= community cr$it unions  7#a7 ,9 g5]al 
,a ,f$]al cr$it union desir+ a field (  
memb]%ip z a cr$it union describ$ 9     
subsection 7b77#c7 %all submit to !     
,bo>d a bus9ess plan1 :i* %all include1 
among o!r issues1 a m>ket+ plan t       
id5tifies-- 7,a7 ! unique ne$s ( ! v>i\s

 demographic gr\ps 9 ! propos$          
community2 &  7,b7 h[ ! cr$it union w   
m>ket to ea* gr\p1 p>ticul>ly und]s]v$  
gr\ps1 to address ^? ne$s4  7#b7 ,public
 comm5t & he>+ ,) respect to a ,f$]al   
cr$it union desir+ a field ( memb]%ip z 
a cr$it union describ$ 9 subsection     
7b77#c7 = an area ) multiple political  
jurisdictions ) a population ( n less   
?an #b1ejj1jjj1 ! ,adm9i/ration %all--  
7,a7 publi% a notice 9 ! ,f$]al ,regi/] 
seek+ comm5t f int]e/$ p>ties ab\t !    
propos$ community2 &  7,b7 conduct a    
public he>+ reg>d+ ! application ( !    
,f$]al cr$it union4  4  7b7 ,regulations
 ,n lat] ?an #a ye> aft] ! date (       
enactm5t ( ?is ,act1 ! ,national ,cr$it 
,union ,adm9i/ration ,bo>d %all issue   
f9al regulations to implem5t ! am5dm5ts 
made by subsection 7a74  #bje4 ,rais+   
public welf>e caps  7a7 ,national banks 
,! p>agraph designat$ z ! ,elev5?4 (    
section #eacf ( ! ,revis$ ,/atutes ( !  
,unit$ ,/ates 7#ab ,u4,s4,c4 #bd7 is    
am5d$ to read z foll[s3 ,elev5?4 ,to    

make inve/m5ts directly or indirectly1  
ea* ( :i* promotes ! public welf>e by   
b5efitt+ prim>ily l[- & mod]ate-income  
communities or families 7su* z by       
provid+ h\s+1 s]vices1 or jobs74 ,an    
association %all n make any su* inve/m5t
 if ! inve/m5t w\ld expose ! association
 to unlimit$ liability4 ,! ,comptroll] (
 ! ,curr5cy %all limit an association's 
inve/m5ts 9 any #a project & an         
association's aggregate inve/m5ts "u ?is
 p>agraph4 ,aggregate inve/m5ts =       
associations t d n meet ! crit]ia ( be+ 
well capitaliz$1 z def9$ 9 section      
#bd4b7;e7 ( title #ab1 ,code ( ,f$]al   
,regulations1 or any successor          
regulation1 "u ?is p>agraph %all n exce$
 an am\nt equal to ! sum ( #e p]c5t ( ! 
association's capital /ock actually paid
 9 & unimpair$ & #e p]c5t ( !           
association's unimpair$ surplus fund1   
unless ! ,comptroll] det]m9es by ord] t 
! high] am\nt w pose no significant risk
 to ! affect$ deposit insurance fund1 & 
! association is adequately capitaliz$4 

,9 no case %all aggregate inve/m5ts ( an
 association t d n meet ! crit]ia = be+ 
well capitaliz$ "u ?is p>agraph exce$ an
 am\nt equal to ! sum ( #ae p]c5t ( !   
association's capital /ock actually paid
 9 & unimpair$ & #ae p]c5t ( !          
association's unimpair$ surplus fund4   
,aggregate inve/m5ts ( well capitaliz$  
associations1 z def9$ 9 section         
#bd4b7;e7 ( title #ab1 ,code ( ,f$]al   
,regulations1 or any successor          
regulation1 "u ?is p>agraph %all n exce$
 an am\nt equal to ! sum ( #ae p]c5t ( !
 association's capital /ock actually    
paid 9 & unimpair$ & #ae p]c5t ( !      
association's unimpair$ surplus fund1   
unless ! ,comptroll] det]m9es by ord] t 
! high] am\nt w pose no significant risk
 to ! affect$ deposit insurance fund4 ,)
 respect to any association t meets !   
crit]ia = be+ well capitaliz$1 z def9$ 9
 section #bd4b7;e7 ( title #ab1 ,code ( 
,f$]al ,regulations1 or any successor   
regulation1 aggregate inve/m5ts "u ?is  
p>agraph %all n exce$ an am\nt equal to 

! sum ( #be p]c5t ( ! association's     
capital /ock actually paid 9 & unimpair$
 & #be p]c5t ( ! association's unimpair$
 surplus fund4 ,! =ego+ /&>ds &         
limitations apply to inve/m5ts "u ?is   
p>agraph made by a national bank        
directly & by its subsidi>ies44  7b7    
,con=m+ am5dm5ts = ,/ate memb] banks ,! 
#bcrd undesignat$ p>agraph ( section #i 
( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4  
#cch;a7 is am5d$ to read z foll[s3 ,a   
,/ate memb] bank may make inve/m5ts     
directly or indirectly1 ea* ( :i*       
promotes ! public welf>e by b5efitt+    
prim>ily l[- & mod]ate-income           
communities or families 7su* z by       
provid+ h\s+1 s]vices1 or jobs71 to !   
ext5t p]missible "u ,/ate law4 ,a ,/ate 
memb] bank %all n make any su* inve/m5t 
if ! inve/m5t w\ld expose ! ,/ate memb] 
bank to unlimit$ liability4 ,aggregate  
inve/m5ts = ,/ate memb] banks t d n meet
 ! crit]ia ( be+ well capitaliz$1 z     
def9$ 9 section #bjh4dc7;b7 ( title #ab1
 ,code ( ,f$]al ,regulations1 or any    

successor regulation1 "u ?is p>agraph   
%all n exce$ an am\nt equal to ! sum (  
#e p]c5t ( ! association's capital /ock 
actually paid 9 & unimpair$ & #e p]c5t (
 ! association's unimpair$ surplus fund1
 unless ! ,bo>d det]m9es by ord] t !    
high] am\nt w pose no significant risk  
to ! affect$ deposit insurance fund1 & !
 association is adequately capitaliz$4  
,9 no case %all aggregate inve/m5ts ( a 
,/ate memb] bank t does n meet ! crit]ia
 = be+ well capitaliz$ "u ?is p>agraph  
exce$ an am\nt equal to ! sum ( #ae     
p]c5t ( ! association's capital /ock    
actually paid 9 & unimpair$ & #ae p]c5t 
( ! association's unimpair$ surplus     
fund4 ,aggregate inve/m5ts ( well       
capitaliz$ ,/ate memb] banks1 z def9$ 9 
section #bjh4dc7;b7 ( title #ab1 ,code (
 ,f$]al ,regulations1 or any successor  
regulation1 ) an exam9ation rat+ "u     
section #hjd ( ! ,community ,re9ve/m5t  
,act ( #aigg 7#ab ,u4,s4,c4 #bijc7 (    
out/&+ or satisfactory1 "u ?is p>agraph 
%all n exce$ an am\nt equal to ! sum (  

