I 
119TH CONGRESS 
1ST SESSION H. R. 2031 
To reauthorize the HOME Investment Partnerships Program, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 11, 2025 
Mrs. BEATTY (for herself, Ms. ANSARI, Ms. BROWN, Ms. BROWNLEY, Mr. 
CARBAJAL, Mr. CARSON, Ms. CHU, Mr. EVANS of Pennsylvania, Mr. 
FOSTER, Ms. GARCIA of Texas, Mr. GOMEZ, Ms. NORTON, Ms. OMAR, 
Mrs. SYKES, Ms. TLAIB, Mr. VARGAS, Ms. VELA´ZQUEZ, and Mrs. WAT-
SON COLEMAN) introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To reauthorize the HOME Investment Partnerships 
Program, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘HOME Investment Partnerships Reauthorization and 
Improvement Act of 2025’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
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Sec. 1. Short title; table of contents. 
TITLE I—REAUTHORIZATION OF AND REFORMS TO HOME 
INVESTMENT PARTNERSHIPS PROGRAM 
Sec. 101. Reauthorization of Program. 
Sec. 102. Increase in Program administration resources. 
Sec. 103. Modifications of participating jurisdiction qualification threshold and 
process for reallocations. 
Sec. 104. Modification of jurisdictions eligible for reallocations. 
TITLE II—REFORMS RELATING TO HOME INVESTMENT 
PARTNERSHIPS PROGRAM ADMINISTRATION AND RULES 
Sec. 201. Amendments to qualification as affordable housing. 
Sec. 202. Elimination of commitment deadline. 
Sec. 203. Reform of homeownership resale restrictions. 
Sec. 204. Home property inspections. 
Sec. 205. Revisions to strengthen enforcement and penalties for noncompliance. 
Sec. 206. Tenant and participant protections for small-scale affordable housing. 
Sec. 207. Establishment of home loan guarantee program. 
TITLE III—REFORMS RELATING TO COMMUNITY HOUSING 
DEVELOPMENT ORGANIZATION AND NONPROFIT PARTICIPATION 
Sec. 301. Modification of rules related to community housing development orga-
nizations. 
TITLE IV—TECHNICAL CORRECTIONS 
Sec. 401. Technical corrections. 
TITLE I—REAUTHORIZATION OF 
AND REFORMS TO HOME IN-
VESTMENT 
PARTNERSHIPS 
PROGRAM 
SEC. 101. REAUTHORIZATION OF PROGRAM. 
Section 205 of the Cranston-Gonzalez National Af-
fordable Housing Act (42 U.S.C. 12724) is amended to 
read as follows: 
‘‘SEC. 205. AUTHORIZATION OF APPROPRIATIONS. 
‘‘There are authorized to be appropriated to carry out 
this title— 
‘‘(1) $5,000,000,000 for fiscal year 2025; 
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‘‘(2) $5,250,000,000 for fiscal year 2026; 
‘‘(3) $5,512,500,000 for fiscal year 2027; 
‘‘(4) $5,788,125,000 for fiscal year 2028; and 
‘‘(5) $6,077,531,250 for fiscal year 2029.’’. 
SEC. 102. INCREASE IN PROGRAM ADMINISTRATION RE-
SOURCES. 
Subtitle A of title II of the Cranston-Gonzalez Na-
tional Affordable Housing Act (42 U.S.C. 12741 et seq.) 
is amended— 
(1) in section 212(c) (42 U.S.C. 12742(c)), by 
striking ‘‘10 percent’’ and inserting ‘‘15 percent’’; 
and 
(2) in section 220(b) (42 U.S.C. 12750(b))— 
(A) by striking ‘‘RECOGNITION.—’’ and all 
that follows through ‘‘A contribution’’ and in-
serting the following: ‘‘RECOGNITION.—A con-
tribution’’; and 
(B) by striking paragraph (2). 
SEC. 103. MODIFICATIONS OF PARTICIPATING JURISDIC-
TION 
QUALIFICATION 
THRESHOLD 
AND 
PROCESS FOR REALLOCATIONS. 
Section 216 of the Cranston-Gonzalez National Af-
fordable Housing Act (42 U.S.C. 12746) is amended— 
(1) in paragraph (3)(A)— 
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(A) by striking ‘‘(A) Except as provided in 
paragraph (10), a jurisdiction’’ and inserting 
the following: 
‘‘(A) ELIGIBILITY THRESHOLD.— 
‘‘(i) IN
GENERAL.—Except as pro-
vided in subparagraph (B), a jurisdiction’’; 
and 
(B) by striking ‘‘or if the Secretary finds 
that’’ and all that follows through the end of 
clause (ii) and inserting the following: ‘‘subject 
to clause (ii). 
