Us Congress 2025-2026 Regular Session

Us Congress House Bill HB2031 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 2031
5	5	To reauthorize the HOME Investment Partnerships Program, and for other
6	6	purposes.
7	7	IN THE HOUSE OF REPRESENTATIVES
8	8	MARCH11, 2025
9	9	Mrs. B
10	10	EATTY(for herself, Ms. ANSARI, Ms. BROWN, Ms. BROWNLEY, Mr.
11	11	C
12	12	ARBAJAL, Mr. CARSON, Ms. CHU, Mr. EVANSof Pennsylvania, Mr.
13	13	F
14	14	OSTER, Ms. GARCIAof Texas, Mr. GOMEZ, Ms. NORTON, Ms. OMAR,
15	15	Mrs. S
16	16	YKES, Ms. TLAIB, Mr. VARGAS, Ms. VELA´ZQUEZ, and Mrs. WAT-
17	17	SONCOLEMAN) introduced the following bill; which was referred to the
18	18	Committee on Financial Services
19	19	A BILL
20	20	To reauthorize the HOME Investment Partnerships
21	21	Program, and for other purposes.
22	22	Be it enacted by the Senate and House of Representa-1
23	23	tives of the United States of America in Congress assembled, 2
24	24	SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 3
25	25	(a) S
26	26	HORTTITLE.—This Act may be cited as the 4
27	27	‘‘HOME Investment Partnerships Reauthorization and 5
28	28	Improvement Act of 2025’’. 6
29	29	(b) T
30	30	ABLE OFCONTENTS.—The table of contents for 7
31	31	this Act is as follows: 8
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34	34	•HR 2031 IH
35	35	Sec. 1. Short title; table of contents.
36	36	TITLE I—REAUTHORIZATION OF AND REFORMS TO HOME
37	37	INVESTMENT PARTNERSHIPS PROGRAM
38	38	Sec. 101. Reauthorization of Program.
39	39	Sec. 102. Increase in Program administration resources.
40	40	Sec. 103. Modifications of participating jurisdiction qualification threshold and
41	41	process for reallocations.
42	42	Sec. 104. Modification of jurisdictions eligible for reallocations.
43	43	TITLE II—REFORMS RELATING TO HOME INVESTMENT
44	44	PARTNERSHIPS PROGRAM ADMINISTRATION AND RULES
45	45	Sec. 201. Amendments to qualification as affordable housing.
46	46	Sec. 202. Elimination of commitment deadline.
47	47	Sec. 203. Reform of homeownership resale restrictions.
48	48	Sec. 204. Home property inspections.
49	49	Sec. 205. Revisions to strengthen enforcement and penalties for noncompliance.
50	50	Sec. 206. Tenant and participant protections for small-scale affordable housing.
51	51	Sec. 207. Establishment of home loan guarantee program.
52	52	TITLE III—REFORMS RELATING TO COMMUNITY HOUSING
53	53	DEVELOPMENT ORGANIZATION AND NONPROFIT PARTICIPATION
54	54	Sec. 301. Modification of rules related to community housing development orga-
55	55	nizations.
56	56	TITLE IV—TECHNICAL CORRECTIONS
57	57	Sec. 401. Technical corrections.
58	58	TITLE I—REAUTHORIZATION OF 1
59	59	AND REFORMS TO HOME IN-2
60	60	VESTMENT PARTNERSHIPS 3
61	61	PROGRAM 4
62	62	SEC. 101. REAUTHORIZATION OF PROGRAM. 5
63	63	Section 205 of the Cranston-Gonzalez National Af-6
64	64	fordable Housing Act (42 U.S.C. 12724) is amended to 7
65	65	read as follows: 8
66	66	‘‘SEC. 205. AUTHORIZATION OF APPROPRIATIONS. 9
67	67	‘‘There are authorized to be appropriated to carry out 10
68	68	this title— 11
69	69	‘‘(1) $5,000,000,000 for fiscal year 2025; 12
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72	72	•HR 2031 IH
73	73	‘‘(2) $5,250,000,000 for fiscal year 2026; 1
74	74	‘‘(3) $5,512,500,000 for fiscal year 2027; 2
75	75	‘‘(4) $5,788,125,000 for fiscal year 2028; and 3
76	76	‘‘(5) $6,077,531,250 for fiscal year 2029.’’. 4
77	77	SEC. 102. INCREASE IN PROGRAM ADMINISTRATION RE-5
78	78	SOURCES. 6
79	79	Subtitle A of title II of the Cranston-Gonzalez Na-7
80	80	tional Affordable Housing Act (42 U.S.C. 12741 et seq.) 8
81	81	is amended— 9
82	82	(1) in section 212(c) (42 U.S.C. 12742(c)), by 10
83	83	striking ‘‘10 percent’’ and inserting ‘‘15 percent’’; 11
84	84	and 12
85	85	(2) in section 220(b) (42 U.S.C. 12750(b))— 13
86	86	(A) by striking ‘‘R
87	87	ECOGNITION.—’’ and all 14
88	88	that follows through ‘‘A contribution’’ and in-15
89	89	serting the following: ‘‘R
90	90	ECOGNITION.—A con-16
91	91	tribution’’; and 17
92	92	(B) by striking paragraph (2). 18
93	93	SEC. 103. MODIFICATIONS OF PARTICIPATING JURISDIC-19
94	94	TION QUALIFICATION THRESHOLD AND 20
95	95	PROCESS FOR REALLOCATIONS. 21
96	96	Section 216 of the Cranston-Gonzalez National Af-22
97	97	fordable Housing Act (42 U.S.C. 12746) is amended— 23
98	98	(1) in paragraph (3)(A)— 24
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101	101	•HR 2031 IH
102	102	(A) by striking ‘‘(A) Except as provided in 1
103	103	paragraph (10), a jurisdiction’’ and inserting 2
104	104	the following: 3
105	105	‘‘(A) E
106	106	LIGIBILITY THRESHOLD.— 4
107	107	‘‘(i) I
108	108	N GENERAL.—Except as pro-5
109	109	vided in subparagraph (B), a jurisdiction’’; 6
110	110	and 7
111	111	(B) by striking ‘‘or if the Secretary finds 8
112	112	that’’ and all that follows through the end of 9
113	113	clause (ii) and inserting the following: ‘‘subject 10
114	114	to clause (ii). 11
115	115	‘‘(ii) I
116	116	NFLATION ADJUSTMENT TO ELI -12
117	117	GIBILITY THRESHOLD .—For each fiscal 13
118	118	year after fiscal year 2025, the Secretary 14
119	119	shall adjust the threshold amount in clause 15
120	120	(i) for inflation.’’; 16
121	121	(2) in paragraph (6)— 17
122	122	(A) in the matter preceding subparagraph 18
123	123	(A), by inserting ‘‘this title, including the re-19
124	124	quirements in’’ after ‘‘the requirements of’’; 20
125	125	and 21
126	126	(B) by striking ‘‘meet the requirements’’ 22
127	127	each place that term appears and inserting 23