#ae p]c5t ( ! ,/ate memb] bank's capital
 /ock actually paid 9 & unimpair$ & #ae 
p]c5t ( ! /ate memb] ,bank's unimpair$  
surplus fund1 unless ! ,bo>d det]m9es by
 ord] t ! high] am\nt w pose no         
significant risk to ! affect$ deposit   
insurance fund4 ,) respect to any ,/ate 
memb] bank t meets meet ! crit]ia = be+ 
well capitaliz$ z def9$ 9 section       
#bjh4dc7;b7 ( title #ab1 ,code ( ,f$]al 
,regulations1 or any successor          
regulation1 ) an exam9ation rat+ "u     
section #hjd ( ! ,community ,re9ve/m5t  
,act ( #aigg 7#ab ,u4,s4,c4 #bijc7 (    
out/&+ or satisfactory1 aggregate       
inve/m5ts "u ?is p>agraph %all n exce$  
an am\nt equal to ! sum ( #be p]c5t ( ! 
,/ate memb] bank's capital /ock actually
 paid 9 & unimpair$ & #be p]c5t ( !     
,/ate memb] bank's unimpair$ surplus    
fund4 ,! =ego+ /&>ds & limitations apply
 to inve/m5ts "u ?is p>agraph made by a 
,/ate memb] bank directly & by its      
subsidi>ies4 4  #bjf4 ,tempor>y         
eligibility ( c]ta9 direct desc5dants ( 

c]ta9 vet]ans = h\s+ loans gu>ante$ by !
 ,secret>y ( ,vet]ans ,affairs  7a7 ,9  
g5]al ,dur+ ! p]iod describ$ 9          
subsection 7b7-- 7#a7 section #cgja7;b7 
( title #ch1 ,unit$ ,/ates ,code1 %all  
be appli$ & adm9i/]$ by add+ at ! end ! 
foll[+ new p>agraph3  7#h7 7,a7 ,! t]m  
vet]an also includes1 = purposes ( home 
loans1 any direct desc5dant ( a vet]an  
describ$ 9 subp>agraph 7,b7 if !        
desc5dant-- 7i7 is liv+ on ! date ( !   
enactm5t ( ! ,am]ican ,h\s+ & ,economic 
,mobility ,act ( #bjbe2  7ii7 is a      
fir/-"t homebuy]2 &  7iii7 is a         
fir/-g5]ation homebuy]4  7,b7 ,a vet]an 
describ$ 9 ?is clause is a vet]an :o--  
7i7 s]v$ on active duty at any "t dur+ !
 p]iod betwe5 ,june #bb1 #aidd1 & ,april
 #aa1 #aifh2  7ii7 is deceas$2 &  7iii7 
did n receive a h\s+ loan b5efit "u ?is 
*apt] dur+ 8 or h] lifetime4  7,c7 ,9   
?is p>agraph3 7i7 ,! t]m direct         
desc5dant includes a legally adopt$     
desc5dant4  7ii7 ,! t]ms fir/-g5]ation  
homebuy] & fir/-"t homebuy] h ! mean+s  

giv5 ^? t]ms 9 section #bja7;a7 ( !     
,am]ican ,h\s+ & ,economic ,mobility    
,act ( #bjbe4  2 &  7#b7 section        
#cgjb7;a77#b7 ( su* title %all be appli$
 & adm9i/]$ by add+ at ! end ! foll[+   
new subp>agraph3  7,h7 ,ea* direct      
desc5dant describ$ 9 section            
#cgja7;b77#h7 ( ?is title4  4  7b7      
,p]iod describ$ ,! p]iod describ$ 9 ?is 
subsection is ! p]iod beg9n+ "o ye> aft]
 ! date ( ! enactm5t ( ?is ,act & end+  
t5 ye>s aft] ! date on :i* ! ,secret>y (
 ,vet]ans ,affairs prescribes !         
regulations requir$ by subsection 7c74  
7c7 ,regulations  7#a7 ,9 g5]al ,n lat] 
?an #ahj days aft] ! date ( ! enactm5t (
 ?is ,act1 ! ,secret>y ( ,vet]ans       
,affairs %all prescribe regulations to  
c>ry out ?is section4  7#b7 ,elem5ts ,! 
regulations requir$ by p>agraph 7#a7    
%all provide rules & proc$ures =        
det]m9+-- 7,a7 ! eligibility ( a direct 
desc5dant = h\s+ loan b5efits "u ?is    
section :5 ! records ( ! ,vet]ans       
,b5efits ,adm9i/ration are incomplete or

 o!rwise inadequate to v]ify            
eligibility2 &  7,b7 appropriate        
implem5tation ( ?is section if m ?an "o 
direct desc5dant ( a vet]an seeks h\s+  
loan b5efits "u ?is section4  ,,iii     
,remov+ b>ri]s t isolate communities    
#cja4 ,exp&+ rights "u ! ,fair ,h\s+    
,act  7a7 ,purposes ,! purposes ( !     
am5dm5ts made by ?is section are-- 7#a7 
to exp&1 z well z cl>ify1 confirm1 &    
create great] consi/5cy 91 ! protections
 aga9/ discrim9ation on ! basis ( all   
cov]$ *>act]i/ics2 &  7#b7 to provide   
guidance & notice to individuals1       
organizations1 corporations1 & ag5cies  
reg>d+ _! obligations "u ,f$]al law4    
7b7 ,am5dm5ts to ! ,fair ,h\s+ ,act ,!  
,fair ,h\s+ ,act 7#db ,u4,s4,c4 #cfja et
 seq47 is am5d$-- 7#a7 9 section #hjb   
7#db ,u4,s4,c4 #cfjb71 by add+ at ! end 
! foll[+3  7p7 ,g5d] id5tity means !    
g5d]-relat$ id5tity1 appe>ance1 or      
mann]isms or o!r g5d]-relat$ *>act]i/ics
 ( an individual1 reg>dless ( !         
individual's designat$ sex at bir?4  7q7

 ,m>ital /atus has ! mean+ giv5 ! t]m 9 
section #bjb4b ( title #ab1 ,code (     
,f$]al ,regulations1 or any successor   
regulation4  7r7 ,sexual ori5tation     
means homosexuality1 het]osexuality1 or 
bisexuality4  7s7 ,s\rce ( income       
includes income = :i* !re is a          
reasonable expectation t ! income w     
cont9ue f-- 7#a7 a pr(ession1           
occupation1 or job2  7#b7 any gov]nm5t  
or private assi/ance1 grant1 loan1 or   
r5tal assi/ance program1 includ+ v\*]s  
issu$ "u ! ,unit$ ,/ates ,h\s+ ,act (   
#aicg 7#db ,u4,s4,c4 #adcg et seq472    
7#c7 a gift1 an inh]itance1 a p5sion1 an
 annuity1 alimony1 *ild support1 or o!r 
consid]ation or b5efit2 or  7#d7 ! sale 
or pl$ge ( prop]ty or an int]e/ 9       
prop]ty4  7t7 ,vet]an /atus means-- 7#a7
 a memb] ( ! uni=m$ s]vices1 z def9$ 9  
section #aja ( title #aj1 ,unit$ ,/ates 
,code2 or  7#b7 a vet]an1 z def9$ 9     
section #aja ( title #ch1 ,unit$ ,/ates 
,code4  2  7#b7 9 section #hjd 7#db     
,u4,s4,c4 #cfjd7-- 7,a7 by ins]t+ actual

 or p]ceiv$ be=e race1 color ea* place t
 t]m appe>s2  7,b7 by /rik+ sex1 ea*    
place t t]m appe>s & ins]t+ sex 7includ+
 sexual ori5tation & g5d] id5tity71     
m>ital /atus1 s\rce ( income1 vet]an    
/atus12 &  7,c7 9 subsection 7c7-- 7i7  
by ins]t+ 7#a7 be=e ,to make2 &  7ii7 by
 add+ at ! end ! foll[+3  7#b7 ,no?+ 9  
?is title %all be con/ru$ to-- 7,a7     
prohibit a l5d] f implem5t+ a loan      
program = vet]ans or bas$ ^u vet]an     
/atus2 or  7,b7 prohibit an entity f    
provid+ h\s+ assi/ance "u-- 7i7 section 
#h7o77#ai7 ( ! ,unit$ ,/ates ,h\s+ ,act 
( #aicg 7#db ,u4,s4,c4 #adcg;f7o77#ai772
  7ii7 ! ,homeless ,provid]s ,grant &   
,p] ,diem program ( ! ,dep>tm5t (       
,vet]ans ,affairs2 or  7iii7 any o!r    
,f$]al h\s+ assi/ance program = vet]ans 
or bas$ on vet]an /atus4  2  7#c7 9     
section #hje 7#db ,u4,s4,c4 #cfje7--    
7,a7 by ins]t+ actual or p]ceiv$ be=e   
race1 color ea* place t t]m appe>s2 &   
7,b7 by /rik+ sex1 ea* place t t]m      
appe>s & ins]t+ sex 7includ+ sexual     

