; and (B) based on and backed by a trust or pool composed of notes or other obligations guaranteed or eligible for guarantee by the Secretary under this section. (2) Full faith and credit To the same extent as provided in subsection (g), the full faith and credit of the United States is pledged to the payment of all amounts that may be required to be paid under any guarantee made by the Secretary under this subsection. (3) Subrogation If the Secretary pays a claim under a guarantee made under this section, the Secretary shall be subrogated for all the rights of the holder of the guaranteed certificate or obligation with respect to the certificate or obligation. (4) Effect of other laws No State or local law, and no Federal law, shall preclude or limit the exercise by the Secretary of— (A) the power to contract with respect to public offerings and other sales of notes, trust certificates, and other obligations guaranteed under this section upon such terms and conditions as the Secretary determines appropriate; (B) the right to enforce any contract described in subparagraph (A) by any means determined appropriate by the Secretary; or (C) any ownership rights of the Secretary, as applicable, in notes, certificates, or other obligations guaranteed under this section, or constituting the trust or pool against which trust certificates, or other obligations guaranteed under this section, are offered. . III Reforms relating to community housing development organization and nonprofit participation 301. Modification of rules related to community housing development organizations (a) Definitions of community housing development organization and community land trust (1) In general Section 104 of the Cranston-Gonzalez National Affordable Housing Act ( 42 U.S.C. 12704 ) is amended— (A) in paragraph (6)(B)— (i) by striking significant ; and (ii) by striking and otherwise and inserting or as otherwise determined acceptable by the Secretary