106 STAT. 3958 PUBLIC LAW 102-550—OCT. 28, 1992

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 the date of the enactment of this Act and
shall be effective upon issuance.

12 U8C 4563. SEC. 1333. SPECIAL AFFORDABLE HOUSING GOAL.

(a) ESTABLISHMENT-

CD IN GENERAL.—The Secretary shall establish a special
annual goal designed to adjust the purchase by each enterprise
of mortgages on rental and owner-occupied housing to meet
the then-existing unaddressed needs of, and affordable to, low-
income families in low-income areas and very low-income fami-
lies. The special affordable housing goal established under this
section for an enterprise shall not be less than 1 percent of
the dollar amount of the mortgage purchases by the enterprise
for the previous year.

(2) STANDARDS.—In establishing the special affordable
housing goal for an enterprise, the Secretary shall consider—

(A) data submitted to the Secretary in connection with
the special affordable housing goal for previous years;

(B) the performance and efforts of the enterprise
toward achieving the special affordable housing goal in
previous years;

(C) national housing needs within the categories set
forth in this section;

(D) the ability of the enterprise to lead the industry
in making mortgage credit available for low-income and
very low-income families; and

(E) the need to maintain the sound financial condition
of the enterprise.

(b) FULL CREDIT ACTIVITIES.—

(1) IN GENERAL.—The Secretary shall give full credit toward
achievement of the special affordable housing goal under this
section (for purposes of section 1336) to the following activities:

(A) FEDERALLY RELATED MORTGAGES.—The purchase
or securitization of federally insured or guaranteed mort-
gages, if—

(i) such mortgages cannot be readily securitized
through the Government National Mortgage Associa-
tion or any other Federal agency;

(ii) participation of the enterprise substantially
enhances the affordability of the housing subject to
such mortgages; and

(iii) the mortgages involved are on housing that
otherwise qualifies under such goal to be considered
for purposes of such goal.

(B) PORTFOLIOS.—The purchase or refinancing of exist-
ing, seasoned portfolios of loans, if—

(i) the seller is engaged in a specific program to
use the proceeds of such sales to originate additional
loans that meet such goal; and

(ii) such purchases or refinancings support addi-
tional lending for housing that otherwise qualifies
under such goal to be considered for purposes of such
goal.