Community support standards.

CFR · 2024-01-01 · US · Title 12

(a) (b) (c) (1) The member is subject to the requirements of the CRA and the rating in the member's most recent CRA evaluation is “Outstanding”; (2) The member has an established record of lending to first-time homebuyers; (3) The member has a program whereby it actively seeks to lend or support lending to first-time homebuyers, including, but not limited to, the following— (i) Providing special credit products with flexible underwriting standards for first-time homebuyers; (ii) Participating in Federal, State, or local government, or nationwide homeownership lending programs that benefit, serve, or are targeted to, first-time homebuyers; or (iii) Participating in loan consortia for first-time homebuyer loans or loans that serve predominantly low- or moderate-income borrowers; (4) The member has a program whereby it actively seeks to assist or support organizations that assist potential first-time homebuyers to qualify for mortgage loans, including, but not limited to, the following— (i) Providing, participating in, or supporting special counseling programs or other homeownership education activities that benefit, serve, or are targeted to, first-time homebuyers; (ii) Providing or participating in marketing plans and related outreach programs targeted to first-time homebuyers; (iii) Providing technical assistance or financial support to organizations that assist first-time homebuyers; (iv) Participating with or financially supporting community or nonprofit groups that assist

official document · source cfr-2024 · id 12:§ 1290.3