I 

116TH CONGRESS 

2D SESSION H. R. 8824 

To require the continuation of the FHA affordable rental housing financing 

partnership with the Federal Financing Bank, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

NOVEMBER 27, 2020 

Ms. VELA ́ZQUEZ introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To require the continuation of the FHA affordable rental 

housing financing partnership with the Federal Financing Bank, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Federal Financing 

5 Bank Risk-Sharing Act of 2020’’. 

6 SEC. 2. CONTINUATION OF FHA-FFB AFFORDABLE RENTAL 

7 HOUSING FINANCING PARTNERSHIP. 

8 (a) REQUIREMENT.—The Secretary of Housing and 

9 Urban Development and the Secretary of the Treasury 

10 shall continue to carry out the FHA affordable rental 


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•HR 8824 IH

1 housing financing partnership with the Federal Financing 

2 Bank, under which such Bank provides financing for loans 

3 insured under the FHA Multifamily Risk-Sharing Pro4 gram under section 542 of the Housing and Community 

5 Development Act of 1992 (12 U.S.C. 1715z–22), and may 

6 enter into such new commitments under such program 

7 during each fiscal year, subject to the overall limitations 

8 provided in this Act on new commitments to guarantee 

9 loans insured under the General and Special Risk Insur10 ance Funds, as authorized by sections 238 and 519 of the 

11 National Housing Act (12 U.S.C. 1715z–3 and 1735c). 

12 (b) RURAL POPULATIONS.—In complying with sub13 section (a), the Secretary of Housing and Urban Develop14 ment shall make any changes to the Risk-Sharing Pro15 gram that the Secretary determines are necessary or ap16 propriate to enhance the scope and effectiveness of the 

17 Program for rural populations. 

18 (c) COMMUNITY DEVELOPMENT FINANCIAL INSTITU19 TIONS.—Pursuant to section 542(b) of Housing and Com20 munity Development Act of 1992 (12 U.S.C. 1715z–22), 

21 the Secretary of Housing and Urban Development shall 

22 enter into risk-sharing agreements with community devel23 opment financial institutions, as such term is defined in 

24 section 103 of the Riegle Community Development and 

25 Regulatory Improvement Act of 1994 (12 U.S.C. 4702). 


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•HR 8824 IH

1 (d) AFFORDABLE HOUSING.—Section 542 of the 

2 Housing and Community Development Act of 1992 (12 

3 U.S.C. 1715z–22) is amended— 

4 (1) in subsection (b), by striking paragraph (9) 

5 and inserting the following new paragraph: 

6 ‘‘(9) AFFORDABLE HOUSING.—Multifamily 

7 housing securing loans insured or reinsured under 

8 this subsection shall qualify as affordable only if the 

9 housing bears rents not greater than the gross rent 

10 for rent-restricted residential units as determined 

11 under section 42(g) of the Internal Revenue Code of 

12 1986 (26 U.S.C. 42(g)).’’; and 

13 (2) in subsection (c), by striking paragraph (7) 

14 and inserting the following new paragraph: 

15 ‘‘(7) AFFORDABLE HOUSING.—Multifamily 

16 housing securing loans insured or reinsured under 

17 this subsection shall qualify as affordable only if the 

18 housing bears rents not greater than the gross rent 

19 for rent-restricted residential units as determined 

20 under section 42(g) of the Internal Revenue Code of 

21 1986 (26 U.S.C. 42(g)).’’. 

Æ 


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