107 
garding 
conventional, 
conforming, 
single-family, 
owner-occupied or rental, as applicable, purchase 
money mortgages originated and purchased for the 
previous year. 
‘‘(4) CONFORMING MORTGAGES.—In determining 
whether a mortgage is a conforming mortgage for 
purposes of this paragraph, the Director shall con-
sider the original principal balance of the mortgage 
loan to be the principal balance as reported in the in-
formation referred to in paragraph (3), as rounded to 
the nearest thousand dollars. 
‘‘(e) NOTICE OF DETERMINATION AND ENTERPRISE 
COMMENT.— 
‘‘(1) NOTICE.—Within 30 days of making a de-
termination under subsection (c) regarding a compli-
ance of an enterprise for a year with a housing goal 
established under this section and before any public 
disclosure thereof, the Director shall provide notice of 
the determination to the enterprise, which shall in-
clude an analysis and comparison, by the Director, of 
the performance of the enterprise for the year and the 
targets for the year under subsection (d). 
‘‘(2) COMMENT PERIOD.—The Director shall pro-
vide each enterprise an opportunity to comment on 
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the determination during the 30-day period beginning 
upon receipt by the enterprise of the notice. 
‘‘(f) USE OF BORROWER INCOME.—In monitoring the 
performance of each enterprise pursuant to the housing 
goals under this section and evaluating such performance 
(for purposes of section 1336), the Director shall consider 
a mortgagor’s income to be such income at the time of origi-
nation of the mortgage. 
‘‘(g) CONSIDERATION OF UNITS IN SINGLE-FAMILY 
RENTAL HOUSING.—In establishing any goal under this 
subpart, the Director may take into consideration the num-
ber of housing units financed by any mortgage on single- 
family rental housing purchased by an enterprise 
‘‘SEC. 1333. MULTIFAMILY SPECIAL AFFORDABLE HOUSING 
GOAL. 
‘‘(a) ESTABLISHMENT.— 
‘‘(1) IN GENERAL.—The Director shall establish, 
by regulation, an annual goal for the purchase by 
each enterprise of each of the following types of mort-
gages on multifamily housing: 
‘‘(A) Mortgages that finance dwelling units 
for low-income families. 
‘‘(B) Mortgages that finance dwelling units 
for very low-income families. 
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‘‘(C) Mortgages that finance dwelling units 
assisted by the low-income housing tax credit 
under section 42 of the Internal Revenue Code of 
1986. 
‘‘(2) ADDITIONAL REQUIREMENTS FOR SMALLER 
PROJECTS.—The Director shall establish, within the 
goal under this section, additional requirements for 
the purchase by each enterprise of mortgages described 
in paragraph (1) for multifamily housing projects of 
a smaller or limited size, which may be based on the 
number of dwelling units in the project or the amount 
of the mortgage, or both, and shall include multi-
family housing projects of such smaller sizes as are 
typical among such projects that serve rural areas. 
‘‘(3) FACTORS.—In establishing the goal under 
this section relating to mortgages on multifamily 
housing for an enterprise for a year, the Director 
shall consider— 
‘‘(A) national multifamily mortgage credit 
needs; 
‘‘(B) the performance and effort of the en-
terprise in making mortgage credit available for 
multifamily housing in previous years; 
‘‘(C) the size of the multifamily mortgage 
market; 
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‘‘(D) the ability of the enterprise to lead the 
industry in making mortgage credit available, 
especially for underserved markets, such as for 
small multifamily projects of 5 to 50 units, mul-
tifamily properties in need of rehabilitation, and 
multifamily properties located in rural areas; 
and 
‘‘(E) the need to maintain the sound finan-
cial condition of the enterprise. 
‘‘(b) UNITS FINANCED BY HOUSING FINANCE AGENCY 
BONDS.—The Director shall give credit toward the achieve-
ment of the multifamily special affordable housing goal 
under this section (for purposes of section 1336) to dwelling 
units in multifamily housing that otherwise qualifies under 
such goal and that is financed by tax-exempt or taxable 
bonds issued by a State or local housing finance agency, 
but only if such bonds— 
‘‘(1) are secured by a guarantee of the enterprise; 
or 
‘‘(2) are not investment grade and are purchased 
by the enterprise. 
‘‘(c) USE OF TENANT INCOME OR RENT.—The Director 
shall monitor the performance of each enterprise in meeting 
the goals established under this section and shall evaluate 
such performance (for purposes of section 1336) based on— 
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‘‘(1) the income of the prospective or actual ten-
ants of the property, where such data are available; 
or 
‘‘(2) where the data referred to in paragraph (1) 
are not available, rent levels affordable to low-income 
and very low-income families. 
A rent level shall be considered to be affordable for purposes 
of this subsection for an income category referred to in this 
subsection if it does not exceed 30 percent of the maximum 
income level of such income category, with appropriate ad-
justments for unit size as measured by the number of bed-
rooms. 
‘‘(d) DETERMINATION OF COMPLIANCE.—The Director 
shall, for each year that the housing goal under this section 
is in effect pursuant to section 1331(a), determine whether 
each enterprise has complied with such goal and the addi-
tional requirements under subsection (a)(2). 
‘‘SEC. 1334. DISCRETIONARY ADJUSTMENT OF HOUSING 
GOALS. 
‘‘(a) AUTHORITY.—An enterprise may petition the Di-
rector in writing at any time during a year to reduce the 
level of any goal for such year established pursuant to this 
subpart. 
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