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119th CONGRESS
2d Session |
To increase the mandatory contribution amount of Federal Home Loan Banks to the Affordable Housing Program, and for other purposes.
Ms. Waters introduced the following bill; which was referred to the Committee on Financial Services
To increase the mandatory contribution amount of Federal Home Loan Banks to the Affordable Housing 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. Increased affordable housing program investment.
Section 10(j)(5) of the Federal Home Loan Bank Act (12 U.S.C. 1430 (j)(5)) is amended—
(1) in subparagraph (C), by striking “In 1995, and subsequent years,” and inserting “In 1995 through 2025,”; and
(2) by adding at the end the following:
“(D) In 2026, and subsequent years, 15 percent of the preceding year's net income, or such prorated sums as may be required to assure that the aggregate contribution of the Banks shall not be less than $100,000,000 for each such year.”.