I
119THCONGRESS
1
STSESSION H. R. 2031
To reauthorize the HOME Investment Partnerships Program, and for other
purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH11, 2025
Mrs. B
EATTY(for herself, Ms. ANSARI, Ms. BROWN, Ms. BROWNLEY, Mr.
C
ARBAJAL, Mr. CARSON, Ms. CHU, Mr. EVANSof Pennsylvania, Mr.
F
OSTER, Ms. GARCIAof Texas, Mr. GOMEZ, Ms. NORTON, Ms. OMAR,
Mrs. S
YKES, Ms. TLAIB, Mr. VARGAS, Ms. VELA´ZQUEZ, and Mrs. WAT-
SONCOLEMAN) introduced the following bill; which was referred to the
Committee on Financial Services
A BILL
To reauthorize the HOME Investment Partnerships
Program, and for other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 3
(a) S
HORTTITLE.—This Act may be cited as the 4
‘‘HOME Investment Partnerships Reauthorization and 5
Improvement Act of 2025’’. 6
(b) T
ABLE OFCONTENTS.—The table of contents for 7
this Act is as follows: 8
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Sec. 1. Short title; table of contents.
TITLE I—REAUTHORIZATION OF AND REFORMS TO HOME
INVESTMENT PARTNERSHIPS PROGRAM
Sec. 101. Reauthorization of Program.
Sec. 102. Increase in Program administration resources.
Sec. 103. Modifications of participating jurisdiction qualification threshold and
process for reallocations.
Sec. 104. Modification of jurisdictions eligible for reallocations.
TITLE II—REFORMS RELATING TO HOME INVESTMENT
PARTNERSHIPS PROGRAM ADMINISTRATION AND RULES
Sec. 201. Amendments to qualification as affordable housing.
Sec. 202. Elimination of commitment deadline.
Sec. 203. Reform of homeownership resale restrictions.
Sec. 204. Home property inspections.
Sec. 205. Revisions to strengthen enforcement and penalties for noncompliance.
Sec. 206. Tenant and participant protections for small-scale affordable housing.
Sec. 207. Establishment of home loan guarantee program.
TITLE III—REFORMS RELATING TO COMMUNITY HOUSING
DEVELOPMENT ORGANIZATION AND NONPROFIT PARTICIPATION
Sec. 301. Modification of rules related to community housing development orga-
nizations.
TITLE IV—TECHNICAL CORRECTIONS
Sec. 401. Technical corrections.
TITLE I—REAUTHORIZATION OF 1
AND REFORMS TO HOME IN-2
VESTMENT PARTNERSHIPS 3
PROGRAM 4
SEC. 101. REAUTHORIZATION OF PROGRAM. 5
Section 205 of the Cranston-Gonzalez National Af-6
fordable Housing Act (42 U.S.C. 12724) is amended to 7
read as follows: 8
‘‘SEC. 205. AUTHORIZATION OF APPROPRIATIONS. 9
‘‘There are authorized to be appropriated to carry out 10
this title— 11
‘‘(1) $5,000,000,000 for fiscal year 2025; 12
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‘‘(2) $5,250,000,000 for fiscal year 2026; 1
‘‘(3) $5,512,500,000 for fiscal year 2027; 2
‘‘(4) $5,788,125,000 for fiscal year 2028; and 3
‘‘(5) $6,077,531,250 for fiscal year 2029.’’. 4
SEC. 102. INCREASE IN PROGRAM ADMINISTRATION RE-5
SOURCES. 6
Subtitle A of title II of the Cranston-Gonzalez Na-7
tional Affordable Housing Act (42 U.S.C. 12741 et seq.) 8
is amended— 9
(1) in section 212(c) (42 U.S.C. 12742(c)), by 10
striking ‘‘10 percent’’ and inserting ‘‘15 percent’’; 11
and 12
(2) in section 220(b) (42 U.S.C. 12750(b))— 13
(A) by striking ‘‘R
ECOGNITION.—’’ and all 14
that follows through ‘‘A contribution’’ and in-15
serting the following: ‘‘R
ECOGNITION.—A con-16
tribution’’; and 17
(B) by striking paragraph (2). 18
SEC. 103. MODIFICATIONS OF PARTICIPATING JURISDIC-19
TION QUALIFICATION THRESHOLD AND 20
PROCESS FOR REALLOCATIONS. 21
Section 216 of the Cranston-Gonzalez National Af-22
fordable Housing Act (42 U.S.C. 12746) is amended— 23
(1) in paragraph (3)(A)— 24
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(A) by striking ‘‘(A) Except as provided in 1
paragraph (10), a jurisdiction’’ and inserting 2
the following: 3
‘‘(A) E
LIGIBILITY THRESHOLD.— 4
‘‘(i) I
N GENERAL.—Except as pro-5
vided in subparagraph (B), a jurisdiction’’; 6
and 7
(B) by striking ‘‘or if the Secretary finds 8
that’’ and all that follows through the end of 9
clause (ii) and inserting the following: ‘‘subject 10
to clause (ii). 11
‘‘(ii) I
NFLATION ADJUSTMENT TO ELI -12
GIBILITY THRESHOLD .—For each fiscal 13
year after fiscal year 2025, the Secretary 14
shall adjust the threshold amount in clause 15
(i) for inflation.’’; 16
(2) in paragraph (6)— 17
(A) in the matter preceding subparagraph 18
(A), by inserting ‘‘this title, including the re-19
quirements in’’ after ‘‘the requirements of’’; 20
and 21
(B) by striking ‘‘meet the requirements’’ 22
each place that term appears and inserting 23
