H.R. 10325
To increase the mandatory contribution amount of Federal Home Loan Banks to the Affordable Housing Program, and for other purposes.
Sponsor: Maxine Waters · 0 cosponsors
Official summary
Written by the Congressional Research Service.
This bill increases the required contributions of Federal Home Loan Banks to the Affordable Housing Program established by each bank. These programs subsidize interest rates for member banks to finance (1) mortgages for low- and moderate-income individuals; and (2) the purchase, construction, or rehabilitation of affordable rental housing.
Specifically, the bill increases the percentage of yearly net income that each Federal Home Loan Bank must contribute to these programs from 10% to 15%.
Text of the bill
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.