Sec. 543. NATIONAL INTERAGENCY TASK FORCE ON MULTIFAMILY HOUSING
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## SEC. 543 NATIONAL INTERAGENCY TASK FORCE ON MULTIFAMILY HOUSING **[**[12 U.S.C. 1707 note](/us/usc/t12/s1707)**]** ###
(a)Purpose The purpose of this section is to establish a National Interagency Task Force on Multifamily Housing to develop recommendations for establishing a national database on multifamily housing loans. ###
(b)Establishment of Task Force There is established a Task Force known as the National Interagency Task Force on Multifamily Housing (hereafter in this section referred to as the “Task Force”). ###
(c)Membership of Task Force ####
(1)Federal officials The Task Force shall be composed of— #####
(A)the Secretary of Housing and Urban Development; #####
(B)the Chairperson of the Federal Housing Finance Board; #####
(C)the Comptroller of the Currency; #####
(D)the Chairperson of the Federal National Mortgage Association; and #####
(E)the Chairperson of the Federal Home Loan Mortgage Corporation, or their designees, and the persons appointed under paragraphs
(2)and (3). ####
(2)Appointments by the secretary The Secretary shall appoint as members of the Task Force— #####
(A)1 individual who is a representative of a State housing finance agency; #####
(B)1 individual who is a representative of a local housing finance agency; #####
(C)1 individual who is a representative of the building industry with experience in multifamily housing; and #####
(D)1 individual who is a representative of the life insurance industry with experience in multifamily loan performance data. ####
(3)Appointments by the chairperson of the fhfb The Chairman of the Federal Housing Finance Board shall appoint as members of the Task Force— #####
(A)1 individual who is a representative from the financial services industry with experience in multifamily housing underwriting; #####
(B)1 individual who is a representative from the nonprofit housing development sector with experience in subsidized multifamily housing development; and #####
(C)1 individual who is a representative from a nationally recognized rating agency. ###
(d)Administration ####
(1)Chairpersons The Task Force shall be chaired jointly by the Secretary and the Chairman of the Federal Housing Finance Board. ####
(2)Meetings The Task Force shall meet no less than 4 times, at the call of the Chairpersons of the Task Force. ####
(3)Quorum A majority of the members of the Task Force shall constitute a quorum for the transaction of business. ####
(4)Voting Each member of the Task Force shall be entitled to 1 vote, which shall be equal to the vote of every other member of the Task Force. ####
(5)Vacancies Any vacancy on the Task Force shall not affect its powers, but shall be filled in the manner in which the original appointment was made. ####
(6)Prohibition on additional pay Members of the Task Force shall serve without compensation, but shall be reimbursed for travel, subsistence, and other necessary expenses incurred in the performance of their duties as members of the Task Force. ###
(e)Functions of the Task Force ####
(1)In general The Task Force shall conduct a multifamily housing financial data project in order to improve the availability and efficiency of financing for multifamily rental housing. The project shall— #####
(A)analyze available data regarding the performance of multifamily housing mortgage loans in all regions of the country; #####
(B)prepare a comprehensive national database on the operation and financing of multifamily housing that will provide reliable information appropriate to meet the projected needs of lenders, investors, sponsors, property managers, and public officials; #####
(C)identify important factors that affect the long-term financial and operational soundness of multifamily housing properties, including factors relating to project credit risk, project underwriting, interest rate risk, real estate market conditions, public subsidies, tax policies, borrower characteristics, program management standards, and government policies; #####
(D)develop common definitions, standards, and procedures that will improve multifamily housing underwriting and accelerate the development of a strong, competitive, and efficient secondary market for multifamily housing loans; and #####
(E)make available appropriate information to various organizations in forms that will assist in improving multifamily housing loan underwriting and servicing. ####
(2)Final report Not later than 1 year following the enactment of this Act12, the Task Force shall submit to the Congress a final report which shall contain the information, evaluations, and recommendations specified in paragraph (1). 12The date of enactment was October 28, 1992. ###
(f)Authority of Task Force ####
(1)Rules and regulations The Task Force may adopt such rules and regulations as may be necessary to establish its procedures and to govern the manner of its operations, organization and personnel. ####
