12 U.S.C. § 4567 — Affordable housing allocations
submitted 18 years ago by Pub. L. 102-550 to r/title-12-BANKS-AND-BANKING · 461 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
Subject to subsection (b), in each fiscal year—
the Federal Home Loan Mortgage Corporation shall—
set aside an amount equal to 4.2 basis points for each dollar of the unpaid principal balance of its total new business purchases; and
allocate or otherwise transfer—
65 percent of such amounts to the Secretary of Housing and Urban Development to fund the Housing Trust Fund established under section 4568 of this title; and
35 percent of such amounts to fund the Capital Magnet Fund established pursuant to section 4569 of this title; and
the Federal National Mortgage Association shall—
set aside an amount equal to 4.2 basis points for each dollar of unpaid principal balance of its total new business purchases; and
allocate or otherwise transfer—
65 percent of such amounts to the Secretary of Housing and Urban Development to fund the Housing Trust Fund established under section 4568 of this title; and
35 percent of such amounts to fund the Capital Magnet Fund established pursuant to section 4569 of this title.
The Director* shall temporarily suspend allocations under subsection (a) by an enterprise* upon a finding by the Director that such allocations—
are contributing, or would contribute, to the financial instability of the enterprise;
are causing, or would cause, the enterprise to be classified as undercapitalized; or
are preventing, or would prevent, the enterprise from successfully completing a capital restoration plan under section 4622 of this title.
The Director shall, by regulation, prohibit each enterprise from redirecting the costs of any allocation required under this section, through increased charges or fees, or decreased premiums, or in any other manner, to the originators of mortgages purchased or securitized by the enterprise.
Compliance by the enterprises with the requirements under this section shall be enforceable under subpart 3. Any reference in such subpart to this part or to an order, rule, or regulation under this part specifically includes this section and any order, rule, or regulation under this section.
Of the aggregate amount allocated under subsection (a), 25 percent shall be deposited into a fund established in the Treasury of the United States by the Secretary of the Treasury for such purpose.
No funds under this chapter may be used in conjunction with property taken by eminent domain, unless eminent domain is employed only for a public use, except that, for purposes of this section, public use shall not be construed to include economic development that primarily benefits any private entity.
Source credit: (Pub. L. 102–550, title XIII, § 1337, as added Pub. L. 110–289, div. A, title I, § 1131(b), July 30, 2008, 122 Stat. 2711.)
- 2008Enacted · Pub. L. 102-550 · 122 Stat. 2711
A history note hasn’t been published yet. The record shows enactment by Pub. L. 102-550 on 2008-07-30.
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