12 2 STA T . 2 7 27 PUBLIC LA W 11 0– 2 89—J UL Y3 0 , 2008 Sta t em e n t so n Stan d a r ds f or Ac co u nt i n g and R e v ie w Serv - ices , issued by t h e American I nstitute of C ertified P ub l ic Accountants
and ‘ ‘ (D) re q uirements for a p rocess for application to, and selection by, the Secretary for activities to be funded with amounts from the Capital M agnet F und, which shall pro- vide that — ‘‘(i) funds be fairly distributed to urban, suburban, and rural areas; and ‘‘(ii) selection shall be based upon specific criteria, including a prioriti z ation of funding based upon— ‘‘(I) the ability to use such funds to generate additional investments; ‘‘(II) affordable housing need (ta k ing into account the distinct needs of different regions of the country); and ‘‘(III) ability to obligate amounts and under- take activities so funded in a timely manner .’ ’. SEC.1 1 32 . FINA NCIA L E DU CA T I O N AND COUNSELIN G . (a) GOALS .—Financial education and counseling under this sec- tion shall have the goal of— ( 1 ) increasing the financial knowledge and decision making capabilities of prospective homebuyers; ( 2 ) assisting prospective homebuyers to develop monthly budgets, build personal savings, finance or plan for ma j or pur- chases, reduce their debt, improve their financial stability, and set and reach their financial goals; ( 3 ) helping prospective homebuyers to improve their credit scores by understanding the relationship between their credit histories and their credit scores; and ( 4 ) educating prospective homebuyers about the options available to build savings for short- and long-term goals. (b) G R A NT S.— (1) IN GE NERAL.— T he Secretary of the Treasury (in this section referred to as the ‘‘Secretary’’) shall make grants to eligible organizations to enable such organizations to provide a range of financial education and counseling services to prospective homebuyers. (2) SELE C T I ON.—The Secretary shall select eligible organizations to receive assistance under this section based on their e x perience and ability to provide financial education and counseling services that result in documented positive behavioral changes. (c) E LIGI B LE O RGANI Z ATIONS.— (1) IN GENERAL.—For purposes of this section, the term ‘‘eligible organization’’ means an organization that is— (A) certified in accordance with section 1 06 (e)(1) of the H ousing and U rban Development Act of 1 9 6 8 (12 U.S.C. 1 7 01x(e)); or ( B ) certified by the Office of Financial Education of the Department of the Treasury for purposes of this section, in accordance with paragraph (2). (2) OFE CERTI F ICATION.—To be certified by the Office of Financial Education for purposes of this section, an eligible organization shall be— 12USC 1 70 1 xnote.
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