H.R. 2031

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2031 Introduced in House (IH)]

<DOC>

119th CONGRESS
1st Session
H. R. 2031

To reauthorize the HOME Investment Partnerships Program, and for other 
purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

March 11, 2025

Mrs. Beatty (for herself, Ms. Ansari, Ms. Brown, Ms. Brownley, Mr. 
Carbajal, Mr. Carson, Ms. Chu, Mr. Evans of Pennsylvania, Mr. Foster, 
Ms. Garcia of Texas, Mr. Gomez, Ms. Norton, Ms. Omar, Mrs. Sykes, Ms. 
Tlaib, Mr. Vargas, Ms. Velazquez, and Mrs. Watson Coleman) introduced 
the following bill; which was referred to the Committee on Financial 
Services

_______________________________________________________________________

A BILL

To reauthorize the HOME Investment Partnerships Program, and for other 
purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) Short Title.--This Act may be cited as the ``HOME Investment 
Partnerships Reauthorization and Improvement Act of 2025''.
(b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
TITLE I--REAUTHORIZATION OF AND REFORMS TO HOME INVESTMENT PARTNERSHIPS 
PROGRAM

Sec. 101. Reauthorization of Program.
Sec. 102. Increase in Program administration resources.
Sec. 103. Modifications of participating jurisdiction qualification 
threshold and process for reallocations.
Sec. 104. Modification of jurisdictions eligible for reallocations.
TITLE II--REFORMS RELATING TO HOME INVESTMENT PARTNERSHIPS PROGRAM 
ADMINISTRATION AND RULES

Sec. 201. Amendments to qualification as affordable housing.
Sec. 202. Elimination of commitment deadline.
Sec. 203. Reform of homeownership resale restrictions.
Sec. 204. Home property inspections.
Sec. 205. Revisions to strengthen enforcement and penalties for 
noncompliance.
Sec. 206. Tenant and participant protections for small-scale affordable 
housing.
Sec. 207. Establishment of home loan guarantee program.
TITLE III--REFORMS RELATING TO COMMUNITY HOUSING DEVELOPMENT 
ORGANIZATION AND NONPROFIT PARTICIPATION

Sec. 301. Modification of rules related to community housing 
development organizations.
TITLE IV--TECHNICAL CORRECTIONS

Sec. 401. Technical corrections.

TITLE I--REAUTHORIZATION OF AND REFORMS TO HOME INVESTMENT PARTNERSHIPS 
PROGRAM

SEC. 101. REAUTHORIZATION OF PROGRAM.

Section 205 of the Cranston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 12724) is amended to read as follows:

``SEC. 205. AUTHORIZATION OF APPROPRIATIONS.

``There are authorized to be appropriated to carry out this title--
``(1) $5,000,000,000 for fiscal year 2025;
``(2) $5,250,000,000 for fiscal year 2026;
``(3) $5,512,500,000 for fiscal year 2027;
``(4) $5,788,125,000 for fiscal year 2028; and
``(5) $6,077,531,250 for fiscal year 2029.''.

SEC. 102. INCREASE IN PROGRAM ADMINISTRATION RESOURCES.

Subtitle A of title II of the Cranston-Gonzalez National Affordable 
Housing Act (42 U.S.C. 12741 et seq.) is amended--
(1) in section 212(c) (42 U.S.C. 12742(c)), by striking 
``10 percent'' and inserting ``15 percent''; and
(2) in section 220(b) (42 U.S.C. 12750(b))--
(A) by striking ``Recognition.--'' and all that 
follows through ``A contribution'' and inserting the 
following: ``Recognition.--A contribution''; and
(B) by striking paragraph (2).

SEC. 103. MODIFICATIONS OF PARTICIPATING JURISDICTION QUALIFICATION 
THRESHOLD AND PROCESS FOR REALLOCATIONS.