128	128	‘‘meet or comply with the requirements’’; and 24
129	129	(3) by striking paragraph (10). 25
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132	132	•HR 2031 IH
133	133	SEC. 104. MODIFICATION OF JURISDICTIONS ELIGIBLE FOR 1
134	134	REALLOCATIONS. 2
135	135	Section 217(d) of the Cranston-Gonzalez National 3
136	136	Affordable Housing Act (42 U.S.C. 12747(d)) is amend-4
137	137	ed— 5
138	138	(1) in paragraph (1), by striking the second 6
139	139	sentence and inserting the following: ‘‘Subject to 7
140	140	paragraph (3)(A), jurisdictions eligible for such re-8
141	141	allocations shall include participating jurisdictions 9
142	142	and jurisdictions meeting the requirements of this 10
143	143	title, including the requirements in paragraphs (3), 11
144	144	(4), and (5) of section 216.’’; and 12
145	145	(2) in paragraph (3), by striking ‘‘L
146	146	IMITA-13
147	147	TION.—Unless otherwise specified’’ and inserting the 14
148	148	following: ‘‘L
149	149	IMITATIONS.— 15
150	150	‘‘(A) R
151	151	EMOVAL OF PARTICIPATING JURIS -16
152	152	DICTIONS FROM REALLOCATION .—The Sec-17
153	153	retary may remove a participating jurisdiction 18
154	154	that fails to meet or comply with the require-19
155	155	ments of this title from participation in re-20
156	156	allocations of funds made available under this 21
157	157	title. 22
158	158	‘‘(B) R
159	159	EALLOCATION TO SAME TYPE OF 23
160	160	ENTITY.—Unless otherwise specified’’. 24
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163	163	•HR 2031 IH
164	164	TITLE II—REFORMS RELATING 1
165	165	TO HOME INVESTMENT PART-2
166	166	NERSHIPS PROGRAM ADMIN-3
167	167	ISTRATION AND RULES 4
168	168	SEC. 201. AMENDMENTS TO QUALIFICATION AS AFFORD-5
169	169	ABLE HOUSING. 6
170	170	Section 215 of the Cranston-Gonzalez National Af-7
171	171	fordable Housing Act (42 U.S.C. 12745) is amended— 8
172	172	(1) in subsection (a)— 9
173	173	(A) in paragraph (1)(E), by striking all 10
174	174	that follows ‘‘purposes of this Act,’’ and insert-11
175	175	ing the following: ‘‘except— 12
176	176	‘‘(i) upon a foreclosure by a lender (or 13
177	177	upon other transfer in lieu of foreclosure) 14
178	178	if such action— 15
179	179	‘‘(I) recognizes any contractual 16
180	180	or legal rights of public agencies, non-17
181	181	profit sponsors, or others to take ac-18
182	182	tions that would avoid termination of 19
183	183	low-income affordability in the case of 20
184	184	foreclosure or transfer in lieu of fore-21
185	185	closure; and 22
186	186	‘‘(II) is not for the purpose of 23
187	187	avoiding low-income affordability re-24
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190	190	•HR 2031 IH
191	191	strictions, as determined by the Sec-1
192	192	retary; or 2
193	193	‘‘(ii) where existing affordable housing 3
194	194	is no longer financially viable due to un-4
195	195	foreseen acts or occurrences beyond the 5
196	196	reasonable contemplation or control of the 6
197	197	participating jurisdiction or owner that sig-7
198	198	nificantly impact the financial or physical 8
199	199	condition of the housing, as determined by 9
200	200	the Secretary; and’’; and 10
201	201	(B) by adding at the end the following: 11
202	202	‘‘(7) S
203	203	MALL-SCALE HOUSING.— 12
204	204	‘‘(A) D
205	205	EFINITION.—In this paragraph, the 13
206	206	term ‘small-scale housing’ means housing with 14
207	207	not more than 4 rental units. 15
208	208	‘‘(B) A
209	209	LTERNATIVE REQUIREMENTS .— 16
210	210	Small-scale housing shall qualify as affordable 17
211	211	housing under this title if— 18
212	212	‘‘(i) the housing bears rents that com-19
213	213	ply with paragraph (1)(A); 20
214	214	‘‘(ii) each unit is occupied by a house-21
215	215	hold that qualifies as a low-income family; 22
216	216	‘‘(iii) the housing is not refused for 23
217	217	leasing to a holder of a voucher under sec-24
218	218	tion 8 of the United States Housing Act of 25
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221	221	•HR 2031 IH
222	222	1937 (42 U.S.C. 1437f) because of the 1
223	223	status of the prospective tenant as a holder 2
224	224	of such voucher; 3
225	225	‘‘(iv) the housing meets the require-4
226	226	ments under paragraph (1)(E); and 5
227	227	‘‘(v) the participating jurisdiction 6
228	228	monitors ongoing compliance of the hous-7
229	229	ing with requirements of this title in a 8
230	230	manner consistent with the purposes of 9
231	231	section 226(b), as determined by the Sec-10
232	232	retary.’’; and 11
233	233	(2) in subsection (b)(1), by striking ‘‘95 per-12
234	234	cent’’ and inserting ‘‘110 percent or a percentage es-13
235	235	tablished by the Secretary through notice, whichever 14
236	236	is greater,’’. 15
237	237	SEC. 202. ELIMINATION OF COMMITMENT DEADLINE. 16
238	238	(a) I
239	239	NGENERAL.—Section 218 of the Cranston-Gon-17
240	240	zalez National Affordable Housing Act (42 U.S.C. 12748) 18
241	241	is amended— 19
242	242	(1) by striking subsection (g); and 20
243	243	(2) by redesignating subsection (h) as sub-21
244	244	section (g). 22
245	245	(b) C
246	246	ONFORMINGAMENDMENT.—Section 218(c) of 23
247	247	the Cranston-Gonzalez National Affordable Housing Act 24
248	248	(42 U.S.C. 12748(c)) is amended— 25
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251	251	•HR 2031 IH
252	252	(1) in paragraph (1), by adding ‘‘and’’ at the 1
253	253	end; 2
254	254	(2) by striking paragraph (2); 3
