While the reform bill of the government-sponsored enterprises by Senate Banking Committee Chairman Tim Johnson, D-S.D., and Ranking Member Mike Crapo, R-ID, is similar to the framework of the bill by Sens. Bob Corker, R-TN, and Mark Warner, D-VA, it's better in four keys areas, according to an article by Enterprise, a non-profit dedicated to promoting affordable housing.

1. Ensures broad access to mortgage credit for eligible borrowers: The bill would require any issuer of FMIC-issued securities to serve all eligible single-family and multifamily borrowers, provided they meet certain down-payment, credit and other requirements, the article explained.

2. Establishes a more sustainable system for financing rental housing: This bill provides a more thorough description on Fannie’s and Freddie’s multifamily businesses, laying out a more in-depth plan for preserving those businesses.

3. Expands support to affordable rental housing: The bill requires issuers of FMIC-insured securities to contribute 10 basis points, or 10 cents on every $100 of principal to the National Housing Trust Fund and the Capital Magnet Fund. This is in addition to requiring a certain percentage of rental units financed by insured multifamily securities must be affordable to low-income families, which was not included in the Corker-Warner bill.

4. Creates new incentives to serve underserved segments of the market: The bill outlines a new fund called the Market Access Fund that facilitates the development and testing of innovative financial products that help address the homeownership and rental needs of underserved communities. Plus, it establishes new market-based incentives to help underserved communities. 

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