(E) Pre-purchase counseling including re-
lated credit and financial coaching to eligible 
applicants. 
(F) Provision of a low- or no-interest mort-
gage rate. 
(G) Any other assistance that the Sec-
retary and Director jointly deem appropriate. 
(2) REPAYMENT INTEGRATION.—The Secretary 
shall establish a program that will integrate repay-
ment of loans described in subsection (c)(1) into a 
mortgage repayment schedule to allow an eligible ap-
plicant to accumulate equity in the eligible property. 
The Secretary shall use actuarial data and risk as-
sessments to collateralize the mortgage provided 
through Federal funds. 
(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) local fair housing organizations; and 
(D) local land banks. 
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(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 180 
days after the date of the enactment of this section, 
the Secretary and the Director shall submit to Con-
gress an interim report describing the type of assist-
ance 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 
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(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— 
(A) that is safe and habitable, as defined 
by the Secretary and the Director; 
(B) the occupancy of which, as determined 
by the Secretary and the Director, 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-
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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; 
(iii) is owned by a local land bank; 
(iv) is owned by the Department of 
Agriculture; or 
(v) is owned by the Department of 
Veterans Affairs. 
(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-
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 
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to carry out this section for fiscal years 2023, 2024, and 
2025. 
Æ 
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