Sec. 504. Market Access Fund
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/bill/114/hr/1491/ih/section-504·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Ginnie Mae shall establish a fund, to be known as the Market Access Fund . The Market Access Fund shall be credited with— the share of the fee charged and collected by the Platform under section 501(a)(1)(B)(iii); and such other amounts as may be appropriated or transferred to the Market Access Fund. Amounts in the Market Access Fund shall be eligible for use by grantees to address the homeownership and rental housing needs of extremely low-, very low-, low-, and moderate-income and underserved or hard-to-serve populations by— providing grants and loans for research, development, and pilot testing of innovations in consumer education, product design, underwriting, and servicing; offering additional credit support for certain eligible mortgage loans or pools of eligible mortgage loans, such as by covering a portion of any capital required to obtain insurance from the Ginnie Mae under this Act, provided that amounts for such additional credit support do not replace borrower funds required of an eligible mortgage loan; providing 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, which programs shall include manufactured homes purchased through real estate and personal property loans and manufactured homes used as rental housing, provided that such grant or loan amounts are used only for the benefit of families whose income does not exceed 120 percent of the median income for the area as determined by Ginnie Mae, with adjustments for family size; providing limited credit enhancement, and other forms of credit support, for product and services that— will increase the rate of sustainable homeownership and affordable rental housing, including manufactured homes purchased through real estate and personal property loans and manufactured homes used as rental housing, by individuals or families whose income does not exceed 120 percent of the area median income as determined by Ginnie Mae, 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; providing housing counseling by a HUD-approved housing counseling agency; and providing incentives to achieve broader access to credit.
The Director of Ginnie Mae shall, on an annual basis, report to Congress on the performance and outcome of grants, loans, or credit support programs funded by the Market Access Fund in accordance with subsection (c), including an evaluation of how each grant, loan, or credit support program— succeeded in meeting or failed to meet the needs of certain populations, especially extremely low-, very low-, low-, and moderate-income and underserved or hard-to-serve populations; and succeeded in maximizing or failed to maximize the leverage of public investment made for each such grant, loan, or credit support program.