Sec. 6. Business landlord oversight
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Section 4020 of the CARES Act ( 15 U.S.C. 9055 ) is amended— in subsection (b)(2)(A), by adding at the end the following: The use of rental property assistance received by entities under section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ) or other Federal Government relief assistance under this subtitle. ; and in subsection (c)— in paragraph (1)— in the matter preceding subparagraph (A), by striking 5 and inserting 9 ; and in subparagraphs
(A)through (D), strike 1 each place the term appears and insert 2 ; and by adding at the end the following: Not fewer than 2 of the 8 members appointed under subparagraphs
(A)through
(D)shall be from a group that has been historically underrepresented or disproportionately negatively impacted by the Coronavirus disease 2019 (COVID–19), and not fewer than 1 of those 8 members shall be a woman. . Except with respect to a nonprofit organization or a local, mission-focused affordable housing developer, a business entity shall not use the proceeds of any loan or grant received under this Act or the CARES Act ( Public Law 116–136 ), or any amendments made under those Acts, to purchase distressed mortgages, foreclosed properties, or real-estate-owned properties. If a landlord receives Federal funds under subtitle IV of the CARES Act ( Public Law 116–136 ) that are used to cover rent arrears during the period beginning on March 27, 2020, and ending on December 31, 2020, the landlord may not collect rent arrears from tenants that were received upon the expiration of applicable Federal and State eviction and foreclosure moratoriums relating to the COVID–19 pandemic, including under sections 4022 and 4024 of the CARES Act ( 15 U.S.C. 9056 , 9058).
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