ori5tation & g5d] id5tity71 m>ital      
/atus1 s\rce ( income1 vet]an /atus12   
7#d7 9 section #hjf 7#db ,u4,s4,c4      
#cfjf7-- 7,a7 by ins]t+ actual or       
p]ceiv$ be=e race1 color2 &  7,b7 by    
/rik+ sex1 ea* place t t]m appe>s &     
ins]t+ sex 7includ+ sexual ori5tation & 
g5d] id5tity71 m>ital /atus1 s\rce (    
income1 vet]an /atus12 &  7#e7 9 section
 #hjh7;e77#f7 7#db ,u4,s4,c4            
#cfjh7;e77#f771 by /rik+ sex1 & ins]t+  
sex 7includ+ sexual ori5tation & g5d]   
id5tity71 m>ital /atus1 s\rce ( income1 
vet]an /atus14  7c7 ,prev5tion (        
intimidation ,section #ija ( ! ,civil   
,rights ,act ( #aifh 7#db ,u4,s4,c4     
#cfca7 is am5d$-- 7#a7 by ins]t+ actual 
or p]ceiv$ be=e race1 color ea* place t 
t]m appe>s2 &  7#b7 by /rik+ sex1 ea*   
place t t]m appe>s & ins]t+ sex 7includ+
 sexual ori5tation 7z su* t]m is def9$ 9
 section #hjb ( ?is ,act7 & g5d] id5tity
 7z def9$ 9 section #hjb ( ?is ,act771  
m>ital /atus 7z def9$ 9 section #hjb71  
s\rce ( income 7z def9$ 9 section #hjb71

 vet]an /atus 7z def9$ 9 section #hjb714
  7d7 ,rule ( con/ruction ,no?+ 9 !     
am5dm5ts made by ?is section %all be    
con/ru$ to mean t a p>ticul> class (    
individuals 0 n protect$ aga9/          
discrim9ation "u ,f$]al law z 9 effect  
on ! day be=e ! date ( enactm5t ( ?is   
,act4  #cjb4 ,improv+ outcomes 9 h\s+   
assi/ance programs  7a7 ,indian h\s+    
assi/ance ,section #ejb ( ! ,native     
,am]ican ,h\s+ ,assi/ance &             
,self-,det]m9ation ,act ( #aiif 7#be    
,u4,s4,c4 #daha7 is am5d$ by add+ at !  
end ! foll[+3  7c7 ,applicability       
,subsections 7a7 & 7b7 %all n apply )   
respect to t5ant-bas$ assi/ance provid$ 
"u section #h7o7 ( ! ,unit$ ,/ates ,h\s+
 ,act ( #aicg 7#db ,u4,s4,c4            
#adcg;f7o774  4  7b7 ,supplem5tal       
adm9i/rative fee ,section #h7q77#b77;,b7
 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg   
7#db ,u4,s4,c4 #adcg;f7q77#b77;,b77 is  
am5d$ by ins]t+ 1 includ+ ! co/ ( assi/+
 families ) *ildr5 or families ) a memb]
 ) a disability t move to l[] pov]ty1   

high] opportunity neighborhoods 7z      
det]m9$ by ! ,secret>y bas$ on          
objective1 evid5ce-bas$ crit]ia7 aft]   
programs4  7c7 ,regional plann+ ,to     
increase access to high] opportunity    
areas ,section #h7o7 ( ! ,unit$ ,/ates  
,h\s+ ,act ( #aicg 7#db ,u4,s4,c4       
#adcg;f7o77 is am5d$ by add+ at ! end ! 
foll[+3  7#bc7 ,increas+ access to high]
 opportunity areas  7,a7 ,location      
analysis  7i7 ,9 g5]al ,a public h\s+   
ag5cy t adm9i/]s ! program "u ?is       
subsection 9 a metropolitan area %all-- 
7,i7 analyze ! locations :]e !          
p>ticipants 9 ! program ( ! public h\s+ 
ag5cy live2 &  7,,ii7 bas$ on ! analysis
 describ$ 9 subclause 7,i71 e/abli%     
policies & practices to r$uce disp>ities
 & b>ri]s to access to locations ?r\gh\t
 ! metropolitan area t evid5ce indicates
 are m likely to improve outcomes =     
*ildr5 or adults4  7ii7 ,consid]ations  
,! location analysis requir$ "u ?is     
subp>agraph %all-- 7,i7 consid]         
sep>ately ! locations ( families )      

*ildr51 h\seholds t include a p]son )   
disabilities1 & o!r gr\ps protect$ "u ! 
,fair ,h\s+ ,act 7#db ,u4,s4,c4 #cfja et
 seq472 &  7,,ii7 include an analysis ( 
! locations 9 relation to dwell+ units )
 r5ts t are pot5tially af=dable to v\*] 
hold]s & ! likely impact ( key          
neighborhood attributes on _! well-be+ &
 long-t]m success1 bas$ on ,f$]al &     
available local data4  7iii7 ,mapp+     
tools ,! ,secret>y %all-- 7,i7 provide  
mapp+ tools & o!r in=mation necess>y = a
 public h\s+ ag5cy to p]=m ! location   
analysis "u ?is subp>agraph us+ !       
demographic data on p>ticipat+ families 
submitt$ to ! ,secret>y "u "p #ijh (    
title #bd1 ,code ( ,f$]al ,regulations1 
or any successor regulation2  7,,ii7    
publi% a notice 9 ! ,f$]al ,regi/]1     
subject to public comm5t1 t specifies ! 
data s\rces & def9itions t w be         
incorporat$ 9 ea* mapp+ tool requir$ "u 
subclause 7,i72 &  7,,iii7 update !     
notice requir$ "u subclause 7,,ii7 z    
ne$$ bas$ on *anges 9 ! availability (  

relevant data or evid5ce ( neighborhood 
attributes likely to impact ! well-be+ &
 long-t]m success ( p>ticipants 9 !     
program "u ?is subsection4  7iv7        
,frequ5cy & availability ,! location    
analysis requir$ "u ?is subp>agraph     
%all-- 7,i7 be p]=m$ by ea* public h\s+ 
ag5cy describ$ 9 clause 7i7 n less      
frequ5tly ?an once e #e ye>s2  7,,ii7 be
 p]=m$ by all public h\s+ ag5cies 9 a   
metropolitan area 9 ! same ye>1 z       
det]m9$ by ! ,secret>y2 &  7,,iii7 be   
made available to ! public 9 a mann] t  
protects ! privacy ( program            
p>ticipants4  7,b7 ,regional policies to
 increase access to high] opportunity   
neighborhoods ,ea* public h\s+ ag5cy    
describ$ 9 subp>agraph 7,a77i7 %all--   
7i7 consult ) o!r su* public h\s+       
ag5cies 9 ! same metropolitan area1 or  
small] regional area approv$ by !       
,secret>y1 ab\t ! possible b>ri]s & o!r 
reasons = ! disp>ities id5tifi$ 9 !     
location analysis requir$ "u subp>agraph
 7,a72  7ii7 id5tify policies or        