‘‘meet or comply with the requirements’’; and 24
(3) by striking paragraph (10). 25
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SEC. 104. MODIFICATION OF JURISDICTIONS ELIGIBLE FOR 1
REALLOCATIONS. 2
Section 217(d) of the Cranston-Gonzalez National 3
Affordable Housing Act (42 U.S.C. 12747(d)) is amend-4
ed— 5
(1) in paragraph (1), by striking the second 6
sentence and inserting the following: ‘‘Subject to 7
paragraph (3)(A), jurisdictions eligible for such re-8
allocations shall include participating jurisdictions 9
and jurisdictions meeting the requirements of this 10
title, including the requirements in paragraphs (3), 11
(4), and (5) of section 216.’’; and 12
(2) in paragraph (3), by striking ‘‘L
IMITA-13
TION.—Unless otherwise specified’’ and inserting the 14
following: ‘‘L
IMITATIONS.— 15
‘‘(A) R
EMOVAL OF PARTICIPATING JURIS -16
DICTIONS FROM REALLOCATION .—The Sec-17
retary may remove a participating jurisdiction 18
that fails to meet or comply with the require-19
ments of this title from participation in re-20
allocations of funds made available under this 21
title. 22
‘‘(B) R
EALLOCATION TO SAME TYPE OF 23
ENTITY.—Unless otherwise specified’’. 24
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TITLE II—REFORMS RELATING 1
TO HOME INVESTMENT PART-2
NERSHIPS PROGRAM ADMIN-3
ISTRATION AND RULES 4
SEC. 201. AMENDMENTS TO QUALIFICATION AS AFFORD-5
ABLE HOUSING. 6
Section 215 of the Cranston-Gonzalez National Af-7
fordable Housing Act (42 U.S.C. 12745) is amended— 8
(1) in subsection (a)— 9
(A) in paragraph (1)(E), by striking all 10
that follows ‘‘purposes of this Act,’’ and insert-11
ing the following: ‘‘except— 12
‘‘(i) upon a foreclosure by a lender (or 13
upon other transfer in lieu of foreclosure) 14
if such action— 15
‘‘(I) recognizes any contractual 16
or legal rights of public agencies, non-17
profit sponsors, or others to take ac-18
tions that would avoid termination of 19
low-income affordability in the case of 20
foreclosure or transfer in lieu of fore-21
closure; and 22
‘‘(II) is not for the purpose of 23
avoiding low-income affordability re-24
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strictions, as determined by the Sec-1
retary; or 2
‘‘(ii) where existing affordable housing 3
is no longer financially viable due to un-4
foreseen acts or occurrences beyond the 5
reasonable contemplation or control of the 6
participating jurisdiction or owner that sig-7
nificantly impact the financial or physical 8
condition of the housing, as determined by 9
the Secretary; and’’; and 10
(B) by adding at the end the following: 11
‘‘(7) S
MALL-SCALE HOUSING.— 12
‘‘(A) D
EFINITION.—In this paragraph, the 13
term ‘small-scale housing’ means housing with 14
not more than 4 rental units. 15
‘‘(B) A
LTERNATIVE REQUIREMENTS .— 16
Small-scale housing shall qualify as affordable 17
housing under this title if— 18
‘‘(i) the housing bears rents that com-19
ply with paragraph (1)(A); 20
‘‘(ii) each unit is occupied by a house-21
hold that qualifies as a low-income family; 22
‘‘(iii) the housing is not refused for 23
leasing to a holder of a voucher under sec-24
tion 8 of the United States Housing Act of 25
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1937 (42 U.S.C. 1437f) because of the 1
status of the prospective tenant as a holder 2
of such voucher; 3
‘‘(iv) the housing meets the require-4
ments under paragraph (1)(E); and 5
‘‘(v) the participating jurisdiction 6
monitors ongoing compliance of the hous-7
ing with requirements of this title in a 8
manner consistent with the purposes of 9
section 226(b), as determined by the Sec-10
retary.’’; and 11
(2) in subsection (b)(1), by striking ‘‘95 per-12
cent’’ and inserting ‘‘110 percent or a percentage es-13
tablished by the Secretary through notice, whichever 14
is greater,’’. 15
SEC. 202. ELIMINATION OF COMMITMENT DEADLINE. 16
(a) I
NGENERAL.—Section 218 of the Cranston-Gon-17
zalez National Affordable Housing Act (42 U.S.C. 12748) 18
is amended— 19
(1) by striking subsection (g); and 20
(2) by redesignating subsection (h) as sub-21
section (g). 22
(b) C
ONFORMINGAMENDMENT.—Section 218(c) of 23
the Cranston-Gonzalez National Affordable Housing Act 24
(42 U.S.C. 12748(c)) is amended— 25
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(1) in paragraph (1), by adding ‘‘and’’ at the 1
end; 2
(2) by striking paragraph (2); 3
(3) by redesignating paragraph (3) as para-4