‘‘(ii) INFLATION ADJUSTMENT TO ELI-
GIBILITY
THRESHOLD.—For each fiscal 
year after fiscal year 2025, the Secretary 
shall adjust the threshold amount in clause 
(i) for inflation.’’; 
(2) in paragraph (6)— 
(A) in the matter preceding subparagraph 
(A), by inserting ‘‘this title, including the re-
quirements in’’ after ‘‘the requirements of’’; 
and 
(B) by striking ‘‘meet the requirements’’ 
each place that term appears and inserting 
‘‘meet or comply with the requirements’’; and 
(3) by striking paragraph (10). 
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SEC. 104. MODIFICATION OF JURISDICTIONS ELIGIBLE FOR 
REALLOCATIONS. 
Section 217(d) of the Cranston-Gonzalez National 
Affordable Housing Act (42 U.S.C. 12747(d)) is amend-
ed— 
(1) in paragraph (1), by striking the second 
sentence and inserting the following: ‘‘Subject to 
paragraph (3)(A), jurisdictions eligible for such re-
allocations shall include participating jurisdictions 
and jurisdictions meeting the requirements of this 
title, including the requirements in paragraphs (3), 
(4), and (5) of section 216.’’; and 
(2) in paragraph (3), by striking ‘‘LIMITA-
TION.—Unless otherwise specified’’ and inserting the 
following: ‘‘LIMITATIONS.— 
‘‘(A) REMOVAL OF PARTICIPATING JURIS-
DICTIONS
FROM
REALLOCATION.—The Sec-
retary may remove a participating jurisdiction 
that fails to meet or comply with the require-
ments of this title from participation in re-
allocations of funds made available under this 
title. 
‘‘(B) REALLOCATION
TO
SAME
TYPE
OF 
ENTITY.—Unless otherwise specified’’. 
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TITLE II—REFORMS RELATING 
TO HOME INVESTMENT PART-
NERSHIPS PROGRAM ADMIN-
ISTRATION AND RULES 
SEC. 201. AMENDMENTS TO QUALIFICATION AS AFFORD-
ABLE HOUSING. 
Section 215 of the Cranston-Gonzalez National Af-
fordable Housing Act (42 U.S.C. 12745) is amended— 
(1) in subsection (a)— 
(A) in paragraph (1)(E), by striking all 
that follows ‘‘purposes of this Act,’’ and insert-
ing the following: ‘‘except— 
‘‘(i) upon a foreclosure by a lender (or 
upon other transfer in lieu of foreclosure) 
if such action— 
‘‘(I) recognizes any contractual 
or legal rights of public agencies, non-
profit sponsors, or others to take ac-
tions that would avoid termination of 
low-income affordability in the case of 
foreclosure or transfer in lieu of fore-
closure; and 
‘‘(II) is not for the purpose of 
avoiding low-income affordability re-
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strictions, as determined by the Sec-
retary; or 
‘‘(ii) where existing affordable housing 
is no longer financially viable due to un-
foreseen acts or occurrences beyond the 
reasonable contemplation or control of the 
participating jurisdiction or owner that sig-
nificantly impact the financial or physical 
condition of the housing, as determined by 
the Secretary; and’’; and 
(B) by adding at the end the following: 
‘‘(7) SMALL-SCALE HOUSING.— 
‘‘(A) DEFINITION.—In this paragraph, the 
term ‘small-scale housing’ means housing with 
not more than 4 rental units. 
‘‘(B) 
ALTERNATIVE
REQUIREMENTS.— 
Small-scale housing shall qualify as affordable 
housing under this title if— 
‘‘(i) the housing bears rents that com-
ply with paragraph (1)(A); 
‘‘(ii) each unit is occupied by a house-
hold that qualifies as a low-income family; 
‘‘(iii) the housing is not refused for 
leasing to a holder of a voucher under sec-
tion 8 of the United States Housing Act of 
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1937 (42 U.S.C. 1437f) because of the 
status of the prospective tenant as a holder 
of such voucher; 
‘‘(iv) the housing meets the require-
ments under paragraph (1)(E); and 
‘‘(v) the participating jurisdiction 
monitors ongoing compliance of the hous-
ing with requirements of this title in a 
manner consistent with the purposes of 
section 226(b), as determined by the Sec-
retary.’’; and 
(2) in subsection (b)(1), by striking ‘‘95 per-
cent’’ and inserting ‘‘110 percent or a percentage es-
tablished by the Secretary through notice, whichever 
is greater,’’. 
