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12 U.S.C. § 4566 — Multifamily special affordable housing goal
Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment of goal**
(1) **In general** — The Director shall, by regulation, establish a single annual goal, by either unit or dollar volume, of purchases by each enterprise of mortgages on multifamily housing that finance dwelling units affordable to low-income families.
(2) **Additional requirements for units affordable to very low-income families** — When establishing the goal under this section, the Director shall establish additional requirements for the purchase by each enterprise of mortgages on multifamily housing that finance dwelling units affordable to very low-income families.
(3) **Reporting on smaller properties** — The Director shall require each enterprise to report on the purchase by each enterprise of multifamily housing of a smaller or limited size that is affordable to low-income families, which may be based on multifamily projects of 5 to 50 units (as such numbers may be adjusted by the Director) or on mortgages of up to $5,000,000 (as such amount may be adjusted by the Director), and may, by regulation, establish such aditional 11 So in original. requirements related to such units.
(4) **Factors** — In establishing the goal and additional requirements under this section, the Director shall not consider segments of the market determined to be inconsistent with safety and soundness or unauthorized for purchase by the enterprises, and shall take into consideration—
(A) national multifamily mortgage credit needs and the ability of the enterprise to provide additional liquidity and stability for the multifamily mortgage market;
(B) the performance and effort of the enterprise in making mortgage credit available for multifamily housing in previous years;
(C) the size of the multifamily mortgage market for housing affordable to low-i
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Source file: Laws/federal/codes/united-states-code/title-12/section-4566-multifamily-special-affordable-housing-goal--93c1c8b505.md
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Source location: Title 12, Chapter 46, § 4566; chapter-046-government-sponsored-enterprises.md
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**(a) Establishment of goal**
(1) **In general** — The Director shall, by regulation, establish a single annual goal, by either unit or dollar volume, of purchases by each enterprise of mortgages on multifamily housing that finance dwelling units affordable to low-income families.
(2) **Additional requirements for units affordable to very low-income families** — When establishing the goal under this section, the Director shall establish additional requirements for the purchase by each enterprise of mortgages on multifamily housing that finance dwelling units affordable to very low-income families.
(3) **Reporting on smaller properties** — The Director shall require each enterprise to report on the purchase by each enterprise of multifamily housing of a smaller or limited size that is affordable to low-income families, which may be based on multifamily projects of 5 to 50 units (as such numbers may be adjusted by the Director) or on mortgages of up to $5,000,000 (as such amount may be adjusted by the Director), and may, by regulation, establish such aditional 11 So in original. requirements related to such units.
(4) **Factors** — In establishing the goal and additional requirements under this section, the Director shall not consider segments of the market determined to be inconsistent with safety and soundness or unauthorized for purchase by the enterprises, and shall take into consideration—
(A) national multifamily mortgage credit needs and the ability of the enterprise to provide additional liquidity and stability for the multifamily mortgage market;
(B) the performance and effort of the enterprise in making mortgage credit available for multifamily housing in previous years;
(C) the size of the multifamily mortgage market for housing affordable to low-income and very low-income families, including the size of the multifamily markets for housing of a smaller or limited size;
(D) the ability of the enterprise to lead the market in making multifamily mortgage credit available, especially for multifamily housing described in paragraphs (1) and (2);
(E) the availability of public subsidies; and
(F) the need to maintain the sound financial condition of the enterprise.
**(b) Units financed by housing finance agency bonds** The Director shall give full credit toward the achievement of the multifamily special affordable housing goal under this section (for purposes of [section 4566 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4566&num=0&edition=prelim)) to dwelling units in multifamily housing that otherwise qualifies under such goal and that is financed by tax-exempt or taxable bonds issued by a State or local housing finance agency, if such bonds, in whole or in part—
(1) are secured by a guarantee of the enterprise; or
(2) are purchased by the enterprise, except that the Director may give less than full credit for purchases of investment grade bonds, to the extent that such purchases do not provide a new market or add liquidity to an existing market.
**(c) Measurement of performance** The Director shall monitor the performance of each enterprise in meeting the goals established under this section and shall evaluate such performance (for purposes of [section 4566 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4566&num=0&edition=prelim)) based on whether the rent levels are affordable. A rent level shall be considered to be affordable for purposes of this subsection for low-income families if it does not exceed 30 percent of the maximum income level of such income category, with appropriate adjustments for unit size as measured by the number of bedrooms.
