Sec. 101. Application of multifamily mortgage foreclosure procedures to multifamily mortgages held by the Secretary of Agriculture and preservation of the rental assistance contract upon foreclosure
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Section 363(2) of the Multifamily Mortgage Foreclosure Act of 1981 ( 12 U.S.C. 3702(2) ) is amended— in subparagraph (D), by striking and at the end; in subparagraph (E), by striking the period at the end and inserting ; or ; and by adding at the end the following: section 514, 515, or 538 of the Housing Act of 1949 ( 42 U.S.C. 1484 , 1485, 1490p). . Section 521(d) of the Housing Act of 1949 ( 42 U.S.C. 1490a(d) ) is amended by adding at the end the following: Notwithstanding any other provision of law in managing and disposing of any multifamily property that is owned or has a mortgage held by the Secretary, and during the process of foreclosure on any property with a contract for rental assistance under this section— the Secretary shall maintain any rental assistance payments that are attached to any dwelling units in the property; and the rental assistance contract may be used to provide further assistance to existing projects under 514, 515, or 516. .
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Sec. 101
Application of multifamily mortgage foreclosure procedures to multifamily mortgages held by the Secretary of Agriculture and preservation of the rental assistance contract upon foreclosure
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