Sec. 8. Affordable housing program
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/bill/117/hr/3323/ih/section-8A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 10 of the Federal Home Loan Bank Act ( 12 U.S.C. 1430 ) is amended— in subsection (j)— in paragraph (3)— in the matter preceding subparagraph (A), by striking such as the following: and inserting such as— ; in subparagraph (A)— by inserting the before purchase ; and by striking the comma at the end and inserting a semicolon; in subparagraph (B)— by inserting the before purchase ; and by striking and at the end; in subparagraph (C)— by inserting the before purchase ; and by striking the period at the end and inserting a semicolon; and by adding at the end the following: the purchase or rehabilitation of housing financed by a community land trust; and the purchase or rehabilitation of housing in qualified manufactured home communities owned by nonprofit organizations or the residents. ; and in paragraph (5)(C)— by striking 10 and inserting 20 ; by striking 100,000,000 and inserting 200,000,000 ; and by adding at the end the following:
Of such contribution, an amount equal to not less than 2 percent of 20 percent of the preceding year's net income shall be used to support subsidized grants or advances through the Affordable Housing Program benefitting federally recognized Indian Tribes and communities, which includes awards outside of the district of a Bank. . Section 2 of the Federal Home Loan Bank Act ( 12 U.S.C. 1422 ), as amended by section 6 of this Act, is amended by adding at the end the following: The term manufactured home has the meaning given the term in section 603 of the National Manufactured Housing Construction and Safety Standards Act of 1974 ( 42 U.S.C. 5402 ).
The term qualified manufactured home community means— a cooperative controlled by residents or a nonprofit or municipal housing corporation established pursuant to the laws of the State in which the property used as a manufactured home community is located; and in the case of a community owned by a cooperative corporation or membership nonprofit, with membership interests that are sold on a non-appreciating basis, has only 1 class of membership consisting solely of residents and homeowners that occupy a home in that manufactured home community; or in the case of a community owned by a nonprofit corporation— the nonprofit exists for the purposes of preserving and improving affordable housing and is primarily for residential purposes; and the intent of the nonprofit in acquiring the community is for the purposes of preserving and improving the manufactured home community.
An entity shall not be treated as a qualified manufactured home community unless governance of the entity is carried out by members elected to a board of directors with voting structured equitably among all members. . Section 10 of the Federal Home Loan Bank Act ( 12 U.S.C. 1430 ) is amended— in subsection (c), by striking Federal home loan bank and inserting Federal Home Loan Bank ; in subsection (h)(2), by striking section 10(a) of this Act and inserting subsection
(a); and in subsection (j)— in paragraph (2), in the matter preceding subparagraph (A), by striking Board's regulations and inserting regulations promulgated by the Director ; in paragraph (6)— in subparagraph (A), by striking this paragraph and inserting paragraph
(5); in subparagraph (C), in the second sentence, by striking Board's decision and inserting decision of the Director ; and in subparagraph (F), by inserting before Notification .— The Director ; in paragraph (8), in the matter preceding subparagraph (A), by striking paragraph and inserting subsection ; in paragraph (12)— in subparagraph (A), by inserting before In general .— The Director ; and in subparagraph (B), by inserting before Analyses .— The analyses ; and in paragraph (13), in the matter preceding subparagraph (A), by striking subsection— and inserting subsection: .
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