graph (2); and 5
(4) in paragraph (2), as so redesignated, by 6
striking ‘‘section 224’’ and inserting ‘‘section 223’’. 7
SEC. 203. REFORM OF HOMEOWNERSHIP RESALE RESTRIC-8
TIONS. 9
Section 215 of the Cranston-Gonzalez National Af-10
fordable Housing Act (42 U.S.C. 12745), as amended by 11
section 201, is amended— 12
(1) in subsection (b)— 13
(A) in paragraph (2), by redesignating 14
subparagraphs (A), (B), and (C) as clauses (i), 15
(ii), and (iii), respectively, and adjusting the 16
margins accordingly; 17
(B) by striking paragraph (3); 18
(C) by redesignating paragraphs (1), (2), 19
and (4) as subparagraphs (A), (B), and (D), re-20
spectively, and adjusting the margins accord-21
ingly; 22
(D) by inserting after subparagraph (B), 23
as so redesignated, the following: 24
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‘‘(C) is subject to restrictions that are es-1
tablished by the participating jurisdiction and 2
determined by the Secretary to be appropriate, 3
including with respect to the useful life of the 4
property, to— 5
‘‘(i) require that any subsequent pur-6
chase of the property be— 7
‘‘(I) only by a person who meets 8
the qualifications specified under sub-9
paragraph (B); and 10
‘‘(II) at a price that is deter-11
mined by a formula or method estab-12
lished by the participating jurisdiction 13
that provides the owner with a reason-14
able return on investment, which may 15
include a percentage of the cost of 16
any improvements; or 17
‘‘(ii) recapture the investment pro-18
vided under this title in order to assist 19
other persons in accordance with the re-20
quirements of this title, except where there 21
are no net proceeds or where the net pro-22
ceeds are insufficient to repay the full 23
amount of the assistance; and’’; 24
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(E) by striking ‘‘Housing that is for home-1
ownership’’ and inserting the following: 2
‘‘(1) Q
UALIFICATION.—Housing that is for 3
homeownership’’; and 4
(F) by adding at the end the following: 5
‘‘(2) P
URCHASE BY COMMUNITY LAND 6
TRUST.—Notwithstanding subparagraph (C)(i) of 7
paragraph (1) and under terms determined by the 8
Secretary, the Secretary may permit a participating 9
jurisdiction to allow a community land trust that 10
used assistance provided under this subtitle for the 11
development of housing that meets the criteria under 12
paragraph (1), to acquire the housing— 13
‘‘(A) in accordance with the terms of the 14
preemptive purchase option, lease, covenant on 15
the land, or other similar legal instrument of 16
the community land trust when the terms and 17
rights in the preemptive purchase option, lease, 18
covenant, or legal instrument are and remain 19
subject to the requirements of this title; 20
‘‘(B) when the purchase is for— 21
‘‘(i) the purpose of— 22
‘‘(I) entering into the chain of 23
title; 24
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‘‘(II) enabling a purchase by a 1
person who meets the qualifications 2
specified under paragraph (1)(B) and 3
is on a waitlist maintained by the 4
community land trust, subject to en-5
forcement by the participating juris-6
diction of all applicable requirements 7
of this subtitle, as determined by the 8
Secretary; 9
‘‘(III) performing necessary reha-10
bilitation and improvements; or 11
‘‘(IV) adding a subsidy to pre-12
serve affordability, which may be from 13
Federal or non-Federal sources; or 14
‘‘(ii) another purpose determined ap-15
propriate by the Secretary; and 16
‘‘(C) if, within a reasonable period of time 17
after the applicable purpose under subpara-18
graph (B) of this paragraph is fulfilled, as de-19
termined by the Secretary, the housing is then 20
sold to a person who meets the qualifications 21
specified under paragraph (1)(B). 22
‘‘(3) S
USPENSION OR WAIVER OF REQUIRE -23
MENTS FOR MILITARY MEMBERS .—A participating 24
jurisdiction, in accordance with terms established by 25
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the Secretary, may suspend or waive a requirement 1
under paragraph (1)(B) with respect to housing that 2
otherwise meets the criteria under paragraph (1) if 3
the owner of the housing— 4
‘‘(A) is a member of a regular component 5
of the armed forces or a member of the Na-6
tional Guard on full-time National Guard duty, 7
active Guard and Reserve duty, or inactive-duty 8
training (as those terms are defined in section 9
101(d) of title 10, United States Code); and 10
