PRIA, Government Policy, Made Personal

Summary

Allows state housing finance authorities and nonprofits to buy mortgage assets from the Resolution Trust Corporation or from banks the FDIC is running; those purchase contracts are valid as written, and any net income must go to finance, refinance, or repair low- and moderate-income housing in their area.

Title 12, §1441a–2

Banks and Banking, Source: USLM XML via OLRC

(a)Notwithstanding any other provision of Federal or State law, a State housing finance authority or nonprofit entity may purchase mortgage-related assets from the Resolution Trust Corporation or from financial institutions with respect to which the Federal Deposit Insurance Corporation is acting as a conservator or receiver (including assets associated with any trust business), and any contract for such purchase shall be effective in accordance with its terms without any further approval, assignment, or consent with respect to that contract.

(b)Any State housing finance authority or nonprofit entity which purchases mortgage-related assets pursuant to subsection (a) shall invest any net income attributable to the ownership of those assets in financing, refinancing, or rehabilitating low- and moderate-income housing within the jurisdiction of the State housing finance authority or within the geographical area served by the nonprofit entity.

Notes & Related Subsidiaries

Editorial Notes

Codification Section was enacted as part of the Financial Institutions Reform, Recovery, and

Enforcement

Act of 1989, and not as part of the Federal Home Loan Bank Act which comprises this chapter.

Statutory Notes and Related Subsidiaries

Definitions The definitions in section 1441a–1 of this title apply to this section.

§1441a–2 Authorization for State Housing Finance Agencies and Nonprofit Entities to Purchase Mortgage-related Assets