---
kind: "range"
citation: "12 U.S.C. §§ 4561–4564"
title: "12"
from: "4561"
to: "4564"
count: 4
release: "119-102"
url: "https://uscodex.org/usc/12/4561..4564"
---

# §4561. Establishment of housing goals

- (a) **In general—** The [Director](/usc/12/4502.md?p=9) shall, by regulation, establish effective for 2010 and each year thereafter, annual housing goals, with respect to the [mortgage purchases](/usc/12/4502.md?p=17) by the [enterprises](/usc/12/4502.md?p=10), as follows:
  - (1) **Single-family housing goals—** Four single-[family](/usc/12/1715z–1.md?p=j-2-A) housing goals under [section 4562 of this title](/usc/12/4562.md).
  - (2) **Multifamily special affordable housing goal—** One multifamily special affordable housing goal under [section 4563 of this title](/usc/12/4563.md).
- (b) **Timing—** The [Director](/usc/12/4502.md?p=9) shall, by regulation, establish an annual deadline by which the [Director](/usc/12/4502.md?p=9) shall establish the annual housing goals under this subpart for each year, taking into consideration the need for the [enterprises](/usc/12/4502.md?p=10) to reasonably and sufficiently plan their operations and activities in advance, [including](/usc/12/25b.md?p=a-3) operations and activities necessary to meet such annual goals.
- (c) **Transition—** The annual housing goals effective for 2008 pursuant to this subpart, as in effect before July 30, 2008, shall remain in effect for 2009, except that not later than the expiration of the 270-day period beginning on July 30, 2008, the [Director](/usc/12/4502.md?p=9) shall review such goals applicable for 2009 to determine the feasibility of such goals given the market conditions current at such time and, after seeking public comment for a period not to exceed 30 days, may make appropriate adjustments consistent with such market conditions.
- (d) **Eliminating interest rate disparities—**
  - (1) **In general—** Upon request by the [Director](/usc/12/4502.md?p=9), an [enterprise](/usc/12/4502.md?p=10) shall provide to the [Director](/usc/12/4502.md?p=9), in a form determined by the [Director](/usc/12/4502.md?p=9), data the [Director](/usc/12/4502.md?p=9) may review to determine whether there exist disparities in interest rates charged on [mortgages](/usc/12/1707.md?p=a) to borrowers who are minorities as compared with comparable [mortgages](/usc/12/1707.md?p=a) to borrowers of similar creditworthiness who are not minorities.
  - (2) **Remedial actions upon preliminary finding—** Upon a preliminary finding by the [Director](/usc/12/4502.md?p=9) that a pattern of disparities in interest rates with respect to any lender or lenders exists pursuant to the data provided by an [enterprise](/usc/12/4502.md?p=10) in [paragraph (1)](#d-1), the [Director](/usc/12/4502.md?p=9) shall_[^1]
    - (A) refer the preliminary finding to the appropriate regulatory or enforcement [agency](/usc/12/1422.md?p=12) for further review; and
    - (B) require the [enterprise](/usc/12/4502.md?p=10) to submit additional data with respect to any lender or lenders, as appropriate and to the extent practicable, to the [Director](/usc/12/4502.md?p=9) who shall submit any such additional data to the regulatory or enforcement [agency](/usc/12/1422.md?p=12) for appropriate action.
  - (3) **Annual report to Congress—** The [Director](/usc/12/4502.md?p=9) shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report describing the actions taken, and being taken, by the [Director](/usc/12/4502.md?p=9) to carry out this subsection. No such report shall identify any lender or lenders who have not been found to have engaged in discriminatory lending practices pursuant to a final adjudication on the record, and after opportunity for an administrative hearing, in accordance with subchapter II of [chapter 5](/usc/5/chptI-ch5.md) of title 5.
  - (4) **Protection of identity of individuals—** In carrying out this subsection, the [Director](/usc/12/4502.md?p=9) shall ensure that no property-related or financial information that would enable a borrower to be identified shall be made public.

