
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC4564]

 
                       TITLE 12--BANKS AND BANKING
 
              CHAPTER 46--GOVERNMENT SPONSORED ENTERPRISES
 
         SUBCHAPTER I--SUPERVISION AND REGULATION OF ENTERPRISES
 
                     Part B--Authority of Secretary
 
                        subpart 2--housing goals
 
Sec. 4564. Central cities, rural areas, and other underserved 
        areas housing goal
        

(a) In general

    The Secretary shall establish an annual goal for the purchase by 
each enterprise of mortgages on housing located in central cities, rural 
areas, and other underserved areas. The Secretary may establish separate 
subgoals within the goal under this section and such subgoals shall not 
be enforceable under the provisions of section 4566 of this title, any 
other provision of this chapter, or any provision of the Federal 
National Mortgage Association Charter Act [12 U.S.C. 1716 et seq.] or 
the Federal Home Loan Mortgage Corporation Act [12 U.S.C. 1451 et seq.].

(b) Factors to be applied

    In establishing the housing goal under this section, the Secretary 
shall consider--
        (1) urban and rural housing needs and the housing needs of 
    underserved areas;
        (2) economic, housing, and demographic conditions;
        (3) the performance and efforts of the enterprises toward 
    achieving the central cities, rural areas, and other underserved 
    areas housing goal in previous years;
        (4) the size of the conventional mortgage market for central 
    cities, rural areas, and other underserved areas relative to the 
    size of the overall conventional mortgage market;
        (5) the ability of the enterprises to lead the industry in 
    making mortgage credit available throughout the United States, 
    including central cities, rural areas, and other underserved areas; 
    and
        (6) the need to maintain the sound financial condition of the 
    enterprises.

(c) Location of properties

    The Secretary shall monitor the performance of each enterprise in 
carrying out this section and shall evaluate such performance (for 
purposes of section 4566 of this title) based on the location of the 
properties subject to mortgages purchased by each enterprise.

(d) Transition

                         (1) Interim target

        Notwithstanding any other provision of this section, during the 
    2-year period beginning on January 1, 1993, the annual target under 
    this section for purchases by each enterprise of mortgages on 
    housing located in central cities shall be 30 percent of the total 
    number of dwelling units financed by mortgage purchases of the 
    enterprise.

                          (2) Interim goal

        During such 2-year period, the Secretary shall establish a 
    separate annual goal for each enterprise, the achievement of which 
    shall require--
            (A) an enterprise that is not meeting the target under 
        paragraph (1) upon January 1, 1993, to improve its performance 
        relative to such target annually and, to the maximum extent 
        feasible, to meet such target at the conclusion of such 2-year 
        period; and
            (B) an enterprise that is meeting the target under paragraph 
        (1) upon January 1, 1993, to improve its performance relative to 
        the target.

                    (3) ``Central city'' defined

        For purposes of this subsection, the term ``central city'' means 
    any political subdivision designated as a central city by the Office 
    of Management and Budget.

                         (4) Implementation

        The Secretary shall establish any requirements necessary to 
    implement the transition provisions under this subsection by notice, 
    after providing the enterprises with an opportunity to review and 
    comment not less than 30 days before the issuance of such notice. 
    Such notice shall be issued not later than the expiration of the 90-
    day period beginning upon October 28, 1992, and shall be effective 
    upon issuance.

(Pub. L. 102-550, title XIII, Sec. 1334, Oct. 28, 1992, 106 Stat. 3960.)

                       References in Text

    This chapter, referred to in subsec. (a), was in the original ``this 
title'', meaning title XIII of Pub. L. 102-550, Oct. 28, 1992, 106 Stat. 
3941, which is classified principally to this chapter. For complete 
classification of title XIII to the Code, see Short Title note set out 
under section 4501 of this title and Tables.
    The Federal National Mortgage Association Charter Act, referred to 
in subsec. (a), is title III of act June 27, 1934, ch. 847, 48 Stat. 
1252, as amended, which is classified generally to subchapter III 
(Sec. 1716 et seq.) of chapter 13 of this title. For complete 
classification of this Act to the Code, see Short Title note set out 
under section 1716 of this title and Tables.
    The Federal Home Loan Mortgage Corporation Act, referred to in 
subsec. (a), is title III of Pub. L. 91-351, July 24, 1970, 84 Stat. 
451, as amended, which is classified generally to chapter 11A (Sec. 1451 
et seq.) of this title. For complete classification of this Act to the 
Code, see Short Title and Statement of Purpose note set out under 
section 1451 of this title and Tables.


                             Effective Date

    Housing goals established under subsec. (d) of this section 
effective Jan. 1, 1993, see section 1338 of Pub. L. 102-550, set out as 
a note under section 4562 of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 4544, 4561, 4565, 4566, 
4567, 4589 of this title.
