Page:United States Statutes at Large Volume 103 Part 1.djvu/454

 103 STAT. 426 PUBLIC LAW 101-73 —AUG. 9, 1989 nonprofit organizations actively involved in providing or promoting low- and moderate-income housing in its district. The Advisory Council shall meet with representatives of the board of directors of the Bank quarterly to advise the Bank on low- and moderate-income housing programs and needs in the dis- trict and on the utilization of the advances for these purposes. Each Advisory Council established under this paragraph shall submit to the Board at least annually its analysis of the low- income housing activity of the Bank by which it is appointed. "(12) REPORTS TO CONGRESS.— "(A) The Board shall monitor and report annually to the Congress and the Advisory Council for each Bank the sup- port of low-income housing and community development by the Banks and the utilization of advances for these pur- poses. "(B) The analyses submitted by the Advisory Councils to the Board under paragraph (11) shall be included as part of -- the report required by this paragraph. "(C) The Comptroller General of the United States shall audit and evaluate the Affordable Housing Program estab- lished by this subsection after such program has been operating for 2 years. The Comptroller General shall report to Congress on the conclusions of the audit and recommend improvements or modifications to the program. "(13) DEFINITIONS.—For purposes of this subsection— "(A) Low- OR MODERATE-INCOME HOUSEHOLD. —The term ..t.. 'low- or moderate-income household' means any household which has an income of 80 percent or less of the area median. "(B) VERY LOW-INCOME HOUSEHOLD. — The term 'very low- income household' means any household that has an income of 50 percent or less of the area median. "(C) Low- OR MODERATE-INCOME NEIGHBORHOOD. — The term 'low- or moderate-income neighborhood' means any neighborhood in which 51 percent or more of the house- holds are low- or moderate-income households. "(D) AFFORDABLE FOR VERY-LOW INCOME HOUSEHOLDS.— For purposes of paragraph (2)(B) the term 'affordable for very-low income households' means that rents charged to tenants for units made available for occupancy by low- '-'• income families shall not exceed 30 percent of the adjusted income of a feimily whose income equals 50 percent of the income for the area (as determined by the Secretary of Housing and Urban Development) with adjustment for family size.". 12 USC 1437 SEC. 722. TRANSFERRED EMPLOYEES OF FEDERAL HOME LOAN BANKS note. AND JOINT OFFICES. (a) IN GENERAL.— Each employee of the Federal Home Loan Banks or joint offices of such Banks performing a function identified for transfer under section 403 of this Act, including employees who otherwise would be ineligible for employment by the United States because of their citizenship, shall be transferred for employment not later than 60 days after the date of the enactment of this Act. (b) NOTICE TO EMPLOYEES. —Transferring employees shall receive notice of their position assignments not later than 120 days after the effective date of their trgmsfer.

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