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(C) is made, insured, or guaranteed by the 
Rural Housing Administrator of the Depart-
ment of Agriculture; 
(D) is a qualified mortgage, as such term 
is defined in section 129C(b)(2) of the Truth in 
Lending Act (15 U.S.C. 1639c(b)(2)); or 
(E) is made, insured, or guaranteed for the 
benefit of a veteran. 
(4) FIRST
GENERATION
HOMEBUYER.—The 
term ‘‘first-generation homebuyer’’ means a home-
buyer that is, as attested by the homebuyer— 
(A) an individual— 
(i) whose parents or legal guardians 
do not, or did not at the time of their 
death, to the best of the individual’s knowl-
edge, have any present ownership interest 
in a residence in any State, excluding own-
ership of heir property or ownership of 
chattel; and 
(ii) whose spouse or domestic partner 
has not, during the 3-year period ending 
upon acquisition of the eligible home to be 
acquired using such assistance, had any 
present ownership interest in a residence 
in any State, excluding ownership of heir 
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property or ownership of chattel, whether 
the individual is a co-borrower on the loan 
or not; or 
(B) an individual who has at any time 
been placed in foster care or institutional care 
whose spouse or domestic partner has not, dur-
ing the 3-year period ending upon acquisition of 
the eligible home to be acquired using such as-
sistance, had any ownership interest in a resi-
dence in any State, excluding ownership of heir 
property or ownership of chattel, whether such 
individuals are co-borrowers on the loan or not. 
(5) HEIR
PROPERTY.—The term ‘‘heir prop-
erty’’ means residential property for which title 
passed by operation of law through intestacy and is 
held by two or more heirs as tenants in common. 
(6) OWNERSHIP INTEREST .—The term ‘‘own-
ership interest’’ means any ownership, excluding any 
interest in heir property, in— 
(A) real estate in fee simple; 
(B) a leasehold on real estate under a lease 
for not less than ninety-nine years which is re-
newable; or 
(C) a fee interest in, or long-term leasehold 
interest in, real estate consisting of a one-family 
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unit in a multifamily project, including a 
project in which the dwelling units are attached, 
or are manufactured housing units, semi-de-
tached, or detached, and an undivided interest 
in the common areas and facilities which serve 
the project. 
(7) 
QUALIFIED
HOMEBUYER.—The 
term 
‘‘qualified homebuyer’’ means a homebuyer— 
(A) having an annual household income 
that is less than or equal to— 
(i) 120 percent of median income, as 
determined by the Secretary, for— 
(I) the area in which the home to 
be acquired using such assistance is 
located; or 
(II) the area in which the place 
of residence of the homebuyer is lo-
cated; or 
(ii) 140 percent of the median income, 
as determined by the Secretary, for the 
area within which the eligible home to be 
acquired using such assistance is located if 
the homebuyer is acquiring an eligible 
home located in a high-cost area; 
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(B) who is a first-time homebuyer, as such 
term is defined in section 104 of the Cranston- 
Gonzalez National Affordable Housing Act (42 
U.S.C. 12704), except that for the purposes of 
this section the reference in such section 104 to 
title II shall be considered to refer to this sec-
tion, and except that ownership of heir property 
shall not be treated as owning a home for pur-
poses of determining whether a borrower quali-
fies as a first-time homebuyer; and 
(C) who is a first-generation homebuyer. 
(8) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of Housing and Urban Development. 
(9) SHARED
EQUITY
HOMEOWNERSHIP
PRO-
GRAM.— 
(A) IN GENERAL.—The term ‘‘shared eq-
uity homeownership program’’ means affordable 
homeownership preservation through a resale 
restriction program administered by a commu-
nity land trust, other nonprofit organization, or 
State or local government or instrumentalities. 
(B) AFFORDABILITY
REQUIREMENTS.— 
Any such program under subparagraph (A) 
shall— 
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(i) provide affordable homeownership 
opportunities to households; and 
(ii) utilize a ground lease, deed re-
striction, subordinate loan, or similar 
mechanism that includes provisions ensur-
ing that the program shall— 
(I) maintain the homeownership 
unit as affordable for subsequent very 
low-, low-, or moderate-income fami-
lies for an affordability term of at 
least 30 years after recordation; 
(II) apply a resale formula that 
limits the homeowner’s proceeds upon 
resale; and 
(III) provide the program admin-
istrator or such administrator’s as-
signee a preemptive option to pur-
chase the homeownership unit from 
the homeowner at resale. 