practices t ^? public h\s+ ag5cies c\ld 
adopt individually or 9 collaboration1  
or o!r /rategies t recipi5ts ( grants or
 o!r fund+ f ! ,secret>y c\ld adopt1 to 
r$uce ! b>ri]s & disp>ities & increase !
 %>e ( families ) *ildr5 & o!r          
demographic gr\ps us+ v\*]s 9           
high]-opportunity neighborhoods 9 !     
metropolitan area or region2 &  7iii7   
include 9 ! adm9i/rative plan requir$ "u
 section #ihb4ed ( title #bd1 ,code (   
,f$]al ,regulations1 or any successor   
regulation1 ! policies t ! public h\s+  
ag5cy has adopt$ "u ?is p>agraph4  7,c7 
,assessm5t ,! ,secret>y %all include    
public h\s+ ag5cy p]=mance 9 a*iev+ !   
goal describ$ 9 subp>agraph             
7,a77i77,,ii7 9 ! p]iodic assessm5t (   
ag5cy p]=mance 9 manag+ ! program "u ?is
 subsection requir$ "u "p #ihe ( title  
#bd1 ,code ( ,f$]al ,regulations1 or any
 successor regulation4  4  7d7 ,requir$ 
regulatory *anges to public h\s+ ag5cy  
consortia  7#a7 ,def9itions ,9 ?is      
subsection3 7,a7 ,mov+ to ,"w           

demon/ration program ,! t]m ,mov+ to ,"w
 demon/ration program means ! program   
e/abli%$ "u section #bjd ( ! ,dep>tm5ts 
( ,vet]ans ,affairs & ,h\s+ & ,urban    
,developm5t1 & ,indep5d5t ,ag5cies      
,appropriations ,act1 #aiif 7,public    
,law #ajd-acd2 #aaj ,/at4 #acba-bha74   
7,b7 ,public h\s+ ag5cy ,! t]m public   
h\s+ ag5cy has ! mean+ giv5 ! t]m 9     
section #c7;b77#f7 ( ! ,unit$ ,/ates    
,h\s+ ,act ( #aicg 7#db ,u4,s4,c4       
#adcg;a7b77#f774  7#b7 ,requirem5t ,n   
lat] ?an #a ye> aft] ! date ( enactm5t (
 ?is ,act1 ! ,secret>y ( ,h\s+ & ,urban 
,developm5t %all e/abli% policies &     
proc$ures t-- 7,a7 enable public h\s+   
ag5cies t elect to op]ate 9 consortia "u
 section #ac7;a7 ( ! ,unit$ ,/ates ,h\s+
 ,act ( #aicg 7#db ,u4,s4,c4 #adcgk7a771
 exclud+ public h\s+ ag5cies p>ticipat+ 
9 ! ,mov+ to ,"w demon/ration program-- 
7i7 to consolidate _! fund+ contracts = 
assi/ance provid$ "u section #h7o7 ( su*
 ,act 7#db ,u4,s4,c4 #adcg;f7o77 into a 
s+le contract2  7ii7 to consolidate _!  

fund+ contracts = assi/ance provid$ "u  
subsections 7d7 & 7e7 ( section #i ( su*
 ,act 7#db ,u4,s4,c4 #adcg;g72 or  7iii7
 to ex]cise ! consolidation options "u  
ea* ( clauses 7i7 & 7ii72 &  7,b7 enable
 public h\s+ ag5cies to =m p>tial       
consortia "u su* section #ac7;a7 7#db   
,u4,s4,c4 #adcgk7a77 t consolidate !    
adm9i/ration ( c]ta9 aspects ( _! h\s+  
programs to increase access to          
high]-opportunity areas or = o!r        
purposes1 subject to su* requirem5ts z !
 ,secret>y may e/abli%4  7#c7 ,mov+ to  
,"w ag5cies ,any flexibility or waiv]   
applicable to ! ,mov+ to ,"w            
demon/ration program %all n apply to any
 activities or funds adm9i/]$ ?r\gh a   
p>tial consortium =m$ "u p>agraph       
7#b77;,b7 by #a or m public h\s+ ag5cies
 p>ticipat+ 9 ! ,mov+ to ,"w            
demon/ration program4  ,,iv ,e/ate tax  
re=m  #dja4 ,am5dm5t to ,int]nal ,rev5ue
 ,code ( #aihf ,except z o!rwise        
expressly provid$1 :5ev] 9 ?is title an 
am5dm5t or repeal is express$ 9 t]ms (  

an am5dm5t to1 or repeal (1 a section or
 o!r provision1 ! ref]5ce %all be       
consid]$ to be made to a section or o!r 
provision ( ! ,int]nal ,rev5ue ,code (  
#aihf4  #djb4 ,rate adju/m5t  7a7       
,increase 9 e/ate tax rates ,! table    
conta9$ 9 section #bjja7;c7 is am5d$ to 
read z foll[s3 ,if ! am\nt ) respect to 
:i* ! t5tative tax to be comput$ is3,!  
t5tative tax is3,n ov] #ac1jjj1jjjee    
p]c5t ( su* am\nt4,ov] #ac1jjj1jjj b n  
ov] #ic1jjj1jjjg1aej1jjj1 plus #fj p]c5t
 ( ! excess ( su* am\nt ov]             
#ac1jjj1jjj4,ov] #ic1jjj1jjjee1aej1jjj1 
plus #fe p]c5t ( ! excess ( su* am\nt   
ov] #ic1jjj1jjj4  7b7 ,r$uction ( basic 
exclusion am\nt ,p>agraph 7#c7 ( section
 #bjaj7;c7 is am5d$ to read z foll[s3   
7#c7 ,basic exclusion am\nt ,= purposes 
( ?is subsection1 ! basic exclusion     
am\nt is #c1ejj1jjj4  4  7c7 ,surtax on 
billion doll> e/ates ,section #bjja is  
am5d$-- 7#a7 9 subsection 7b71 by /rik+ 
,! tax & ins]t+ ,subject to subsection  
7h71 ! tax1 &  7#b7 by add+ at ! end !  

foll[+ new subsection3  7h7 ,surtax on  
billion doll> e/ates  7#a7 ,9 g5]al ,9 !
 case ( a taxable e/ate = :i* !         
applicable am\nt is 9 excess (          
#a1jjj1jjj1jjj1 ! tax det]m9$ "u        
subsection 7b7 %all be increas$ by an   
am\nt equal to #aj p]c5t ( su*          
applicable am\nt4  7#b7 ,applicable     
am\nt ,= purposes ( ?is subsection1 !   
applicable am\nt %all be equal to ! sum 
( ! am\nts "u subp>agraphs 7,a7 & 7,b7 (
 p>agraph 7#a7 ( subsection 7b7 = !     
taxable e/ate4  4  7d7 ,effective date  
,! am5dm5ts made by ?is section %all    
apply to e/ates ( dec$5ts dy+1 &        
g5]ation-skipp+ transf]s & gifts made1  
aft] ! date ( ! enactm5t ( ?is ,act4    
#djc4 ,requir$ m9imum #aj-ye> t]m1 etc41
 = grantor reta9$ annuity tru/s  7a7 ,9 
g5]al ,subsection 7b7 ( section #bgjb is
 am5d$-- 7#a7 by r$esignat+ p>agraphs   
7#a71 7#b71 & 7#c7 z subp>agraphs 7,a71 
7,b71 & 7,c71 respectively1 & by mov+   
su* subp>agraphs 7z s r$esignat$7 #b ems
 to ! "r1  7#b7 by /rik+ ,= purposes ( &

 ins]t+ ! foll[+3  7#a7 ,9 g5]al ,=     
purposes (  1  7#c7 by /rik+ p>agraph   
7#a7 or 7#b7 9 p>agraph 7#a77;,c7 7z s  
r$esignat$7 & ins]t+ subp>agraph 7,a7 or
 7,b71 &  7#d7 by add+ at ! end ! foll[+
 new p>agraph3  7#b7 ,additional        
requirem5ts ) respect to grantor reta9$ 
annuities ,= purposes ( subsection 7a71 
9 ! case ( an int]e/ describ$ 9 p>agraph
 7#a77;,a7 7det]m9$ )\t reg>d to ?is    
p>agraph7 :i* is reta9$ by ! transf]or1 
su* int]e/ %all be treat$ z describ$ 9  
su* p>agraph only if-- 7,a7 ! "r to     
receive ! fix$ am\nts ref]r$ to 9 su*   
p>agraph is = a t]m ( n less ?an #aj    
ye>s1  7,b7 su* fix$ am\nts1 :5 det]m9$ 
on an annual basis1 d n decrease        
relative to any prior ye> dur+ ! fir/   
#aj ye>s ( ! t]m ref]r$ to 9 subp>agraph
 7,a71 &  7,c7 ! rema9d] int]e/ has a   
value equal to or great] ?an #aj p]c5t (
 ! value ( ! assets transf]r$ to ! tru/1
 det]m9$ z ( ! "t ( ! transf]4  4  7b7  
,effective date ,! am5dm5ts made by ?is 
section %all apply to transf]s made aft]

