Sec. 402. Housing Trust Fund
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Section 1338 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4568) is amended— in subsection (a), by striking by the enterprises under section 1337 and inserting pursuant to section 401 of the ; Housing Finance Reform and Taxpayer Protection Act of 2013 by repealing subsection (b); and in subsection (c)— in paragraph (1), by striking Except as provided in subsection (b), the and inserting The ; in paragraph (4)(B), by striking other than fiscal year 2009 ; in paragraph (7)— in subparagraph (A), by striking ; and and inserting a semicolon; in subparagraph (B)(iv)— by striking section 132 and inserting section 1132 ; and by striking the period at the end and inserting a semicolon; and by adding at the end the following: grants and loans, including through the use of pilot programs of sufficient scale, to support the research and development of sustainable homeownership and affordable rental programs, provided that such grant or loan amounts are used only for the benefit of families whose income does not exceed 120 percent of the area median income as determined by the Secretary, with adjustments for family size; and provide limited credit enhancement, and other forms of credit support, for product and services that— will increase the rate of sustainable homeownership and affordable rental by individuals or families whose income does not exceed 120 percent of the area median income as determined by the Secretary, with adjustments for family size; and might not otherwise be offered or supported by a pilot program of sufficient scale to determine the viability of such products and services in the private market. ; and in paragraph (10)— by amending subparagraph
(A)to read as follows: In each fiscal year, of the aggregate amount allocated to a State or State designated entity under this subsection— 35 percent shall be used for activities under subparagraph
(A)of paragraph (7); 5 percent shall be used for activities under subparagraph
(B)of paragraph (7); and 60 percent shall be used for activities under subparagraphs
(C)and
(D)of paragraph (7). In each fiscal year, of the aggregate amount allocated to a State or State designated entity under this subsection, the State or State designated entity shall ensure that, at a minimum, such amounts are distributed for the benefit of nonentitlement areas in that State in the same proportion that the total amount of nonentitlement areas in that State bears to the total amount of all areas in that State. In carrying out the requirement under subclause (I), each State or State designated entity shall in distributing amounts allocated to that State or State designated entity give priority to nonentitlement areas with a population of less than 20,000. For purposes of this clause, the term nonentitlement area has the same meaning given that term under section 102(a)(7) of the Housing and Community Development Act of 1974 (42 U.S.C. 5302(a)(7)). ; and by striking subparagraph (E).
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