Section 216 of the Cranston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 12746) is amended--
(1) in paragraph (3)(A)--
(A) by striking ``(A) Except as provided in 
paragraph (10), a jurisdiction'' and inserting the 
following:
``(A) Eligibility threshold.--
``(i) In general.--Except as provided in 
subparagraph (B), a jurisdiction''; and
(B) by striking ``or if the Secretary finds that'' 
and all that follows through the end of clause (ii) and 
inserting the following: ``subject to clause (ii).
``(ii) Inflation adjustment to eligibility 
threshold.--For each fiscal year after fiscal 
year 2025, the Secretary shall adjust the 
threshold amount in clause (i) for 
inflation.'';
(2) in paragraph (6)--
(A) in the matter preceding subparagraph (A), by 
inserting ``this title, including the requirements in'' 
after ``the requirements of''; and
(B) by striking ``meet the requirements'' each 
place that term appears and inserting ``meet or comply 
with the requirements''; and
(3) by striking paragraph (10).

SEC. 104. MODIFICATION OF JURISDICTIONS ELIGIBLE FOR REALLOCATIONS.

Section 217(d) of the Cranston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 12747(d)) is amended--
(1) in paragraph (1), by striking the second sentence and 
inserting the following: ``Subject to paragraph (3)(A), 
jurisdictions eligible for such reallocations shall include 
participating jurisdictions and jurisdictions meeting the 
requirements of this title, including the requirements in 
paragraphs (3), (4), and (5) of section 216.''; and
(2) in paragraph (3), by striking ``Limitation.--Unless 
otherwise specified'' and inserting the following: 
``Limitations.--
``(A) Removal of participating jurisdictions from 
reallocation.--The Secretary may remove a participating 
jurisdiction that fails to meet or comply with the 
requirements of this title from participation in 
reallocations of funds made available under this title.
``(B) Reallocation to same type of entity.--Unless 
otherwise specified''.

TITLE II--REFORMS RELATING TO HOME INVESTMENT PARTNERSHIPS PROGRAM 
ADMINISTRATION AND RULES

SEC. 201. AMENDMENTS TO QUALIFICATION AS AFFORDABLE HOUSING.

Section 215 of the Cranston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 12745) is amended--
(1) in subsection (a)--
(A) in paragraph (1)(E), by striking all that 
follows ``purposes of this Act,'' and inserting the 
following: ``except--
``(i) upon a foreclosure by a lender (or 
upon other transfer in lieu of foreclosure) if 
such action--
``(I) recognizes any contractual or 
legal rights of public agencies, 
nonprofit sponsors, or others to take 
actions that would avoid termination of 
low-income affordability in the case of 
foreclosure or transfer in lieu of 
foreclosure; and
``(II) is not for the purpose of 
avoiding low-income affordability 
restrictions, as determined by the 
Secretary; or
``(ii) where existing affordable housing is 
no longer financially viable due to unforeseen 
acts or occurrences beyond the reasonable 
contemplation or control of the participating 
jurisdiction or owner that significantly impact 
the financial or physical condition of the 
housing, as determined by the Secretary; and''; 
and
(B) by adding at the end the following:
``(7) Small-scale housing.--
``(A) Definition.--In this paragraph, the term 
`small-scale housing' means housing with not more than 
4 rental units.
``(B) Alternative requirements.--Small-scale 
housing shall qualify as affordable housing under this 
title if--
``(i) the housing bears rents that comply 
with paragraph (1)(A);
``(ii) each unit is occupied by a household 
that qualifies as a low-income family;
``(iii) the housing is not refused for 
leasing to a holder of a voucher under section 
8 of the United States Housing Act of 1937 (42 
U.S.C. 1437f) because of the status of the 
prospective tenant as a holder of such voucher;
``(iv) the housing meets the requirements 
under paragraph (1)(E); and
``(v) the participating jurisdiction 
monitors ongoing compliance of the housing with 
requirements of this title in a manner 
consistent with the purposes of section 226(b), 
as determined by the Secretary.''; and
(2) in subsection (b)(1), by striking ``95 percent'' and 
inserting ``110 percent or a percentage established by the 
Secretary through notice, whichever is greater,''.