 ! date ( ! enactm5t ( ?is ,act4  #djd4 
,c]ta9 transf] tax rules applicable to  
grantor tru/s  7a7 ,9 g5]al ,subtitle ,b
 is am5d$ by add+ at ! end ! foll[+ new 
*apt]3  #af ,special rules = grantor    
tru/s  ,sec4 #bija4 ,application (      
transf] taxes4  #bija4 ,application (   
transf] taxes  7a7 ,9 g5]al ,9 ! case ( 
any portion ( a tru/ to :i* ?is section 
applies-- 7#a7 ! value ( ! gross e/ate (
 ! deceas$ deem$ own] ( su* portion %all
 include all assets attributable to t   
portion at ! "t ( ! dea? ( su* own]1    
7#b7 any di/ribution f su* portion to "o
 or m b5efici>ies dur+ ! life ( ! deem$ 
own] ( su* portion %all be treat$ z a   
transf] by gift = purposes ( *apt] #ab1 
&  7#c7 if at any "t dur+ ! life ( !    
deem$ own] ( su* portion1 su* own]      
ceases to be treat$ z ! own] ( su*      
portion "u subp>t ,e ( "p #a ( sub*apt] 
,j ( *apt] #a1 all assets attributable  
to su* portion at su* "t %all be treat$ 
= purposes ( *apt] #ab z a transf] by   
gift made by ! deem$ own]4  7b7 ,portion

 ( tru/ to :i* section applies ,?is     
section %all apply to-- 7#a7 ! portion (
 a tru/ ) respect to :i* ! grantor is ! 
deem$ own]1 &  7#b7 ! portion ( ! tru/  
to :i* a p]son :o is n ! grantor is a   
deem$ own] by reason ( ! rules ( subp>t 
,e ( "p #a ( sub*apt] ,j ( *apt] #a1 &  
su* deem$ own] engages 9 a sale1        
ex*ange1 or comp>able transaction ) !   
tru/ t is disreg>d$ = purposes (        
subtitle ,a4  ,= purposes ( p>agraph    
7#b71 ! portion ( ! tru/ describ$ )     
respect to a transaction is ! portion ( 
! tru/ attributable to ! prop]ty receiv$
 by ! tru/ 9 su* transaction1 includ+   
all reta9$ income !refrom1 appreciation 
!reon1 & re9ve/m5ts !re(1 net ( ! am\nt 
( consid]ation receiv$ by ! deem$ own] 9
 su* transaction4  7c7 ,exceptions ,?is 
section %all n apply to-- 7#a7 any tru/ 
t is includible 9 ! gross e/ate ( !     
deem$ own] 7)\t reg>d to subsection     
7a77#a771 &  7#b7 any o!r type ( tru/ t 
! ,secret>y det]m9es by regulations or  
o!r guidance does n h z a significant   

purpose ! avoidance ( transf] taxes4    
7d7 ,deem$ own] def9$ ,= purposes ( ?is 
section1 ! t]m deem$ own] means any     
p]son :o is treat$ z ! own] ( a portion 
( a tru/ "u subp>t ,e ( "p #a ( sub*apt]
 ,j ( *apt] #a4  7e7 ,r$uction = taxable
 gifts to ! tru/ made by own] ,! am\nt  
to :i* subsection 7a7 applies %all be   
r$uc$ by ! value ( any transf] by gift  
by ! deem$ own] to ! tru/ previ\sly tak5
 into acc\nt by ! deem$ own] "u *apt]   
#ab4  7f7 ,liability = paym5t ( tax ,any
 tax impos$ pursuant to subsection 7a7  
%all be a liability ( ! tru/4  4  7b7   
,cl]ical am5dm5t ,! table ( *apt]s =    
subtitle ,b is am5d$ by add+ at ! end ! 
foll[+ new item3  ,*apt] #af4 ,special  
rules = grantor tru/s  4  7c7 ,effective
 date ,! am5dm5ts made by ?is section   
%all apply-- 7#a7 to tru/s creat$ on or 
aft] ! date ( ! enactm5t ( ?is ,act1    
7#b7 to any portion ( a tru/ e/abli%$   
be=e ! date ( ! enactm5t ( ?is ,act :i* 
is attributable to a contribution made  
on or aft] su* date1 &  7#c7 to any     

portion ( a tru/ e/abli%$ be=e ! date ( 
! enactm5t ( ?is ,act to :i* section    
#bija7;a7 ( ! ,int]nal ,rev5ue ,code (  
#aihf 7z add$ by subsection 7a77 applies
 by reason ( a transaction describ$ 9   
section #bija7;b77#b7 ( su* ,code on or 
aft] su* date4  #dje4 ,elim9ation (     
g5]ation-skipp+ transf] tax exemption = 
transf]s to c]ta9 p]sons  7a7 ,9 g5]al  
,section #bfdb is am5d$ by add+ at ! end
 ! foll[+ new subsection3  7h7          
,elim9ation ( ,,g/ exemption = transf]s 
to c]ta9 p]sons  7#a7 ,9 g5]al  7,a7    
,transf] to non-exempt p]son ,9 ! case (
 any direct skip or taxable di/ribution 
made to any p]son :o is n an exempt     
p]son1 ! inclusion ratio %all be #a4    
7,b7 ,taxable t]m9ation ,9 ! case ( any 
taxable t]m9ation :i* occurs at any "t  
imm$iately aft] no exempt p]son is a    
b5efici>y ( ! tru/1 ! inclusion ratio   
%all be #a4  7,c7 ,exempt p]son  7i7 ,9 
g5]al ,= purposes ( ?is subsection1 !   
t]m exempt p]son means-- 7,i7 a natural 
p]son-- 7aa7 :o is assign$ to a g5]ation

 :i* is #b or few] g5]ations bel[ !     
g5]ation assignm5t ( ! transf]or1 or    
7bb7 ^: date ( bir? prec$es ! date on   
:i* ! tru/ 0 creat$1 or  7,,ii7 a tru/ 9
 :i* all int]e/s are held by p]sons     
describ$ 9 subclause 7,i74  7ii7        
,exception ,= purposes ( clause         
7i77,,ii71 any int]e/ :i* is us$        
prim>ily to po/pone or avoid !          
application ( ?is subsection %all be    
disreg>d$4  7#b7 ,date ( creation  7,a7 
,9 g5]al ,= purposes ( det]m9+ ! date on
 :i* a tru/ 0 creat$ "u p>agraph        
7#a77;,c77i77,i77bb71 if ! tru/ 0 creat$
 be=e ,janu>y #a1 #bjbf1 su* tru/ %all  
be deem$ to h be5 creat$ on ,janu>y #a1 
#bjbf4  7,b7 ,date ( creation ( p\r-ov] 
tru/s  7i7 ,9 g5]al ,9 ! case ( any     
g5]ation-skipp+ transf] ( prop]ty :i*   
involves ! transf] ( prop]ty f "o tru/  
to ano!r tru/1 ! date ( ! creation ( !  
transf]ee tru/ %all be treat$ z be+ !   
e>li] (-- 7,i7 ! date ( ! creation ( su*
 transf]ee tru/1 or  7,,ii7 ! date ( !  
creation ( ! transf]or tru/4  7ii7      

