12 2 STA T . 2 70 1 PUBLIC LA W 110 – 2 89—J UL Y3 0 , 2008 ‘ ‘ (F)then ee d t omai ntain the s o u nd f inan c ia l condition of the ente rp rise . ‘‘( b ) UNITS FIN A N CEDBYHOU SIN G FINANCE A GENCY B ONDS. —T he D irector shall g i v e full credit to w ard the achievement of the multifamil y special affordable housing goal under this section (for purposes of section 13 3 6 ) to dwelling units in multifamily housing that otherwise q ualifies under such goal and that is financed by ta x- exempt or taxable bonds issued by a S tate or local housing finance agency , if such bonds, in whole or in part— ‘‘(1) are secured by a guarantee of the enterprise
or ‘‘( 2 ) are purchased by the enterprise, except that the Director may give less than full credit for purchases of invest- ment grade bonds, to the extent that such purchases do not provide a new mar k et or add liquidity to an existing market. ‘‘(c) M EASU R E M ENT O FP ERFORMANCE.—The Director shall mon- itor the performance of each enterprise in meeting the goals estab- lished under this section and shall evaluate such performance (for purposes of section 1336) based on whether the rent levels are affordable. A rent level shall be considered to be affordable for purposes of this subsection for low-income families if it does not exceed 3 0 percent of the maximum income level of such income category, with appropriate ad j ustments for unit si z e as measured by the number of bedrooms. ‘‘(d) DETERMINATION OF C OM PL IANCE.—The Director shall deter- mine, for each year that the housing goal under this section is in effect pursuant to section 1331(a), whether each enterprise has complied with such goal and the additional requirements under subsection (a)(2). ‘ ‘ SEC.13 3 4 . DI SC R E T I ONA R Y AD JU ST M ENT O FH OUSIN G GOA L S. ‘‘(a) AUT H ORITY.—An enterprise may petition the Director in writing at any time during a year to reduce the level of any goal or subgoal for such year established pursuant to this subpart. ‘‘(b) STANDARD FOR R EDUCTION.—The Director may reduce the level for a goal or subgoal pursuant to such a petition only if— ‘‘(1) market and economic conditions or the financial condi- tion of the enterprise require such action; or ‘‘(2) efforts to meet the goal or subgoal would result in the constraint of liquidity, over-investment in certain market segments, or other consequences contrary to the intent of this subpart, or section 301(3) of the Federal N ational Mortgage Association Charter Act (12 U.S.C. 1 7 16(3)) or section 301(b)(3) of the Federal Home L oan Mortgage Corporation Act (12 U.S.C. 1 45 1 note), as applicable. ‘‘(c) DETERMINATION.—The Director shall, promptly upon receipt of a petition regarding a reduction, seek public comment on the reduction for a period of 30 days. The Director shall make a deter- mination regarding any proposed reduction within 30 days after the expiration of such public comment period. The Director may extend such determination period for a single additional 15-day period, but only if the Director requests additional information from the enterprise. ’ ’. (c) CONFORMING AMENDMENTS.—The Housing and Community Development Act of 1 9 92 is amended l (1) in section 1335(a) (12 U.S.C. 4565(a)), in the matter preceding paragraph (1), by striking ‘‘low- and moderate-income Deadlin e .Pub li c c om men t . 12USC456 4.
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