Page:United States Statutes at Large Volume 122.djvu/2727

 12 2 STA T . 2 704PUBLIC LA W 110 – 2 89—J UL Y3 0, 2008 (E)byred e signat ing s uch subsecti o n as subsection (b) ( 4 ) by inserting be f ore subsection (b) (as so redesignated by p aragraph ( 3 )(E) of this subsection) the fo l lo w ing new sub - section

‘(a) DUTY T OSERV E UND ER S ERVED MA R K ETS .— ‘‘( 1 ) DUTY.— T o increase the li q uidity of m ortgage in v est- ments and improve the distribution of investment capital avail- able for mortgage financing for underserved mar k ets , each enterprise shall provide leadership to the market in developing loan products and fle x ible underwriting guidelines to facilitate a secondary market for mortgages for very low-, low-, and moderate-income families with respect to the following under- served markets: ‘‘( A ) MANU F A C TURED H OUS I N G .—The enterprise shall develop loan products and flexible underwriting guidelines to facilitate a secondary market for mortgages on manufac- tured homes for very low-, low-, and moderate-income fami- lies. ‘‘( B ) AFFORDA BL E HOUSING P RESERVATION.—The enter- prise shall develop loan products and flexible underwriting guidelines to facilitate a secondary market to preserve housing affordable to very low-, low-, and moderate-income families, including housing pro j ects subsidi z ed under l ‘‘(i) the project-based and tenant-based rental assistance programs under section 8 of the United States H ousing Act of 1 9 3 7 ‘‘(ii) the program under section 2 3 6 of the N ational Housing Act; ‘‘(iii) the below-market interest rate mortgage pro- gram under section 221(d)(4) of the National Housing Act; ‘‘(iv) the supportive housing for the elderly pro- gram under section 2 0 2 of the Housing Act of 19 5 9; ‘‘(v) the supportive housing program for persons with disabilities under section 811 of the C ranston- G onzalez National Affordable Housing Act; ‘‘(vi) the programs under title IV of the Mc K inney- Vento Homeless Assistance Act (42 U.S.C. 11361 et seq.), but only permanent supportive housing projects subsidized under such programs; ‘‘(vii) the rural rental housing program under sec- tion 515 of the Housing Act of 1949; ‘‘(viii) the low-income housing tax credit under sec- tion 42 of the Internal R evenue Code of 1986; and ‘‘(ix) comparable state and local affordable housing programs. ‘‘(C) RURAL M ARKETS.—The enterprise shall develop loan products and flexible underwriting guidelines to facili- tate a secondary market for mortgages on housing for very low-, and low-, and moderate-income families in rural areas. ’ ’; and (5) by adding at the end the following new subsections: ‘‘(c) ADDITIONAL CATEGORIES.—The Director may submit rec- ommendations to the Committee on F inancial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate for the establishment of additional categories under subsection (a), provided that the Director makes Guidel i n e s.

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