255	255	(3) by redesignating paragraph (3) as para-4
256	256	graph (2); and 5
257	257	(4) in paragraph (2), as so redesignated, by 6
258	258	striking ‘‘section 224’’ and inserting ‘‘section 223’’. 7
259	259	SEC. 203. REFORM OF HOMEOWNERSHIP RESALE RESTRIC-8
260	260	TIONS. 9
261	261	Section 215 of the Cranston-Gonzalez National Af-10
262	262	fordable Housing Act (42 U.S.C. 12745), as amended by 11
263	263	section 201, is amended— 12
264	264	(1) in subsection (b)— 13
265	265	(A) in paragraph (2), by redesignating 14
266	266	subparagraphs (A), (B), and (C) as clauses (i), 15
267	267	(ii), and (iii), respectively, and adjusting the 16
268	268	margins accordingly; 17
269	269	(B) by striking paragraph (3); 18
270	270	(C) by redesignating paragraphs (1), (2), 19
271	271	and (4) as subparagraphs (A), (B), and (D), re-20
272	272	spectively, and adjusting the margins accord-21
273	273	ingly; 22
274	274	(D) by inserting after subparagraph (B), 23
275	275	as so redesignated, the following: 24
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278	278	•HR 2031 IH
279	279	‘‘(C) is subject to restrictions that are es-1
280	280	tablished by the participating jurisdiction and 2
281	281	determined by the Secretary to be appropriate, 3
282	282	including with respect to the useful life of the 4
283	283	property, to— 5
284	284	‘‘(i) require that any subsequent pur-6
285	285	chase of the property be— 7
286	286	‘‘(I) only by a person who meets 8
287	287	the qualifications specified under sub-9
288	288	paragraph (B); and 10
289	289	‘‘(II) at a price that is deter-11
290	290	mined by a formula or method estab-12
291	291	lished by the participating jurisdiction 13
292	292	that provides the owner with a reason-14
293	293	able return on investment, which may 15
294	294	include a percentage of the cost of 16
295	295	any improvements; or 17
296	296	‘‘(ii) recapture the investment pro-18
297	297	vided under this title in order to assist 19
298	298	other persons in accordance with the re-20
299	299	quirements of this title, except where there 21
300	300	are no net proceeds or where the net pro-22
301	301	ceeds are insufficient to repay the full 23
302	302	amount of the assistance; and’’; 24
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305	305	•HR 2031 IH
306	306	(E) by striking ‘‘Housing that is for home-1
307	307	ownership’’ and inserting the following: 2
308	308	‘‘(1) Q
309	309	UALIFICATION.—Housing that is for 3
310	310	homeownership’’; and 4
311	311	(F) by adding at the end the following: 5
312	312	‘‘(2) P
313	313	URCHASE BY COMMUNITY LAND 6
314	314	TRUST.—Notwithstanding subparagraph (C)(i) of 7
315	315	paragraph (1) and under terms determined by the 8
316	316	Secretary, the Secretary may permit a participating 9
317	317	jurisdiction to allow a community land trust that 10
318	318	used assistance provided under this subtitle for the 11
319	319	development of housing that meets the criteria under 12
320	320	paragraph (1), to acquire the housing— 13
321	321	‘‘(A) in accordance with the terms of the 14
322	322	preemptive purchase option, lease, covenant on 15
323	323	the land, or other similar legal instrument of 16
324	324	the community land trust when the terms and 17
325	325	rights in the preemptive purchase option, lease, 18
326	326	covenant, or legal instrument are and remain 19
327	327	subject to the requirements of this title; 20
328	328	‘‘(B) when the purchase is for— 21
329	329	‘‘(i) the purpose of— 22
330	330	‘‘(I) entering into the chain of 23
331	331	title; 24
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334	334	•HR 2031 IH
335	335	‘‘(II) enabling a purchase by a 1
336	336	person who meets the qualifications 2
337	337	specified under paragraph (1)(B) and 3
338	338	is on a waitlist maintained by the 4
339	339	community land trust, subject to en-5
340	340	forcement by the participating juris-6
341	341	diction of all applicable requirements 7
342	342	of this subtitle, as determined by the 8
343	343	Secretary; 9
344	344	‘‘(III) performing necessary reha-10
345	345	bilitation and improvements; or 11
346	346	‘‘(IV) adding a subsidy to pre-12
347	347	serve affordability, which may be from 13
348	348	Federal or non-Federal sources; or 14
349	349	‘‘(ii) another purpose determined ap-15
350	350	propriate by the Secretary; and 16
351	351	‘‘(C) if, within a reasonable period of time 17
352	352	after the applicable purpose under subpara-18
353	353	graph (B) of this paragraph is fulfilled, as de-19
354	354	termined by the Secretary, the housing is then 20
355	355	sold to a person who meets the qualifications 21
356	356	specified under paragraph (1)(B). 22
357	357	‘‘(3) S
358	358	USPENSION OR WAIVER OF REQUIRE -23
359	359	MENTS FOR MILITARY MEMBERS .—A participating 24
360	360	jurisdiction, in accordance with terms established by 25
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363	363	•HR 2031 IH
364	364	the Secretary, may suspend or waive a requirement 1
365	365	under paragraph (1)(B) with respect to housing that 2
366	366	otherwise meets the criteria under paragraph (1) if 3
367	367	the owner of the housing— 4
368	368	‘‘(A) is a member of a regular component 5
369	369	of the armed forces or a member of the Na-6
370	370	tional Guard on full-time National Guard duty, 7
371	371	active Guard and Reserve duty, or inactive-duty 8
372	372	training (as those terms are defined in section 9
373	373	101(d) of title 10, United States Code); and 10