SEC. 202. ELIMINATION OF COMMITMENT DEADLINE.

(a) In General.--Section 218 of the Cranston-Gonzalez National 
Affordable Housing Act (42 U.S.C. 12748) is amended--
(1) by striking subsection (g); and
(2) by redesignating subsection (h) as subsection (g).
(b) Conforming Amendment.--Section 218(c) of the Cranston-Gonzalez 
National Affordable Housing Act (42 U.S.C. 12748(c)) is amended--
(1) in paragraph (1), by adding ``and'' at the end;
(2) by striking paragraph (2);
(3) by redesignating paragraph (3) as paragraph (2); and
(4) in paragraph (2), as so redesignated, by striking 
``section 224'' and inserting ``section 223''.

SEC. 203. REFORM OF HOMEOWNERSHIP RESALE RESTRICTIONS.

Section 215 of the Cranston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 12745), as amended by section 201, is amended--
(1) in subsection (b)--
(A) in paragraph (2), by redesignating 
subparagraphs (A), (B), and (C) as clauses (i), (ii), 
and (iii), respectively, and adjusting the margins 
accordingly;
(B) by striking paragraph (3);
(C) by redesignating paragraphs (1), (2), and (4) 
as subparagraphs (A), (B), and (D), respectively, and 
adjusting the margins accordingly;
(D) by inserting after subparagraph (B), as so 
redesignated, the following:
``(C) is subject to restrictions that are 
established by the participating jurisdiction and 
determined by the Secretary to be appropriate, 
including with respect to the useful life of the 
property, to--
``(i) require that any subsequent purchase 
of the property be--
``(I) only by a person who meets 
the qualifications specified under 
subparagraph (B); and
``(II) at a price that is 
determined by a formula or method 
established by the participating 
jurisdiction that provides the owner 
with a reasonable return on investment, 
which may include a percentage of the 
cost of any improvements; or
``(ii) recapture the investment provided 
under this title in order to assist other 
persons in accordance with the requirements of 
this title, except where there are no net 
proceeds or where the net proceeds are 
insufficient to repay the full amount of the 
assistance; and'';
(E) by striking ``Housing that is for 
homeownership'' and inserting the following:
``(1) Qualification.--Housing that is for homeownership''; 
and
(F) by adding at the end the following:
``(2) Purchase by community land trust.--Notwithstanding 
subparagraph (C)(i) of paragraph (1) and under terms determined 
by the Secretary, the Secretary may permit a participating 
jurisdiction to allow a community land trust that used 
assistance provided under this subtitle for the development of 
housing that meets the criteria under paragraph (1), to acquire 
the housing--
``(A) in accordance with the terms of the 
preemptive purchase option, lease, covenant on the 
land, or other similar legal instrument of the 
community land trust when the terms and rights in the 
preemptive purchase option, lease, covenant, or legal 
instrument are and remain subject to the requirements 
of this title;
``(B) when the purchase is for--
``(i) the purpose of--
``(I) entering into the chain of 
title;
``(II) enabling a purchase by a 
person who meets the qualifications 
specified under paragraph (1)(B) and is 
on a waitlist maintained by the 
community land trust, subject to 
enforcement by the participating 
jurisdiction of all applicable 
requirements of this subtitle, as 
determined by the Secretary;
``(III) performing necessary 
rehabilitation and improvements; or
``(IV) adding a subsidy to preserve 
affordability, which may be from 
Federal or non-Federal sources; or
``(ii) another purpose determined 
appropriate by the Secretary; and
``(C) if, within a reasonable period of time after 
the applicable purpose under subparagraph (B) of this 
paragraph is fulfilled, as determined by the Secretary, 
the housing is then sold to a person who meets the 
qualifications specified under paragraph (1)(B).
``(3) Suspension or waiver of requirements for military 
members.--A participating jurisdiction, in accordance with 
terms established by the Secretary, may suspend or waive a 
requirement under paragraph (1)(B) with respect to housing that 
otherwise meets the criteria under paragraph (1) if the owner 
of the housing--
``(A) is a member of a regular component of the 
armed forces or a member of the National Guard on full-
time National Guard duty, active Guard and Reserve 
duty, or inactive-duty training (as those terms are 
defined in section 101(d) of title 10, United States 
Code); and
``(B) has received--
``(i) temporary duty orders to deploy with 
a military unit or military orders to deploy as 
an individual acting in support of a military 
operation, to a location that is not within a 
reasonable distance from the housing, as 
determined by the Secretary, for a period of 
not less than 90 days; or
``(ii) orders for a permanent change of 
station.
``(4) Suspension or waiver of requirements for heir or 
beneficiary of deceased owner.--Notwithstanding subparagraph 
(C) of paragraph (1), housing that meets the criteria under 
that paragraph prior to the death of an owner may continue to 
qualify as affordable housing if--
``(A) the housing is the principal residence of an 
heir or beneficiary of the deceased owner, as defined 
by the Secretary; and
``(B) the heir or beneficiary, in accordance with 
terms established by the Secretary, assumes the duties 
and obligations of the deceased owner with respect to 
funds provided under this title.''.

