The set-aside now turns on material participation rather than ownership
What the document says“by striking ``to be developed, sponsored, or owned by community housing development organizations'' and inserting ``when a community housing development organization materially participates in the ownership or development of that housing, as determined by the Secretary''.”
The section amends the first sentence of section 231(a) of the Cranston-Gonzalez National Affordable Housing Act so that the set-aside applies where a community housing development organization materially participates in the ownership or development of the housing, as the Secretary determines, rather than where the organization develops, sponsors, or owns it.
What the document actually says“by striking ``to be developed, sponsored, or owned by community housing development organizations'' and inserting ``when a community housing development organization materially participates in the ownership or development of that housing, as determined by the Secretary''.”
Old words about who builds or owns the housing come out. New words go in. They ask whether the group takes a real part in it.
The old test looked at who held the title. The new one looks at the group's role. The housing agency decides what counts.
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