12 U.S.C. § 5220b: Multifamily mortgage…

Summary

The Secretary of Housing and Urban Development must create a program to protect current and future tenants and at-risk multifamily properties. The program should help pay for stable financing (by looking at rental income and reserves), keep Federal, State, and city subsidies at the levels in effect on July 21, 2010, provide money for repairs, and help transfer properties to responsible new owners when appropriate while keeping them affordable. The Secretary may work with the Treasury, the FDIC, the Federal Reserve Board, the Federal Housing Finance Agency, and other federal agencies. Multifamily properties — a residential building with 5 or more dwelling units. No one may begin receiving help from the Making Home Affordable Program or any mortgage help under the Emergency Economic Stabilization Act on or after 60 days after July 21, 2010 if, in the last 10 years, they were convicted in a mortgage or real estate matter of felony larceny, theft, fraud, or forgery, or of money laundering, or tax evasion. The Secretary must set up procedures to enforce this rule and report to the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs about how it was carried out.

Title 12, §5220b

Banks and Banking, Source: USLM XML via OLRC

(a)Establishment

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—

(1)creating sustainable financing of such properties, that may take into consideration such factors as—

(A)the rental income generated by such properties; and

(B)the preservation of adequate operating reserves;

(2)maintaining the level of Federal, State, and city subsidies in effect as of July 21, 2010;

(3)providing funds for rehabilitation; and

(4)facilitating the transfer of such properties, when appropriate and with the agreement of owners, to responsible new owners and ensuring affordability of such properties.

(b)Coordination

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.

(c)Definition

For purposes of this section, the term “multifamily properties” means a residential structure that consists of 5 or more dwelling units.

(d)Prevention of qualification for criminal applicants

(1)In general

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:

(A)Felony larceny, theft, fraud, or forgery.

(B)Money laundering.

(C)Tax evasion.

(2)Procedures

The Secretary shall establish procedures to ensure compliance with this subsection.

(3)Report

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.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Emergency Economic Stabilization Act of 2008, referred to in subsec. (d)(1), is div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, which is classified principally to this chapter. For complete classification of this Act to the Code, see

Short Title

note set out under section 5201 of this title and Tables. Codification Section was enacted as part of the Mortgage Reform and Anti-Predatory Lending Act, and also as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and not as part of the Emergency Economic Stabilization Act of 2008 which comprises this chapter.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective on the date on which final

Regulations

implementing such section take effect, or on the date that is 18 months after the designated transfer date if such

Regulations

have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as an

Effective Date

of 2010 Amendment note under section 1601 of Title 15, Commerce and Trade. Definitions For definitions of terms contained in this section, see section 5301 of this title.

§5220b Multifamily Mortgage Resolution Program

Summary

Title 12, §5220b

Notes & Related Subsidiaries

Editorial Notes

References in Text

Short Title

Statutory Notes and Related Subsidiaries

Effective Date

Regulations

Regulations

Effective Date

Citations & Metadata