(10) STATE.—The term ‘‘State’’ means any 
State of the United States, the District of Columbia, 
the Commonwealth of Puerto Rico, the United 
States Virgin Islands, Guam, the Commonwealth of 
the Northern Mariana Islands, and American 
Samoa. 
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(f) IMPLEMENTATION.—The Secretary shall have au-
thority to issue such regulations, notices, or other guid-
ance, forms, instructions, and publications to carry out the 
programs, projects, or activities authorized under this sec-
tion to ensure that such programs, projects, or activities 
are completed in a timely and effective manner. 
SEC. 40202. HOME LOAN PROGRAM. 
(a) APPROPRIATION.—In addition to amounts other-
wise available, there is appropriated for fiscal year 2022, 
out of any amounts in the Treasury not otherwise appro-
priated, to remain available until September 30, 2031— 
(1) $4,000,000,000 to the Secretary of Housing 
and Urban Development for the cost of guaranteed 
or insured loans and other obligations, including the 
cost of modifying such loans, under subsection 
(e)(1)(A); 
(2) $500,000,000 to the Secretary of Housing 
and Urban Development for costs of carrying out 
the program under paragraph (1) and programs of 
the Federal Housing Administration and the Gov-
ernment National Mortgage Association generally, 
including information technology, financial report-
ing, and other cross-program costs in support of 
programs administered by the Secretary in this title, 
and other costs; 
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partment of Housing and Urban Develop-
ment. 
(2) TRANSFER OF AMOUNTS TO TREASURY.— 
Such portions of the appropriation to the Secretary 
of Housing and Urban Development shall be trans-
ferred by the Secretary of Housing and Urban De-
velopment to the Department of the Treasury from 
time-to-time in an amount equal to, as determined 
by the Secretary of the Treasury in consultation 
with the Secretary of Housing and Urban Develop-
ment, the amount necessary for the purchase of se-
curities under the Program during the period for 
which the funds are intended to be available. 
(3) USE OF PROCEEDS.—Revenues of and pro-
ceeds from the sale, exercise, or surrender of assets 
purchased or acquired under the Program under this 
section shall be available to the Secretary of the 
Treasury through September 30, 2031, for purposes 
of purchases under subsection (b)(1)(B)(i). 
(c) LIMITATION ON AGGREGATE LOAN INSURANCE 
OR GUARANTEE AUTHORITY.—The aggregate original 
principal obligation of all covered mortgage loans insured 
or guaranteed under subsection (e)(1)(A) of this section 
may not exceed $48,000,000,000, and under section 
(e)(1)(B) may not exceed $12,000,000,000. 
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(d) GNMA GUARANTEE AUTHORITY AND FEE.—To 
carry out the purposes of this section, the Government Na-
tional Mortgage Association may enter into new commit-
ments to issue guarantees of securities based on or backed 
by mortgages insured or guaranteed under this section, 
not exceeding $60,000,000,000, and shall collect guaranty 
fees consistent with section 306(g)(1) of the National 
Housing Act (12 U.S.C. 1721(g)(1)) that are paid at 
securitization. 
(e) DEFINITIONS.—In this section: 
(1) COVERED MORTGAGE LOAN.— 
(A) IN
GENERAL.—The term ‘‘covered 
mortgage loan’’ means, for purposes of the Pro-
gram established by the Secretary of Housing 
and Urban Development, a mortgage loan 
that— 
(i) is insured by the Federal Housing 
Administration pursuant to section 203(b) 
of the National Housing Act, subject to the 
eligibility criteria set forth in this sub-
section, and has a case number issued on 
or before December 31, 2029; 
(ii) is made for an original term of 20 
years with a monthly mortgage payment of 
principal and interest that is not more 
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than 110 percent and not less than 100 
percent of the monthly payment of prin-
cipal, interest, and periodic mortgage in-
surance premium associated with a newly 
originated 30-year mortgage loan with the 
same loan balance insured by the agency 
as determined by the Secretary; 
(iii) subject to subparagraph (C) of 
this paragraph and notwithstanding sec-
tion 203(c)(2) of the National Housing Act 
(12 U.S.C. 1709(c)(2)), has a mortgage in-
surance premium of not more than 4 per-
cent of the loan balance that is paid at 
closing, financed into the principal balance 
of the loan, paid through an annual pre-
mium, or a combination thereof; 
(iv) involves a rate of interest that is 
fixed over the term of the mortgage loan; 
and 
(v) is secured by a single-family resi-
dence that is the principal residence of an 
eligible homebuyer. 