SEC. 204. HOME PROPERTY INSPECTIONS.

Section 226(b) of the Cranston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 12756(b)) is amended--
(1) by striking ``Each participating jurisdiction'' and 
inserting the following:
``(1) In general.--Each participating jurisdiction''; and
(2) by striking ``Such review shall include'' and all that 
follows and inserting the following:
``(2) On-site inspections.--
``(A) Inspections by units of general local 
government.--A review conducted under paragraph (1) by 
a participating jurisdiction that is a unit of general 
local government shall include an on-site inspection to 
determine compliance with housing codes and other 
applicable regulations.
``(B) Inspections by states.--A review conducted 
under paragraph (1) by a participating jurisdiction 
that is a State shall include an on-site inspection to 
determine compliance with a national standard as 
determined by the Secretary.
``(3) Inclusion in performance report and publication.--A 
participating jurisdiction shall include in the performance 
report of the participating jurisdiction submitted to the 
Secretary under section 108(a), and make available to the 
public, the results of each review conducted under paragraph 
(1).''.

SEC. 205. REVISIONS TO STRENGTHEN ENFORCEMENT AND PENALTIES FOR 
NONCOMPLIANCE.

Section 223 of the Cranston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 12753) is amended--
(1) in the heading, by striking ``penalties for misuse of 
funds'' and inserting ``program enforcement and penalties for 
noncompliance'';
(2) in the matter preceding paragraph (1), by inserting 
after ``any provision of this subtitle'' the following: ``, 
including any provision applicable throughout the period 
required by section 215(a)(1)(E) and applicable regulations,'';
(3) in paragraph (2), by striking ``or'' at the end;
(4) in paragraph (3), by striking the period at the end and 
inserting ``; or''; and
(5) by adding at the end the following:
``(4) reduce payments to the participating jurisdiction 
under this subtitle by an amount equal to the amount of such 
payments which were not expended in accordance with this 
title.''.

SEC. 206. TENANT AND PARTICIPANT PROTECTIONS FOR SMALL-SCALE AFFORDABLE 
HOUSING.

Section 225 of the Cranston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 12755) is amended by adding at the end the following:
``(e) Tenant Selection for Small-Scale Housing.--Paragraphs (2) 
through (4) of subsection (d) shall not apply to the owner of small-
scale housing (as defined in section 215(a)).''.

SEC. 207. ESTABLISHMENT OF HOME LOAN GUARANTEE PROGRAM.