# §4562. Single-family housing goals

- (a) **In general—** The [Director](/usc/12/4502.md?p=9) shall, by regulation, establish annual goals for the purchase by each [enterprise](/usc/12/4502.md?p=10) of the following types of [mortgages](/usc/12/1707.md?p=a) for the following categories of [families](/usc/12/1715z–1.md?p=j-2-A):
  - (1) **Purchase-money mortgages—** A goal for purchase of conventional, conforming, single-[family](/usc/12/1715z–1.md?p=j-2-A), purchase money [mortgages](/usc/12/1707.md?p=a) financing [owner](/usc/12/4146.md?p=2)-occupied housing for each of the following categories of [families](/usc/12/1715z–1.md?p=j-2-A):
    - (A) [Low-income](/usc/12/4502.md?p=14) [families](/usc/12/1715z–1.md?p=j-2-A).
    - (B) [Families](/usc/12/1715z–1.md?p=j-2-A) that reside in [low-income areas](/usc/12/4502.md?p=28).
    - (C) [Very low-income families](/usc/12/4568.md?p=f-5).
  - (2) **Refinancing mortgages—** A goal for purchase of conventional, [conforming mortgages](/usc/12/4502.md?p=26) on [owner](/usc/12/4146.md?p=2)-occupied, single-[family](/usc/12/1715z–1.md?p=j-2-A) housing for [low-income](/usc/12/4502.md?p=14) [families](/usc/12/1715z–1.md?p=j-2-A) that are given to pay off or prepay an existing loan secured by the same property.
- (b) **Goals as a percentage of total mortgage purchases—** The goals established under paragraphs [(1)](#a-1) and [(2)](#a-2) of subsection (a) shall be established as a percentage of the total number of conventional, conforming, single-[family](/usc/12/1715z–1.md?p=j-2-A), [owner](/usc/12/4146.md?p=2)-occupied, purchase money [mortgages](/usc/12/1707.md?p=a) purchased by the [enterprise](/usc/12/4502.md?p=10), or as percentage of the total number of conventional, single-[family](/usc/12/1715z–1.md?p=j-2-A), [owner](/usc/12/4146.md?p=2)-occupied refinance [mortgages](/usc/12/1707.md?p=a) purchased by the [enterprise](/usc/12/4502.md?p=10), as applicable, that are [mortgages](/usc/12/1707.md?p=a) for the types of [families](/usc/12/1715z–1.md?p=j-2-A) specified in paragraphs [(1)](#a-1) and [(2)](#a-2) of subsection (a).
- (c) **Single-family, owner-occupied rental housing units—** The [Director](/usc/12/4502.md?p=9) shall require each [enterprise](/usc/12/4502.md?p=10) to report the number of rental housing units affordable to [low-income](/usc/12/4502.md?p=14) [families](/usc/12/1715z–1.md?p=j-2-A) each year which are contained in [mortgages](/usc/12/1707.md?p=a) purchased by the [enterprise](/usc/12/4502.md?p=10) financing 2- to 4-unit single-[family](/usc/12/1715z–1.md?p=j-2-A), [owner](/usc/12/4146.md?p=2)-occupied properties and may, by regulation, establish additional requirements relating to such units.
- (d) **Determination of compliance—**
  - (1) **In general—** The [Director](/usc/12/4502.md?p=9) shall determine, for each year that the housing goals under this section are in effect pursuant to [section 4561(a) of this title](/usc/12/4561.md?p=a), whether each [enterprise](/usc/12/4502.md?p=10) has complied with each such goal established under [subsection (a)](#a) of this section and any additional requirements which may be established under [subsection (c)](#c) of this section.
