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Update the current CMF regulations to: (1) clarify terms, concepts and requirements of the CMF program to improve CMF recipients’ understanding of their obligation and requirements under the program; (2) ensure the CMF program requirements adequately address activities and current business practices in the affordable housing industry; (3) reduce the burden of administering CMF Awards for CMF recipients while ensuring accountability; (4) better align the CMF program with other federal assistance programs; and (5) better promote and incorporate policy priorities such as economic development in conjunction with affordable housing and affordable homeownership to the CMF program.