I 

111TH CONGRESS 

2D SESSION H. R. 6079 

To facilitate affordable workforce homeownership in, and develop the fulltime resident communities of, resort areas, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

AUGUST 9, 2010 

Mr. POLIS of Colorado introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To facilitate affordable workforce homeownership in, and develop the full-time resident communities of, resort areas, 

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 ‘‘Workforce Housing 

5 Opportunity Simplification Act of 2010’’. 

6 SEC. 2. INAPPLICABILITY OF CERTAIN FANNIE MAE AND 

7 FREDDIE MAC GUIDELINES TO AFFORDABLE 

8 WORKFORCE HOUSING MORTGAGES. 

9 (a) FANNIE MAE.—Subsection (b) of section 302 of 

10 the Federal National Mortgage Association Charter Act 


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1 (12 U.S.C. 1717(b)) is amended by adding at the end the 

2 following new paragraph: 

3 ‘‘(7) MORTGAGES FOR AFFORDABLE WORKFORCE

4 HOUSING.— 

5 ‘‘(A) EXEMPTIONS FROM GUIDELINES.—Not6 withstanding any other provision of law— 

7 ‘‘(i) the corporation may purchase, service, 

8 sell, lend on the security of, and otherwise deal 

9 in any affordable workforce housing mortgage; 

10 ‘‘(ii) any requirements and guidelines of 

11 the corporation that are inconsistent with the 

12 authority under clause (i) and with the duty of 

13 the corporation under section 1335(a)(1)(D) of 

14 the Housing and Community Development Act 

15 of 1992 to serve the market for affordable 

16 workforce housing mortgages shall not apply to 

17 any affordable workforce housing mortgage; 

18 and 

19 ‘‘(iii) the corporation may not establish or 

20 utilize, with respect to any affordable workforce 

21 housing mortgage, any limitation on the max22 imum amount of the principal obligation of the 

23 mortgage that is based upon the appraised 

24 value of the property subject to the mortgage 

25 unless such limitation is based on such apVerDate Mar 15 2010 02:49 Aug 10, 2010 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6079.IH H6079

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1 praised value without consideration of the resale 

2 restrictions on the property described in sub3 paragraph (B)(i)(III). 

4 ‘‘(B) AFFORDABLE WORKFORCE HOUSING

5 MORTGAGES.—For purposes of this paragraph, the 

6 term ‘affordable workforce housing mortgage’ means 

7 a mortgage that meets the following requirements: 

8 ‘‘(i) PROPERTY.—The mortgage shall be 

9 made for the purchase of, and secured by, a 

10 one-family residence that— 

11 ‘‘(I) shall be used as the residence of 

12 the mortgagor for not less than 8 of any 

13 12 months and 240 days of any 365 days; 

14 ‘‘(II) is located within or is part of a 

15 multifamily housing development consisting 

16 of 5 or more dwelling units or a mixed-use 

17 development that is not less than 50 per18 cent residential, as defined in the legal de19 scription of the property in the purchase 

20 contract or mortgage or title documents re21 lating to such purchase; 

22 ‘‘(III) is subject to resale restrictions 

23 that— 

24 ‘‘(aa) are recorded with the ap25 propriate public registry for recording 


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1 of titles and interests in real estate; 

2 and 

3 ‘‘(bb) terminate upon foreclosure 

4 or execution of any deed-in-lieu-of5 foreclosure; and 

6 ‘‘(IV) is located in a resort county. 

7 ‘‘(ii) MORTGAGOR INCOME.—The house8 hold of the mortgagor shall have a gross house9 hold income— 

10 ‘‘(I) that does not exceed 160 percent 

11 of the area median income, as determined 

12 and updated by the Secretary of Housing 

13 and Urban Development or the Director of 

14 the Federal Housing Finance Agency on 

15 an annual basis; and 

16 ‘‘(II) not less than 75 percent of 

17 which is earned from positions the dis18 charge of whose duties involved physical 

19 presence in one or more resort counties. 

