To require the Federal housing Finance Board to permit the Federal home loan banks to use affordable housing program funds to refinance certain single-family first mortgages.

SA 4480. Mr. CARPER (for himself and Mr. Crapo) submitted an
amendment intended to be proposed by him to the bill H.R. 3221, moving
the United States toward greater energy independence and security,
developing innovative new technologies, reducing carbon emissions,
creating green jobs, protecting consumers, increasing clean renewable
energy production, and modernizing our energy infrastructure, and to
amend the Internal Revenue Code of 1986 to provide tax incentives for
the production of renewable energy and energy conservation; which was
ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. __. FEDERAL HOME LOAN BANK REFINANCING AUTHORITY FOR
CERTAIN RESIDENTIAL MORTGAGE LOANS.

Section 10(j)(2) of the Federal Home Loan Bank Act (12
U.S.C. 1430(j)(2) is amended--
(1) in subparagraph (A), by striking ``or'' at the end;
(2) in subparagraph (B), by striking the period at the end
and inserting ``; or''; and
(3) by adding at the end the following:
``(C) during the 2-year period beginning on the date of
enactment of this subparagraph, refinance loans that are
secured by a first mortgage on a primary residence of any
family having an income at or below 80 percent of the median
income for the area.''.
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