SEC. 202. ELIMINATION OF COMMITMENT DEADLINE. 
(a) IN GENERAL.—Section 218 of the Cranston-Gon-
zalez National Affordable Housing Act (42 U.S.C. 12748) 
is amended— 
(1) by striking subsection (g); and 
(2) by redesignating subsection (h) as sub-
section (g). 
(b) CONFORMING AMENDMENT.—Section 218(c) of 
the Cranston-Gonzalez National Affordable Housing Act 
(42 U.S.C. 12748(c)) is amended— 
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(1) in paragraph (1), by adding ‘‘and’’ at the 
end; 
(2) by striking paragraph (2); 
(3) by redesignating paragraph (3) as para-
graph (2); and 
(4) in paragraph (2), as so redesignated, by 
striking ‘‘section 224’’ and inserting ‘‘section 223’’. 
SEC. 203. REFORM OF HOMEOWNERSHIP RESALE RESTRIC-
TIONS. 
Section 215 of the Cranston-Gonzalez National Af-
fordable Housing Act (42 U.S.C. 12745), as amended by 
section 201, is amended— 
(1) in subsection (b)— 
(A) in paragraph (2), by redesignating 
subparagraphs (A), (B), and (C) as clauses (i), 
(ii), and (iii), respectively, and adjusting the 
margins accordingly; 
(B) by striking paragraph (3); 
(C) by redesignating paragraphs (1), (2), 
and (4) as subparagraphs (A), (B), and (D), re-
spectively, and adjusting the margins accord-
ingly; 
(D) by inserting after subparagraph (B), 
as so redesignated, the following: 
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‘‘(C) is subject to restrictions that are es-
tablished by the participating jurisdiction and 
determined by the Secretary to be appropriate, 
including with respect to the useful life of the 
property, to— 
‘‘(i) require that any subsequent pur-
chase of the property be— 
‘‘(I) only by a person who meets 
the qualifications specified under sub-
paragraph (B); and 
‘‘(II) at a price that is deter-
mined by a formula or method estab-
lished by the participating jurisdiction 
that provides the owner with a reason-
able return on investment, which may 
include a percentage of the cost of 
any improvements; or 
‘‘(ii) recapture the investment pro-
vided under this title in order to assist 
other persons in accordance with the re-
quirements of this title, except where there 
are no net proceeds or where the net pro-
ceeds are insufficient to repay the full 
amount of the assistance; and’’; 
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(E) by striking ‘‘Housing that is for home-
ownership’’ and inserting the following: 
‘‘(1) QUALIFICATION.—Housing that is for 
homeownership’’; and 
(F) by adding at the end the following: 
‘‘(2) 
PURCHASE
BY
COMMUNITY
LAND 
TRUST.—Notwithstanding subparagraph (C)(i) of 
paragraph (1) and under terms determined by the 
Secretary, the Secretary may permit a participating 
jurisdiction to allow a community land trust that 
used assistance provided under this subtitle for the 
development of housing that meets the criteria under 
paragraph (1), to acquire the housing— 
‘‘(A) in accordance with the terms of the 
preemptive purchase option, lease, covenant on 
the land, or other similar legal instrument of 
the community land trust when the terms and 
rights in the preemptive purchase option, lease, 
covenant, or legal instrument are and remain 
subject to the requirements of this title; 
‘‘(B) when the purchase is for— 
‘‘(i) the purpose of— 
‘‘(I) entering into the chain of 
title; 
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‘‘(II) enabling a purchase by a 
person who meets the qualifications 
specified under paragraph (1)(B) and 
is on a waitlist maintained by the 
community land trust, subject to en-
forcement by the participating juris-
diction of all applicable requirements 
of this subtitle, as determined by the 
Secretary; 
‘‘(III) performing necessary reha-
bilitation and improvements; or 
‘‘(IV) adding a subsidy to pre-
serve affordability, which may be from 
Federal or non-Federal sources; or 
‘‘(ii) another purpose determined ap-
propriate by the Secretary; and 
‘‘(C) if, within a reasonable period of time 
after the applicable purpose under subpara-
graph (B) of this paragraph is fulfilled, as de-
termined by the Secretary, the housing is then 
sold to a person who meets the qualifications 
specified under paragraph (1)(B). 
