Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Problem:SECTION 1. SHORT TITLE.

This Act may be cited as the ''Protecting Habitat Homeownership
Act''.

SEC. 2. EXEMPTIONS.

(a) Truth in Lending Act.--The Truth in Lending Act (15 U.S.C. 1601
et seq.) is amended--
(1) in section 128(f) (15 U.S.C. 1638(f))--
(A) in paragraph (3)--
(i) by striking ''apply to any fixed rate''
and inserting the following: ''apply to--
''(A) any fixed rate'';
(ii) by striking the period and inserting
''; or''; and
(iii) by adding at the end the following:
''(B) any residential mortgage loan originated by a
non-profit low-income housing provider.''; and
(B) by adding at the end the following:
''(4) Non-profit low-income housing provider defined.--For
purposes of this subsection, the term 'non-profit low-income
housing provider' means an organization that--
''(A) is exempt from taxation pursuant to section
501(c)(3) of the Internal Revenue Code of 1986;
''(B) makes residential mortgage loans--
''(i) for the purpose of promoting or
facilitating homeownership for poor or low-
income, disabled, or other disadvantaged
persons or families; and
''(ii) sets interest rates on such loans
that--
''(I) are lower than the bank prime
loan rate, as determined under the
Federal Reserve Statistical Release of
selected interest rates (commonly
referred to as the H.15) by the Board
of Governors of the Federal Reserve
System, for the last day of the most
recent weekly release of such rates; or
''(II) are, after adjusting for
inflation, no-interest loans or loans
with interest rates significantly below
the interest rates for loans for
purchase of single-family housing
generally available in the market;
''(C) except as described under subparagraph (B),
does not engage in the business of a loan originator or
mortgage broker;
''(D) conducts its activities in a manner that
serves public or charitable purposes;
''(E) receives funding and revenue and charges fees
in a manner that does not incentivize the organization
or its employees to act other than in the best
interests of its clients;
''(F) compensates employees in a manner that does
not incentivize employees to act other than in the best
interests of its clients; and
''(G) meets such other requirements as the Bureau
determines appropriate.''.
(2) in section 129C(a) (15 U.S.C. 1639c(a)), by adding at
the end the following:
''(10) Exemption for non-profit low-income housing
providers.--This subsection shall not apply to a residential
mortgage loan made by a non-profit low-income housing provider
(as such term is defined under section 128(f)(4)).'';
(3) in section 129E (15 U.S.C. 1638e), by adding at the end
the following:
''(l) Exemption for Non-Profit Low-Income Housing Providers.--This
section shall not apply to a residential mortgage loan made by a non-
profit low-income housing provider (as such term is defined under
section 128(f)(4)), or any services provided with respect to such a
mortgage loan.''; and
(4) in section 129H (15 U.S.C. 1638h), by adding at the end
the following:
''(g) Exemption for Non-Profit Low-Income Housing Providers.--This
section shall not apply to a residential mortgage loan made by a non-
profit low-income housing provider (as such term is defined under
section 128(f)(4)).''.
(b) Real Estate Settlement Procedures Act of 1974.--Section 6(k) of
the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2605(k))
is amended by adding at the end the following:
''(3) Exemption for non-profit low-income housing
providers.--This subsection and subsections (l) and (m) shall
not apply to the servicing of a residential mortgage loan made
by a non-profit low-income housing provider (as such term is
defined under section 128(f)(4) of the Truth in Lending
Act).''.
Solution:
Protecting Habitat Homeownership Act - Amends the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974 to exempt residential mortgage loans originated by non-profit low-income housing providers from certain minimum loan standards as well as appraisal, servicing, and billing requirements. Defines "non-profit low-income housing provider" as a tax-exempt charitable organization that does not engage in the business of a loan originator or mortgage broker but does make residential mortgage loans: (1) to promote or facilitate homeownership for poor or low-income, disabled, or other disadvantaged persons or families; and (2) at interest rates lower than the bank prime loan rate; or (3) that are, after adjusting for inflation, no-interest loans or loans with interest rates significantly below the interest rates for loans for purchase of single-family housing generally available in the market. Prescribes additional requirements.