; (B) has an income that is less than 120 percent of the area median income; and (C) (i) resided in that geographic area during the 4-year period preceding the date of enactment of this Act; (ii) resided in that geographic area for a period of 4 years before moving out of the geographic area subsequent to a foreclosure, short sale, or deed in lieu of foreclosure on a home that— (I) was the primary residence of the resident; and (II) was purchased or refinanced during the period beginning on January 1, 2001, and ending on December 30, 2008; or (iii) resided in that geographic area for a period of 4 years before moving out of the geographic area due to a major disaster declared by the President or a State, territorial, or Tribal government. (2) First-time homebuyer The term first-time homebuyer means an individual (and if married, the spouse of the individual) who— (A) has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property; or (B) who surrendered an ownership interest in a principal residence during the 3-year period ending on the date of purchase of the property as part of a divorce proceeding. (3) Secretary The term Secretary means the Secretary of Housing and Urban Development. (c) Establishment There is established in the Office of Housing of the Department of Housing and Urban Development a fund, to be administered by the Secretary, that shall be used— (1) to provide grants to eligible residents to purchase homes; (2) for outreach to financial institutions in targeted areas and eligible residents, including for the administration of that outreach; (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)