12 2 STA T . 2 703PUBLIC LA W 110 – 2 89—J UL Y 30 , 2008 ‘ ‘ (29)MINOR I TYCE N SU STR A CT .—Thet e rm ‘m ino rit yc en su s tr a ct ’ means a census tract that has a minority p opu l ation o f at least 30 percent an d a median family income of less than 1 00 percent of the area family median income. ‘‘(30) SH ORTA G EO F STAN D ARD RENTA L UNITS B OTH AFFORD - ABLE AND A V AILABLE TO E X TRE M ELY LO W -INCOME RENTER HOUSEHOLDS.— ‘‘( A ) I N GENERAL.—The term ‘shorta g e of standard rental units b oth affordable and a v ailable to e x tremely lo w -income renter households’ means the gap between— ‘‘(i) the number of units with complete plumbing and k itchen facilities with a rent that is 30 percent or less of 30 percent of the ad j usted area median income as determined by the D irector that are occupied by extremely low-income renter households or are vacant for rent
and ‘‘(ii) the number of extremely low-income renter households. ‘‘( B ) R ULE OF CONSTRUCTION.—If the number of units described in subparagraph (A)(i) exceeds the number of extremely low-income households as described in subpara- graph (A)(ii) , there is no shortage. ‘‘(31) SHORTAGE OF STANDARD RENTAL UNITS BOTH AFFORD- ABLE AND AVAILABLE TO VERY LOW-INCOME RENTER HOUSE- HOLDS.— ‘‘(A) IN GENERAL.—The term ‘shortage of standard rental units both affordable and available to very low- income renter households’ means the gap between— ‘‘(i) the number of units with complete plumbing and kitchen facilities with a rent that is 30 percent or less of 5 0 percent of the adjusted area median income as determined by the Director that are occupied by either extremely low- or very low-income renter households or are vacant for rent; and ‘‘(ii) the number of extremely low- and very low- income renter households. ‘‘(B) RULE OF CONSTRUCTION.—If the number of units described in subparagraph (A)(i) exceeds the number of extremely low- and very low-income households as described in subparagraph (A)(ii), there is no shortage.’’. SEC.1 1 29 . DUTY T O SE RV EU N DERSERVED MA R K ETS. (a) E STABLISHMENT AND EVALUATION OF P ERFORMANCE.—Sec- tion 1335 of the F ederal H ousing Enterprises Financial Safety and Soundness Act of 1992 (12 U .S. C . 4 5 6 5) is amended— (1) in the section heading, by inserting ‘‘ DUTY T OSERV E U N DERSERVED MA R K ETS AND’’ before ‘‘OT H ER’’; (2) by striking subsection (b); (3) in subsection (a)— (A) in the matter preceding paragraph (1), by inserting ‘‘and to carry out the duty under subsection (a) of this section’’ before ‘‘, each enterprise shall’’; (B) in paragraph (3), by inserting ‘‘and’’ after the semi- colon at the end; (C) in paragraph (4), by striking ‘‘; and’’ and inserting a period; (D) by striking paragraph (5); and
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