Page:United States Statutes at Large Volume 122.djvu/2725

 12 2 STA T . 2 70 2 PUBLIC LA W 110 – 2 89—J UL Y3 0, 2008 housing go al’ ’an d all t hat f ollo w sth r ough ‘ ‘s ec tion 13 3 4 ’’ and inserting ‘‘housing goals esta b lished under this sub p art’’ and (2) in section 133 6 (a)(1) (12 U.S . C . 4 5 66(a)(1)) , b y stri k ing ‘‘sections 1332, 1333, and 1334,’’ and inserting ‘‘this subpart’’. (d) DEFIN I T I O N S . — Section 13 0 3of the F ederal H ousing E nter - prises Financial Safety and Soundness A ctof1 9 92 (12 U.S.C. 4502) isa m ended— (1) by striking paragraph (24), as so designated by section 1002 of this Act, and inserting the following

‘‘(24) V E RYL O W -IN C O M E.— ‘‘(A) I N G ENER A L.— T he term ‘ v ery low-income’ means— ‘‘(i) in the case of owner-occupied units, families having incomes not greater than 50 percent of the area median income; and ‘‘(ii) in the case of rental units, families having incomes not greater than 50 percent of the area median income, with ad j ustments for smaller and larger fami- lies, as determined by the Director. ‘‘( B ) RU LE OF CONSTRUCTION.—For purposes of section 133 8 and 1339, the term ‘very low-income’ means— ‘‘(i) in the case of owner-occupied units, income ine x cess of 30 percent but not greater than 50 percent of the area median income; and ‘‘(ii) in the case of rental units, income in excess of 30 percent but not greater than 50 percent of the area median income, with adjustments for smaller and larger families, as determined by the Director.’’; and (2) by adding at the end the following: ‘‘(26) CONFORMING MORTGAGE.—The term ‘conforming mort- gage’ means, with respect to an enterprise, a conventional mortgage having an original principal obligation that does not exceed the dollar amount limitation in effect at the time of such origination and applicable to such mortgage, under, as applicable— ‘‘(A) section 302(b)(2) of the Federal N ational M ortgage Association Charter Act; or ‘‘(B) section 305(a)(2) of the Federal Home L oan Mort- gage Corporation Act. ‘‘(2 7 )E X TREMELY LOW-INCOME.—The term ‘extremely low- income’ means— ‘‘(A) in the case of owner-occupied units, income not in excess of 30 percent of the area median income; and ‘‘(B) in the case of rental units, income not in excess of 30 percent of the area median income, with adjustments for smaller and larger families, as determined by the Director. ‘‘(28) LOW-INCOME AREA.—The term ‘low-income area’ means a census tract or block numbering area in which the median income does not exceed 80 percent of the median income for the area in which such census tract or block numbering area is located, and, for the purposes of section 1332(a)(1)(B), shall include families having incomes not greater than 100 percent of the area median income who reside in minority census tracts and shall include families having incomes not greater than 100 percent of the area median income who reside in designated disaster areas.

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