‘‘(B) has received— 11
‘‘(i) temporary duty orders to deploy 12
with a military unit or military orders to 13
deploy as an individual acting in support of 14
a military operation, to a location that is 15
not within a reasonable distance from the 16
housing, as determined by the Secretary, 17
for a period of not less than 90 days; or 18
‘‘(ii) orders for a permanent change of 19
station. 20
‘‘(4) S
USPENSION OR WAIVER OF REQUIRE -21
MENTS FOR HEIR OR BENEFICIARY OF DECEASED 22
OWNER.—Notwithstanding subparagraph (C) of 23
paragraph (1), housing that meets the criteria under 24
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that paragraph prior to the death of an owner may 1
continue to qualify as affordable housing if— 2
‘‘(A) the housing is the principal residence 3
of an heir or beneficiary of the deceased owner, 4
as defined by the Secretary; and 5
‘‘(B) the heir or beneficiary, in accordance 6
with terms established by the Secretary, as-7
sumes the duties and obligations of the de-8
ceased owner with respect to funds provided 9
under this title.’’. 10
SEC. 204. HOME PROPERTY INSPECTIONS. 11
Section 226(b) of the Cranston-Gonzalez National 12
Affordable Housing Act (42 U.S.C. 12756(b)) is amend-13
ed— 14
(1) by striking ‘‘Each participating jurisdic-15
tion’’ and inserting the following: 16
‘‘(1) I
N GENERAL.—Each participating jurisdic-17
tion’’; and 18
(2) by striking ‘‘Such review shall include’’ and 19
all that follows and inserting the following: 20
‘‘(2) O
N-SITE INSPECTIONS.— 21
‘‘(A) I
NSPECTIONS BY UNITS OF GENERAL 22
LOCAL GOVERNMENT .—A review conducted 23
under paragraph (1) by a participating jurisdic-24
tion that is a unit of general local government 25
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shall include an on-site inspection to determine 1
compliance with housing codes and other appli-2
cable regulations. 3
‘‘(B) I
NSPECTIONS BY STATES .—A review 4
conducted under paragraph (1) by a partici-5
pating jurisdiction that is a State shall include 6
an on-site inspection to determine compliance 7
with a national standard as determined by the 8
Secretary. 9
‘‘(3) I
NCLUSION IN PERFORMANCE REPORT AND 10
PUBLICATION.—A participating jurisdiction shall in-11
clude in the performance report of the participating 12
jurisdiction submitted to the Secretary under section 13
108(a), and make available to the public, the results 14
of each review conducted under paragraph (1).’’. 15
SEC. 205. REVISIONS TO STRENGTHEN ENFORCEMENT AND 16
PENALTIES FOR NONCOMPLIANCE. 17
Section 223 of the Cranston-Gonzalez National Af-18
fordable Housing Act (42 U.S.C. 12753) is amended— 19
(1) in the heading, by striking ‘‘
PENALTIES 20
FOR MISUSE OF FUNDS ’’ and inserting ‘‘PRO-21
GRAM ENFORCEMENT AND PENALTIES FOR 22
NONCOMPLIANCE ’’; 23
(2) in the matter preceding paragraph (1), by 24
inserting after ‘‘any provision of this subtitle’’ the 25
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following: ‘‘, including any provision applicable 1
throughout the period required by section 2
215(a)(1)(E) and applicable regulations,’’; 3
(3) in paragraph (2), by striking ‘‘or’’ at the 4
end; 5
(4) in paragraph (3), by striking the period at 6
the end and inserting ‘‘; or’’; and 7
(5) by adding at the end the following: 8
‘‘(4) reduce payments to the participating juris-9
diction under this subtitle by an amount equal to the 10
amount of such payments which were not expended 11
in accordance with this title.’’. 12
SEC. 206. TENANT AND PARTICIPANT PROTECTIONS FOR 13
SMALL-SCALE AFFORDABLE HOUSING. 14
Section 225 of the Cranston-Gonzalez National Af-15
fordable Housing Act (42 U.S.C. 12755) is amended by 16
adding at the end the following: 17
‘‘(e) T
ENANTSELECTION FORSMALL-SCALEHOUS-18
ING.—Paragraphs (2) through (4) of subsection (d) shall 19
not apply to the owner of small-scale housing (as defined 20
in section 215(a)).’’. 21
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SEC. 207. ESTABLISHMENT OF HOME LOAN GUARANTEE 1
PROGRAM. 2
Subtitle A of title II of the Cranston-Gonzalez Na-3
tional Affordable Housing Act (42 U.S.C. 12741 et seq.) 4
is amended by adding at the end the following: 5
‘‘SEC. 227. GUARANTEE AND COMMITMENT TO GUARANTEE 6
LOANS FOR ACQUISITION OF PROPERTY. 7
‘‘(a) A
UTHORITY.— 8
‘‘(1) I
N GENERAL.—The Secretary may, under 9
such terms and conditions as the Secretary may pre-10
scribe, guarantee and make commitments to guar-11
