[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 2544 Introduced in Senate (IS)]







105th CONGRESS
  2d Session
                                S. 2544

   To enhance homeownership through community development financial 
                             institutions.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 2, 1998

 Mr. Faircloth introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
   To enhance homeownership through community development financial 
                             institutions.

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

SECTION 1. SHORT TITLE.

    (a) Short Title.--This Act may be cited as the ``Homeownership and 
Community Development Act of 1998''.

SEC. 2. COMMUNITY DEVELOPMENT INSTITUTIONS TO BE ELIGIBLE TO BORROW AS 
              A NONMEMBER FROM THE FEDERAL HOME LOAN BANK SYSTEM.

    Section 10b.--Section 10b of the Federal Home Loan Bank Act (12 
U.S.C. 1430b) is amended--
            (1) in subsection (a) by striking the second sentence and 
        inserting the following two sentences: ``Such mortgagees must 
        be (i) chartered institutions having succession and (ii) 
        subject to the inspection and supervision of some governmental 
        agency or a community development financial institution (other 
        than an insured depository institution or a subsidiary thereof) 
        that, at the time the advance is made, is certified under the 
        Community Development Banking and Financial Institutions Act of 
        1994. The principal activity of such mortgagees in the mortgage 
        field must consist of lending their own funds.'';
            (2) in the last sentence of subsection (a) by replacing the 
        word ``such'' with ``the same'' and by replacing the phrase 
        ``shall be determined by the board'' with the phrase ``are 
        comparable extensions of credit to members''; and
            (3) in subsection (b) by inserting in the first sentence 
        between the words ``agency'' and ``for'' the following phrase: 
        ``or a certified community development financial institution''.
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