20 ‘‘(iii) EMPLOYMENT.—The mortgagor or 

21 another member of the mortgagor’s house22 hold— 

23 ‘‘(I) has been employed, during the 6- 

24 month period ending upon execution of the 

25 mortgage, in a position or multiple posiVerDate Mar 15 2010 02:49 Aug 10, 2010 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H6079.IH H6079

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1 tions the discharge of whose duties in2 volved physical presence in one or more re3 sort counties, in the aggregate, for an av4 erage of not less than 30 hours per weeks; 

5 ‘‘(II) is employed at the time of the 

6 execution of the mortgage in a position or 

7 multiple positions the discharge of whose 

8 duties involve physical presence in one or 

9 more resort counties, in the aggregate, for 

10 an average of not less than 30 hours per 

11 week and the duration of such employment 

12 in such position is expected to last at least 

13 6 months; 

14 ‘‘(III) is 60 years of age or older and, 

15 during the 5-year period ending up the 

16 mortgagor’s retirement from employment 

17 was employed in a position or positions the 

18 discharge of whose duties involved physical 

19 presence in one or more resort counties 

20 for— 

21 ‘‘(aa) an average of not less than 

22 30 hours per week; and 

23 ‘‘(bb) for not less than 8 months 

24 per year; 


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1 ‘‘(IV) is a person with disabilities (as 

2 such term is defined in section 811(k) of 

3 the Cranston-Gonzalez National Affordable 

4 Housing Act (42 U.S.C. 8013)) who— 

5 ‘‘(aa) was employed, during the 

6 2-year period ending upon becoming 

7 disabled, in a position or positions de8 scribed in subclause (I) or (II); or 

9 ‘‘(bb) is employed in a position or 

10 positions described in subclause (I) or 

11 (II), except that the 30-hour require12 ment under such subclauses shall not 

13 apply to such person if— 

14 ‘‘(AA) compliance with such 

15 requirement would make such 

16 person ineligible for benefits 

17 made available for persons with 

18 disabilities through a program of 

19 any State agency for develop20 mental disabilities or through the 

21 supplemental security income 

22 program under title XVI of the 

23 Social Security Act; and 

24 ‘‘(BB) such person works 

25 the maximum number of hours 


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1 per week allowable for eligibility 

2 for benefits under such program; 

3 or 

4 ‘‘(V) is the head of household in a 

5 household that includes one or more de6 pendents, at least one of whom is at the 

7 time of the execution of the mortgage 5 

8 years of age or younger or is enrolled full9 time in a school in a resort county. 

10 ‘‘(iv) CONFORMING LOAN.—The original 

11 principal obligation of the mortgage shall com12 ply with the applicable dollar amount limita13 tions established pursuant to paragraph (2). 

14 ‘‘(C) RESORT COUNTY.—For purposes of this 

15 paragraph, the term ‘resort county’ means Eagle 

16 County, Grand County, and Summit County, in the 

17 State of Colorado.’’. 

18 (b) FREDDIE MAC.—Subsection (a) of section 305 of 

19 the Federal Home Loan Mortgage Corporation Act (12 

20 U.S.C. 1454(a)) is amended by adding at the end the fol21 lowing new paragraph: 

22 ‘‘(6) MORTGAGES FOR AFFORDABLE WORKFORCE

23 HOUSING.— 

24 ‘‘(A) EXEMPTIONS FROM GUIDELINES.—Not25 withstanding any other provision of law— 


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1 ‘‘(i) the Corporation may purchase, service, 

2 sell, lend on the security of, and otherwise deal 

3 in any affordable workforce housing mortgage; 

4 ‘‘(ii) any requirements and guidelines of 

5 the Corporation that are inconsistent with the 

6 authority under clause (i) and with the duty of 

7 the Corporation under section 1335(a)(1)(D) of 

8 the Housing and Community Development Act 

9 of 1992 to serve the market for affordable 

10 workforce housing mortgages shall not apply to 

11 any affordable workforce housing mortgage; 

12 and 

13 ‘‘(iii) the Corporation may not establish or 

14 utilize, with respect to any affordable workforce 

15 housing mortgage, any limitation on the max16 imum amount of the principal obligation of the 

17 mortgage that is based upon the appraised 

18 value of the property subject to the mortgage 

19 unless such limitation is based on such ap20 praised value without consideration of the resale 

21 restrictions on the property described in sub22 paragraph (B)(i)(III). 