(B) The term ‘‘covered mortgage loan’’ 
means, for purposes of the Program established 
by the Secretary of Agriculture, a loan guaran-
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teed under section 502(h) of the Housing Act 
of 1949 (42 U.S.C. 1472(h)) that— 
(i) 
notwithstanding 
section 
502(h)(7)(A) of the Housing Act of 1949 
(42 U.S.C. 1472(h)(7)(A)), is made for an 
original term of 20 years with a monthly 
mortgage payment of principal and interest 
that is not more than 110 percent and not 
less than 100 percent of the monthly pay-
ment of principal, interest, and loan guar-
antee fee associated with a newly origi-
nated 30-year mortgage loan with the 
same loan balance guaranteed by the agen-
cy as determined by the Secretary; and 
(ii) subject to subparagraph (C) of 
this paragraph and notwithstanding sec-
tion 502(h)(8)(A) of the Housing Act of 
1949 (42 U.S.C. 1472(h)(8)(A)), has a 
loan guarantee fee of not more than 4 per-
cent of the principal obligation of the loan. 
(C) WAIVER AND ALTERNATIVE REQUIRE-
MENTS.—The Secretary of Housing and Urban 
Development and the Secretary of Agriculture, 
in consultation with the Secretary of the Treas-
ury, and notwithstanding paragraph (8)(A) of 
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section 502(h) of the Housing Act of 1949 (42 
U.S.C. 1472(h)(8)(A)) for purposes of the Pro-
gram established by the Secretary of Agri-
culture, may waive or specify alternative re-
quirements for subsection (e)(1)(A)(ii) or 
(e)(1)(B)(i) for covered mortgage loans in con-
nection with the use of amounts made available 
under this section upon a finding that the waiv-
er or alternative requirement is necessary to fa-
cilitate the use of amounts made available 
under this section. 
(2) ELIGIBLE HOMEBUYER.—The term ‘‘eligible 
homebuyer’’ means an individual who— 
(A) for purposes of the Program estab-
lished by the Secretary of Housing and Urban 
Development— 
(i) has an annual household income 
that is less than or equal to— 
(I) 120 percent of median income 
for the area, as determined by the 
Secretary of Housing and Urban De-
velopment for— 
(aa) the area in which the 
home to be acquired using such 
assistance is located; or 
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(bb) the area in which the 
place of residence of the home-
buyer is located; or 
(II) if the homebuyer is acquiring 
an eligible home that is located in a 
high-cost area, 140 percent of the me-
dian income, as determined by the 
Secretary, for the area within which 
the eligible home to be acquired using 
assistance provided under this section 
is located; 
(ii) is a first-time homebuyer, as de-
fined in paragraph (4) of this subsection; 
and 
(iii) is a first-generation homebuyer as 
defined in paragraph (3) of this subsection; 
(B) for purposes of the Program estab-
lished by the Secretary of Agriculture— 
(i) meets the applicable requirements 
in section 502(h) of the Housing Act of 
1949 (42 U.S.C. 1472(h)); and 
(ii) is a first-time homebuyer as de-
fined in paragraph (4) of this subsection 
and a first-generation homebuyer as de-
fined in paragraph (3) of this subsection. 
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sistance, had any ownership interest in a resi-
dence in any State, excluding ownership of heir 
property or ownership of chattel, whether such 
individuals are co-borrowers on the loan or not. 
(4) FIRST-TIME HOMEBUYER.—The term ‘‘first- 
time homebuyer’’ means a homebuyer as defined in 
section 104 of the Cranston-Gonzalez National Af-
fordable Housing Act (42 U.S.C. 12704), except 
that for the purposes of this section the reference in 
such section 12704(14) to title II shall be considered 
to refer to this section, and except that ownership of 
heir property shall not be treated as owning a home 
for purposes of determining whether a borrower 
qualifies as a first-time homebuyer. 
(5) HEIR
PROPERTY.—The term ‘‘heir prop-
erty’’ means residential property for which title 
passed by operation of law through intestacy and is 
held by two or more heirs as tenants in common. 
(6) OWNERSHIP INTEREST.—The term ‘‘owner-
ship interest’’ means any ownership, excluding any 
interest in heir property, in— 
(A) real estate in fee simple; 
(B) a leasehold on real estate under a lease 
for not less than ninety-nine years which is re-
newable; or 
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(C) a fee interest in, or long-term leasehold 
interest in, real estate consisting of a one-family 
unit in a multifamily project, including a 
project in which the dwelling units are attached, 
or are manufactured housing units, semi-de-
tached, or detached, and an undivided interest 
in the common areas and facilities which serve 
the project. 