374	374	‘‘(B) has received— 11
375	375	‘‘(i) temporary duty orders to deploy 12
376	376	with a military unit or military orders to 13
377	377	deploy as an individual acting in support of 14
378	378	a military operation, to a location that is 15
379	379	not within a reasonable distance from the 16
380	380	housing, as determined by the Secretary, 17
381	381	for a period of not less than 90 days; or 18
382	382	‘‘(ii) orders for a permanent change of 19
383	383	station. 20
384	384	‘‘(4) S
385	385	USPENSION OR WAIVER OF REQUIRE -21
386	386	MENTS FOR HEIR OR BENEFICIARY OF DECEASED 22
387	387	OWNER.—Notwithstanding subparagraph (C) of 23
388	388	paragraph (1), housing that meets the criteria under 24
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391	391	•HR 2031 IH
392	392	that paragraph prior to the death of an owner may 1
393	393	continue to qualify as affordable housing if— 2
394	394	‘‘(A) the housing is the principal residence 3
395	395	of an heir or beneficiary of the deceased owner, 4
396	396	as defined by the Secretary; and 5
397	397	‘‘(B) the heir or beneficiary, in accordance 6
398	398	with terms established by the Secretary, as-7
399	399	sumes the duties and obligations of the de-8
400	400	ceased owner with respect to funds provided 9
401	401	under this title.’’. 10
402	402	SEC. 204. HOME PROPERTY INSPECTIONS. 11
403	403	Section 226(b) of the Cranston-Gonzalez National 12
404	404	Affordable Housing Act (42 U.S.C. 12756(b)) is amend-13
405	405	ed— 14
406	406	(1) by striking ‘‘Each participating jurisdic-15
407	407	tion’’ and inserting the following: 16
408	408	‘‘(1) I
409	409	N GENERAL.—Each participating jurisdic-17
410	410	tion’’; and 18
411	411	(2) by striking ‘‘Such review shall include’’ and 19
412	412	all that follows and inserting the following: 20
413	413	‘‘(2) O
414	414	N-SITE INSPECTIONS.— 21
415	415	‘‘(A) I
416	416	NSPECTIONS BY UNITS OF GENERAL 22
417	417	LOCAL GOVERNMENT .—A review conducted 23
418	418	under paragraph (1) by a participating jurisdic-24
419	419	tion that is a unit of general local government 25
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422	422	•HR 2031 IH
423	423	shall include an on-site inspection to determine 1
424	424	compliance with housing codes and other appli-2
425	425	cable regulations. 3
426	426	‘‘(B) I
427	427	NSPECTIONS BY STATES .—A review 4
428	428	conducted under paragraph (1) by a partici-5
429	429	pating jurisdiction that is a State shall include 6
430	430	an on-site inspection to determine compliance 7
431	431	with a national standard as determined by the 8
432	432	Secretary. 9
433	433	‘‘(3) I
434	434	NCLUSION IN PERFORMANCE REPORT AND 10
435	435	PUBLICATION.—A participating jurisdiction shall in-11
436	436	clude in the performance report of the participating 12
437	437	jurisdiction submitted to the Secretary under section 13
438	438	108(a), and make available to the public, the results 14
439	439	of each review conducted under paragraph (1).’’. 15
440	440	SEC. 205. REVISIONS TO STRENGTHEN ENFORCEMENT AND 16
441	441	PENALTIES FOR NONCOMPLIANCE. 17
442	442	Section 223 of the Cranston-Gonzalez National Af-18
443	443	fordable Housing Act (42 U.S.C. 12753) is amended— 19
444	444	(1) in the heading, by striking ‘‘
445	445	PENALTIES 20
446	446	FOR MISUSE OF FUNDS ’’ and inserting ‘‘PRO-21
447	447	GRAM ENFORCEMENT AND PENALTIES FOR 22
448	448	NONCOMPLIANCE ’’; 23
449	449	(2) in the matter preceding paragraph (1), by 24
450	450	inserting after ‘‘any provision of this subtitle’’ the 25
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453	453	•HR 2031 IH
454	454	following: ‘‘, including any provision applicable 1
455	455	throughout the period required by section 2
456	456	215(a)(1)(E) and applicable regulations,’’; 3
457	457	(3) in paragraph (2), by striking ‘‘or’’ at the 4
458	458	end; 5
459	459	(4) in paragraph (3), by striking the period at 6
460	460	the end and inserting ‘‘; or’’; and 7
461	461	(5) by adding at the end the following: 8
462	462	‘‘(4) reduce payments to the participating juris-9
463	463	diction under this subtitle by an amount equal to the 10
464	464	amount of such payments which were not expended 11
465	465	in accordance with this title.’’. 12
466	466	SEC. 206. TENANT AND PARTICIPANT PROTECTIONS FOR 13
467	467	SMALL-SCALE AFFORDABLE HOUSING. 14
468	468	Section 225 of the Cranston-Gonzalez National Af-15
469	469	fordable Housing Act (42 U.S.C. 12755) is amended by 16
470	470	adding at the end the following: 17
471	471	‘‘(e) T
472	472	ENANTSELECTION FORSMALL-SCALEHOUS-18
473	473	ING.—Paragraphs (2) through (4) of subsection (d) shall 19
474	474	not apply to the owner of small-scale housing (as defined 20
475	475	in section 215(a)).’’. 21
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478	478	•HR 2031 IH
479	479	SEC. 207. ESTABLISHMENT OF HOME LOAN GUARANTEE 1
480	480	PROGRAM. 2
481	481	Subtitle A of title II of the Cranston-Gonzalez Na-3
482	482	tional Affordable Housing Act (42 U.S.C. 12741 et seq.) 4
483	483	is amended by adding at the end the following: 5
484	484	‘‘SEC. 227. GUARANTEE AND COMMITMENT TO GUARANTEE 6
485	485	LOANS FOR ACQUISITION OF PROPERTY. 7
486	486	‘‘(a) A
487	487	UTHORITY.— 8
488	488	‘‘(1) I
489	489	N GENERAL.—The Secretary may, under 9
490	490	such terms and conditions as the Secretary may pre-10
491	491	scribe, guarantee and make commitments to guar-11
492	492	antee, only to such extent or in such amounts as 12