antee, only to such extent or in such amounts as 12
provided in appropriation Acts, the notes or obliga-13
tions issued by participating jurisdictions for the 14
purposes of financing the development or preserva-15
tion of affordable rental and homeownership housing 16
through the acquisition, new construction, recon-17
struction, or moderate or substantial rehabilitation 18
of affordable housing. 19
‘‘(2) E
LIGIBLE EXPENSES.—When in support 20
of the activities described in paragraph (1), the ex-21
penses for which the Secretary may guarantee and 22
make commitments to guarantee notes or obligations 23
under that paragraph include real property acquisi-24
tion, site improvement, conversion, demolition, and 25
other expenses, including financing costs and reloca-26
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tion expenses of any displaced person, family, or 1
business. 2
‘‘(b) L
IMITATIONS ANDREQUIREMENTS.— 3
‘‘(1) E
LIGIBILITY.—A guarantee under this sec-4
tion may be used to assist a participating jurisdic-5
tion in obtaining financing only if the participating 6
jurisdiction— 7
‘‘(A) has made efforts to obtain such fi-8
nancing without the use of the guarantee, as 9
determined by the Secretary; and 10
‘‘(B) cannot complete such financing con-11
sistent with the timely execution of the project 12
plans without the guarantee, as determined by 13
the Secretary. 14
‘‘(2) F
ORM, DENOMINATIONS, MATURITIES, AND 15
CONDITIONS.—Notes or other obligations guaranteed 16
under this section shall be in such form and denomi-17
nations, have such maturities, and be subject to such 18
conditions as may be prescribed by regulations 19
issued by the Secretary. 20
‘‘(3) R
EPAYMENT PERIOD.—The Secretary may 21
not deny a guarantee under this section on the basis 22
of the proposed repayment period for the note or 23
other obligation unless— 24
‘‘(A) the period is more than 20 years; or 25
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‘‘(B) the Secretary determines that the pe-1
riod causes the guarantee to constitute an unac-2
ceptable financial risk. 3
‘‘(4) A
GGREGATE PRINCIPAL AMOUNT .—Not-4
withstanding any other provision of law and subject 5
only to the absence of qualified applicants or pro-6
posed activities and to the authority provided in this 7
section, to the extent approved or provided in appro-8
priation Acts, the Secretary shall enter into commit-9
ments to guarantee notes and obligations under this 10
section with an aggregate principal amount of not 11
more than— 12
‘‘(A) $2,000,000,000 for fiscal year 2025; 13
and 14
‘‘(B) for each subsequent fiscal year, an 15
amount that is increased for inflation as deter-16
mined by the Secretary. 17
‘‘(c) P
REREQUISITES.—The Secretary may not make 18
a guarantee or commitment to guarantee with respect to 19
any note or other obligation if— 20
‘‘(1) the total outstanding notes or obligations 21
of the issuer guaranteed under this section would 22
thereby exceed an amount equal to 5 times the most 23
recent allocation for the issuer under this title; or 24
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‘‘(2) the Secretary determines that the guar-1
antee constitutes an unacceptable risk. 2
‘‘(d) P
AYMENT OF PRINCIPAL, INTEREST, AND 3
C
OSTS.—Notwithstanding any other provision of this Act, 4
a participating jurisdiction allocated funds under this Act 5
may use the funds (including program income derived 6
therefrom) for the payment of principal and interest due 7
(including such servicing, underwriting, or other costs as 8
may be specified in regulations of the Secretary), and any 9
associated fee to be paid in accordance with subsection (j), 10
on a note or other obligation guaranteed under this sec-11
tion. 12
‘‘(e) R
EPAYMENTCONTRACT; SECURITY; PLEDGE BY 13
P
ARTICIPATINGJURISDICTION.—To assure the repayment 14
of a note or other obligation guaranteed under this section 15
and related charges incurred under this section, and as 16
a condition of receiving such a guarantee, the Secretary 17
shall require the issuer of the note or other obligation to— 18
‘‘(1) enter into a contract, in a form acceptable 19
to the Secretary, for repayment of the note or other 20
obligation; 21
‘‘(2) pledge as security the proceeds of any 22
grant for which the issuer may become eligible under 23
this Act; and 24
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‘‘(3) furnish, at the discretion of the Secretary, 1
