; (3) for counseling or financial education administered by counseling agencies approved by the Secretary in order to ensure sustainable homeownership; (4) to create and maintain the database described in subsection (g)(3); and (5) to maintain any records required to implement this section. (d) Grant amount Eligible residents may receive a grant from the fund established under subsection (c) in an amount equal to— (1) not more than 3.5 percent of the appraised value of the property to be purchased; or (2) if the appraised value is more than the principal obligation amount limitation for mortgages insured under title II of the National Housing Act ( 12 U.S.C. 1707 et seq.), 3.5 percent of the maximum principal obligation limitation for the property to be purchased. (e) FHA loan An eligible resident is not required to obtain a mortgage that is insured under title II of the National Housing Act ( 12 U.S.C. 1707 et seq.) as a condition of receiving a grant under this section. (f) Geographic area An eligible resident is not required to purchase a home within the geographic area described in subsection (b)(1)(C) as a condition of receiving a grant under this section. (g) Regulations and database Not later than 1 year after the date of enactment of this Act, the Secretary shall— (1) in consultation with interested parties, including housing counseling agencies approved by the Secretary and individuals or groups with expertise in fair housing, finalize regulations relating to the use of the fund established under subsection (c), including defining the geographic areas in which residents are eligible to receive grants through the fund, which shall include— (A) census tracts graded as hazardous or definitely declining in maps drawn by the Home Owners' Loan Corporation that are, as of the date of enactment of this Act, low-income communities