12 U.S.C. § 5220b — Multifamily mortgage resolution program
submitted 16 years ago by Pub. L. 111-203 to r/title-12-BANKS-AND-BANKING · 357 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
The Secretary* of Housing and Urban Development shall develop a program under this subsection to ensure the protection of current and future tenants and at-risk multifamily properties, where feasible, based on criteria that may include—
creating sustainable financing of such properties, that may take into consideration such factors as—
the rental income generated by such properties; and
the preservation of adequate operating reserves;
maintaining the level of Federal, State*, and city subsidies in effect as of July 21, 2010;
providing funds for rehabilitation; and
facilitating the transfer of such properties, when appropriate and with the agreement of owners, to responsible new owners and ensuring affordability of such properties.
The Secretary of Housing and Urban Development may, in carrying out the program developed under this section, coordinate with the Secretary of the Treasury, the Federal Deposit Insurance Corporation*, the Board* of Governors of the Federal Reserve System, the Federal Housing Finance Agency, and any other Federal Government agency that the Secretary considers appropriate.
For purposes of this section, the term “multifamily properties” means a residential structure that consists of 5 or more dwelling units.
No person* shall be eligible to begin receiving assistance from the Making Home Affordable Program authorized under the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5201 et seq.), or any other mortgage assistance program authorized or funded by that Act, on or after 60 days after July 21, 2010, if such person, in connection with a mortgage or real estate transaction, has been convicted, within the last 10 years, of any one of the following:
Felony larceny, theft, fraud, or forgery.
Money laundering.
Tax evasion.
The Secretary shall establish procedures to ensure compliance with this subsection.
The Secretary shall report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate regarding the implementation of this provision. The report shall also describe the steps taken to implement this subsection.
Source credit: (Pub. L. 111–203, title XIV, § 1481, July 21, 2010, 124 Stat. 2202.)
- 2010Enacted · Pub. L. 111-203 · 124 Stat. 2202
A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-203 on 2010-07-21.
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