‘‘(3) SUSPENSION
OR
WAIVER
OF
REQUIRE-
MENTS FOR MILITARY MEMBERS.—A participating 
jurisdiction, in accordance with terms established by 
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the Secretary, may suspend or waive a requirement 
under paragraph (1)(B) with respect to housing that 
otherwise meets the criteria under paragraph (1) if 
the owner of the housing— 
‘‘(A) is a member of a regular component 
of the armed forces or a member of the Na-
tional Guard on full-time National Guard duty, 
active Guard and Reserve duty, or inactive-duty 
training (as those terms are defined in section 
101(d) of title 10, United States Code); and 
‘‘(B) has received— 
‘‘(i) temporary duty orders to deploy 
with a military unit or military orders to 
deploy as an individual acting in support of 
a military operation, to a location that is 
not within a reasonable distance from the 
housing, as determined by the Secretary, 
for a period of not less than 90 days; or 
‘‘(ii) orders for a permanent change of 
station. 
‘‘(4) SUSPENSION
OR
WAIVER
OF
REQUIRE-
MENTS FOR HEIR OR BENEFICIARY OF DECEASED 
OWNER.—Notwithstanding subparagraph (C) of 
paragraph (1), housing that meets the criteria under 
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that paragraph prior to the death of an owner may 
continue to qualify as affordable housing if— 
‘‘(A) the housing is the principal residence 
of an heir or beneficiary of the deceased owner, 
as defined by the Secretary; and 
‘‘(B) the heir or beneficiary, in accordance 
with terms established by the Secretary, as-
sumes the duties and obligations of the de-
ceased owner with respect to funds provided 
under this title.’’. 
SEC. 204. HOME PROPERTY INSPECTIONS. 
Section 226(b) of the Cranston-Gonzalez National 
Affordable Housing Act (42 U.S.C. 12756(b)) is amend-
ed— 
(1) by striking ‘‘Each participating jurisdic-
tion’’ and inserting the following: 
‘‘(1) IN GENERAL.—Each participating jurisdic-
tion’’; and 
(2) by striking ‘‘Such review shall include’’ and 
all that follows and inserting the following: 
‘‘(2) ON-SITE INSPECTIONS.— 
‘‘(A) INSPECTIONS BY UNITS OF GENERAL 
LOCAL
GOVERNMENT.—A review conducted 
under paragraph (1) by a participating jurisdic-
tion that is a unit of general local government 
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shall include an on-site inspection to determine 
compliance with housing codes and other appli-
cable regulations. 
‘‘(B) INSPECTIONS BY STATES.—A review 
conducted under paragraph (1) by a partici-
pating jurisdiction that is a State shall include 
an on-site inspection to determine compliance 
with a national standard as determined by the 
Secretary. 
‘‘(3) INCLUSION IN PERFORMANCE REPORT AND 
PUBLICATION.—A participating jurisdiction shall in-
clude in the performance report of the participating 
jurisdiction submitted to the Secretary under section 
108(a), and make available to the public, the results 
of each review conducted under paragraph (1).’’. 
SEC. 205. REVISIONS TO STRENGTHEN ENFORCEMENT AND 
PENALTIES FOR NONCOMPLIANCE. 
Section 223 of the Cranston-Gonzalez National Af-
fordable Housing Act (42 U.S.C. 12753) is amended— 
(1) in the heading, by striking ‘‘PENALTIES 
FOR
MISUSE
OF
FUNDS’’ and inserting ‘‘PRO-
GRAM
ENFORCEMENT
AND
PENALTIES
FOR 
NONCOMPLIANCE’’; 
(2) in the matter preceding paragraph (1), by 
inserting after ‘‘any provision of this subtitle’’ the 
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following: ‘‘, including any provision applicable 
throughout 
the 
period 
required 
by 
section 
215(a)(1)(E) and applicable regulations,’’; 
(3) in paragraph (2), by striking ‘‘or’’ at the 
end; 
(4) in paragraph (3), by striking the period at 
the end and inserting ‘‘; or’’; and 
(5) by adding at the end the following: 
‘‘(4) reduce payments to the participating juris-
diction under this subtitle by an amount equal to the 
amount of such payments which were not expended 
in accordance with this title.’’. 
SEC. 206. TENANT AND PARTICIPANT PROTECTIONS FOR 
SMALL-SCALE AFFORDABLE HOUSING. 