493	493	provided in appropriation Acts, the notes or obliga-13
494	494	tions issued by participating jurisdictions for the 14
495	495	purposes of financing the development or preserva-15
496	496	tion of affordable rental and homeownership housing 16
497	497	through the acquisition, new construction, recon-17
498	498	struction, or moderate or substantial rehabilitation 18
499	499	of affordable housing. 19
500	500	‘‘(2) E
501	501	LIGIBLE EXPENSES.—When in support 20
502	502	of the activities described in paragraph (1), the ex-21
503	503	penses for which the Secretary may guarantee and 22
504	504	make commitments to guarantee notes or obligations 23
505	505	under that paragraph include real property acquisi-24
506	506	tion, site improvement, conversion, demolition, and 25
507	507	other expenses, including financing costs and reloca-26
508	508	VerDate Sep 11 2014 15:38 Mar 22, 2025 Jkt 059200 PO 00000 Frm 00017 Fmt 6652 Sfmt 6201 E:\BILLS\H2031.IH H2031
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510	510	•HR 2031 IH
511	511	tion expenses of any displaced person, family, or 1
512	512	business. 2
513	513	‘‘(b) L
514	514	IMITATIONS ANDREQUIREMENTS.— 3
515	515	‘‘(1) E
516	516	LIGIBILITY.—A guarantee under this sec-4
517	517	tion may be used to assist a participating jurisdic-5
518	518	tion in obtaining financing only if the participating 6
519	519	jurisdiction— 7
520	520	‘‘(A) has made efforts to obtain such fi-8
521	521	nancing without the use of the guarantee, as 9
522	522	determined by the Secretary; and 10
523	523	‘‘(B) cannot complete such financing con-11
524	524	sistent with the timely execution of the project 12
525	525	plans without the guarantee, as determined by 13
526	526	the Secretary. 14
527	527	‘‘(2) F
528	528	ORM, DENOMINATIONS, MATURITIES, AND 15
529	529	CONDITIONS.—Notes or other obligations guaranteed 16
530	530	under this section shall be in such form and denomi-17
531	531	nations, have such maturities, and be subject to such 18
532	532	conditions as may be prescribed by regulations 19
533	533	issued by the Secretary. 20
534	534	‘‘(3) R
535	535	EPAYMENT PERIOD.—The Secretary may 21
536	536	not deny a guarantee under this section on the basis 22
537	537	of the proposed repayment period for the note or 23
538	538	other obligation unless— 24
539	539	‘‘(A) the period is more than 20 years; or 25
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542	542	•HR 2031 IH
543	543	‘‘(B) the Secretary determines that the pe-1
544	544	riod causes the guarantee to constitute an unac-2
545	545	ceptable financial risk. 3
546	546	‘‘(4) A
547	547	GGREGATE PRINCIPAL AMOUNT .—Not-4
548	548	withstanding any other provision of law and subject 5
549	549	only to the absence of qualified applicants or pro-6
550	550	posed activities and to the authority provided in this 7
551	551	section, to the extent approved or provided in appro-8
552	552	priation Acts, the Secretary shall enter into commit-9
553	553	ments to guarantee notes and obligations under this 10
554	554	section with an aggregate principal amount of not 11
555	555	more than— 12
556	556	‘‘(A) $2,000,000,000 for fiscal year 2025; 13
557	557	and 14
558	558	‘‘(B) for each subsequent fiscal year, an 15
559	559	amount that is increased for inflation as deter-16
560	560	mined by the Secretary. 17
561	561	‘‘(c) P
562	562	REREQUISITES.—The Secretary may not make 18
563	563	a guarantee or commitment to guarantee with respect to 19
564	564	any note or other obligation if— 20
565	565	‘‘(1) the total outstanding notes or obligations 21
566	566	of the issuer guaranteed under this section would 22
567	567	thereby exceed an amount equal to 5 times the most 23
568	568	recent allocation for the issuer under this title; or 24
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571	571	•HR 2031 IH
572	572	‘‘(2) the Secretary determines that the guar-1
573	573	antee constitutes an unacceptable risk. 2
574	574	‘‘(d) P
575	575	AYMENT OF PRINCIPAL, INTEREST, AND 3
576	576	C
577	577	OSTS.—Notwithstanding any other provision of this Act, 4
578	578	a participating jurisdiction allocated funds under this Act 5
579	579	may use the funds (including program income derived 6
580	580	therefrom) for the payment of principal and interest due 7
581	581	(including such servicing, underwriting, or other costs as 8
582	582	may be specified in regulations of the Secretary), and any 9
583	583	associated fee to be paid in accordance with subsection (j), 10
584	584	on a note or other obligation guaranteed under this sec-11
585	585	tion. 12
586	586	‘‘(e) R
587	587	EPAYMENTCONTRACT; SECURITY; PLEDGE BY 13
588	588	P
589	589	ARTICIPATINGJURISDICTION.—To assure the repayment 14
590	590	of a note or other obligation guaranteed under this section 15
591	591	and related charges incurred under this section, and as 16
592	592	a condition of receiving such a guarantee, the Secretary 17
593	593	shall require the issuer of the note or other obligation to— 18
594	594	‘‘(1) enter into a contract, in a form acceptable 19
595	595	to the Secretary, for repayment of the note or other 20
596	596	obligation; 21
597	597	‘‘(2) pledge as security the proceeds of any 22
598	598	grant for which the issuer may become eligible under 23
599	599	this Act; and 24
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602	602	•HR 2031 IH
603	603	‘‘(3) furnish, at the discretion of the Secretary, 1
604	604	such other security as may be determined appro-2