(2)Access to data The members of the Task Force representing the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Secretary of Housing and Urban Development, the Federal Housing Finance Board, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation shall make available to the Task Force a representative sample of multifamily housing mortgage loans in order for the Task Force to make its findings and recommendations, except that— #####
(A)all information obtained shall be used only for the purposes authorized in this section; #####
(B)the Task Force shall maintain the confidentiality of all such information obtained in the manner established for the material by the submitting entity, and such data shall not be subject to release under section 552 of title 5, United States Code; #####
(C)only aggregate data shall be publicly released by the Task Force unless it receives the explicit permission of the mortgage originator or government-sponsored enterprise from which the information is obtained; and #####
(D)any officer or employee of the Secretary, the Board of Governors of the Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, or the Federal Housing Finance Board shall be subject to the penalties under section 1906 of title 18, United States Code, if— ######
(i)by virtue of employment or official position, the officer or employee has possession of or access to any book, record, or information made available under this subsection and established as confidential under subparagraph (C); and ######
(ii)the officer or employee discloses the material in any manner other than to an officer or employee of the same Federal agency employing the officer or employee, or other than pursuant to the exemptions under section 1906. ####
(3)Sample data In order to ensure a representative sample of multifamily housing data, the Department of Housing and Urban Development, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation are authorized to request loan data from a representative sample of mortgage originators or the government-sponsored enterprises regulated by these agencies, and mortgages originated by housing finance agencies and life insurance companies, except that— #####
(A)all information obtained shall be used only for the purposes authorized in this section; #####
(B)the Task Force shall maintain the confidentiality of all such information obtained in the manner established for the material by the submitting entity, and such data shall not be subject to release under section 552 of title 5, United States Code; #####
(C)only aggregate data shall be publicly released by the Task Force unless it receives the explicit permission of the mortgage originator or government-sponsored enterprise from which the information is obtained; and #####
(D)any officer or employee of the Secretary, the the13 Board of Governors of the Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, or the Federal Housing Finance Board shall be subject to the penalties under section 1906 of title 18, United States Code, if— 13So in law. See amendment made by section 371(2)(B)(ii) of Public Law 111–203. ######
(i)by virtue of employment or official position, the officer or employee has possession of or access to any book, record, or information made available under this subsection and established as confidential under subparagraph (C); and ######
(ii)the officer or employee discloses the material in any manner other than to an officer or employee of the same Federal agency employing the officer or employee, or other than pursuant to the exemptions under section 1906. ####
(4)Agency resources The Task Force may, with the consent of any Federal agency or department represented on the Task Force, utilize the information, services, staff and facilities of such agency or department on a reimbursable basis, to assist the Task Force in carrying out its duties under this section. ####
(5)Mails The Task Force may use the United States mails in the same manner and under the same conditions as other Federal agencies. ####
(6)Contracting The Task Force may, to such extent and in such amounts as are provided in appropriations Acts, enter into contracts with private firms, institutions, and individuals for the purpose of discharging its duties under this section. ####
(7)Staff The Task Force may appoint and fix the compensation of such personnel as it deems advisable, in accordance with the provisions of title 5, United States Code, governing appointments to the competitive service, and the provisions of chapter 51 and subchapter III of chapter 53 of such title, relating to classification of General Schedule pay rates. ###
(g)Independent Evaluation The Comptroller General of the United States shall be authorized to conduct an independent analysis of the findings and recommendations submitted by the Task Force to the Congress under this section. ###
(h)Authorization of Appropriations There are authorized to be appropriated to carry out this section not to exceed $6,000,000 for fiscal year 1993 and $6,252,000 for fiscal year 1994. Funds appropriated under this subsection shall remain available until expended.
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- Pub. L. 111-203
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