Sec. 281. Transition period
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/bill/113/hr/2767/ih/section-281·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For purposes of this subtitle, the term transition period means the period that— begins on the date of the enactment of this Act; and ends upon the earlier of— the date that the Director publishes notice in the Federal Register that the Director has determined that all of the requirements under subsection
(b)have been completed; or the expiration of the 5-year period beginning on the date of the enactment of this Act. The requirements under this subsection are the following: The FHA has submitted to the Director of the Federal Housing Finance Agency an initial annual budget and business plan and the Director has approved the budget and plan. The Director of the Office of Management and Budget has determined, and notified the Director, that the staff, systems, and administrative infrastructure of the FHA are sufficient to permit the FHA to fully conduct the operation of its business.