23 ‘‘(B) AFFORDABLE WORKFORCE HOUSING

24 MORTGAGES.—For purposes of this paragraph, the 


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1 term ‘affordable workforce housing mortgage’ means 

2 a mortgage that meets the following requirements: 

3 ‘‘(i) PROPERTY.—The mortgage shall be 

4 made for the purchase of, and secured by, a 

5 one-family residence that— 

6 ‘‘(I) shall be used as the residence of 

7 the mortgagor for not less than 8 of any 

8 12 months and 240 days of any 365 days; 

9 ‘‘(II) is located within or is part of a 

10 multifamily housing development consisting 

11 of 5 or more dwelling units or a mixed-use 

12 development that is not less than 50 per13 cent residential, as defined in the legal de14 scription of the property in the purchase 

15 contract or mortgage or title documents re16 lating to such purchase; 

17 ‘‘(III) is subject to resale restrictions 

18 that— 

19 ‘‘(aa) are recorded with the ap20 propriate public registry for recording 

21 of titles and interests in real estate; 

22 and 

23 ‘‘(bb) terminate upon foreclosure 

24 or execution of any deed-in-lieu-of25 foreclosure; and 


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1 ‘‘(IV) is located in a resort county. 

2 ‘‘(ii) MORTGAGOR INCOME.—The house3 hold of the mortgagor shall have a gross house4 hold income— 

5 ‘‘(I) that does not exceed 160 percent 

6 of the area median income, as determined 

7 and updated by the Secretary of Housing 

8 and Urban Development or the Director of 

9 the Federal Housing Finance Agency on 

10 an annual basis; and 

11 ‘‘(II) not less than 75 percent of 

12 which is earned from positions the dis13 charge of whose duties involved physical 

14 presence in one or more resort counties. 

15 ‘‘(iii) EMPLOYMENT.—The mortgagor or 

16 another member of the mortgagor’s house17 hold— 

18 ‘‘(I) has been employed, during the 6- 

19 month period ending upon execution of the 

20 mortgage, in a position or multiple posi21 tions the discharge of whose duties in22 volved physical presence in one or more re23 sort counties, in the aggregate, for an av24 erage of not less than 30 hours per weeks; 


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1 ‘‘(II) is employed at the time of the 

2 execution of the mortgage in a position or 

3 multiple positions the discharge of whose 

4 duties involve physical presence in one or 

5 more resort counties, in the aggregate, for 

6 an average of not less than 30 hours per 

7 week and the duration of such employment 

8 in such position is expected to last at least 

9 6 months; 

10 ‘‘(III) is 60 years of age or older and, 

11 during the 5-year period ending up the 

12 mortgagor’s retirement from employment 

13 was employed in a position or positions the 

14 discharge of whose duties involved physical 

15 presence in one or more resort counties 

16 for— 

17 ‘‘(aa) an average of not less than 

18 30 hours per week; and 

19 ‘‘(bb) for not less than 8 months 

20 per year; 

21 ‘‘(IV) is a person with disabilities (as 

22 such term is defined in section 811(k) of 

23 the Cranston-Gonzalez National Affordable 

24 Housing Act (42 U.S.C. 8013)) who— 


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1 ‘‘(aa) was employed, during the 

2 2-year period ending upon becoming 

3 disabled, in a position or positions de4 scribed in subclause (I) or (II); or 

5 ‘‘(bb) is employed in a position or 

6 positions described in subclause (I) or 

7 (II), except that the 30-hour require8 ment under such subclauses shall not 

9 apply to such person if— 

10 ‘‘(AA) compliance with such 

11 requirement would make such 

12 person ineligible for benefits 

13 made available for persons with 

14 disabilities through a program of 

15 any State agency for develop16 mental disabilities or through the 

17 supplemental security income 

18 program under title XVI of the 

19 Social Security Act; and 

20 ‘‘(BB) such person works 

21 the maximum number of hours 

22 per week allowable for eligibility 

23 for benefits under such program; 

24 or 


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1 ‘‘(V) is the head of household in a 

2 household that includes one or more de3 pendents, at least one of whom is at the 

4 time of the execution of the mortgage 5 

5 years of age or younger or is enrolled full6 time in a school in a resort county. 

