(B) monitor properties to ensure afford-
ability is preserved. 
(3) ELIGIBLE ENTITY.—The term ‘‘eligible enti-
ty’’ means— 
(A) a minority depository institution, as 
such term is defined in section 308 of the Fi-
nancial Institutions Reform, Recovery, and En-
forcement Act of 1989 (12 U.S.C. 1463 note); 
(B) a community development financial in-
stitution, as such term is defined in section 103 
of the Riegle Community Development and 
Regulatory Improvement Act of 1994 (12 
U.S.C. 4702), that is certified by the Secretary 
of the Treasury and targets services to minority 
and low-income populations and provides serv-
ices in neighborhoods having high concentra-
tions of minority and low-income populations; 
and 
(C) any other nonprofit, mission-driven en-
tity that the Secretary finds targets services to 
minority and low-income populations and pro-
vides services in neighborhoods having high con-
centrations of minority and low-income popu-
lations. 
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(4) ELIGIBLE
HOME.—The term ‘‘eligible 
home’’ means a residential dwelling, including a unit 
in a condominium or cooperative project or a manu-
factured housing unit, that meets the requirements 
of section 4. 
(5) ELIGIBLE MORTGAGE LOAN.—The term ‘‘el-
igible mortgage loan’’ means a residential mortgage 
loan that meets the requirements of section 5. 
(6) 
QUALIFIED
HOMEBUYER.—The 
term 
‘‘qualified homebuyer’’ means a homebuyer who 
meets the requirements of section 3, and includes 
homebuyers consisting of multiple individuals, co- 
purchasers, and multi-member households. 
(7) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of Housing and Urban Development. 
(8) 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. 
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(B) AFFORDABILITY
REQUIREMENTS.— 
Any such program under subparagraph (A) 
shall— 
(i) provide affordable homeownership 
opportunities to households; and 
(ii) utilize a ground lease, deed re-
striction, subordinate loan, or similar legal 
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. 
(9) SOCIALLY AND ECONOMICALLY DISADVAN-
TAGED INDIVIDUAL.—The term ‘‘socially and eco-
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nomically disadvantaged individual’’ means an indi-
vidual who meets the following requirements: 
(A) SOCIAL DISADVANTAGE.— 
(i) IN GENERAL.—The individual is a 
member of a socially disadvantaged group, 
whose members have historically been sub-
jected to racial or ethnic discrimination 
within the United States because of their 
identity as members of such group without 
regard to their individual qualities. 
(ii) PRESUMPTION; REBUTTAL.—An 
individual identifying as Black, Hispanic, 
Native American, or Asian American, or 
any combination thereof, shall be presumed 
to be socially disadvantaged for purposes 
of clause (i). Such presumption may be re-
butted by such individual with credible evi-
dence to the contrary. 
(iii) BURDEN
OF
PROOF.—An indi-
vidual who does not identify as described 
in clause (ii) shall be required to establish 
individual social disadvantage for purposes 
of clause (i) by a preponderance of the evi-
dence. 
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(iv) 
RULES.—The 
Secretary 
may 
issue regulations as necessary to establish 
procedures for complying with this sub-
paragraph. 
(B) ECONOMIC DISADVANTAGE.—The indi-
vidual has an income that meets the require-
ments under section 3(a). 
(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, American Samoa, 
and the tribal government of any Indian tribe, as 
such term is defined in section 4 of the Native 
American Housing Assistance and Self-Determina-
tion Act of 1996 (25 U.S.C. 4103). 
SEC. 11. REGULATIONS. 
The Secretary shall issue any regulations necessary 
to implement this Act. 
SEC. 12. AUTHORIZATION OF APPROPRIATIONS. 
There is authorized to be appropriated for grants 
under this Act $100,000,000,000, and any amounts ap-
propriated pursuant to this section shall remain available 
until expended. 
Æ 
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