The Secretary shall establish upper income limits for limited income households, taking into consideration factors that include: the total income of the household available for housing needs; the size of the household; the cost and condition of housing facilities; the ability of the household to compete successfully in the conventional private housing market; and relevant standards and definitions established for federal housing programs.

A project qualifies as a community reinvestment project if the Secretary determines in writing that the community reinvestment project meets: affordable housing needs of limited income households in the State; capital, operating, and other credit needs of small businesses in the State, including farm businesses, if the assets, income, and number of employees of the business do not exceed limits that the Secretary of Commerce establishes; or capital, operating, and other credit needs of individuals, community organizations, and businesses located in or serving communities or neighborhoods in the State that have urgent needs for reinvestment due to deteriorating social or economic conditions. A community reinvestment project shall: conform to eligibility guidelines and financing policies consistent with this subtitle that the Board develops and the Secretary approves; and be submitted to and approved by the loan committee appointed by the Board under § 9–204(d) of this title.

An application for community reinvestment assistance shall be made to the Department of Housing and Community Development, to the Department of Commerce, to an entity contributing to the Fund, or, if the Board allows, directly to the Fund. The Department of Housing and Community Development and the Department of Commerce may provide technical assistance in the underwriting or review of a loan for which an application has been submitted. The loan committee shall base its action on an application on the review of the application and recommendations made by one or more parties listed in subsection (a) of this section.

To provide community reinvestment assistance, the Board may: invest in, purchase, make commitments to purchase, or take assignments from mortgage lenders of notes and mortgages evidencing mortgage loans; act as a guarantor or conduit for mortgage backed securities; make loans to recipients of community reinvestment assistance or to mortgage lenders; sell at public or private sale mortgages, loans, or other obligations held by the Fund; purchase, make, participate in making, or enter into commitments to purchase loans; package and sell loans; and do anything else authorized by the organizational documents of the Fund.