605	605	priate by the Secretary in making the guarantee, in-3
606	606	cluding increments in local tax receipts generated by 4
607	607	the activities assisted under this Act or proceeds 5
608	608	from the sale of land or rehabilitated property. 6
609	609	‘‘(f) P
610	610	LEDGEDGRANTS FOR REPAYMENTS.—The 7
611	611	Secretary may, notwithstanding any other provision of this 8
612	612	Act, apply the proceeds of a grant pledged by a partici-9
613	613	pating jurisdiction under subsection (e)(2) to any repay-10
614	614	ment due the United States as a result of the guarantee 11
615	615	under this section of a note or other obligation issued by 12
616	616	the participating jurisdiction. 13
617	617	‘‘(g) F
618	618	ULLFAITH ANDCREDIT OFUNITEDSTATES; 14
619	619	C
620	620	ONCLUSIVENESS AND VALIDITY OFGUARANTEE.— 15
621	621	‘‘(1) F
622	622	ULL FAITH AND CREDIT OF UNITED 16
623	623	STATES PLEDGED FOR PAYMENT .—The full faith 17
624	624	and credit of the United States is pledged to the 18
625	625	payment of a note or other obligation guaranteed 19
626	626	under this section. 20
627	627	‘‘(2) C
628	628	ONCLUSIVENESS AND VALIDITY OF GUAR -21
629	629	ANTEE.— 22
630	630	‘‘(A) C
631	631	ONCLUSIVENESS.—A guarantee 23
632	632	made by the Secretary under this section shall 24
633	633	be conclusive evidence of the eligibility of the 25
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636	636	•HR 2031 IH
637	637	obligation for the guarantee with respect to 1
638	638	principal and interest. 2
639	639	‘‘(B) V
640	640	ALIDITY.—The validity of a guar-3
641	641	antee made by the Secretary under this section 4
642	642	shall be incontestable in the hands of a holder 5
643	643	of the guaranteed obligation. 6
644	644	‘‘(3) L
645	645	IMITATION ON PERCENTAGE .—A guar-7
646	646	antee made under this section shall guarantee repay-8
647	647	ment of 100 percent of the unpaid principal and in-9
648	648	terest due on the notes or other obligations guaran-10
649	649	teed. 11
650	650	‘‘(h) L
651	651	IMIT ONOUTSTANDINGOBLIGATIONS; MONI-12
652	652	TORINGUSE OFGUARANTEES.— 13
653	653	‘‘(1) L
654	654	IMIT ON OUTSTANDING OBLIGATIONS .— 14
655	655	The total amount of outstanding obligations guaran-15
656	656	teed on a cumulative basis by the Secretary under 16
657	657	this section may not at any time exceed the greater 17
658	658	of— 18
659	659	‘‘(A) $4,500,000,000; or 19
660	660	‘‘(B) such higher amount as may be au-20
661	661	thorized to be appropriated to carry out this 21
662	662	section for a fiscal year. 22
663	663	‘‘(2) M
664	664	ONITORING USE OF GUARANTEES .— 23
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667	667	•HR 2031 IH
668	668	‘‘(A) IN GENERAL.—The Secretary shall 1
669	669	monitor the use of guarantees under this sec-2
670	670	tion by participating jurisdictions. 3
671	671	‘‘(B) A
672	672	CTIONS TO ENSURE SUFFICIENT 4
673	673	AUTHORITY.—If the Secretary finds under sub-5
674	674	paragraph (A) that 50 percent of the aggregate 6
675	675	guarantee authority under paragraph (1) has 7
676	676	been committed, the Secretary may— 8
677	677	‘‘(i) provide that a unit of general 9
678	678	local government that receives a grant 10
679	679	under section 211 may not receive more 11
680	680	than $35,000,000 in guarantees under this 12
681	681	section; or 13
682	682	‘‘(ii) submit to Congress a request for 14
683	683	the enactment of legislation increasing the 15
684	684	amount of the aggregate guarantee author-16
685	685	ity. 17
686	686	‘‘(i) P
687	687	URCHASE OFGUARANTEEDOBLIGATIONS BY 18
688	688	F
689	689	EDERALFINANCINGBANK.—The Federal Financing 19
690	690	Bank may not purchase a note or other obligation guaran-20
691	691	teed under this section. 21
692	692	‘‘(j) I
693	693	MPOSITION OFFEE ORCHARGE.—The Sec-22
694	694	retary shall collect fees from borrowers to result in a credit 23
695	695	subsidy cost of zero for guaranteeing notes or other obliga-24
696	696	tions under this section. 25
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699	699	•HR 2031 IH
700	700	‘‘(k) GUARANTEE OF OBLIGATIONSBACKED BY 1
701	701	L
702	702	OANS.— 2
703	703	‘‘(1) A
704	704	UTHORITY.—The Secretary may, upon 3
705	705	such terms and conditions as the Secretary considers 4
706	706	appropriate, guarantee the timely payment of the 5
707	707	principal of and interest on such trust certificates or 6
708	708	other obligations as may be— 7
709	709	‘‘(A) offered by the Secretary or by any 8
710	710	other offeror approved for purposes of this sub-9
711	711	section by the Secretary; and 10
712	712	‘‘(B) based on and backed by a trust or 11
713	713	pool composed of notes or other obligations 12
714	714	guaranteed or eligible for guarantee by the Sec-13
715	715	retary under this section. 14
716	716	‘‘(2) F
717	717	ULL FAITH AND CREDIT .—To the same 15
718	718	extent as provided in subsection (g), the full faith 16
719	719	and credit of the United States is pledged to the 17
720	720	payment of all amounts that may be required to be 18
721	721	paid under any guarantee made by the Secretary 19
722	722	under this subsection. 20
723	723	‘‘(3) S
724	724	UBROGATION.—If the Secretary pays a 21
725	725	claim under a guarantee made under this section, 22
726	726	the Secretary shall be subrogated for all the rights 23
727	727	of the holder of the guaranteed certificate or obliga-24
728	728	tion with respect to the certificate or obligation. 25
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731	731	•HR 2031 IH