  - (2) **Purchase-money mortgage goals—** An [enterprise](/usc/12/4502.md?p=10) shall be considered to be in compliance with a housing goal under subparagraph [(A)](#a-1-A), [(B)](#a-1-B), or [(C)](#a-1-C) of subsection (a)(1) for a year only if, for the type of [family](/usc/12/1715z–1.md?p=j-2-A) described in such subparagraph, the percentage of the number of conventional, conforming, single-[family](/usc/12/1715z–1.md?p=j-2-A), [owner](/usc/12/4146.md?p=2)-occupied, purchase money [mortgages](/usc/12/1707.md?p=a) purchased by the [enterprise](/usc/12/4502.md?p=10) in such year that serve such [families](/usc/12/1715z–1.md?p=j-2-A), meets or exceeds the target for the year for such type of [family](/usc/12/1715z–1.md?p=j-2-A) that is established under [subsection (e)](#e).
  - (3) **Refinance goal—** An [enterprise](/usc/12/4502.md?p=10) shall be considered to be in compliance with the refinance goal under [subsection (a)(2)](#a-2) for a year only if the percentage of the number of conventional, conforming, single-[family](/usc/12/1715z–1.md?p=j-2-A), [owner](/usc/12/4146.md?p=2)-occupied refinance [mortgages](/usc/12/1707.md?p=a) purchased by the [enterprise](/usc/12/4502.md?p=10) in such year that serve [low-income](/usc/12/4502.md?p=14) [families](/usc/12/1715z–1.md?p=j-2-A) meets or exceeds the target for the year that is established under [subsection (e)](#e).
- (e) **Annual targets—**
  - (1) **In general—** The [Director](/usc/12/4502.md?p=9) shall, by regulation, establish annual targets for each goal and subgoal under this section, provided that the [Director](/usc/12/4502.md?p=9) shall not set prospective targets longer than three years. In establishing such targets, the [Director](/usc/12/4502.md?p=9) shall not consider segments of the market determined to be unacceptable or contrary to good lending practices, inconsistent with safety and soundness, or unauthorized for purchase by the [enterprises](/usc/12/4502.md?p=10).
  - (2) **Goals targets—**
    - (A) **Calculation—** The [Director](/usc/12/4502.md?p=9) shall calculate, for each of the types of [families](/usc/12/1715z–1.md?p=j-2-A) described in [subsection (a)](#a), the percentage, for each of the three years that most recently precede such year and for which information under the Home [Mortgage](/usc/12/1707.md?p=a) Disclosure Act of 1975 [[12 U.S.C. 2801](/usc/12/2801.md) et seq.] is publicly available—
      - (i) of the number of conventional, conforming, single-[family](/usc/12/1715z–1.md?p=j-2-A), [owner](/usc/12/4146.md?p=2)-occupied purchase money [mortgages](/usc/12/1707.md?p=a) originated in such year that serve such type of [family](/usc/12/1715z–1.md?p=j-2-A), or
      - (ii) the number of conventional, conforming, single-[family](/usc/12/1715z–1.md?p=j-2-A), [owner](/usc/12/4146.md?p=2)-occupied refinance [mortgages](/usc/12/1707.md?p=a) originated in such year that serve [low-income](/usc/12/4502.md?p=14) [families](/usc/12/1715z–1.md?p=j-2-A),

      as applicable, as determined by the [Director](/usc/12/4502.md?p=9) using the information obtained and determined pursuant to paragraphs [(4)](#e-4) and [(5)](#e-5).

    - (B) **Establishment of goal targets—** The [Director](/usc/12/4502.md?p=9) shall, by regulation, establish targets for each of the goal categories, taking into consideration the calculations under [subparagraph (A)](#e-2-A) and the following factors:
      - (i) National housing needs.
      - (ii) Economic, housing, and demographic conditions, [including](/usc/12/25b.md?p=a-3) expected market developments.
      - (iii) The performance and effort of the [enterprises](/usc/12/4502.md?p=10) toward achieving the housing goals under this section in previous years.
      - (iv) The ability of the [enterprise](/usc/12/4502.md?p=10) to lead the industry in making [mortgage](/usc/12/1707.md?p=a) [credit](/usc/12/5481.md?p=7) available.