7 ‘‘(iv) CONFORMING LOAN.—The original 

8 principal obligation of the mortgage shall com9 ply with the applicable dollar amount limita10 tions established pursuant to paragraph (2). 

11 ‘‘(C) RESORT COUNTY.—For purposes of this 

12 paragraph, the term ‘resort county’ means Eagle 

13 County, Grand County, and Summit County, in the 

14 State of Colorado.’’. 

15 SEC. 3. DUTY OF FANNIE MAE AND FREDDIE MAC TO SERVE 

16 MARKET FOR AFFORDABLE WORKFORCE 

17 HOUSING. 

18 (a) ESTABLISHMENT.—Paragraph (1) of section 

19 1335(a) of the Housing and Community Development Act 

20 of 1992 (12 U.S.C. 4565(a)(1)) is amended by adding at 

21 the end the following new subparagraph: 

22 ‘‘(D) AFFORDABLE WORKFORCE HOUS23 ING.—The enterprises shall develop loan prod24 ucts and flexible underwriting guidelines to fa25 cilitate a secondary market for affordable workVerDate Mar 15 2010 02:49 Aug 10, 2010 Jkt 089200 PO 00000 Frm 00013 Fmt 6652 Sfmt 6201 E:\BILLS\H6079.IH H6079

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1 force housing mortgages (as such term is de2 fined in section 305(a)(6) of the Federal Home 

3 Loan Mortgage Corporation Act (12 U.S.C. 

4 1454(a)(6))). Such underwriting guidelines 

5 shall include the following considerations: 

6 ‘‘(i) OWNER-OCCUPANCY REQUIRE7 MENT.—The guidelines shall require that 

8 not less than 25 percent of the dwelling 

9 units in the multifamily housing develop10 ment in which the one-family residence se11 curing an affordable workforce housing 

12 mortgage is located shall be owner-occu13 pied. The requirement under this clause 

14 shall be considered to be complied with, 

15 with respect to a development, unless 

16 verifiable public records indicate an owner17 occupancy rate for the development of less 

18 than 25 percent. 

19 ‘‘(ii) SHORT-TERM RENTALS.—The 

20 guidelines shall provide that the multi21 family housing development in which the 

22 one-family residence securing an affordable 

23 workforce housing mortgage is located may 

24 include dwelling units that are used for the 

25 sole purpose of short-term rentals. 


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1 ‘‘(iii) AMENITIES.—The guidelines 

2 shall provide that the multifamily housing 

3 development in which the one-family resi4 dence securing an affordable workforce 

5 housing mortgage is located may provide 

6 such services as a staffed front desk, a 

7 concierge, or other amenities consistent 

8 with providing customer service for non9 owner occupied or short-term rental units 

10 in the development, including marketing 

11 that describes the property as a lodge, re12 sort, or other similar facility. 

13 ‘‘(iv) ENERGY METERING.—The 

14 guidelines shall provide that the enter15 prises may not consider whether the multi16 family housing development in which the 

17 one-family residence securing an affordable 

18 workforce housing mortgage is located pro19 vides individual or centralized metering for 

20 energy use of the constituent dwelling 

21 units.’’. 

22 (b) TRANSITION.—The amendment made by sub23 section (a) shall apply with respect to the first calendar 

24 year beginning more than 180 days after the date of the 

25 enactment of this Act. 


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1 (c) REGULATIONS.—The Director of the Federal 

2 Housing Finance Agency shall, not later than the expira3 tion of the 180-day period beginning on the date of the 

4 enactment of this Act, amend and revise the regulations 

5 issued under section 1335(d)(1) of the Housing and Com6 munity Development Act of 1992 as necessary to establish 

7 a manner for evaluating whether, and the extent to which, 

8 the enterprises have complied with the duty under section 

9 1335(a)(1)(D) of such Act (as added by subsection (a) of 

10 this section) and for rating the extent of such compliance. 

Æ 


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