; and (7) shall be employed and earning sufficient income to repay a mortgage loan, as determined by the Secretary and the Director for the purposes of this program. (c) Types of assistance (1) In general A program established under this Act may provide for any one or more of the following options: (A) A discount on the appraised value of an eligible property. (B) Flexibility in underwriting standards related to the purchase of eligible properties for mortgages insured under title II of the National Housing Act ( 12 U.S.C. 1707 et seq.) or owned or guaranteed by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation. (C) The development of new mortgage products specifically targeted to eligible applicants. (D) In coordination with the Department of the Treasury and the Department of Education, the development of a program that will use actuarial information to determine how the repayment of loans described in subsection (b)(1) may be integrated into a mortgage repayment schedule to allow an eligible applicant to accumulate equity in the eligible property, including by reason of meeting the eligible applicant’s obligations under such student loan. (E) Any other assistance that the Secretary and Director jointly deem appropriate. (2) Collaboration In providing assistance described under paragraph (1), the Secretary and the Director may collaborate with community banks having less than $10,000,000,000 in total assets, credit unions (as defined in section 101 of the Federal Credit Union Act), and local fair housing organizations. (d) Geographical diversity In selecting eligible applicants to receive assistance under this Act, the Secretary and the Director shall, to the extent practicable, consider the location of the eligible property to be purchased by the eligible applicant, including whether the eligible property is located in a rural or urban area, to ensure geographic diversity of such eligible properties. (e) Reports (1) Interim report Not later than 90 days after the date of