such other security as may be determined appro-2
priate by the Secretary in making the guarantee, in-3
cluding increments in local tax receipts generated by 4
the activities assisted under this Act or proceeds 5
from the sale of land or rehabilitated property. 6
‘‘(f) P
LEDGEDGRANTS FOR REPAYMENTS.—The 7
Secretary may, notwithstanding any other provision of this 8
Act, apply the proceeds of a grant pledged by a partici-9
pating jurisdiction under subsection (e)(2) to any repay-10
ment due the United States as a result of the guarantee 11
under this section of a note or other obligation issued by 12
the participating jurisdiction. 13
‘‘(g) F
ULLFAITH ANDCREDIT OFUNITEDSTATES; 14
C
ONCLUSIVENESS AND VALIDITY OFGUARANTEE.— 15
‘‘(1) F
ULL FAITH AND CREDIT OF UNITED 16
STATES PLEDGED FOR PAYMENT .—The full faith 17
and credit of the United States is pledged to the 18
payment of a note or other obligation guaranteed 19
under this section. 20
‘‘(2) C
ONCLUSIVENESS AND VALIDITY OF GUAR -21
ANTEE.— 22
‘‘(A) C
ONCLUSIVENESS.—A guarantee 23
made by the Secretary under this section shall 24
be conclusive evidence of the eligibility of the 25
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obligation for the guarantee with respect to 1
principal and interest. 2
‘‘(B) V
ALIDITY.—The validity of a guar-3
antee made by the Secretary under this section 4
shall be incontestable in the hands of a holder 5
of the guaranteed obligation. 6
‘‘(3) L
IMITATION ON PERCENTAGE .—A guar-7
antee made under this section shall guarantee repay-8
ment of 100 percent of the unpaid principal and in-9
terest due on the notes or other obligations guaran-10
teed. 11
‘‘(h) L
IMIT ONOUTSTANDINGOBLIGATIONS; MONI-12
TORINGUSE OFGUARANTEES.— 13
‘‘(1) L
IMIT ON OUTSTANDING OBLIGATIONS .— 14
The total amount of outstanding obligations guaran-15
teed on a cumulative basis by the Secretary under 16
this section may not at any time exceed the greater 17
of— 18
‘‘(A) $4,500,000,000; or 19
‘‘(B) such higher amount as may be au-20
thorized to be appropriated to carry out this 21
section for a fiscal year. 22
‘‘(2) M
ONITORING USE OF GUARANTEES .— 23
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‘‘(A) IN GENERAL.—The Secretary shall 1
monitor the use of guarantees under this sec-2
tion by participating jurisdictions. 3
‘‘(B) A
CTIONS TO ENSURE SUFFICIENT 4
AUTHORITY.—If the Secretary finds under sub-5
paragraph (A) that 50 percent of the aggregate 6
guarantee authority under paragraph (1) has 7
been committed, the Secretary may— 8
‘‘(i) provide that a unit of general 9
local government that receives a grant 10
under section 211 may not receive more 11
than $35,000,000 in guarantees under this 12
section; or 13
‘‘(ii) submit to Congress a request for 14
the enactment of legislation increasing the 15
amount of the aggregate guarantee author-16
ity. 17
‘‘(i) P
URCHASE OFGUARANTEEDOBLIGATIONS BY 18
F
EDERALFINANCINGBANK.—The Federal Financing 19
Bank may not purchase a note or other obligation guaran-20
teed under this section. 21
‘‘(j) I
MPOSITION OFFEE ORCHARGE.—The Sec-22
retary shall collect fees from borrowers to result in a credit 23
subsidy cost of zero for guaranteeing notes or other obliga-24
tions under this section. 25
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‘‘(k) GUARANTEE OF OBLIGATIONSBACKED BY 1
L
OANS.— 2
‘‘(1) A
UTHORITY.—The Secretary may, upon 3
such terms and conditions as the Secretary considers 4
appropriate, guarantee the timely payment of the 5
principal of and interest on such trust certificates or 6
other obligations as may be— 7
‘‘(A) offered by the Secretary or by any 8
other offeror approved for purposes of this sub-9
section by the Secretary; and 10
‘‘(B) based on and backed by a trust or 11
pool composed of notes or other obligations 12
guaranteed or eligible for guarantee by the Sec-13
retary under this section. 14
‘‘(2) F
ULL FAITH AND CREDIT .—To the same 15
extent as provided in subsection (g), the full faith 16
and credit of the United States is pledged to the 17
payment of all amounts that may be required to be 18
paid under any guarantee made by the Secretary 19
under this subsection. 20
‘‘(3) S
UBROGATION.—If the Secretary pays a 21
claim under a guarantee made under this section, 22
the Secretary shall be subrogated for all the rights 23
of the holder of the guaranteed certificate or obliga-24
tion with respect to the certificate or obligation. 25
