An annual report to Congress on the pilot program is required
What the document says“Beginning not later than 1 year after the establishment of the pilot program under subsection (a) and ending 1 year after the sunset of the pilot program, the Federal Housing Commissioner shall submit to Congress an annual report that--”
The section requires an annual report to Congress from the Federal Housing Commissioner, starting a year after the pilot program begins and ending a year after it closes. The report must track outcomes of the loans made, analyze risks to the solvency of the Mutual Mortgage Insurance Fund, give data on small-dollar mortgages made over the preceding ten years and on the lenders and borrowers involved, describe the fixed costs of making mortgages, and analyze which regions of the country, including rural regions, have the greatest need.
What the document actually says“Beginning not later than 1 year after the establishment of the pilot program under subsection (a) and ending 1 year after the sunset of the pilot program, the Federal Housing Commissioner shall submit to Congress an annual report that--”
A report goes to Congress once a year. The first is due a year after the test starts. The last is due a year after it ends.
A report is how Congress checks on a program it set up. This one asks what the loans did. It also asks whether the insurance fund is at risk.
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