Section 225 of the Cranston-Gonzalez National Af-
fordable Housing Act (42 U.S.C. 12755) is amended by 
adding at the end the following: 
‘‘(e) TENANT SELECTION FOR SMALL-SCALE HOUS-
ING.—Paragraphs (2) through (4) of subsection (d) shall 
not apply to the owner of small-scale housing (as defined 
in section 215(a)).’’. 
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SEC. 207. ESTABLISHMENT OF HOME LOAN GUARANTEE 
PROGRAM. 
Subtitle A of title II of the Cranston-Gonzalez Na-
tional Affordable Housing Act (42 U.S.C. 12741 et seq.) 
is amended by adding at the end the following: 
‘‘SEC. 227. GUARANTEE AND COMMITMENT TO GUARANTEE 
LOANS FOR ACQUISITION OF PROPERTY. 
‘‘(a) AUTHORITY.— 
‘‘(1) IN GENERAL.—The Secretary may, under 
such terms and conditions as the Secretary may pre-
scribe, guarantee and make commitments to guar-
antee, only to such extent or in such amounts as 
provided in appropriation Acts, the notes or obliga-
tions issued by participating jurisdictions for the 
purposes of financing the development or preserva-
tion of affordable rental and homeownership housing 
through the acquisition, new construction, recon-
struction, or moderate or substantial rehabilitation 
of affordable housing. 
‘‘(2) ELIGIBLE EXPENSES.—When in support 
of the activities described in paragraph (1), the ex-
penses for which the Secretary may guarantee and 
make commitments to guarantee notes or obligations 
under that paragraph include real property acquisi-
tion, site improvement, conversion, demolition, and 
other expenses, including financing costs and reloca-
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tion expenses of any displaced person, family, or 
business. 
‘‘(b) LIMITATIONS AND REQUIREMENTS.— 
‘‘(1) ELIGIBILITY.—A guarantee under this sec-
tion may be used to assist a participating jurisdic-
tion in obtaining financing only if the participating 
jurisdiction— 
‘‘(A) has made efforts to obtain such fi-
nancing without the use of the guarantee, as 
determined by the Secretary; and 
‘‘(B) cannot complete such financing con-
sistent with the timely execution of the project 
plans without the guarantee, as determined by 
the Secretary. 
‘‘(2) FORM, DENOMINATIONS, MATURITIES, AND 
CONDITIONS.—Notes or other obligations guaranteed 
under this section shall be in such form and denomi-
nations, have such maturities, and be subject to such 
conditions as may be prescribed by regulations 
issued by the Secretary. 
‘‘(3) REPAYMENT PERIOD.—The Secretary may 
not deny a guarantee under this section on the basis 
of the proposed repayment period for the note or 
other obligation unless— 
‘‘(A) the period is more than 20 years; or 
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‘‘(B) the Secretary determines that the pe-
riod causes the guarantee to constitute an unac-
ceptable financial risk. 
‘‘(4) AGGREGATE
PRINCIPAL
AMOUNT.—Not-
withstanding any other provision of law and subject 
only to the absence of qualified applicants or pro-
posed activities and to the authority provided in this 
section, to the extent approved or provided in appro-
priation Acts, the Secretary shall enter into commit-
ments to guarantee notes and obligations under this 
section with an aggregate principal amount of not 
more than— 
‘‘(A) $2,000,000,000 for fiscal year 2025; 
and 
‘‘(B) for each subsequent fiscal year, an 
amount that is increased for inflation as deter-
mined by the Secretary. 
‘‘(c) PREREQUISITES.—The Secretary may not make 
a guarantee or commitment to guarantee with respect to 
any note or other obligation if— 
‘‘(1) the total outstanding notes or obligations 
of the issuer guaranteed under this section would 
thereby exceed an amount equal to 5 times the most 
recent allocation for the issuer under this title; or 
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‘‘(2) the Secretary determines that the guar-
antee constitutes an unacceptable risk. 
‘‘(d) PAYMENT
OF
PRINCIPAL, INTEREST, AND 
COSTS.—Notwithstanding any other provision of this Act, 
a participating jurisdiction allocated funds under this Act 
may use the funds (including program income derived 
therefrom) for the payment of principal and interest due 
(including such servicing, underwriting, or other costs as 
may be specified in regulations of the Secretary), and any 
associated fee to be paid in accordance with subsection (j), 
on a note or other obligation guaranteed under this sec-
tion. 