,multiple transf]s ,9 ! case ( multiple 
transf]s to :i* clause 7i7 applies--    
7,i7 ! date ( ! creation ( ! transf]or  
tru/ %all be det]m9$ "u su* clause1 &   
7,,ii7 subsequ5t to ! det]m9ation       
describ$ 9 subclause 7,i71 ! date ( !   
creation ( ! transf]ee tru/ %all be     
det]m9$ "u su* clause4  7#c7 ,g5]ation  
assignm5t ,= purposes ( ?is subsection1 
! provisions ( section #bfec7;a7 %all n 
apply4  7#d7 ,regulations ,! ,secret>y  
may prescribe su* regulations or o!r    
guidance z may be necess>y or           
appropriate to c>ry out ?is subsection4 
4  7b7 ,repeal ,section #adcc7;b77#b7 ( 
! ,tax ,re=m ,act ( #aihf 7,public ,law 
#ii-ead7 is repeal$4  7c7 ,effective    
dates  7#a7 ,9 g5]al ,! am5dm5t made by 
subsection 7a7 %all take effect on !    
date ( ! enactm5t ( ?is ,act4  7#b7     
,repeal ,! am5dm5t made by subsection   
7b7 %all apply to g5]ation-skipp+       
transf]s 7)9 ! mean+ ( section #bfaa ( !
 ,int]nal ,rev5ue ,code ( #aihf7 made   
aft] ! date ( enactm5t ( ?is ,act4      

#djf4 ,simplify+ gift tax exclusion =   
annual gifts  7a7 ,9 g5]al ,p>agraph    
7#a7 ( section #bejc7;b7 is am5d$ to    
read z foll[s3  7#a7 ,9 g5]al  7,a7     
,limit p] donee ,9 ! case ( gifts made  
to any p]son by ! donor dur+ ! cal5d>   
ye>1 ! fir/ #aj1jjj ( su* gifts to su*  
p]son %all n1 = purposes ( subsection   
7a71 be includ$ 9 ! total am\nt ( gifts 
made dur+ su* ye>4  7,b7 ,cumulative    
limit p] donor  7i7 ,9 g5]al ,!         
aggregate am\nt exclud$ "u subp>agraph  
7,a7 ) respect to all transf]s describ$ 
9 clause 7ii7 made by ! donor dur+ !    
cal5d> ye> %all n exce$ twice ! doll>   
am\nt 9 effect "u su* subp>agraph = su* 
cal5d> ye>4  7ii7 ,transf]s subject to  
limitation ,! transf]s describ$ 9 ?is   
clause are-- 7,i7 a transf] 9 tru/1     
7,,ii7 a transf] ( an int]e/ 9 a        
pas/hr\gh entity1  7,,iii7 a transf] (  
an int]e/ subject to a prohibition on   
sale1 &  7,,iv7 any o!r transf] (       
prop]ty t1 )\t reg>d to )drawal1 put1 or
 o!r su* rights 9 ! donee1 _c imm$iately

 be liquidat$ by ! donee4  4  7b7       
,con=m+ am5dm5t ,section #bejc is am5d$ 
by /rik+ subsection 7c74  7c7           
,regulations ,! ,secret>y ( ! ,treasury1
 or ! ,secret>y ( ! ,treasury's         
delegate1 may prescribe su* regulations 
or o!r guidance z may be necess>y or    
appropriate to c>ry out ! am5dm5ts made 
by ?is section4  7d7 ,effective date ,! 
am5dm5ts made by ?is section %all apply 
to any cal5d> ye> beg9n+ aft] ! date ( !
 enactm5t ( ?is ,act4  #djg4            
,cl>ification reg>d+ disall[ance (      
/ep-up 9 basis = prop]ty held 9 c]ta9   
grantor tru/s  7a7 ,9 g5]al ,section    
#ajad is am5d$-- 7#a7 by r$esignat+     
subsection 7f7 z subsection 7g71 &  7#b7
 by ins]t+ aft] subsection 7e7 ! foll[+3
  7f7 ,prop]ty held 9 c]ta9 grantor     
tru/s ,?is section %all n apply to      
prop]ty-- 7#a7 held 9 a tru/ ( :i* !    
transf]or is consid]$ ! own] "u subp>t  
,e ( "p ,i ( sub*apt] ,j1 &  7#b7 if1   
aft] ! transf] ( su* prop]ty to ! tru/1 
su* prop]ty is n includible 9 ! gross   

e/ate ( ! transf]or = purposes ( *apt]  
#aa4  4  7b7 ,con=m+ am5dm5t ,section   
#fffb7k7 is am5d$ by /rik+ #ajad7;f7 &  
ins]t+ #ajad7;g74  7c7 ,effective date  
,! am5dm5ts made by ?is section %all    
apply to transf]s aft] ! date ( !       
enactm5t ( ?is ,act4  7d7 ,no inf]5ce   
,no inf]5ce may be drawn f ! am5dm5ts   
made by ?is section ) respect to !      
application ( section #ajad ( ! ,int]nal
 ,rev5ue ,code ( #aihf to prop]ty       
describ$ 9 subsection 7f7 ( su* section 
7z add$ by subsection 7a77 :i* 0        
transf]r$ on or be=e ! date ( enactm5t (
 ?is ,act4  #djh4 ,limitation on        
disc\nts2 valuation rules = c]ta9       
transf]s ( nonbus9ess assets  7a7 ,9    
g5]al ,*apt] #ad ( subtitle ,b is am5d$ 
by add+ at ! end ! foll[+ new section3  
#bgje4 ,limitation on disc\nts2         
valuation rules = c]ta9 transf]s (      
nonbus9ess assets  7a7 ,limitation on   
disc\nt by reason ( family control  7#a7
 ,9 g5]al ,= purposes ( ?is subtitle1 9 
! case ( ! transf] ( any int]e/ 9 an    

entity o!r ?an an int]e/ :i* is actively
 trad$ 7)9 ! mean+ ( section #ajib71 if 
! transf]or1 ! transf]ee1 & memb]s ( !  
family ( ! transf]or & transf]ee h      
control ( su* entity imm$iately be=e su*
 transf]1 no disc\nt %all be all[$--    
7,a7 by reason ( ! fact t ! transf]or or
 transf]ee does n h control ( su*       
entity1  7,b7 by reason ( ! lack (      
m>ketability ( ! int]e/1 or  7,c7 = any 
o!r reason4  7#b7 ,def9itions ,9 ?is    
subsection1 ! t]ms control & memb] ( !  
family h ! same mean+s giv5 su* t]ms 9  
section #bgjd7;c74  7#c7 ,attribution ,=
 purposes ( ?is section1 ! rule (       
section #bgja7;e77#c7 %all apply =      
purposes ( det]m9+ ! int]e/s held by any
 individual4  7b7 ,valuation rules =    
c]ta9 transf]s ( nonbus9ess assets  7#a7
 ,9 g5]al ,= purposes ( ?is subtitle1 9 
! case ( ! transf] ( any int]e/ 9 an    
entity o!r ?an an int]e/ :i* is actively
 trad$ 7)9 ! mean+ ( section #ajib7--   
7,a7 ! value ( any nonbus9ess assets    
held by ! entity ) respect to su* int]e/

