PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3957

of the Federal National Mortgage Association Charter Act or the
Federal Home Loan Mortgage Corporation Act.

(b) FACTORS To BE APPLIED.—In establishing the goal under
this section, the Secretary shall consider—

(1) national housing needs;

(2) economic, housing, and demographic conditions;

(3) the performance and effort of the enterprises toward
achieving the low- and moderate-income housing goal in pre-
vious years;

(4) the size of the conventional mortgage market serving
low- and moderate-income families 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 for low- and moderate-income
families; and

(6) the need to maintain the sound financial condition
of the enterprises.

(c) USE OF BORROWER AND TENANT INCOME.—

(1) IN GENERAL.—The Secretary shall monitor the perform-
ance of each enterprise in carrying out this section and shall
evaluate such performance (for purposes of section 1336) based
on—

(A) in the case of an owner-occupied dwelling, the
mortgagor's income at the time of origination of the mort-
gage; or

(B) in the case of a rental dwelling—

(i) the income of the prospective or actual tenants
of the property, where such data are available; or

(ii) the rent levels affordable to low- and moderate-
income families, where the data referred to in clause
(i) are not available.

(2) AFFORDABILITY.—For the purpose of paragraph
(IXBXii), a rent level shall be considered affordable if it does
not exceed 30 percent of the maximum income level of the
income categories referred to in this section, with appropriate
adjustments for unit size as measured by the number of
bedrooms.

(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 low- and
moderate-income mortgage purchases for each enterprise shall
be 30 percent of the total number of dwelling unite financed
by mortgage purchases of the enterprise.

(2) INTERIM GOAL.—During such 2-year period, the Sec-
retary shall establish a separate annual goal for each enter-
prise, 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 conclu-
sion 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) IMPLEMENTATION.—The Secretary shall establish any
requirements necessary to implement the transition provisions