to this Act to remedy the interest rate disparities 
identified. 
‘‘(3) PROTECTION
OF
IDENTITY.—In carrying 
out this subsection, the Director shall ensure that no 
information is made public that would reasonably 
allow identification, directly or indirectly, of an indi-
vidual borrower. 
‘‘(c) TIMING.—The Director shall establish an annual 
deadline by which the Director shall establish the annual 
housing goals under this subpart for each year, taking into 
consideration the need for the enterprises to reasonably and 
sufficiently plan their operations and activities in advance, 
including operations and activities necessary to meet such 
annual goals. 
‘‘SEC. 1332. SINGLE-FAMILY HOUSING GOALS. 
‘‘(a) IN GENERAL.—The Director shall establish an 
annual goal for the purchase by each enterprise of conven-
tional, conforming, single-family, owner-occupied, purchase 
money mortgages financing housing for each of the fol-
lowing categories of families: 
‘‘(1) Low-income families. 
‘‘(2) Families that reside in low-income areas. 
‘‘(3) Very low-income families. 
‘‘(b) DETERMINATION OF COMPLIANCE.—The Director 
shall determine, for each year that the housing goal under
this section is in effect pursuant to section 1331(a), whether 
each enterprise has complied with the single-family housing 
goal established under this section for such year. An enter-
prise shall be considered to be in compliance with such a 
goal for a year only if— 
‘‘(1) for each of the types of families described in 
subsection (a), the percentage of the number of con-
ventional, conforming, single-family, owner-occupied, 
purchase money mortgages purchased by each enter-
prise in such year that serve such families, meets or 
exceeds 
‘‘(2) the target for the year for such type of fam-
ily that is established under subsection (c). 
‘‘(c) ANNUAL TARGETS.— 
‘‘(1) IN GENERAL.—Except as provided in para-
graph (2), for each of the types of families described 
in subsection (a), the target under this subsection for 
a year shall be the average percentage, for the three 
years that most recently precede such year and for 
which information under the Home Mortgage Disclo-
sure Act of 1975 is publicly available, of the number 
of conventional, conforming, single-family, owner-oc-
cupied, purchase money mortgages originated in such 
year that serves such type of family, as determined by
100 
the Director using the information obtained and de-
termined pursuant to paragraphs (3) and (4). 
‘‘(2) AUTHORITY TO INCREASE TARGETS.— 
‘‘(A) IN GENERAL.—The Director may, for 
any year, establish by regulation, for any or all 
of the types of families described in subsection 
(a), percentage targets that are higher than the 
percentages for such year determined pursuant to 
paragraph (1), to reflect expected changes in 
market performance related to such information 
under the Home Mortgage Disclosure Act of 
1975. 
‘‘(B) FACTORS.—In establishing any targets 
pursuant to subparagraph (A), the Director shall 
consider the following factors: 
‘‘(i) National housing needs. 
‘‘(ii) Economic, housing, and demo-
graphic conditions. 
‘‘(iii) The performance and effort of the 
enterprises toward achieving the housing 
goals under this section in previous years. 
‘‘(iv) The size of the conventional mort-
gage market serving each of the types of 
families described in subsection (a) relative
101 
to the size of the overall conventional mort-
gage market. 
‘‘(v) The need to maintain the sound 
financial condition of the enterprises. 
‘‘(3) HMDA INFORMATION.—The Director shall 
annually obtain information submitted in compliance 
with the Home Mortgage Disclosure Act of 1975 re-
garding 
conventional, 
conforming, 
single-family, 
owner-occupied, 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. 
‘‘(d) NOTICE OF DETERMINATION AND ENTERPRISE 
COMMENT.— 
‘‘(1) NOTICE.—Within 30 days of making a de-
termination under subsection (b) regarding a compli-
ance of an enterprise for a year with the 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-
102 
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 (c). 
‘‘(2) COMMENT PERIOD.—The Director shall pro-
vide each enterprise an opportunity to comment on 
the determination during the 30-day period beginning 
upon receipt by the enterprise of the notice. 
‘‘(e) 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. 
‘‘SEC. 1333. MULTIFAMILY SPECIAL AFFORDABLE 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 very low-income families. 
‘‘(B) Mortgages that finance dwelling units 
assisted by the low-income housing tax credit 
under section 42 of the Internal Revenue Code of 
1986.
103 
‘‘(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, the Director shall con-
sider— 
‘‘(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; 
‘‘(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-
104 
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 full credit toward the 
achievement of the multifamily special affordable housing 
goal under this section (for purposes of section 1336) to 
dwelling units in multifamily housing that otherwise quali-
fies 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— 
‘‘(1) such bonds 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— 
‘‘(1) the income of the prospective or actual ten-
ants of the property, where such data are available; 
or