Subtitle A of title II of the Cranston-Gonzalez National Affordable 
Housing Act (42 U.S.C. 12741 et seq.) is amended by adding at the end 
the following:

``SEC. 227. GUARANTEE AND COMMITMENT TO GUARANTEE LOANS FOR ACQUISITION 
OF PROPERTY.

``(a) Authority.--
``(1) In general.--The Secretary may, under such terms and 
conditions as the Secretary may prescribe, guarantee and make 
commitments to guarantee, only to such extent or in such 
amounts as provided in appropriation Acts, the notes or 
obligations issued by participating jurisdictions for the 
purposes of financing the development or preservation of 
affordable rental and homeownership housing through the 
acquisition, new construction, reconstruction, or moderate or 
substantial rehabilitation of affordable housing.
``(2) Eligible expenses.--When in support of the activities 
described in paragraph (1), the expenses for which the 
Secretary may guarantee and make commitments to guarantee notes 
or obligations under that paragraph include real property 
acquisition, site improvement, conversion, demolition, and 
other expenses, including financing costs and relocation 
expenses of any displaced person, family, or business.
``(b) Limitations and Requirements.--
``(1) Eligibility.--A guarantee under this section may be 
used to assist a participating jurisdiction in obtaining 
financing only if the participating jurisdiction--
``(A) has made efforts to obtain such financing 
without the use of the guarantee, as determined by the 
Secretary; and
``(B) cannot complete such financing consistent 
with the timely execution of the project plans without 
the guarantee, as determined by the Secretary.
``(2) Form, denominations, maturities, and conditions.--
Notes or other obligations guaranteed under this section shall 
be in such form and denominations, have such maturities, and be 
subject to such conditions as may be prescribed by regulations 
issued by the Secretary.
``(3) Repayment period.--The Secretary may not deny a 
guarantee under this section on the basis of the proposed 
repayment period for the note or other obligation unless--
``(A) the period is more than 20 years; or
``(B) the Secretary determines that the period 
causes the guarantee to constitute an unacceptable 
financial risk.
``(4) Aggregate principal amount.--Notwithstanding any 
other provision of law and subject only to the absence of 
qualified applicants or proposed activities and to the 
authority provided in this section, to the extent approved or 
provided in appropriation Acts, the Secretary shall enter into 
commitments to guarantee notes and obligations under this 
section with an aggregate principal amount of not more than--
``(A) $2,000,000,000 for fiscal year 2025; and
``(B) for each subsequent fiscal year, an amount 
that is increased for inflation as determined by the 
Secretary.
``(c) Prerequisites.--The Secretary may not make a guarantee or 
commitment to guarantee with respect to any note or other obligation 
if--
``(1) the total outstanding notes or obligations of the 
issuer guaranteed under this section would thereby exceed an 
amount equal to 5 times the most recent allocation for the 
issuer under this title; or
``(2) the Secretary determines that the guarantee 
constitutes an unacceptable risk.
``(d) Payment of Principal, Interest, and Costs.--Notwithstanding 
any other provision of this Act, a participating jurisdiction allocated 
funds under this Act may use the funds (including program income 
derived therefrom) for the payment of principal and interest due 
(including such servicing, underwriting, or other costs as may be 
specified in regulations of the Secretary), and any associated fee to 
be paid in accordance with subsection (j), on a note or other 
obligation guaranteed under this section.
``(e) Repayment Contract; Security; Pledge by Participating 
Jurisdiction.--To assure the repayment of a note or other obligation 
guaranteed under this section and related charges incurred under this 
section, and as a condition of receiving such a guarantee, the 
Secretary shall require the issuer of the note or other obligation to--
``(1) enter into a contract, in a form acceptable to the 
Secretary, for repayment of the note or other obligation;
``(2) pledge as security the proceeds of any grant for 
which the issuer may become eligible under this Act; and
``(3) furnish, at the discretion of the Secretary, such 
other security as may be determined appropriate by the 
Secretary in making the guarantee, including increments in 
local tax receipts generated by the activities assisted under 
