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Committee on Financial ServicesIntroducedMay 20th, 2010
- house Committees
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Responsible GSE Affordable Housing Investment Act of 2010
To amend section 1333 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to ensure that multifamily housing mortgage purchases by Fannie Mae and Freddie Mac that are credited toward fulfillment of such enterprises multifamily special affordable housing goal increase or preserve the number of dwelling units affordable to low-income families.
Responsible GSE Affordable Housing Investment Act of 2010 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to revise requirements for determination of compliance with the multifamily special affordable housing goal. Requires the Director of the Federal Housing Finance Agency to establish standards for the multifamily special affordable housing goal that proportionately reduce the number of units receiving credit for any mortgage purchase by the Federal Home Loan Mortgage Corporation (Freddie Mac) or the Federal Home Loan Mortgage Association (Fannie Mae) (government-sponsored enterprises or GSEs) that facilitates the conversion of dwelling units available at rental rates affordable to low-income families to dwelling units such families could not afford. Requires such standards to provide no credit toward achievement of the goal for any mortgage purchase for multifamily housing that involves an aggregate amount of project debt that is not reasonable. Requires the Director to require the GSE to apply this same standard to any mortgages backing any GSE-purchased security to determine whether the units financed by such mortgages are eligible for credit toward achievement of the housing goal.