§4561 Establishment of housing goals

Summary

The Director must set yearly housing goals starting for 2010 and every year after. Those goals must include four single-family housing targets and one special affordable multifamily target. The Director must also set each year’s deadline for announcing the goals, keeping in mind that the enterprises need time to plan how to meet them. The goals that applied in 2008 (as they were before July 30, 2008) stay in effect for 2009, but no later than the end of the 270-day period beginning on July 30, 2008, the Director must review the 2009 goals for feasibility given current market conditions. After getting public comment for up to 30 days, the Director may adjust those goals to match market conditions. If asked, an enterprise must give data in the Director’s chosen format so the Director can check for interest-rate differences between minority borrowers and similar non-minority borrowers. If the Director finds a possible pattern of disparities, the Director must refer it to the right enforcement agency and can require more data from the enterprise to share with that agency. The Director must report actions taken to the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs, but must not name any lender unless there has been a final legal finding after an administrative hearing. The Director must keep any borrower-identifying property or financial information from becoming public.