this Act or proceeds from the sale of land or rehabilitated 
property.
``(f) Pledged Grants for Repayments.--The Secretary may, 
notwithstanding any other provision of this Act, apply the proceeds of 
a grant pledged by a participating jurisdiction under subsection (e)(2) 
to any repayment due the United States as a result of the guarantee 
under this section of a note or other obligation issued by the 
participating jurisdiction.
``(g) Full Faith and Credit of United States; Conclusiveness and 
Validity of Guarantee.--
``(1) Full faith and credit of united states pledged for 
payment.--The full faith and credit of the United States is 
pledged to the payment of a note or other obligation guaranteed 
under this section.
``(2) Conclusiveness and validity of guarantee.--
``(A) Conclusiveness.--A guarantee made by the 
Secretary under this section shall be conclusive 
evidence of the eligibility of the obligation for the 
guarantee with respect to principal and interest.
``(B) Validity.--The validity of a guarantee made 
by the Secretary under this section shall be 
incontestable in the hands of a holder of the 
guaranteed obligation.
``(3) Limitation on percentage.--A guarantee made under 
this section shall guarantee repayment of 100 percent of the 
unpaid principal and interest due on the notes or other 
obligations guaranteed.
``(h) Limit on Outstanding Obligations; Monitoring Use of 
Guarantees.--
``(1) Limit on outstanding obligations.--The total amount 
of outstanding obligations guaranteed on a cumulative basis by 
the Secretary under this section may not at any time exceed the 
greater of--
``(A) $4,500,000,000; or
``(B) such higher amount as may be authorized to be 
appropriated to carry out this section for a fiscal 
year.
``(2) Monitoring use of guarantees.--
``(A) In general.--The Secretary shall monitor the 
use of guarantees under this section by participating 
jurisdictions.
``(B) Actions to ensure sufficient authority.--If 
the Secretary finds under subparagraph (A) that 50 
percent of the aggregate guarantee authority under 
paragraph (1) has been committed, the Secretary may--
``(i) provide that a unit of general local 
government that receives a grant under section 
211 may not receive more than $35,000,000 in 
guarantees under this section; or
``(ii) submit to Congress a request for the 
enactment of legislation increasing the amount 
of the aggregate guarantee authority.
``(i) Purchase of Guaranteed Obligations by Federal Financing 
Bank.--The Federal Financing Bank may not purchase a note or other 
obligation guaranteed under this section.
``(j) Imposition of Fee or Charge.--The Secretary shall collect 
fees from borrowers to result in a credit subsidy cost of zero for 
guaranteeing notes or other obligations under this section.
``(k) Guarantee of Obligations Backed by Loans.--
``(1) Authority.--The Secretary may, upon such terms and 
conditions as the Secretary considers appropriate, guarantee 
the timely payment of the principal of and interest on such 
trust certificates or other obligations as may be--
``(A) offered by the Secretary or by any other 
offeror approved for purposes of this subsection by the 
Secretary; and
``(B) based on and backed by a trust or pool 
composed of notes or other obligations guaranteed or 
eligible for guarantee by the Secretary under this 
section.
``(2) Full faith and credit.--To the same extent as 
provided in subsection (g), the full faith and credit of the 
United States is pledged to the payment of all amounts that may 
be required to be paid under any guarantee made by the 
Secretary under this subsection.
``(3) Subrogation.--If the Secretary pays a claim under a 
guarantee made under this section, the Secretary shall be 
subrogated for all the rights of the holder of the guaranteed 
certificate or obligation with respect to the certificate or 
obligation.
``(4) Effect of other laws.--No State or local law, and no 
Federal law, shall preclude or limit the exercise by the 
Secretary of--
``(A) the power to contract with respect to public 
offerings and other sales of notes, trust certificates, 
and other obligations guaranteed under this section 
upon such terms and conditions as the Secretary 
determines appropriate;
``(B) the right to enforce any contract described 
in subparagraph (A) by any means determined appropriate 
by the Secretary; or
``(C) any ownership rights of the Secretary, as 
applicable, in notes, certificates, or other 
obligations guaranteed under this section, or 
constituting the trust or pool against which trust 
certificates, or other obligations guaranteed under 
this section, are offered.''.

