I 
111TH CONGRESS 
2D SESSION 
H. R. 5361 
To amend section 1333 of the Federal Housing Enterprises Financial Safety 
and Soundness Act of 1992 to ensure that multifamily housing mortgage 
purchases by Fannie Mae and Freddie Mac that are credited toward 
fulfillment of such enterprises multifamily special affordable housing goal 
increase or preserve the number of dwelling units affordable to low- 
income families. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 20, 2010 
Mrs. MALONEY (for herself, Mr. NADLER of New York, Ms. VELA´ZQUEZ, and 
Mr. MEEKS of New York) introduced the following bill; which was re-
ferred to the Committee on Financial Services 
A BILL 
To amend section 1333 of the Federal Housing Enterprises 
Financial Safety and Soundness Act of 1992 to ensure 
that multifamily housing mortgage purchases by Fannie 
Mae and Freddie Mac that are credited toward fulfill-
ment of such enterprises multifamily special affordable 
housing goal increase or preserve the number of dwelling 
units affordable to low-income families. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Responsible GSE Af-
fordable Housing Investment Act of 2010’’. 
SEC. 2. COMPLIANCE WITH MULTIFAMILY SPECIAL AF-
FORDABLE HOUSING GOAL. 
(a) IN GENERAL.—Subsection (d) of section 1333 of 
the Federal Housing Enterprises Financial Safety and 
Soundness Act of 1992 (12 U.S.C. 4563) is amended— 
(1) by striking the subsection designation and 
all that follows through ‘‘The Director’’ and insert-
ing the following: 
‘‘(d) DETERMINATION OF COMPLIANCE.— 
‘‘(1) IN GENERAL.—The Director’’; and 
(2) by adding at the end the following new 
paragraph: 
‘‘(2) REDUCTION OF CREDIT FOR CONVERSION 
TO NON-AFFORDABLE UNITS.—The Director shall, 
by regulation, establish standards for the multi-
family special affordable housing goal under this sec-
tion that proportionately reduce the number of units 
receiving credit for any mortgage purchase by an en-
terprise that facilitates the conversion of dwelling 
units that, at the time of such purchase, are avail-
able for rental at rates that are affordable to low- 
income families to dwelling units that would not be 
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affordable to low-income families. Such regulations 
shall consider and include the following factors: 
‘‘(A) LIMITATION
BASED
ON
PROJECT 
DEBT.—Credit shall not be provided toward the 
achievement of such goal for any mortgage pur-
chase for multifamily housing that involves an 
aggregate amount of project debt that is not 
reasonable, as determined in accordance with 
prudent underwriting standards established by 
the Director, in proportion to project income, as 
documented in accordance with the standards 
established under this subsection. 
‘‘(B) TREATMENT OF SECURITIES.—In the 
case of any purchase by an enterprise of a secu-
rity, or an interest in a security, that is backed 
by mortgages that finance units that would oth-
erwise qualify for credit toward the achievement 
of the multifamily special affordable housing 
goal if financed directly by the enterprise, if the 
Director determines that such purchase may be 
counted toward the achievement of the goal 
under this section, the Director shall require 
the enterprise to apply the same standard as 
set forth in subparagraph (A) with respect to 
mortgage purchases to the mortgages backing 
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such security to determine whether the units fi-
nanced by such mortgages are eligible for credit 
toward the achievement of the housing goal. 
‘‘(C) RENT
LEVELS.—In measuring the 
performance of each enterprise in meeting the 
goal established under this section, rent levels 
for units shall be calculated by using the great-
er of the rent levels at the time the loan is pur-
chased or the rent levels under the pro forma 
operating income statement on which the un-
derwriting for the loan was based. 
‘‘(D) CARRYOVER.—If the Director pro-
vides credit toward the achievement of the mul-
tifamily special affordable housing goal under 
this section, for any year, for any mortgage 
purchase by an enterprise, but determines at 
any time thereafter that, because of failure to 
comply with the standards established under 
subparagraphs (A) and (B), such purchase does 
not qualify for such credit or does not qualify 
for such credit to the extent previously pro-
vided, the Director shall increase the multi-
family special housing goal for such enterprise 
for the current or ensuing year otherwise appli-
cable to the extent of such nonqualification.’’. 
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(b) REGULATIONS.—The Director of the Federal 
Housing Finance Agency shall issue regulations required 
under paragraph (2) of section 1333(d) of the Federal 
Housing Enterprises Financial Safety and Soundness Act 
of 1992, as added by subsection (a) of this section, not 
later than the expiration of the 180-day period beginning 
upon the date of the enactment of this Act. 
Æ 
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