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‘‘(4) EFFECT OF OTHER LAWS .—No State or 1
local law, and no Federal law, shall preclude or limit 2
the exercise by the Secretary of— 3
‘‘(A) the power to contract with respect to 4
public offerings and other sales of notes, trust 5
certificates, and other obligations guaranteed 6
under this section upon such terms and condi-7
tions as the Secretary determines appropriate; 8
‘‘(B) the right to enforce any contract de-9
scribed in subparagraph (A) by any means de-10
termined appropriate by the Secretary; or 11
‘‘(C) any ownership rights of the Sec-12
retary, as applicable, in notes, certificates, or 13
other obligations guaranteed under this section, 14
or constituting the trust or pool against which 15
trust certificates, or other obligations guaran-16
teed under this section, are offered.’’. 17
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TITLE III—REFORMS RELATING 1
TO COMMUNITY HOUSING DE-2
VELOPMENT ORGANIZATION 3
AND NONPROFIT PARTICIPA-4
TION 5
SEC. 301. MODIFICATION OF RULES RELATED TO COMMU-6
NITY HOUSING DEVELOPMENT ORGANIZA-7
TIONS. 8
(a) D
EFINITIONS OFCOMMUNITYHOUSINGDEVEL-9
OPMENT ORGANIZATION AND COMMUNITY LAND 10
T
RUST.— 11
(1) I
N GENERAL.—Section 104 of the Cran-12
ston-Gonzalez National Affordable Housing Act (42 13
U.S.C. 12704) is amended— 14
(A) in paragraph (6)(B)— 15
(i) by striking ‘‘significant’’; and 16
(ii) by striking ‘‘and otherwise’’ and 17
inserting ‘‘or as otherwise determined ac-18
ceptable by the Secretary’’; and 19
(B) by adding at the end the following: 20
‘‘(26) The term ‘community land trust’ means 21
a nonprofit entity or a State or local government or 22
instrumentality thereof that— 23
‘‘(A) is not sponsored by a for-profit orga-24
nization; 25
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‘‘(B) has as a primary purpose the provi-1
sion and maintenance of housing that provides 2
long-term affordability for low- and moderate- 3
income persons; 4
‘‘(C) provides housing described in sub-5
paragraph (B) using a ground lease, deed cov-6
enant, or other similar legally enforceable meas-7
ure, as determined by the Secretary, that— 8
‘‘(i) keeps the housing affordable to 9
low- and moderate-income persons for not 10
less than 30 years; and 11
‘‘(ii) enables low- and moderate-in-12
come persons to purchase the housing for 13
homeownership; and 14
‘‘(D) maintains preemptive purchase op-15
tions to purchase the property so the housing 16
remains affordable to low-and moderate-income 17
persons.’’. 18
(2) E
LIMINATION OF EXISTING DEFINITION OF 19
COMMUNITY LAND TRUST .—Section 233 of the 20
Cranston-Gonzalez National Affordable Housing Act 21
(42 U.S.C. 12773) is amended by striking sub-22
section (f). 23
(b) S
ET-ASIDE FORCOMMUNITYHOUSINGDEVEL-24
OPMENTORGANIZATIONS.—Section 231 of the Cranston- 25
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Gonzalez national Affordable Housing Act (42 U.S.C. 1
12771) is amended— 2
(1) in subsection (a), by striking ‘‘to be devel-3
oped, sponsored, or owned by community housing 4
development organizations’’ and inserting ‘‘when a 5
community housing development organization mate-6
rially participates in the ownership or development 7
of such housing, as determined by the Secretary’’; 8
(2) by striking subsection (b) and inserting the 9
following: 10
‘‘(b) R
ECAPTURE AND REUSE.—If any funds re-11
served under subsection (a) remain uninvested for a period 12
of 24 months, then the Secretary shall make such funds 13
available to the participating jurisdiction for any eligible 14
activities under this title without regard to whether a com-15
munity housing development organization materially par-16
ticipates in the use of the funds.’’; and 17
(3) by striking subsection (c). 18
TITLE IV—TECHNICAL 19
CORRECTIONS 20
SEC. 401. TECHNICAL CORRECTIONS. 21
The Cranston-Gonzalez National Affordable Housing 22
Act (42 U.S.C. 12701 et seq.) is amended— 23
(1) in section 104 (42 U.S.C. 12704)— 24
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(A) by redesignating paragraph (23) (re-1
lating to the definition of the term ‘‘to dem-2
onstrate to the Secretary’’) as paragraph (22); 3
and 4
(B) by redesignating paragraph (24) (re-5
lating to the definition of the term ‘‘insular 6
area’’, as added by section 2(2) of Public Law 7
102–230) as paragraph (23); 8
(2) in section 105(b) (42 U.S.C. 12705(b))— 9
(A) in paragraph (7), by striking ‘‘Stewart 10
