12 U.S.C. § 5230 — Termination of authority
submitted 18 years ago by Pub. L. 110-343 to r/title-12-BANKS-AND-BANKING · 150 words · no verdicts yet
This section sets an end date for specified authorities and describes certified extensions. The final extension option is limited to current participants in a specified housing fund and $2 billion in later obligations.
(a) Termination. The authorities under sections 5211(a), except section 5211(a)(3), and 5212 end December 31, 2009. (b) Extension. After submitting a written certification to Congress, the Secretary* may extend authority to a date no later than 2 years after October 3, 2008. The certification must explain why the extension is needed to help American families and stabilize financial markets and state* its expected taxpayer cost. Despite that rule, the Secretary may extend the authority to December 31, 2017 if the extension applies only to current participants in the Housing Finance Agency Innovation Fund* for the Hardest Hit Housing Markets and obligations after the extension do not exceed $2 billion.
The authorities provided under sections 5211(a), excluding section 5211(a)(3), and 5212 of this title shall terminate on December 31, 2009.
The Secretary*, upon submission of a written certification to Congress, may extend the authority provided under this chapter to expire not later than 2 years from October 3, 2008. Such certification shall include a justification of why the extension is necessary to assist American families and stabilize financial markets, as well as the expected cost to the taxpayers for such an extension. Notwithstanding the foregoing, the Secretary may further extend the authority provided under this chapter to expire on December 31, 2017, provided that (1) any such extension shall apply only with respect to current program participants in the Housing Finance Agency Innovation Fund* for the Hardest Hit Housing Markets, and (2) funds obligated following such extension shall not exceed $2,000,000,000.
Source credit: (Pub. L. 110–343, div. A, title I, § 120, Oct. 3, 2008, 122 Stat. 3788; Pub. L. 114–113, div. O, title VII, § 709(a), Dec. 18, 2015, 129 Stat. 3030.)
- 2008Enacted · Pub. L. 110-343 · 122 Stat. 3788
- 2015Amended · Pub. L. 114-113 · 129 Stat. 3030
A history note hasn’t been published yet. The record shows enactment by Pub. L. 110-343 on 2008-10-03.
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