**(d) Determination of compliance** The Director shall determine, for each year that the housing goal under this section is in effect pursuant to [section 4561(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4561/a&num=0&edition=prelim), whether each enterprise has complied with such goal and the additional requirements under subsection (a)(2).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Director shall establish housing goals with respect to the purchase of mortgages, if any, by the Federal Home Loan Banks. Such goals shall be consistent with the goals established under sections 4561 through 4564 of this title.
**(b) Considerations** In establishing the goals required by subsection (a), the Director shall consider the unique mission and ownership structure of the Federal Home Loan Banks.
**(c) Transition period** To facilitate an orderly transition, the Director shall establish interim target goals for purposes of this section for each of the 2 calendar years following July 30, 2008.
**(d) Monitoring and enforcement of goals** The requirements of section 4566 11 See References in Text note below. of this title, shall apply to this section, in the same manner and to the same extent as that section applies to the Federal housing enterprises.
**(e) Annual report** The Director shall annually report to Congress on the performance of the Banks in meeting the goals established under this section.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1430c
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Director shall, by regulation, establish annual goals for the purchase by each enterprise of the following types of mortgages for the following categories of families:
(1) **Purchase-money mortgages** — A goal for purchase of conventional, conforming, single-family, purchase money mortgages financing owner-occupied housing for each of the following categories of families:
(A) Low-income families.
(B) Families that reside in low-income areas.
(C) Very low-income families.
(2) **Refinancing mortgages** — A goal for purchase of conventional, conforming mortgages on owner-occupied, single-family housing for low-income families that are given to pay off or prepay an existing loan secured by the same property.
**(b) Goals as a percentage of total mortgage purchases** The goals established under paragraphs (1) and (2) of subsection (a) shall be established as a percentage of the total number of conventional, conforming, single-family, owner-occupied, purchase money mortgages purchased by the enterprise, or as percentage of the total number of conventional, single-family, owner-occupied refinance mortgages purchased by the enterprise, as applicable, that are mortgages for the types of families specified in paragraphs (1) and (2) of subsection (a).
**(c) Single-family, owner-occupied rental housing units** The Director shall require each enterprise to report the number of rental housing units affordable to low-income families each year which are contained in mortgages purchased by the enterprise financing 2- to 4-unit single-family, owner-occupied properties and may, by regulation, establish additional requirements relating to such units.
**(d) Determination of compliance**
(1) **In general** — The Director shall determine, for each year tha
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4565
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Federal law — U.S. Code and appendices · legal_authorities
Page 1673
TITLE 12—BANKS AND BANKING
§ 4566
Editorial Notes
REFERENCES IN TEXT
The McKinney-Vento Homeless Assistance Act, re-
ferred to in subsec. (a)(1)(B)(vi), is Pub. L. 100–77, July
22, 1987, 101 Stat. 482. Title IV of the Act is classified
principally to subchapter IV (§ 11360 et seq.) of chapter
119 of Title 42, The Public Health and Welfare. For com-
plete classification of this Act to the Code, see Short
Title note set out under section 11301 of Title 42 and
Tables.
The Community Reinvestment Act of 1977, referred to
in subsec. (b)(3)(B), is title VIII of Pub. L. 95–128, Oct.
12, 1977, 91 Stat. 1147, which is classified generally to
chapter 30 (§ 2901 et seq.) of this title. For complete
classification of this Act to the Code, see Short Title
note set out under section 2901 of this title and Tables.
AMENDMENTS
2008—Pub. L. 110–289, § 1129(a)(1), inserted ‘‘Duty to
serve underserved markets and’’ before ‘‘other’’ in sec-
tion catchline.
Subsec. (a). Pub. L. 110–289, § 1129(a)(4), added subsec.
(a). Former subsec. (a) redesignated (b).
Pub. L. 110–289, § 1129(a)(3)(A)–(D), inserted ‘‘and to
carry out the duty under subsection (a) of this section’’
before ‘‘, each enterprise shall’’ in introductory provi-
sions and struck out par. (5) which read as follows: ‘‘as-
sist in maintaining the affordability of assisted units in
eligible multifamily housing projects with expiring
contracts, as defined under the Multifamily Assisted
Housing Reform and Affordability Act of 1997.’’
Pub. L. 110–289, § 1128(c)(1), substituted ‘‘housing goals
established under this subpart’’ for ‘‘low- and mod-
erate-income housing goal under section 4562 of this
title, the special affordable housing goal under section
4563 of this title, and the central cities, rural
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