      - (v) Such other reliable [mortgage](/usc/12/1707.md?p=a) data as may be available.
      - (vi) The size of the purchase money conventional [mortgage](/usc/12/1707.md?p=a) market, or refinance conventional [mortgage](/usc/12/1707.md?p=a) market, as applicable, serving each of the types of [families](/usc/12/1715z–1.md?p=j-2-A) described in [subsection (a)](#a), relative to the size of the overall purchase money [mortgage](/usc/12/1707.md?p=a) market or the overall refinance [mortgage](/usc/12/1707.md?p=a) market, respectively.
      - (vii) The need to maintain the sound financial condition of the [enterprises](/usc/12/4502.md?p=10).
  - (3) **Authority to adjust targets—** The [Director](/usc/12/4502.md?p=9) may, by regulation, adjust the percentage targets previously established by regulation pursuant to [paragraph (2)(B)](#e-2-B) for any year, to reflect subsequent available data and market developments.
  - (4) **HMDA information—** The [Director](/usc/12/4502.md?p=9) shall annually obtain information submitted in compliance with the Home [Mortgage](/usc/12/1707.md?p=a) Disclosure Act of 1975 [[12 U.S.C. 2801](/usc/12/2801.md) et seq.] regarding conventional, conforming, single-[family](/usc/12/1715z–1.md?p=j-2-A), [owner](/usc/12/4146.md?p=2)-occupied, purchase money and refinance [mortgages](/usc/12/1707.md?p=a) originated and purchased for the previous year.
  - (5) **Conforming mortgages—** In determining whether a [mortgage](/usc/12/1707.md?p=a) is a [conforming mortgage](/usc/12/4502.md?p=26) for purposes of this paragraph, the [Director](/usc/12/4502.md?p=9) shall consider the original principal balance of the [mortgage](/usc/12/1707.md?p=a) loan to be the principal balance as reported in the information referred to in [paragraph (4)](#e-4), as rounded to the nearest thousand dollars.
- (f) **Notice of determination and enterprise comment—**
  - (1) **Notice—** Within 30 days of making a determination under [subsection (d)](#d) regarding compliance of an [enterprise](/usc/12/4502.md?p=10) for a year with a housing goal established under this section and before any public disclosure thereof, the [Director](/usc/12/4502.md?p=9) shall provide notice of the determination to the [enterprise](/usc/12/4502.md?p=10), which shall include an analysis and comparison, by the [Director](/usc/12/4502.md?p=9), of the performance of the [enterprise](/usc/12/4502.md?p=10) for the year and the targets for the year under [subsection (e)](#e).
  - (2) **Comment period—** The [Director](/usc/12/4502.md?p=9) shall provide each [enterprise](/usc/12/4502.md?p=10) an opportunity to comment on the determination during the 30-day period beginning upon receipt by the [enterprise](/usc/12/4502.md?p=10) of the notice.
- (g) **Use of borrower income—** In monitoring the performance of each [enterprise](/usc/12/4502.md?p=10) pursuant to the housing goals under this section and evaluating such performance (for purposes of [section 4566 of this title](/usc/12/4566.md)), the [Director](/usc/12/4502.md?p=9) shall consider a [mortgagor](/usc/12/1707.md?p=b)’s income to be such income at the time of origination of the [mortgage](/usc/12/1707.md?p=a).
- (h) **Consideration of properties with rental units—** [Mortgages](/usc/12/1707.md?p=a) financing two- to four-unit [owner](/usc/12/4146.md?p=2)-occupied properties shall count toward the achievement of the single-[family](/usc/12/1715z–1.md?p=j-2-A) housing goals under this section, if such properties otherwise meet the requirements under this section, notwithstanding the use of one or more units for rental purposes.
