12 USC 4562 - Single-family housing goals

U.S Code last checked for updates: May 05, 2024

§ 4562.

Single-family housing goals

(a)

In general

The Director shall, by regulation, establish annual goals for the purchase by each enterprise of the following types of mortgages for the following categories of families:

(1)

Purchase-money mortgages

A goal for purchase of conventional, conforming, single-family, purchase money mortgages financing owner-occupied housing for each of the following categories of families:

(A)

Low-income families.

(B)

Families that reside in low-income areas.

(C)

Very low-income families.

(2)

Refinancing mortgages

(b)

Goals as a percentage of total mortgage purchases

(c)

Single-family, owner-occupied rental housing units

(d)

Determination of compliance

(1)

In general

(2)

Purchase-money mortgage goals

(3)

Refinance goal

(e)

Annual targets

(1)

In general

(2)

Goals targets

(A)

Calculation

The Director shall calculate, for each of the types of families described in subsection (a), the percentage, for each of the three years that most recently precede such year and for which information under the Home Mortgage Disclosure Act of 1975 [12 U.S.C. 2801 et seq.] is publicly available—

(i)

of the number of conventional, conforming, single-family, owner-occupied purchase money mortgages originated in such year that serve such type of family, or

(ii)

the number of conventional, conforming, single-family, owner-occupied refinance mortgages originated in such year that serve low-income families,

as applicable, as determined by the Director using the information obtained and determined pursuant to paragraphs (4) and (5).

(B)

Establishment of goal targets

The Director shall, by regulation, establish targets for each of the goal categories, taking into consideration the calculations under subparagraph (A) and the following factors:

(i)

National housing needs.

(ii)

Economic, housing, and demographic conditions, including expected market developments.

(iii)

The performance and effort of the enterprises toward achieving the housing goals under this section in previous years.

(iv)

The ability of the enterprise to lead the industry in making mortgage credit available.

(v)

Such other reliable mortgage data as may be available.

(vi)

The size of the purchase money conventional mortgage market, or refinance conventional mortgage market, as applicable, serving each of the types of families described in subsection (a), relative to the size of the overall purchase money mortgage market or the overall refinance mortgage market, respectively.

(vii)

The need to maintain the sound financial condition of the enterprises.

(3)

Authority to adjust targets

(4)

HMDA information

(5)

Conforming mortgages

(f)

Notice of determination and enterprise comment

(1)

Notice

(2)

Comment period

(g)

Use of borrower income

(h)

Consideration of properties with rental units

(i)

Goals credit

(Pub. L. 102–550, title XIII, § 1332, as added Pub. L. 110–289, div. A, title I, § 1128(b), July 30, 2008, 122 Stat. 2697.)

cite as: 12 USC 4562