Title 12 — Banks and Banking
Chapter 52 — Emergency Economic Stabilization
§ 5220b. Multifamily mortgage resolution program
Statutory text
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—
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 ;
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.
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.
Definition
For purposes of this section, the term “multifamily properties” means a residential structure that consists of 5 or more dwelling units.
Prevention of qualification for criminal applicants
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 , 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.
Procedures
The Secretary shall establish procedures to ensure compliance with this subsection.
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.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Mortgage Reform and Anti-Predatory Lending Act
Pub. L. 111–203 title XIV § 1481 · 124 Stat. 1376
Enacted · 12 U.S.C. § 5220b
(Pub. L. 111–203, title XIV, § 1481, July 21, 2010, 124 Stat. 2202.)
Source evidence
Code source credit
(Pub. L. 111–203, title XIV, § 1481, July 21, 2010, 124 Stat. 2202.)Enacted provision · exact public law section
SEC. 1481. MULTIFAMILY MORTGAGE RESOLUTION PROGRAM. (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 the date of the enactment of this Act; (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.— Time period. 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 the date of the enactment of this Act, 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.
1 of 1 references resolved to an enrolled provision
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, , 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.