TITLE III--REFORMS RELATING TO COMMUNITY HOUSING DEVELOPMENT 
ORGANIZATION AND NONPROFIT PARTICIPATION

SEC. 301. MODIFICATION OF RULES RELATED TO COMMUNITY HOUSING 
DEVELOPMENT ORGANIZATIONS.

(a) Definitions of Community Housing Development Organization and 
Community Land Trust.--
(1) In general.--Section 104 of the Cranston-Gonzalez 
National Affordable Housing Act (42 U.S.C. 12704) is amended--
(A) in paragraph (6)(B)--
(i) by striking ``significant''; and
(ii) by striking ``and otherwise'' and 
inserting ``or as otherwise determined 
acceptable by the Secretary''; and
(B) by adding at the end the following:
``(26) The term `community land trust' means a nonprofit 
entity or a State or local government or instrumentality 
thereof that--
``(A) is not sponsored by a for-profit 
organization;
``(B) has as a primary purpose the provision and 
maintenance of housing that provides long-term 
affordability for low- and moderate-income persons;
``(C) provides housing described in subparagraph 
(B) using a ground lease, deed covenant, or other 
similar legally enforceable measure, as determined by 
the Secretary, that--
``(i) keeps the housing affordable to low- 
and moderate-income persons for not less than 
30 years; and
``(ii) enables low- and moderate-income 
persons to purchase the housing for 
homeownership; and
``(D) maintains preemptive purchase options to 
purchase the property so the housing remains affordable 
to low-and moderate-income persons.''.
(2) Elimination of existing definition of community land 
trust.--Section 233 of the Cranston-Gonzalez National 
Affordable Housing Act (42 U.S.C. 12773) is amended by striking 
subsection (f).
(b) Set-Aside for Community Housing Development Organizations.--
Section 231 of the Cranston-Gonzalez national Affordable Housing Act 
(42 U.S.C. 12771) is amended--
(1) in subsection (a), by striking ``to be developed, 
sponsored, or owned by community housing development 
organizations'' and inserting ``when a community housing 
development organization materially participates in the 
ownership or development of such housing, as determined by the 
Secretary'';
(2) by striking subsection (b) and inserting the following:
``(b) Recapture and Reuse.--If any funds reserved under subsection 
(a) remain uninvested for a period of 24 months, then the Secretary 
shall make such funds available to the participating jurisdiction for 
any eligible activities under this title without regard to whether a 
community housing development organization materially participates in 
the use of the funds.''; and
(3) by striking subsection (c).

TITLE IV--TECHNICAL CORRECTIONS

SEC. 401. TECHNICAL CORRECTIONS.

The Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 
12701 et seq.) is amended--
(1) in section 104 (42 U.S.C. 12704)--
(A) by redesignating paragraph (23) (relating to 
the definition of the term ``to demonstrate to the 
Secretary'') as paragraph (22); and
(B) by redesignating paragraph (24) (relating to 
the definition of the term ``insular area'', as added 
by section 2(2) of Public Law 102-230) as paragraph 
(23);
(2) in section 105(b) (42 U.S.C. 12705(b))--
(A) in paragraph (7), by striking ``Stewart B. 
McKinney Homeless Assistance Act'' and inserting 
``McKinney-Vento Homeless Assistance Act''; and
(B) in paragraph (8), by striking ``subparagraphs'' 
and inserting ``paragraphs'';
(3) in section 106 (42 U.S.C. 12706), by striking ``Stewart 
B. McKinney Homeless Assistance Act'' and inserting ``McKinney-
Vento Homeless Assistance Act'';
(4) in section 108(a)(1) (42 U.S.C. 12708(a)(1)), by 
striking ``section 105(b)(15)'' and inserting ``section 
105(b)(18)'';
(5) in section 212 (42 U.S.C. 12742)--
(A) in subsection (a)--
(i) in paragraph (3)(A)(ii), by inserting 
``United States'' before ``Housing Act''; and
(ii) by redesignating paragraph (5) as 
paragraph (4);
(B) in subsection (d)(5), by inserting ``United 
States'' before ``Housing Act''; and
(C) in subsection (e)(1)--
(i) by striking ``section 221(d)(3)(ii)'' 
and inserting ``section 221(d)(4)''; and
(ii) by striking ``not to exceed 140 
percent'' and inserting ``as determined by the 
Secretary'';
(6) in section 215(a)(6)(B) (42 U.S.C. 20 12745(a)(6)(B)), 
by striking ``grand children'' and inserting ``grandchildren'';
(7) in section 217 (42 U.S.C. 12747)--
(A) in subsection (a)--
(i) in paragraph (1), by striking ``(3)'' 
and inserting ``(2)'';
(ii) by striking paragraph (3), as added by 
section 211(a)(2)(D) of the Housing and 
Community Development Act of 1992 (Public Law 
102-550; 106 Stat. 3756); and
(iii) by redesignating the remaining 
paragraph (3), as added by the matter under the 
heading ``home investment partnerships 
program'' under the heading ``Housing 
Programs'' in title II of the Departments of 
Veterans Affairs and Housing and Urban 
Development, and Independent Agencies 
Appropriations Act, 1993 (Public Law 102-389; 
106 Stat. 1581), as paragraph (2); and
(B) in subsection (b)--
(i) in paragraph (1)--
(I) in the first sentence of 
subparagraph (A)--
(aa) by striking ``in 
regulation'' and inserting ``, 
by regulation,''; and
(bb) by striking ``eligible 
jurisdiction'' and inserting 
``eligible jurisdictions''; and
(II) in subparagraph (F)--
(aa) in the first 
sentence--

(AA) in clause (i), 
by striking 
``Subcommittee on 
Housing and Urban 
Affairs'' and inserting 
``Subcommittee on 
Housing, 
Transportation, and 
Community 
Development''; and

(BB) in clause 
(ii), by striking 
``Subcommittee on 
Housing and Community 
Development of the 
Committee on Banking, 
Finance and Urban 
Affairs'' and inserting 
``Subcommittee on 
Housing and Insurance 
of the Committee on 
Financial Services''; 
and

(bb) in the second 
sentence, by striking ``the 
Committee on Banking, Finance 
and Urban Affairs of the House 
of Representatives'' and 
inserting ``the Committee on 
Financial Services of the House 
of Representatives'';
(ii) in paragraph (2)(B), by striking 
``$500,000'' each place that term appears and 
inserting ``$750,000'';
(iii) in paragraph (3)--
(I) by striking ``$500,000'' each 
place that term appears and inserting 
``$750,000''; and
(II) by striking ``, except as 
provided in paragraph (4)''; and
(iv) by striking paragraph (4);
(8) in section 220(c) (42 U.S.C. 12750(c))--
(A) in paragraph (3), by striking ``Secretary'' and 
all that follows and inserting ``Secretary;'';
(B) in paragraph (4), by striking ``under this 
title'' and all that follows and inserting ``under this 
title;''; and
(C) by redesignating paragraphs (6), (7), and (8) 
as paragraphs (5), (6), and (7), respectively;
(9) in section 225(d)(4)(B) (42 U.S.C. 12755(d)(4)(B)), by 
striking ``for'' the first place that term appears; and
(10) in section 283 (42 U.S.C. 12833)--
(A) in subsection (a), by striking ``Banking, 
Finance and Urban Affairs'' and inserting ``Financial 
Services''; and
(B) in subsection (b), by striking ``General 
Accounting Office'' each place that term appears and 
inserting ``Government Accountability Office''.
<all>