 %all be det]m9$ z if ! transf]or _h    
transf]r$ su* assets directly to !      
transf]ee 7& no valuation disc\nt %all  
be all[$ ) respect to su* nonbus9ess    
assets71 &  7,b7 su* nonbus9ess assets  
%all n be tak5 into acc\nt 9 det]m9+ !  
value ( ! int]e/ 9 ! entity4  7#b7      
,nonbus9ess assets ,= purposes ( ?is    
subsection-- 7,a7 ,9 g5]al ,! t]m       
nonbus9ess asset means any asset o!r ?an
 an asset :i* is us$ 9 ! active conduct 
( a trade or bus9ess4  7,b7 ,passive    
assets treat$ z nonbus9ess assets  7i7  
,9 g5]al ,= purposes ( subp>agraph 7,a71
 a passive asset %all be treat$ z a     
nonbus9ess asset unless-- 7,i7 ! asset  
is prop]ty describ$ 9 p>agraph 7#a7 or  
7#d7 ( section #abba7;a7 or is a h$ge ) 
respect to su* prop]ty1 or  7,,ii7 !    
asset is real prop]ty us$ 9 ! active    
conduct ( #a or m real prop]ty trades or
 bus9esses 7)9 ! mean+ ( section        
#dfi7;c77#g77;,c77 9 :i* ! transf]or    
mat]ially p>ticipates & ) respect to :i*
 ! transf]or meets ! requirem5ts (      

section #dfi7;c77#g77;,b77ii74  7ii7    
,mat]ial p>ticipation ,= purposes (     
clause 7i77,,ii71 mat]ial p>ticipation  
%all be det]m9$ "u ! rules ( section    
#dfi7;h71 except t section #dfi7;h77#c7 
%all be appli$ )\t reg>d to ! limitation
 to f>m+ activity4  7,c7 ,work+ capital 
treat$ z us$ 9 trade or bus9ess ,any    
asset 7includ+ a passive asset7 :i* is  
held z a "p ( ! reasonably requir$ work+
 capital ne$s ( a trade or bus9ess %all 
be treat$ z us$ 9 ! active conduct ( a  
trade or bus9ess4  7#c7 ,passive asset  
,= purposes ( ?is subsection1 ! t]m     
passive asset means any-- 7,a7 ca% or   
ca% equival5ts1  7,b7 /ock 9 a          
corporation or any o!r equity1 pr(its1  
or capital int]e/ 9 any entity1  7,c7   
evid5ce ( indebt$ness1 option1 =w>d or  
futures contract1 notional pr9cipal     
contract1 or d]ivative1  7,d7 asset     
describ$ 9 clause 7iii71 7iv71 or 7v7 ( 
section #cea7;e77#a77;,b71  7,e7        
annuity1  7,f7 real prop]ty us$ 9 #a or 
m real prop]ty trades or bus9esses 7z   

def9$ 9 section #dfi7;c77#g77;,c771     
7,g7 asset 7o!r ?an a pat5t1 tradem>k1  
or copyright7 :i* produces royalty      
income1  7,h7 commodity1  7,i7          
collectible 7)9 ! mean+ ( section       
#djh7m771 or  7,j7 any o!r asset        
specifi$ 9 regulations prescrib$ by !   
,secret>y4  7#d7 ,look-?ru rule  7,a7 ,9
 g5]al ,if a nonbus9ess asset ( an      
entity describ$ 9 p>agraph 7#a7 consi/s 
( a #aj-p]c5t int]e/ 9 any o!r entity1  
?is subsection %all be appli$ by        
disreg>d+ ! #aj-p]c5t int]e/ & by treat+
 ! entity z hold+ directly its ratable  
%>e ( ! assets ( ! o!r entity4  7,b7    
#aj-p]c5t int]e/ ,! t]m #aj-p]c5t int]e/
 means-- 7i7 9 ! case ( an int]e/ 9 a   
corporation1 direct own]%ip ( at lea/   
#aj p]c5t 7by vote or value7 ( ! /ock 9 
su* corporation1  7ii7 9 ! case ( an    
int]e/ 9 a p>tn]%ip1 direct own]%ip ( at
 lea/ #aj p]c5t ( ! capital or pr(its   
int]e/ 9 ! p>tn]%ip1 &  7iii7 9 any o!r 
case1 direct own]%ip ( at lea/ #aj p]c5t
 ( ! b5eficial int]e/s 9 ! entity4  4   

7b7 ,con=m+ am5dm5ts  7#a7 ,section     
#bjca7;b7 ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ by ins]t+ 7aft]          
application ( section #bgje7;b77 aft]   
%all be det]m9$4  7#b7 ,! table (       
sections ( *apt] #ad ( subtitle ,b ( su*
 ,code is am5d$ by add+ at ! end !      
foll[+3  ,sec4 #bgje4 ,limitation on    
disc\nts2 valuation rules = c]ta9       
transf]s ( nonbus9ess assets4  4  7c7   
,effective date ,! am5dm5ts made by ?is 
section %all apply to transf]s aft] !   
date ( ! enactm5t ( ?is ,act4  #dji4    
,sur*>ge on high income e/ates & tru/s  
7a7 ,9 g5]al ,sub*apt] ,a ( *apt] #a is 
am5d$ by add+ at ! end ! foll[+ new "p3 
,,viii ,sur*>ge on high income e/ates & 
tru/s  ,sec4 #ei;,b4 ,sur*>ge on high   
income e/ates & tru/s4  #ei;,b4 ,sur*>ge
 on high income e/ates & tru/s  7a7     
,g5]al rule ,9 ! case ( an e/ate or     
tru/1 !re is h]eby impos$ 79 addition to
 any o!r tax impos$ by ?is subtitle7 a  
tax equal to ! sum (-- 7#a7 #e p]c5t ( s
 mu* ( ! modifi$ adju/$ gross income ( !

 taxpay] z exce$s #bjj1jjj1 plus  7#b7  
#c p]c5t ( s mu* ( ! modifi$ adju/$     
gross income ( ! taxpay] z exce$s       
#ejj1jjj4  7b7 ,modifi$ adju/$ gross    
income ,= purposes ( ?is section-- 7#a7 
,9 g5]al ,! t]m modifi$ adju/$ gross    
income means adju/$ gross income r$uc$  
by any d$uction 7n tak5 into acc\nt 9   
det]m9+ adju/$ gross income7 all[$ =    
inve/m5t int]e/ 7z def9$ 9 section      
#afc7;d77 or bus9ess int]e/ 7z def9$ 9  
section #afc7;j774  7#b7 ,adju/$ gross  
income ,adju/$ gross income %all be     
det]m9$ z provid$ 9 section #fg7;e7 &   
r$uc$ by ! am\nt all[$ z a d$uction "u  
section #fdb7;c74  7c7 ,special rules   
7#a7 ,*>itable tru/s ,subsection 7a7    
%all n apply to a tru/ all ! unexpir$   
int]e/s 9 :i* are devot$ to "o or m ( ! 
purposes describ$ 9 section             
#agj7;c77#b77;,b74  7#b7 ,n treat$ z tax
 impos$ by ?is *apt] = c]ta9 purposes ,!
 tax impos$ "u ?is section %all n be    
treat$ z tax impos$ by ?is *apt] =      
purposes ( det]m9+ ! am\nt ( any cr$it  