732	732	‘‘(4) EFFECT OF OTHER LAWS .—No State or 1
733	733	local law, and no Federal law, shall preclude or limit 2
734	734	the exercise by the Secretary of— 3
735	735	‘‘(A) the power to contract with respect to 4
736	736	public offerings and other sales of notes, trust 5
737	737	certificates, and other obligations guaranteed 6
738	738	under this section upon such terms and condi-7
739	739	tions as the Secretary determines appropriate; 8
740	740	‘‘(B) the right to enforce any contract de-9
741	741	scribed in subparagraph (A) by any means de-10
742	742	termined appropriate by the Secretary; or 11
743	743	‘‘(C) any ownership rights of the Sec-12
744	744	retary, as applicable, in notes, certificates, or 13
745	745	other obligations guaranteed under this section, 14
746	746	or constituting the trust or pool against which 15
747	747	trust certificates, or other obligations guaran-16
748	748	teed under this section, are offered.’’. 17
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751	751	•HR 2031 IH
752	752	TITLE III—REFORMS RELATING 1
753	753	TO COMMUNITY HOUSING DE-2
754	754	VELOPMENT ORGANIZATION 3
755	755	AND NONPROFIT PARTICIPA-4
756	756	TION 5
757	757	SEC. 301. MODIFICATION OF RULES RELATED TO COMMU-6
758	758	NITY HOUSING DEVELOPMENT ORGANIZA-7
759	759	TIONS. 8
760	760	(a) D
761	761	EFINITIONS OFCOMMUNITYHOUSINGDEVEL-9
762	762	OPMENT ORGANIZATION AND COMMUNITY LAND 10
763	763	T
764	764	RUST.— 11
765	765	(1) I
766	766	N GENERAL.—Section 104 of the Cran-12
767	767	ston-Gonzalez National Affordable Housing Act (42 13
768	768	U.S.C. 12704) is amended— 14
769	769	(A) in paragraph (6)(B)— 15
770	770	(i) by striking ‘‘significant’’; and 16
771	771	(ii) by striking ‘‘and otherwise’’ and 17
772	772	inserting ‘‘or as otherwise determined ac-18
773	773	ceptable by the Secretary’’; and 19
774	774	(B) by adding at the end the following: 20
775	775	‘‘(26) The term ‘community land trust’ means 21
776	776	a nonprofit entity or a State or local government or 22
777	777	instrumentality thereof that— 23
778	778	‘‘(A) is not sponsored by a for-profit orga-24
779	779	nization; 25
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782	782	•HR 2031 IH
783	783	‘‘(B) has as a primary purpose the provi-1
784	784	sion and maintenance of housing that provides 2
785	785	long-term affordability for low- and moderate- 3
786	786	income persons; 4
787	787	‘‘(C) provides housing described in sub-5
788	788	paragraph (B) using a ground lease, deed cov-6
789	789	enant, or other similar legally enforceable meas-7
790	790	ure, as determined by the Secretary, that— 8
791	791	‘‘(i) keeps the housing affordable to 9
792	792	low- and moderate-income persons for not 10
793	793	less than 30 years; and 11
794	794	‘‘(ii) enables low- and moderate-in-12
795	795	come persons to purchase the housing for 13
796	796	homeownership; and 14
797	797	‘‘(D) maintains preemptive purchase op-15
798	798	tions to purchase the property so the housing 16
799	799	remains affordable to low-and moderate-income 17
800	800	persons.’’. 18
801	801	(2) E
802	802	LIMINATION OF EXISTING DEFINITION OF 19
803	803	COMMUNITY LAND TRUST .—Section 233 of the 20
804	804	Cranston-Gonzalez National Affordable Housing Act 21
805	805	(42 U.S.C. 12773) is amended by striking sub-22
806	806	section (f). 23
807	807	(b) S
808	808	ET-ASIDE FORCOMMUNITYHOUSINGDEVEL-24
809	809	OPMENTORGANIZATIONS.—Section 231 of the Cranston- 25
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812	812	•HR 2031 IH
813	813	Gonzalez national Affordable Housing Act (42 U.S.C. 1
814	814	12771) is amended— 2
815	815	(1) in subsection (a), by striking ‘‘to be devel-3
816	816	oped, sponsored, or owned by community housing 4
817	817	development organizations’’ and inserting ‘‘when a 5
818	818	community housing development organization mate-6
819	819	rially participates in the ownership or development 7
820	820	of such housing, as determined by the Secretary’’; 8
821	821	(2) by striking subsection (b) and inserting the 9
822	822	following: 10
823	823	‘‘(b) R
824	824	ECAPTURE AND REUSE.—If any funds re-11
825	825	served under subsection (a) remain uninvested for a period 12
826	826	of 24 months, then the Secretary shall make such funds 13
827	827	available to the participating jurisdiction for any eligible 14
828	828	activities under this title without regard to whether a com-15
829	829	munity housing development organization materially par-16
830	830	ticipates in the use of the funds.’’; and 17
831	831	(3) by striking subsection (c). 18
832	832	TITLE IV—TECHNICAL 19
833	833	CORRECTIONS 20
834	834	SEC. 401. TECHNICAL CORRECTIONS. 21
835	835	The Cranston-Gonzalez National Affordable Housing 22
836	836	Act (42 U.S.C. 12701 et seq.) is amended— 23
837	837	(1) in section 104 (42 U.S.C. 12704)— 24
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840	840	•HR 2031 IH
841	841	(A) by redesignating paragraph (23) (re-1
842	842	lating to the definition of the term ‘‘to dem-2
843	843	onstrate to the Secretary’’) as paragraph (22); 3
844	844	and 4
845	845	(B) by redesignating paragraph (24) (re-5
846	846	lating to the definition of the term ‘‘insular 6
847	847	area’’, as added by section 2(2) of Public Law 7
848	848	102–230) as paragraph (23); 8
849	849	(2) in section 105(b) (42 U.S.C. 12705(b))— 9
850	850	(A) in paragraph (7), by striking ‘‘Stewart 10
851	851	B. McKinney Homeless Assistance Act’’ and in-11
