the Secretary and the Director for the purposes of 
this program. 
(d) TYPES OF ASSISTANCE.— 
(1) IN GENERAL.—A program established under 
this section may provide for any one or more of the 
following options: 
(A) A discount on the appraised value of 
an eligible property. 
(B) Flexibility in underwriting standards 
related to the purchase of eligible properties for 
mortgages insured under title II of the National 
Housing Act (12 U.S.C. 1707 et seq.) or owned 
or guaranteed by the Federal National Mort-
gage Association or the Federal Home Loan 
Mortgage Corporation. 
(C) The development of new mortgage 
products specifically targeted to eligible appli-
cants. 
(D) Any other assistance that the Sec-
retary and Director jointly deem appropriate. 
(2) REPAYMENT INTEGRATION.—A program es-
tablished under this section shall provide for the de-
velopment of a program that will use actuarial infor-
mation to determine how the repayment of loans de-
scribed in subsection (c)(1) may be integrated into 
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a mortgage repayment schedule to allow an eligible 
applicant to accumulate equity in the eligible prop-
erty, including by reason of meeting the eligible ap-
plicant’s obligations under such student loan. 
(3) COLLABORATION.—In providing assistance 
described under paragraph (1), the Secretary and 
the Director may collaborate with— 
(A) community banks having less than 
$10,000,000,000 in total assets; 
(B) credit unions (as defined in section 
101 of the Federal Credit Union Act); 
(C) and local fair housing organizations; 
and 
(D) local land banks. 
(e) GEOGRAPHICAL DIVERSITY.—In selecting eligible 
applicants to receive assistance under this section, the Sec-
retary and the Director shall, to the extent practicable, 
consider the location of the eligible property to be pur-
chased by the eligible applicant, including whether the eli-
gible property is located in a rural or urban area, to ensure 
geographic diversity of such eligible properties. 
(f) REPORTS.— 
(1) INTERIM REPORT.—Not later than 90 days 
after the date of the enactment of this section, the 
Secretary and the Director shall submit to Congress 
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an interim report describing the type of assistance 
the Secretary and the Director shall provide under 
the program established under this section. 
(2) FINAL REPORT.—Not later than 3 years 
after the date of the enactment of this section, the 
Secretary and the Director shall submit to Congress 
a final report that— 
(A) evaluates the impact of the program 
carried out under this section and describes any 
findings; 
(B) identifies other types of assistance the 
Secretary and the Director may offer; and 
(C) includes any recommendations the Sec-
retary and Director may have for improving the 
program. 
(g) DEFINITIONS.—In this section: 
(1) DIRECTOR.—The term ‘‘Director’’ means 
the Director of the Federal Housing Finance Agen-
cy. 
(2) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Department of Housing and 
Urban Development. 
(3) ELIGIBLE PROPERTY.—The term ‘‘eligible 
property’’ means a property that is designed as a 
dwelling for occupancy by 1 to 4 families— 
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(A) that is safe and habitable, as defined 
by the Secretary and the Director; 
(B) for which, as determined by the Sec-
retary and the Director, the occupancy of which 
will promote community revitalization; and 
(C) that— 
(i) was previously subject to a mort-
gage loan insured by the Federal Housing 
Administration under title II of the Na-
tional Housing Act (12 U.S.C. 1707 et 
seq.) and is owned by the Secretary pursu-
ant to the payment of insurance benefits 
under such Act; 
(ii) is a real estate owned property of 
the Federal National Mortgage Association 
or the Federal Home Loan Mortgage Cor-
poration; or 
(iii) is owned by a local land bank. 
(4) LOCAL LAND BANK.—The term ‘‘local land 
bank’’ means— 
(A) a governmental or nongovernmental 
nonprofit entity established, at least in part, to 
assemble, temporarily manage, and dispose of 
vacant land for the purpose of stabilizing neigh-
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borhoods and encouraging re-use or redevelop-
ment of urban property; or 
(B) such other governmental or nongovern-
mental entity as the Secretary and the Director 
may determine appropriate. 
(h) AUTHORIZATION
OF APPROPRIATIONS.—There 
are authorized to be appropriated such sums as necessary 
to carry out this section for fiscal years 2021, 2022, and 
2023. 
Æ 
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