DETERMINATION OF LOW-INCOME ELIGIBILITY FOR HOMEOWNERSHIP ASSISTANCE.

SEC. 599B. DETERMINATION OF LOW-INCOME ELIGIBILITY FOR HOMEOWNERSHIP ASSISTANCE. (a) Income Targeting.— Section 214(2) of the Cranston-Gonzalez National Affordable Housing Act is amended by striking “at the time of occupancy or at the time funds are invested, whichever is later”. (b) Qualification as Affordable Housing.— Section 215(b)(2) of such Act is amended to read as follows: “(2) is the principal residence of an owner whose family qualifies as a low-income family— “(A) in the case of a contract to purchase existing housing, at the time of purchase; “(B) in the case of a lease-purchase agreement for existing housing or for housing to be constructed, at the time the agreement is signed; or “(C) in the case of a contract to purchase housing to be constructed, at the time the contract is signed;”. (c) Applicability.— The amendments made by this section are made on, and shall apply beginning upon, the date of the enactment of this Act.