- (i) **Goals credit—** The [Director](/usc/12/4502.md?p=9) shall determine whether an [enterprise](/usc/12/4502.md?p=10) shall receive full, partial, or no [credit](/usc/12/5481.md?p=7) for a transaction toward achievement of any of the housing goals established pursuant to section 4562 and [4563](/usc/12/4563.md) of this title. In making any such determination, the [Director](/usc/12/4502.md?p=9) shall consider whether a transaction or activity of an [enterprise](/usc/12/4502.md?p=10) is substantially equivalent to a [mortgage](/usc/12/1707.md?p=a) purchase and either (1) creates a new market, or (2) adds liquidity to an existing market. No [credit](/usc/12/5481.md?p=7) toward the achievement of the housing goals and subgoals established under this section may be given to the purchase of [mortgages](/usc/12/1707.md?p=a), [including](/usc/12/25b.md?p=a-3) any transaction or activity of an [enterprise](/usc/12/4502.md?p=10) determined to be substantially equivalent to a [mortgage](/usc/12/1707.md?p=a) purchase, that is determined to be unacceptable or contrary to good lending practices, inconsistent with safety and soundness, or unauthorized for purchase by the [enterprises](/usc/12/4502.md?p=10), pursuant to regulations issued by the [Director](/usc/12/4502.md?p=9).

# §4563. Multifamily special affordable housing goal

- (a) **Establishment of goal—**
  - (1) **In general—** The [Director](/usc/12/4502.md?p=9) shall, by regulation, establish a single annual goal, by either unit or dollar volume, of purchases by each [enterprise](/usc/12/4502.md?p=10) of [mortgages](/usc/12/1707.md?p=a) on [multifamily housing](/usc/12/4502.md?p=18) that finance dwelling units affordable to [low-income](/usc/12/4502.md?p=14) [families](/usc/12/1715z–1.md?p=j-2-A).
  - (2) **Additional requirements for units affordable to very low-income families—** When establishing the goal under this section, the [Director](/usc/12/4502.md?p=9) shall establish additional requirements for the purchase by each [enterprise](/usc/12/4502.md?p=10) of [mortgages](/usc/12/1707.md?p=a) on [multifamily housing](/usc/12/4502.md?p=18) that finance dwelling units affordable to [very low-income families](/usc/12/4568.md?p=f-5).
  - (3) **Reporting on smaller properties—** The [Director](/usc/12/4502.md?p=9) shall require each [enterprise](/usc/12/4502.md?p=10) to report on the purchase by each [enterprise](/usc/12/4502.md?p=10) of [multifamily housing](/usc/12/4502.md?p=18) of a smaller or limited size that is affordable to [low-income](/usc/12/4502.md?p=14) [families](/usc/12/1715z–1.md?p=j-2-A), which may be based on multifamily projects of 5 to 50 units (as such numbers may be adjusted by the [Director](/usc/12/4502.md?p=9)) or on [mortgages](/usc/12/1707.md?p=a) of up to $5,000,000 (as such amount may be adjusted by the [Director](/usc/12/4502.md?p=9)), and may, by regulation, establish such aditional[^1] requirements related to such units.
  - (4) **Factors—** In establishing the goal and additional requirements under this section, the [Director](/usc/12/4502.md?p=9) shall not consider segments of the market determined to be inconsistent with safety and soundness or unauthorized for purchase by the [enterprises](/usc/12/4502.md?p=10), and shall take into consideration—
    - (A) national multifamily [mortgage](/usc/12/1707.md?p=a) [credit](/usc/12/5481.md?p=7) needs and the ability of the [enterprise](/usc/12/4502.md?p=10) to provide additional liquidity and stability for the multifamily [mortgage](/usc/12/1707.md?p=a) market;
    - (B) the performance and effort of the [enterprise](/usc/12/4502.md?p=10) in making [mortgage](/usc/12/1707.md?p=a) [credit](/usc/12/5481.md?p=7) available for [multifamily housing](/usc/12/4502.md?p=18) in previous years;
    - (C) the size of the multifamily [mortgage](/usc/12/1707.md?p=a) market for housing affordable to [low-income](/usc/12/4502.md?p=14) and [very low-income families](/usc/12/4568.md?p=f-5), [including](/usc/12/25b.md?p=a-3) the size of the multifamily markets for housing of a smaller or limited size;
    - (D) the ability of the [enterprise](/usc/12/4502.md?p=10) to lead the market in making multifamily [mortgage](/usc/12/1707.md?p=a) [credit](/usc/12/5481.md?p=7) available, especially for [multifamily housing](/usc/12/4502.md?p=18) described in paragraphs [(1)](#a-1) and [(2)](#a-2);
    - (E) the availability of public subsidies; and
    - (F) the need to maintain the sound financial condition of the [enterprise](/usc/12/4502.md?p=10).
