Sec. 4. Underwriting standards for residential solar
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Section 1335 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4565(b) ) is amended— in subsection (b)— paragraph (3), in the matter following subparagraph (B), by striking and at the end; in paragraph (4), by striking the period at the end and inserting ; and ; and by adding at the end the following: develop appropriate and prudent underwriting guidelines relating to financing for residential solar energy systems, as defined in section 2(a) of the National Housing Act ( 12 U.S.C. 1703(a) ), to facilitate the secondary market for mortgages on housing with such systems for low- and moderate-income households, including systems not owned by the mortgagor but subject to lease, power purchase, or other contractual terms. ; and by adding at the end the following:
The Director shall conduct a review to identify ways to increase the financing for residential solar energy system property improvements in underserved markets, including examining current obstacles to such financing. In conducting the review under subparagraph (A), the Director shall solicit the views of, and consult with— Federal agencies supporting housing finance and financial markets; representatives of State financial regulators; and appropriate Federal and State energy agencies.
Not later than 18 months after the date of enactment of this subsection, the Director shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report with— the results of the review conducted under paragraph (1); and any legislative recommendations to promote greater use of residential solar energy systems. .
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