§ 5220b. Multifamily mortgage resolution program

556 words·~3 min read·/usc/title-12/section-5220b

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(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 July 21, 2010;

(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 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 July 21, 2010, 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.

(Pub. L. 111–203, title XIV, § 1481, July 21, 2010, 124 Stat. 2202.)

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