- (b) **Units financed by housing finance agency bonds—** The [Director](/usc/12/4502.md?p=9) shall give full [credit](/usc/12/5481.md?p=7) toward the achievement of the multifamily special affordable housing goal under this section (for purposes of [section 4566 of this title](/usc/12/4566.md)) to dwelling units in [multifamily housing](/usc/12/4502.md?p=18) that otherwise qualifies under such goal and that is financed by tax-exempt or taxable bonds issued by a [State](/usc/12/4502.md?p=22) or local housing finance [agency](/usc/12/1422.md?p=12), if such bonds, in whole or in part—
  - (1) are secured by a guarantee of the [enterprise](/usc/12/4502.md?p=10); or
  - (2) are purchased by the [enterprise](/usc/12/4502.md?p=10), except that the [Director](/usc/12/4502.md?p=9) may give less than full [credit](/usc/12/5481.md?p=7) for purchases of investment grade bonds, to the extent that such purchases do not provide a new market or add liquidity to an existing market.
- (c) **Measurement of performance—** The [Director](/usc/12/4502.md?p=9) shall monitor the performance of each [enterprise](/usc/12/4502.md?p=10) in meeting the goals established under this section and shall evaluate such performance (for purposes of [section 4566 of this title](/usc/12/4566.md)) 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](/usc/12/4502.md?p=14) [families](/usc/12/1715z–1.md?p=j-2-A) if it does not exceed 30 percent of the maximum income level of such income category, with appropriate adjustments for unit size as measured by the number of bedrooms.
- (d) **Determination of compliance—** The [Director](/usc/12/4502.md?p=9) shall determine, for each year that the housing goal under this section is in effect pursuant to [section 4561(a) of this title](/usc/12/4561.md?p=a), whether each [enterprise](/usc/12/4502.md?p=10) has complied with such goal and the additional requirements under [subsection (a)(2)](#a-2).

# §4564. Discretionary adjustment of housing goals

- (a) **Authority—** An [enterprise](/usc/12/4502.md?p=10) may petition the [Director](/usc/12/4502.md?p=9) 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 reduction—** The [Director](/usc/12/4502.md?p=9) may reduce the level for a goal or subgoal pursuant to such a petition only if—
  - (1) market and economic conditions or the financial condition of the [enterprise](/usc/12/4502.md?p=10) 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 1716(3) of this title](/usc/12/1716.md?p=3) or section 301(b)(3) of the Federal Home Loan [Mortgage](/usc/12/1707.md?p=a) Corporation Act ([12 U.S.C. 1451](/usc/12/1451.md) note), as applicable.
- (c) **Determination—** The [Director](/usc/12/4502.md?p=9) shall, promptly upon receipt of a petition regarding a reduction, seek public comment on the reduction for a period of 30 days. The [Director](/usc/12/4502.md?p=9) shall make a determination regarding any proposed reduction within 30 days after the expiration of such public comment period. The [Director](/usc/12/4502.md?p=9) may extend such determination period for a single additional 15-day period, but only if the [Director](/usc/12/4502.md?p=9) requests additional information from the [enterprise](/usc/12/4502.md?p=10).