‘‘(e) REPAYMENT CONTRACT; SECURITY; PLEDGE BY 
PARTICIPATING JURISDICTION.—To assure the repayment 
of a note or other obligation guaranteed under this section 
and related charges incurred under this section, and as 
a condition of receiving such a guarantee, the Secretary 
shall require the issuer of the note or other obligation to— 
‘‘(1) enter into a contract, in a form acceptable 
to the Secretary, for repayment of the note or other 
obligation; 
‘‘(2) pledge as security the proceeds of any 
grant for which the issuer may become eligible under 
this Act; and 
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‘‘(3) furnish, at the discretion of the Secretary, 
such other security as may be determined appro-
priate by the Secretary in making the guarantee, in-
cluding increments in local tax receipts generated by 
the activities assisted under this Act or proceeds 
from the sale of land or rehabilitated property. 
‘‘(f) PLEDGED GRANTS
FOR REPAYMENTS.—The 
Secretary may, notwithstanding any other provision of this 
Act, apply the proceeds of a grant pledged by a partici-
pating jurisdiction under subsection (e)(2) to any repay-
ment due the United States as a result of the guarantee 
under this section of a note or other obligation issued by 
the participating jurisdiction. 
‘‘(g) FULL FAITH AND CREDIT OF UNITED STATES; 
CONCLUSIVENESS AND VALIDITY OF GUARANTEE.— 
‘‘(1) FULL
FAITH
AND
CREDIT
OF
UNITED 
STATES
PLEDGED
FOR
PAYMENT.—The full faith 
and credit of the United States is pledged to the 
payment of a note or other obligation guaranteed 
under this section. 
‘‘(2) CONCLUSIVENESS AND VALIDITY OF GUAR-
ANTEE.— 
‘‘(A) 
CONCLUSIVENESS.—A 
guarantee 
made by the Secretary under this section shall 
be conclusive evidence of the eligibility of the 
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obligation for the guarantee with respect to 
principal and interest. 
‘‘(B) VALIDITY.—The validity of a guar-
antee made by the Secretary under this section 
shall be incontestable in the hands of a holder 
of the guaranteed obligation. 
‘‘(3) LIMITATION
ON
PERCENTAGE.—A guar-
antee made under this section shall guarantee repay-
ment of 100 percent of the unpaid principal and in-
terest due on the notes or other obligations guaran-
teed. 
‘‘(h) LIMIT ON OUTSTANDING OBLIGATIONS; MONI-
TORING USE OF GUARANTEES.— 
‘‘(1) LIMIT ON OUTSTANDING OBLIGATIONS.— 
The total amount of outstanding obligations guaran-
teed on a cumulative basis by the Secretary under 
this section may not at any time exceed the greater 
of— 
‘‘(A) $4,500,000,000; or 
‘‘(B) such higher amount as may be au-
thorized to be appropriated to carry out this 
section for a fiscal year. 
‘‘(2) MONITORING USE OF GUARANTEES.— 
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‘‘(A) IN
GENERAL.—The Secretary shall 
monitor the use of guarantees under this sec-
tion by participating jurisdictions. 
‘‘(B) ACTIONS
TO
ENSURE
SUFFICIENT 
AUTHORITY.—If the Secretary finds under sub-
paragraph (A) that 50 percent of the aggregate 
guarantee authority under paragraph (1) has 
been committed, the Secretary may— 
‘‘(i) provide that a unit of general 
local government that receives a grant 
under section 211 may not receive more 
than $35,000,000 in guarantees under this 
section; or 
‘‘(ii) submit to Congress a request for 
the enactment of legislation increasing the 
amount of the aggregate guarantee author-
ity. 
‘‘(i) PURCHASE OF GUARANTEED OBLIGATIONS BY 
FEDERAL FINANCING BANK.—The Federal Financing 
Bank may not purchase a note or other obligation guaran-
teed under this section. 
‘‘(j) IMPOSITION OF FEE OR CHARGE.—The Sec-
retary shall collect fees from borrowers to result in a credit 
subsidy cost of zero for guaranteeing notes or other obliga-
tions under this section. 
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‘‘(k) GUARANTEE
OF OBLIGATIONS BACKED
BY 
LOANS.— 
‘‘(1) AUTHORITY.—The Secretary may, upon 
such terms and conditions as the Secretary considers 
appropriate, guarantee the timely payment of the 
principal of and interest on such trust certificates or 
other obligations as may be— 
‘‘(A) offered by the Secretary or by any 
other offeror approved for purposes of this sub-
section by the Secretary; and 
‘‘(B) based on and backed by a trust or 
pool composed of notes or other obligations 
guaranteed or eligible for guarantee by the Sec-
retary under this section. 
