12 USC 4567 - Affordable housing allocations

U.S Code last checked for updates: Nov 22, 2024

§ 4567.

Affordable housing allocations

(a)

Set aside and allocation of amounts by enterprises

Subject to subsection (b), in each fiscal year—

(1)

the Federal Home Loan Mortgage Corporation shall—

(A)

set aside an amount equal to 4.2 basis points for each dollar of the unpaid principal balance of its total new business purchases; and

(B)

allocate or otherwise transfer—

(i)

65 percent of such amounts to the Secretary of Housing and Urban Development to fund the Housing Trust Fund established under section 4568 of this title; and

(ii)

35 percent of such amounts to fund the Capital Magnet Fund established pursuant to section 4569 of this title; and

(2)

the Federal National Mortgage Association shall—

(A)

set aside an amount equal to 4.2 basis points for each dollar of unpaid principal balance of its total new business purchases; and

(B)

allocate or otherwise transfer—

(i)

65 percent of such amounts to the Secretary of Housing and Urban Development to fund the Housing Trust Fund established under section 4568 of this title; and

(ii)

35 percent of such amounts to fund the Capital Magnet Fund established pursuant to section 4569 of this title.

(b)

Suspension of contributions

The Director shall temporarily suspend allocations under subsection (a) by an enterprise upon a finding by the Director that such allocations—

(1)

are contributing, or would contribute, to the financial instability of the enterprise;

(2)

are causing, or would cause, the enterprise to be classified as undercapitalized; or

(3)

are preventing, or would prevent, the enterprise from successfully completing a capital restoration plan under section 4622 of this title.

(c)

Prohibition of pass-through of cost of allocations

(d)

Enforcement of requirements on enterprise

(e)

Required amount for HOPE reserve fund

(f)

Limitation

(Pub. L. 102–550, title XIII, § 1337, as added Pub. L. 110–289, div. A, title I, § 1131(b), July 30, 2008, 122 Stat. 2711.)

cite as: 12 USC 4567