852	852	serting ‘‘McKinney-Vento Homeless Assistance 12
853	853	Act’’; and 13
854	854	(B) in paragraph (8), by striking ‘‘sub-14
855	855	paragraphs’’ and inserting ‘‘paragraphs’’; 15
856	856	(3) in section 106 (42 U.S.C. 12706), by strik-16
857	857	ing ‘‘Stewart B. McKinney Homeless Assistance 17
858	858	Act’’ and inserting ‘‘McKinney-Vento Homeless As-18
859	859	sistance Act’’; 19
860	860	(4) in section 108(a)(1) (42 U.S.C. 20
861	861	12708(a)(1)), by striking ‘‘section 105(b)(15)’’ and 21
862	862	inserting ‘‘section 105(b)(18)’’; 22
863	863	(5) in section 212 (42 U.S.C. 12742)— 23
864	864	(A) in subsection (a)— 24
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867	867	•HR 2031 IH
868	868	(i) in paragraph (3)(A)(ii), by insert-1
869	869	ing ‘‘United States’’ before ‘‘Housing Act’’; 2
870	870	and 3
871	871	(ii) by redesignating paragraph (5) as 4
872	872	paragraph (4); 5
873	873	(B) in subsection (d)(5), by inserting 6
874	874	‘‘United States’’ before ‘‘Housing Act’’; and 7
875	875	(C) in subsection (e)(1)— 8
876	876	(i) by striking ‘‘section 221(d)(3)(ii)’’ 9
877	877	and inserting ‘‘section 221(d)(4)’’; and 10
878	878	(ii) by striking ‘‘not to exceed 140 11
879	879	percent’’ and inserting ‘‘as determined by 12
880	880	the Secretary’’; 13
881	881	(6) in section 215(a)(6)(B) (42 U.S.C. 20 14
882	882	12745(a)(6)(B)), by striking ‘‘grand children’’ and 15
883	883	inserting ‘‘grandchildren’’; 16
884	884	(7) in section 217 (42 U.S.C. 12747)— 17
885	885	(A) in subsection (a)— 18
886	886	(i) in paragraph (1), by striking ‘‘(3)’’ 19
887	887	and inserting ‘‘(2)’’; 20
888	888	(ii) by striking paragraph (3), as 21
889	889	added by section 211(a)(2)(D) of the 22
890	890	Housing and Community Development Act 23
891	891	of 1992 (Public Law 102–550; 106 Stat. 24
892	892	3756); and 25
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895	895	•HR 2031 IH
896	896	(iii) by redesignating the remaining 1
897	897	paragraph (3), as added by the matter 2
898	898	under the heading ‘‘
899	899	HOME INVESTMENT 3
900	900	PARTNERSHIPS PROGRAM ’’ under the head-4
901	901	ing ‘‘H
902	902	OUSINGPROGRAMS’’ in title II of 5
903	903	the Departments of Veterans Affairs and 6
904	904	Housing and Urban Development, and 7
905	905	Independent Agencies Appropriations Act, 8
906	906	1993 (Public Law 102–389; 106 Stat. 9
907	907	1581), as paragraph (2); and 10
908	908	(B) in subsection (b)— 11
909	909	(i) in paragraph (1)— 12
910	910	(I) in the first sentence of sub-13
911	911	paragraph (A)— 14
912	912	(aa) by striking ‘‘in regula-15
913	913	tion’’ and inserting ‘‘, by regula-16
914	914	tion,’’; and 17
915	915	(bb) by striking ‘‘eligible ju-18
916	916	risdiction’’ and inserting ‘‘eligible 19
917	917	jurisdictions’’; and 20
918	918	(II) in subparagraph (F)— 21
919	919	(aa) in the first sentence— 22
920	920	(AA) in clause (i), by 23
921	921	striking ‘‘Subcommittee on 24
922	922	Housing and Urban Affairs’’ 25
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925	925	•HR 2031 IH
926	926	and inserting ‘‘Sub-1
927	927	committee on Housing, 2
928	928	Transportation, and Com-3
929	929	munity Development’’; and 4
930	930	(BB) in clause (ii), by 5
931	931	striking ‘‘Subcommittee on 6
932	932	Housing and Community 7
933	933	Development of the Com-8
934	934	mittee on Banking, Finance 9
935	935	and Urban Affairs’’ and in-10
936	936	serting ‘‘Subcommittee on 11
937	937	Housing and Insurance of 12
938	938	the Committee on Financial 13
939	939	Services’’; and 14
940	940	(bb) in the second sentence, 15
941	941	by striking ‘‘the Committee on 16
942	942	Banking, Finance and Urban Af-17
943	943	fairs of the House of Representa-18
944	944	tives’’ and inserting ‘‘the Com-19
945	945	mittee on Financial Services of 20
946	946	the House of Representatives’’; 21
947	947	(ii) in paragraph (2)(B), by striking 22
948	948	‘‘$500,000’’ each place that term appears 23
949	949	and inserting ‘‘$750,000’’; 24
950	950	(iii) in paragraph (3)— 25
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953	953	•HR 2031 IH
954	954	(I) by striking ‘‘$500,000’’ each 1
955	955	place that term appears and inserting 2
956	956	‘‘$750,000’’; and 3
957	957	(II) by striking ‘‘, except as pro-4
958	958	vided in paragraph (4)’’; and 5
959	959	(iv) by striking paragraph (4); 6
960	960	(8) in section 220(c) (42 U.S.C. 12750(c))— 7
961	961	(A) in paragraph (3), by striking ‘‘Sec-8
962	962	retary’’ and all that follows and inserting ‘‘Sec-9
963	963	retary;’’; 10
964	964	(B) in paragraph (4), by striking ‘‘under 11
965	965	this title’’ and all that follows and inserting 12
966	966	‘‘under this title;’’; and 13
967	967	(C) by redesignating paragraphs (6), (7), 14
968	968	and (8) as paragraphs (5), (6), and (7), respec-15
969	969	tively; 16
970	970	(9) in section 225(d)(4)(B) (42 U.S.C. 17
971	971	12755(d)(4)(B)), by striking ‘‘for’’ the first place 18
972	972	that term appears; and 19
973	973	(10) in section 283 (42 U.S.C. 12833)— 20
974	974	(A) in subsection (a), by striking ‘‘Bank-21
975	975	ing, Finance and Urban Affairs’’ and inserting 22
976	976	‘‘Financial Services’’; and 23
977	977	(B) in subsection (b), by striking ‘‘General 24
978	978	Accounting Office’’ each place that term ap-25
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981	981	•HR 2031 IH
982	982	pears and inserting ‘‘Government Account-1
983	983	ability Office’’. 2
984	984	Æ
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