(7) STATE.—The term ‘‘State’’ means the 
States of the United States, the District of Colum-
bia, the Commonwealth of Puerto Rico, the Com-
monwealth of the Northern Mariana Islands, Guam, 
the Virgin Islands, American Samoa, the Trust Ter-
ritory of the Pacific Islands, and any other territory 
or possession of the United States. 
(f) RELIANCE ON BORROWER ATTESTATIONS.—No 
additional documentation beyond the borrower’s attesta-
tion shall be required to demonstrate eligibility under 
clauses (ii) and (iii) of subsection (e)(2)(A) and clause (ii) 
of subsection (e)(2)(B) and no State, eligible entity, or 
creditor shall be subject to liability based on the accuracy 
of such attestation. 
(g) IMPLEMENTATION.—The Secretary of Housing 
and Urban Development, the Secretary of Agriculture, 
and the Secretary of Treasury shall have authority to issue 
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such regulations, notices, or other guidance, forms, in-
structions, and publications to carry out the programs, 
projects, or activities authorized under this section to en-
sure that such programs, projects, or activities are com-
pleted in a timely and effective manner. 
SEC. 40203. HUD-INSURED SMALL DOLLAR MORTGAGE 
DEMONSTRATION PROGRAM. 
(a) APPROPRIATION.—In addition to amounts other-
wise available, there is appropriated to the Secretary of 
Housing and Urban Development (in this section referred 
to as the ‘‘Secretary’’) for fiscal year 2022, out of any 
money in the Treasury not otherwise appropriated, to re-
main available until September 30, 2031— 
(1) $76,000,000 for a program to increase ac-
cess to small-dollar mortgages, as defined in sub-
section (b), which may include payment of incentives 
to lenders, adjustments to terms and costs, indi-
vidual financial assistance, technical assistance to 
lenders and certain financial institutions to help 
originate loans, lender and borrower outreach, and 
other activities; 
(2) $10,000,000 for the cost of insured or guar-
anteed loans, including the cost of modifying loans; 
and 
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(3) $14,000,000 for the costs to the Secretary 
of administering and overseeing the implementation 
of this section and programs in the Office of Hous-
ing generally, including information technology, fi-
nancial reporting, research and evaluations, fair 
housing and fair lending compliance, and other 
cross-program costs in support of programs adminis-
tered by the Secretary in this title, and other costs. 
(b) SMALL-DOLLAR MORTGAGE.—For purposes of 
this section, the term ‘‘small-dollar mortgage’’ means a 
forward mortgage that— 
(1) has an original principal balance of 
$100,000 or less; 
(2) is secured by a one- to four-unit property 
that is the mortgagor’s principal residence; and 
(3) is insured or guaranteed by the Secretary. 
(c) IMPLEMENTATION.—The Secretary shall have au-
thority to issue such regulations, notices, or other guid-
ance, forms, instructions, and publications to carry out the 
programs, projects, or activities authorized under this sec-
tion to ensure that such programs, projects, or activities 
are completed in a timely and effective manner. 
SEC. 40204. INVESTMENTS IN RURAL HOMEOWNERSHIP. 
(a) APPROPRIATION.—In addition to amounts other-
wise available, there is appropriated to the Rural Housing 
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Service of the Department of Agriculture for fiscal year 
2022, out of any money in the Treasury not otherwise ap-
propriated, to remain available until expended— 
(1) $90,000,000 for providing single family 
housing repair grants under section 504(a) of the 
Housing Act of 1949 (42 U.S.C. 1474(a)), subject 
to the terms and conditions in subsection (b) of this 
section; 
(2) $10,000,000 for administrative expenses of 
the Rural Housing Service of the Department of Ag-
riculture that in whole or in part support activities 
funded by this section and related activities. 
(b) TERMS AND CONDITIONS.— 
(1) ELIGIBILITY.—Eligibility for grants from 
amounts made available by subsection (a)(1) shall 
not be subject to the limitations in section 
3550.103(b) of title 7, Code of Federal Regulations. 
(2) USES.—Notwithstanding the limitations in 
section 3550.102(a) of title 7, Code of Federal Reg-
ulations, grants from amounts made available by 
subsection (a)(2) shall be available for the eligible 
purposes in section 3550.102(b) of title 7, Code of 
Federal Regulations. 
(c) IMPLEMENTATION.—The Administrator of the 
Rural Housing Service shall have authority to issue such 
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