‘‘(2) FULL FAITH AND CREDIT.—To the same 
extent as provided in subsection (g), the full faith 
and credit of the United States is pledged to the 
payment of all amounts that may be required to be 
paid under any guarantee made by the Secretary 
under this subsection. 
‘‘(3) SUBROGATION.—If the Secretary pays a 
claim under a guarantee made under this section, 
the Secretary shall be subrogated for all the rights 
of the holder of the guaranteed certificate or obliga-
tion with respect to the certificate or obligation. 
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‘‘(4) EFFECT OF OTHER LAWS.—No State or 
local law, and no Federal law, shall preclude or limit 
the exercise by the Secretary of— 
‘‘(A) the power to contract with respect to 
public offerings and other sales of notes, trust 
certificates, and other obligations guaranteed 
under this section upon such terms and condi-
tions as the Secretary determines appropriate; 
‘‘(B) the right to enforce any contract de-
scribed in subparagraph (A) by any means de-
termined appropriate by the Secretary; or 
‘‘(C) any ownership rights of the Sec-
retary, as applicable, in notes, certificates, or 
other obligations guaranteed under this section, 
or constituting the trust or pool against which 
trust certificates, or other obligations guaran-
teed under this section, are offered.’’. 
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TITLE III—REFORMS RELATING 
TO COMMUNITY HOUSING DE-
VELOPMENT 
ORGANIZATION 
AND NONPROFIT PARTICIPA-
TION 
SEC. 301. MODIFICATION OF RULES RELATED TO COMMU-
NITY HOUSING DEVELOPMENT ORGANIZA-
TIONS. 
(a) DEFINITIONS OF COMMUNITY HOUSING DEVEL-
OPMENT
ORGANIZATION
AND
COMMUNITY
LAND 
TRUST.— 
(1) IN GENERAL.—Section 104 of the Cran-
ston-Gonzalez National Affordable Housing Act (42 
U.S.C. 12704) is amended— 
(A) in paragraph (6)(B)— 
(i) by striking ‘‘significant’’; and 
(ii) by striking ‘‘and otherwise’’ and 
inserting ‘‘or as otherwise determined ac-
ceptable by the Secretary’’; and 
(B) by adding at the end the following: 
‘‘(26) The term ‘community land trust’ means 
a nonprofit entity or a State or local government or 
instrumentality thereof that— 
‘‘(A) is not sponsored by a for-profit orga-
nization; 
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‘‘(B) has as a primary purpose the provi-
sion and maintenance of housing that provides 
long-term affordability for low- and moderate- 
income persons; 
‘‘(C) provides housing described in sub-
paragraph (B) using a ground lease, deed cov-
enant, or other similar legally enforceable meas-
ure, as determined by the Secretary, that— 
‘‘(i) keeps the housing affordable to 
low- and moderate-income persons for not 
less than 30 years; and 
‘‘(ii) enables low- and moderate-in-
come persons to purchase the housing for 
homeownership; and 
‘‘(D) maintains preemptive purchase op-
tions to purchase the property so the housing 
remains affordable to low-and moderate-income 
persons.’’. 
(2) ELIMINATION OF EXISTING DEFINITION OF 
COMMUNITY
LAND
TRUST.—Section 233 of the 
Cranston-Gonzalez National Affordable Housing Act 
(42 U.S.C. 12773) is amended by striking sub-
section (f). 
(b) SET-ASIDE FOR COMMUNITY HOUSING DEVEL-
OPMENT ORGANIZATIONS.—Section 231 of the Cranston- 
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Gonzalez national Affordable Housing Act (42 U.S.C. 
12771) is amended— 
(1) in subsection (a), by striking ‘‘to be devel-
oped, sponsored, or owned by community housing 
development organizations’’ and inserting ‘‘when a 
community housing development organization mate-
rially participates in the ownership or development 
of such housing, as determined by the Secretary’’; 
(2) by striking subsection (b) and inserting the 
following: 
‘‘(b) RECAPTURE
AND REUSE.—If any funds re-
served under subsection (a) remain uninvested for a period 
of 24 months, then the Secretary shall make such funds 
available to the participating jurisdiction for any eligible 
activities under this title without regard to whether a com-
munity housing development organization materially par-
ticipates in the use of the funds.’’; and 
(3) by striking subsection (c). 
TITLE IV—TECHNICAL 
CORRECTIONS 
SEC. 401. TECHNICAL CORRECTIONS. 