B. McKinney Homeless Assistance Act’’ and in-11
serting ‘‘McKinney-Vento Homeless Assistance 12
Act’’; and 13
(B) in paragraph (8), by striking ‘‘sub-14
paragraphs’’ and inserting ‘‘paragraphs’’; 15
(3) in section 106 (42 U.S.C. 12706), by strik-16
ing ‘‘Stewart B. McKinney Homeless Assistance 17
Act’’ and inserting ‘‘McKinney-Vento Homeless As-18
sistance Act’’; 19
(4) in section 108(a)(1) (42 U.S.C. 20
12708(a)(1)), by striking ‘‘section 105(b)(15)’’ and 21
inserting ‘‘section 105(b)(18)’’; 22
(5) in section 212 (42 U.S.C. 12742)— 23
(A) in subsection (a)— 24
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(i) in paragraph (3)(A)(ii), by insert-1
ing ‘‘United States’’ before ‘‘Housing Act’’; 2
and 3
(ii) by redesignating paragraph (5) as 4
paragraph (4); 5
(B) in subsection (d)(5), by inserting 6
‘‘United States’’ before ‘‘Housing Act’’; and 7
(C) in subsection (e)(1)— 8
(i) by striking ‘‘section 221(d)(3)(ii)’’ 9
and inserting ‘‘section 221(d)(4)’’; and 10
(ii) by striking ‘‘not to exceed 140 11
percent’’ and inserting ‘‘as determined by 12
the Secretary’’; 13
(6) in section 215(a)(6)(B) (42 U.S.C. 20 14
12745(a)(6)(B)), by striking ‘‘grand children’’ and 15
inserting ‘‘grandchildren’’; 16
(7) in section 217 (42 U.S.C. 12747)— 17
(A) in subsection (a)— 18
(i) in paragraph (1), by striking ‘‘(3)’’ 19
and inserting ‘‘(2)’’; 20
(ii) by striking paragraph (3), as 21
added by section 211(a)(2)(D) of the 22
Housing and Community Development Act 23
of 1992 (Public Law 102–550; 106 Stat. 24
3756); and 25
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(iii) by redesignating the remaining 1
paragraph (3), as added by the matter 2
under the heading ‘‘
HOME INVESTMENT 3
PARTNERSHIPS PROGRAM ’’ under the head-4
ing ‘‘H
OUSINGPROGRAMS’’ in title II of 5
the Departments of Veterans Affairs and 6
Housing and Urban Development, and 7
Independent Agencies Appropriations Act, 8
1993 (Public Law 102–389; 106 Stat. 9
1581), as paragraph (2); and 10
(B) in subsection (b)— 11
(i) in paragraph (1)— 12
(I) in the first sentence of sub-13
paragraph (A)— 14
(aa) by striking ‘‘in regula-15
tion’’ and inserting ‘‘, by regula-16
tion,’’; and 17
(bb) by striking ‘‘eligible ju-18
risdiction’’ and inserting ‘‘eligible 19
jurisdictions’’; and 20
(II) in subparagraph (F)— 21
(aa) in the first sentence— 22
(AA) in clause (i), by 23
striking ‘‘Subcommittee on 24
Housing and Urban Affairs’’ 25
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and inserting ‘‘Sub-1
committee on Housing, 2
Transportation, and Com-3
munity Development’’; and 4
(BB) in clause (ii), by 5
striking ‘‘Subcommittee on 6
Housing and Community 7
Development of the Com-8
mittee on Banking, Finance 9
and Urban Affairs’’ and in-10
serting ‘‘Subcommittee on 11
Housing and Insurance of 12
the Committee on Financial 13
Services’’; and 14
(bb) in the second sentence, 15
by striking ‘‘the Committee on 16
Banking, Finance and Urban Af-17
fairs of the House of Representa-18
tives’’ and inserting ‘‘the Com-19
mittee on Financial Services of 20
the House of Representatives’’; 21
(ii) in paragraph (2)(B), by striking 22
‘‘$500,000’’ each place that term appears 23
and inserting ‘‘$750,000’’; 24
(iii) in paragraph (3)— 25
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(I) by striking ‘‘$500,000’’ each 1
place that term appears and inserting 2
‘‘$750,000’’; and 3
(II) by striking ‘‘, except as pro-4
vided in paragraph (4)’’; and 5
(iv) by striking paragraph (4); 6
(8) in section 220(c) (42 U.S.C. 12750(c))— 7
(A) in paragraph (3), by striking ‘‘Sec-8
retary’’ and all that follows and inserting ‘‘Sec-9
retary;’’; 10
(B) in paragraph (4), by striking ‘‘under 11
this title’’ and all that follows and inserting 12
‘‘under this title;’’; and 13
(C) by redesignating paragraphs (6), (7), 14
and (8) as paragraphs (5), (6), and (7), respec-15
tively; 16
(9) in section 225(d)(4)(B) (42 U.S.C. 17
12755(d)(4)(B)), by striking ‘‘for’’ the first place 18
that term appears; and 19
(10) in section 283 (42 U.S.C. 12833)— 20
(A) in subsection (a), by striking ‘‘Bank-21
ing, Finance and Urban Affairs’’ and inserting 22
‘‘Financial Services’’; and 23
(B) in subsection (b), by striking ‘‘General 24
Accounting Office’’ each place that term ap-25
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pears and inserting ‘‘Government Account-1
ability Office’’. 2
Æ
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