US Laws, Codes, Statutes & Cases

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[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC4565]

 
                       TITLE 12--BANKS AND BANKING
 
              CHAPTER 46--GOVERNMENT SPONSORED ENTERPRISES
 
         SUBCHAPTER I--SUPERVISION AND REGULATION OF ENTERPRISES
 
                     Part B--Authority of Secretary
 
                        subpart 2--housing goals
 
Sec. 4565. Other requirements


(a) In general

    To meet the low- and moderate-income housing goal under section 4562 
of this title, the special affordable housing goal under section 4563 of 
this title, and the central cities, rural areas, and other underserved 
areas housing goal under section 4564 of this title, each enterprise 
shall--
        (1) design programs and products that facilitate the use of 
    assistance provided by the Federal Government and State and local 
    governments;
        (2) develop relationships with nonprofit and for-profit 
    organizations that develop and finance housing and with State and 
    local governments, including housing finance agencies;
        (3) take affirmative steps to--
            (A) assist primary lenders to make housing credit available 
        in areas with concentrations of low-income and minority 
        families, and
            (B) assist insured depository institutions to meet their 
        obligations under the Community Reinvestment Act of 1977 [12 
        U.S.C. 2901 et seq.],

    which shall include developing appropriate and prudent underwriting 
    standards, business practices, repurchase requirements, pricing, 
    fees, and procedures;
        (4) develop the institutional capacity to help finance low- and 
    moderate-income housing, including housing for first-time 
    homebuyers; and
        (5) assist in maintaining the affordability of assisted units in 
    eligible multifamily housing projects with expiring contracts, as 
    defined under the Multifamily Assisted Housing Reform and 
    Affordability Act of 1997.

(b) Affordable housing goals

    Actions taken under subsection (a)(5) of this section shall 
constitute part of the contribution of each entity in meeting its 
affordable housing goals under sections 4562, 4563, and 4564 of this 
title for any fiscal year, as determined by the Secretary.

(Pub. L. 102-550, title XIII, Sec. 1335, Oct. 28, 1992, 106 Stat. 3961; 
Pub. L. 105-65, title V, Sec. 517(c), Oct. 27, 1997, 111 Stat. 1403.)

                       References in Text

    The Community Reinvestment Act of 1977, referred to in subsec. 
(a)(3)(B), is title VIII of Pub. L. 95-128, Oct. 12, 1977, 91 Stat. 
1147, as amended, which is classified generally to chapter 30 (Sec. 2901 
et seq.) of this title. For complete classification of this Act to the 
Code, see Short Title note set out under section 2901 of this title and 
Tables.
    The Multifamily Assisted Housing Reform and Affordability Act of 
1997, referred to in subsec. (a)(5), is title V of Pub. L. 105-65, Oct. 
27, 1997, 111 Stat. 1384. For complete classification of this Act to the 
Code, see Short Title of 1997 Amendment note set out under section 1701 
of this title and Tables.


                               Amendments

    1997--Subsec. (a). Pub. L. 105-65, Sec. 517(c)(3), designated 
existing provisions as subsec. (a) and inserted heading.
    Subsec. (a)(5). Pub. L. 105-65, Sec. 517(c)(1), (2), (4), added par. 
(5).
    Subsec. (b). Pub. L. 105-65, Sec. 517(c)(4), added subsec. (b).