"u ?is *apt] 7o!r ?an sections #bg &    
#ija7 or = purposes ( section #ee4  7#c7
 ,elect+ small bus9ess tru/s ,= purposes
 ( ! det]m9ation ( adju/$ gross income1 
section #fda7;c77#a77;,a7 %all n apply &
 all portions ( any elect+ small bus9ess
 tru/ %all be treat$ z a s+le tru/4  7d7
 ,regulations ,! ,secret>y %all issue   
su* regulations or o!r guidance z may be
 necess>y or appropriate to c>ry out !  
purposes ( ?is section1 includ+         
regulations or o!r guidance to prev5t ! 
avoidance ( ! purposes ( ?is section4  4
  7b7 ,coord9ation ) c]ta9 provisions   
7#a7 ,int]e/ on c]ta9 def]r$ tax        
liability ,section #dec;,a7c7 is am5d$  
by r$esignat+ p>agraph 7#f7 z p>agraph  
7#g7 & by ins]t+ aft] p>agraph 7#e7 !   
foll[+ new p>agraph3  7#f7 ,sur*>ge on  
high income e/ates & tru/s tak5 into    
acc\nt 9 det]m9+ maximum rate ( tax ,=  
purposes ( p>agraph 7#c77;,b71 9 ! case 
( an e/ate or tru/1 ! maximum rate ( tax
 9 effect "u section #a %all be treat$ z
 be+ equal to ! sum ( su* rate & ! rates

 9 effect "u p>agraphs 7#a7 & 7#b7 (    
section #ei;,b7a74  4  7#b7 ,limitation 
on =eign tax cr$it  7,a7 ,section       
#ijd7;b77#c77;,e77i77,i7 is am5d$ by    
ins]t+ increas$1 9 ! case ( an e/ate or 
tru/1 by ! sum ( ! rates set =? 9       
p>agraphs 7#a7 & 7#b7 ( section #a;,a7a7
 aft] 7:i*ev] applies74  7,b7 ,section  
#ijd7;d77#b77;,f7 is am5d$ by add+ at ! 
end ! foll[+3 ,= purposes ( ! fir/      
s5t5ce ( ?is subp>agraph1 9 ! case ( an 
e/ate or tru/1 ! highe/ rate ( tax      
specifi$ 9 section #a %all be treat$ z  
be+ equal to ! sum ( su* rate & ! rates 
9 effect "u p>agraphs 7#a7 & 7#b7 (     
section #ei;,b7a744  7#c7 ,election by  
individuals to be subject to tax at     
corporate rates ,section #ifb7;a77#a7 is
 am5d$ by /rik+ & #ee & ins]t+ #ee1 &   
#ei;,b4  7#d7 ,int]e/ on c]ta9 tax      
def]ral ,section #abia7;c77#b7 is am5d$ 
by add+ at ! end ! foll[+3 ,= purposes (
 ! prec$+ s5t5ce1 9 ! case ( an e/ate or
 tru/1 ! highe/ rate ( tax 9 effect "u  
section #a %all be treat$ z be+ equal to

 ! sum ( su* rate & ! rates 9 effect "u 
p>agraphs 7#a7 & 7#b7 ( section         
#ei;,b7a744  7#e7 ,)hold+ ( tax on =eign
 p>tn]s' %>e ( effectively connect$     
income ,section #addf7;b77#b7 is am5d$  
by add+ at ! end ! foll[+ flu% s5t5ce3  
,= purposes ( subp>agraph 7,a71 9 ! case
 ( a p>tn] :i* is an e/ate or tru/1 !   
highe/ rate ( tax 9 effect "u section #a
 %all be treat$ z be+ equal to ! sum (  
su* rate & ! rates 9 effect "u p>agraphs
 7#a7 & 7#b7 ( section #ei;,b7a74 4     
7#f7 ,p>tn]%ip adju/m5ts  7,a7 ,section 
#fbbe7;b77#a7 is am5d$ by add+ at ! end 
! foll[+ flu% s5t5ce3 ,= purposes (     
subp>agraph 7,b71 9 ! case ( an e/ate or
 tru/1 ! highe/ rate ( tax 9 effect "u  
section #a %all be treat$ z be+ equal to
 ! sum ( su* rate & ! rates 9 effect "u 
p>agraphs 7#a7 & 7#b7 ( section         
#ei;,b7a74 4  7,b7 ,section             
#fbbe7;c77#d77;,a7 is am5d$-- 7i7 by    
/rik+ subsection 7b77#a77;,a7 & ins]t+  
subsection 7b77#a77;,b71 &  7ii7 by     
/rik+ or at ! end ( clause 7i71 by add+ 

or at ! end ( clause 7ii71 & by ins]t+  
aft] clause 7ii7 ! foll[+ new clause3   
7iii7 is n an e/ate or tru/ subject to  
"o or bo? ( ! rates ( tax 9 effect "u   
p>agraphs 7#a7 & 7#b7 ( section         
#ei;,b7a71  4  7#g7 ,requir$ paym5ts =  
entities elect+ n to h requir$ taxable  
ye> ,! second s5t5ce ( section #geai7;b7
 is am5d$ by ins]t+ &1 9 ! case ( an    
e/ate or tru/1 increas$ by ! sum ( !    
rates 9 effect "u p>agraphs 7#a7 & 7#b7 
( section #ei;,b7a7 be=e ! p]iod at !   
end4  7c7 ,cl]ical am5dm5t ,! table (   
p>ts = sub*apt] ,a ( *apt] #a is am5d$  
by add+ at ! end ! foll[+ new item3     
,,"p ,,viii--,sur*>ge on high income    
e/ates & tru/s  4  7d7 ,effective date  
,! am5dm5ts made by ?is section %all    
apply to taxable ye>s beg9n+ aft] ! date
 ( ! enactm5t ( ?is ,act4  #daj4        
,modification ( rules = value ( c]ta9   
f>m1 etc41 real prop]ty  7a7 ,9 g5]al   
,p>agraph 7#b7 ( section #bjcb;,a7a7 ( !
 ,int]nal ,rev5ue ,code ( #aihf is am5d$
 by /rik+ #gej1jjj & ins]t+ #c1jjj1jjj4 

7b7 ,inflation adju/m5t ,p>agraph 7#c7 (
 section #bjcb;,a7a7 ( su* ,code is     
am5d$-- 7#a7 by /rik+ #aiih & ins]t+    
#bjbf1  7#b7 by /rik+ #gej1jjj ea* place
 x appe>s & ins]t+ #c1jjj1jjj1 &  7#c7  
by /rik+ cal5d> ye> #aiig & ins]t+      
cal5d> ye> #bjbe 9 subp>agraph 7,b74    
7c7 ,effective date ,! am5dm5ts made by 
?is section %all apply to e/ates (      
dec$5ts dy+1 & gifts made1 aft] ,decemb]
 #ca1 #bjbe4  #daa4 ,modification (     
e/ate tax rules ) respect to l& subject 
to cons]vation easem5ts  7a7            
,modification ( exclusion limitation    
,subp>agraph 7,b7 ( section             
#bjca7;c77#a7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by /rik+ #ejj1jjj &   
ins]t+ #b1jjj1jjj4  7b7 ,modification ( 
applicable p]c5tage ,p>agraph 7#b7 (    
section #bjca7;c7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by /rik+ #dj     
p]c5t & ins]t+ #fj p]c5t4  7c7          
,effective date ,! am5dm5ts made by ?is 
section %all apply to e/ates ( dec$5ts  
dy+1 & gifts made1 aft] ,decemb] #ca1   

#bjbe4  ,v ,accessibility requirem5ts   
#eja4 ,accessibility requirem5ts ,9 !   
case ( h\s+ t is con/ruct$1 alt]$1 or   
o!rwise assi/$ us+ am\nts made available
 to ! ,secret>y ( ,h\s+ & ,urban        
,developm5t "u ?is ,act or an am5dm5t   
made by ?is ,act1 sections #h4bb & #h4bc
 ( title #bd1 ,code ( ,f$]al            
,regulations 7or any successor          
regulations7 %all be appli$ su* t !     
numb] ( dwell+ units requir$ to be      
accessible "u ^? sections is twice !    
numb] t w\ld o!rwise be requir$ to be   
accessible "u ^? sections4