Page:United States Statutes at Large Volume 122.djvu/2728

 12 2 STA T . 2 705PUBLIC LA W 110 – 2 89—J UL Y3 0, 2008 aprelim i n ar yd e t erminati o nt h at any suc h cate g ory is important to the mission o f the enterprises , that the category is an under - ser v ed mar k et, and that the esta b lishment of such category is w arranted .‘ ‘ ( d )EVALU A TION AN DREP O R TIN G O FC O M PLIAN C E. — ‘‘( 1 ) I N GENERAL.— T he D irector shall, by regulation, estab- lish effective for 20 10 and thereafter a manner for evaluating whether, and the e x tent to which, the enterprises have complied with the duty under subsection (a) to serve underserved mar- kets and for rating the extent of such compliance. U sing such method, the Director shall, for 2010 and each year thereafter, evaluate such compliance and rate the performance of each enterprise as to extent of compliance. The Director shall include such evaluation and rating for each enterprise for a year in the report for that year submitted pursuant to section 1 3 1 9B (a). ‘‘(2) S EPARATE EVALUATION S .—In determining whether an enterprise has complied with the duty referred to in paragraph (1), the Director shall separately evaluate whether the enter- prise has complied with such duty with respect to each of the underserved markets identified in subsection (a), taking into consideration l ‘‘( A ) the development of loan products, more flexible underwriting guidelines, and other innovative approaches to providing financing to each of such underserved markets ‘‘(B) the extent of outreach to q ualified loan sellers and other market participants in each of such underserved markets; ‘‘(C) the volume of loans purchased in each of such underserved markets relative to the market opportunities available to the enterprise, except that the Director shall not establish specific quantitative targets nor evaluate the enterprises based solely on the volume of loans purchased; and ‘‘(D) the amount of investments and grants in pro j ects which assist in meeting the needs of such underserved markets. ‘‘(3) M ANUFACTURED H OUSING MAR K ET.—In determining whether an enterprise has complied with the duty under subparagraph (A) of subsection (a)(1), the Director may consider loans secured by both real and personal property. ‘‘( 4 ) P ROHI B ITION OF CONSIDERATION OF AFFORDABLE HOUSING FUND GRANTS FOR MEETING DUT Y TO SERVE.— In deter- mining whether an enterprise has complied with the duty referred to in paragraph (1), the Director may not consider any affordable housing fund grant amounts used under section 133 7 for eligible activities under subsection (g) of such section. ’ ’. (b) ENFORCEMENT.—Subsection (a) of section 133 6 of the H ousing and Community Development Act of 1992 (12 U.S.C. 4 5 66(a)) is amended— (1) in paragraph (1), by inserting ‘‘and with the duty under section 1335(a) of each enterprise with respect to underserved markets,’’ before ‘‘as provided in this section’’; and (2) by adding at the end of such subsection, as amended by the preceding provisions of this title, the following new paragraph

‘‘(4) ENFORCEMENT OF DUTY TO PROVIDE MORTGAGE CREDIT TO UNDERSERVED MARKETS.—The duty under section 1335(a) Regulations.

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