§ 936.1 - Definitions.

For purposes of this part:

(a) Act means the Federal Home Loan Bank Act, as amended (12 U.S.C. 1421, et seq.).

(b) Advance has the same meaning as in § 935.1 of this chapter.

(c) Advisory Council means the Advisory Council each Bank is required to establish pursuant to section 10(j)(11) of the Act and part 960 of this chapter.

(d) Affordable Housing Program or AHP means the program each Bank is required to establish pursuant to section 10(j) of the Act and part 960 of this chapter.

(e) Appropriate federal financial supervisory agency means the Office of the Comptroller of the Currency for national banks; the Board of Governors of the Federal Reserve System for state chartered banks that are members of the Federal Reserve System and bank holding companies; the Federal Deposit Insurance Corporation for state chartered banks and savings banks that are not members of the Federal Reserve System and the deposits of which are insured by the Federal Deposit Insurance Corporation; and the Office of Thrift Supervision for savings associations the deposits of which are insured by the Federal Deposit Insurance Corporation and savings and loan holding companies.

(f) Bank or Banks means a Federal Home Loan Bank or the Federal Home Loan Banks.

(g) CICA or Community Investment Cash Advance has the same meaning as in § 935.1 of this chapter.

(h) Community lending has the same meaning as in § 970.3 of this chapter.

(i) CRA means the Community Reinvestment Act of 1977, as amended (12 U.S.C. 2901, et seq.).

(j) CRA evaluation means the public disclosure portion of the CRA performance evaluation provided by a member's appropriate federal financial supervisory agency.

(k) Finance Board means the agency established as the Federal Housing Finance Board.

(l) First-time homebuyer means:

(1) An individual and his or her spouse, if any, who has had no present ownership interest in a principal residence during the three-year period prior to purchase of a principal residence.

(2) A displaced homemaker who, except for owning a residence with his or her spouse or residing in a residence owned by his or her spouse, meets the requirements of paragraph (l)(1) of this section. For purposes of this paragraph (l)(2), the term displaced homemaker means an adult who has not worked full-time, full-year in the labor force for a number of years and, during that period, worked primarily without remuneration to care for a home and family, and currently is unemployed or underemployed and is experiencing difficulty in obtaining or upgrading employment.

(3) A single parent who, except for owning a residence with his or her spouse or residing in a residence owned by his or her spouse, meets the requirements of paragraph (l)(1) of this section. For purposes of this paragraph (l)(3), the term single parent means an individual who is unmarried or legally separated from a spouse and has custody or joint custody of one or more minor children or is pregnant.

(m) Long-term advance means an advance with a term to maturity greater than one year.

(n) Member means an institution admitted to membership and owning capital stock in a Bank.

(o) Restriction on access to long-term advances means a member may not borrow long-term advances or renew any maturing advance for a term to maturity greater than one year.