Page:United States Statutes at Large Volume 122.djvu/2723

 12 2 STA T . 2 70 0 PUBLIC LA W 110 – 2 89—J UL Y3 0, 2008 toward a chiev e m e n to f an y of the ho us in g goa l s esta b lished p ursu - ant to section 13 3 2 and 1333 .I nma k ing any such determination , the D irector shall consider whether a transaction or activity of an enterprise is substantially e q uivalent to a mortgage purchase and either ( 1 ) creates a new market, or (2) adds liquidity to an e x isting market. N o credit toward the achievement of the housing goals and subgoals established under this section may be given to the purchase of mortgages, including any transaction or activity of an enterprise determined to be substantially equivalent to a mortgage purchase, that is determined to be unacceptable or con- trary to good lending practices, inconsistent with safety and sound- ness, or unauthori z ed for purchase by the enterprises, pursuant to regulations issued by the Director. ‘ ‘ SEC.13 33. MULTIFA MIL Y S P ECIAL AFF ORD A B LE H OUSI NG GOAL. ‘ ‘(a) ESTABLI S HMEN T OFG OAL. — ‘‘(1) IN G ENE R AL.— T he Director shall, by regulation, estab- lish a single annual goal, by either unit or dollar volume, of purchases by each enterprise of mortgages on multifamily housing that finance dwelling units affordable to low-income families. ‘‘(2) AD DITIONAL RE QU IREMENTS FOR UNITS AFFORDABLE TO V ER Y LO W -IN C OME FAMILIES.— W hen establishing the goal under this section, the Director shall establish additional require- ments for the purchase by each enterprise of mortgages on multifamily housing that finance dwelling units affordable to very low-income families. ‘‘(3) R E P ORTING ON SMALLER PROPERTIES.—The Director shall require each enterprise to report on the purchase by each enterprise of multifamily housing of a smaller or limited size that is affordable to low-income families, which may be based on multifamily pro j ects of 5 to5 0 units (as such numbers may be adjusted by the Director) or on mortgages of up to $ 5,000,000 (as such amount may be adjusted by the Director), and may, by regulation, establish such aditional requirements related to such units. ‘‘( 4 ) F ACTORS.—In establishing the goal and additional requirements under this section, the Director shall not consider segments of the market determined to be inconsistent with safety and soundness or unauthorized for purchase by the enterprises, and shall take into consideration— ‘‘(A) national multifamily mortgage credit needs and the ability of the enterprise to provide additional liquidity and stability for the multifamily mortgage market ‘‘( B ) the performance and effort of the enterprise in making mortgage credit available for multifamily housing in previous years; ‘‘( C ) the size of the multifamily mortgage market for housing affordable to low-income and very low-income fami- lies, including the size of the multifamily markets for housing of a smaller or limited size; ‘‘(D) the ability of the enterprise to lead the market in making multifamily mortgage credit available, especially for multifamily housing described in paragraphs (1) and (2); ‘‘(E) the availability of public subsidies; and Regulations.12USC4563 .

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