The Cranston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 12701 et seq.) is amended— 
(1) in section 104 (42 U.S.C. 12704)— 
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(A) by redesignating paragraph (23) (re-
lating to the definition of the term ‘‘to dem-
onstrate to the Secretary’’) as paragraph (22); 
and 
(B) by redesignating paragraph (24) (re-
lating to the definition of the term ‘‘insular 
area’’, as added by section 2(2) of Public Law 
102–230) as paragraph (23); 
(2) in section 105(b) (42 U.S.C. 12705(b))— 
(A) in paragraph (7), by striking ‘‘Stewart 
B. McKinney Homeless Assistance Act’’ and in-
serting ‘‘McKinney-Vento Homeless Assistance 
Act’’; and 
(B) in paragraph (8), by striking ‘‘sub-
paragraphs’’ and inserting ‘‘paragraphs’’; 
(3) in section 106 (42 U.S.C. 12706), by strik-
ing ‘‘Stewart B. McKinney Homeless Assistance 
Act’’ and inserting ‘‘McKinney-Vento Homeless As-
sistance Act’’; 
(4) 
in 
section 
108(a)(1) 
(42 
U.S.C. 
12708(a)(1)), by striking ‘‘section 105(b)(15)’’ and 
inserting ‘‘section 105(b)(18)’’; 
(5) in section 212 (42 U.S.C. 12742)— 
(A) in subsection (a)— 
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(iii) by redesignating the remaining 
paragraph (3), as added by the matter 
under the heading ‘‘HOME
INVESTMENT 
PARTNERSHIPS PROGRAM’’ under the head-
ing ‘‘HOUSING PROGRAMS’’ in title II of 
the Departments of Veterans Affairs and 
Housing and Urban Development, and 
Independent Agencies Appropriations Act, 
1993 (Public Law 102–389; 106 Stat. 
1581), as paragraph (2); and 
(B) in subsection (b)— 
(i) in paragraph (1)— 
(I) in the first sentence of sub-
paragraph (A)— 
(aa) by striking ‘‘in regula-
tion’’ and inserting ‘‘, by regula-
tion,’’; and 
(bb) by striking ‘‘eligible ju-
risdiction’’ and inserting ‘‘eligible 
jurisdictions’’; and 
(II) in subparagraph (F)— 
(aa) in the first sentence— 
(AA) in clause (i), by 
striking ‘‘Subcommittee on 
Housing and Urban Affairs’’ 
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and 
inserting 
‘‘Sub-
committee 
on 
Housing, 
Transportation, and Com-
munity Development’’; and 
(BB) in clause (ii), by 
striking ‘‘Subcommittee on 
Housing 
and 
Community 
Development of the Com-
mittee on Banking, Finance 
and Urban Affairs’’ and in-
serting ‘‘Subcommittee on 
Housing and Insurance of 
the Committee on Financial 
Services’’; and 
(bb) in the second sentence, 
by striking ‘‘the Committee on 
Banking, Finance and Urban Af-
fairs of the House of Representa-
tives’’ and inserting ‘‘the Com-
mittee on Financial Services of 
the House of Representatives’’; 
(ii) in paragraph (2)(B), by striking 
‘‘$500,000’’ each place that term appears 
and inserting ‘‘$750,000’’; 
(iii) in paragraph (3)— 
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(I) by striking ‘‘$500,000’’ each 
place that term appears and inserting 
‘‘$750,000’’; and 
(II) by striking ‘‘, except as pro-
vided in paragraph (4)’’; and 
(iv) by striking paragraph (4); 
(8) in section 220(c) (42 U.S.C. 12750(c))— 
(A) in paragraph (3), by striking ‘‘Sec-
retary’’ and all that follows and inserting ‘‘Sec-
retary;’’; 
(B) in paragraph (4), by striking ‘‘under 
this title’’ and all that follows and inserting 
‘‘under this title;’’; and 
(C) by redesignating paragraphs (6), (7), 
and (8) as paragraphs (5), (6), and (7), respec-
tively; 
(9) 
in 
section 
225(d)(4)(B) 
(42 
U.S.C. 
12755(d)(4)(B)), by striking ‘‘for’’ the first place 
that term appears; and 
(10) in section 283 (42 U.S.C. 12833)— 
(A) in subsection (a), by striking ‘‘Bank-
ing, Finance and Urban Affairs’’ and inserting 
‘‘Financial Services’’; and 
(B) in subsection (b), by striking ‘‘General 
Accounting Office’’ each place that term ap-
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pears and inserting ‘‘Government Account-
ability Office’’. 
Æ 
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