Federal · Title 12 — Banks and Banking

12 U.S.C. § 5220b: Multifamily mortgage resolution program

Civil

What this law says, in plain English

This statute establishes a federal multifamily mortgage resolution program administered by HUD to preserve affordable rental housing, maintain subsidies, and facilitate property transfers, with coordination among federal agencies and reporting requirements to Congress.

Read the full statutory text

the rental income generated by such properties; and the preservation of adequate operating reserves; maintaining the level of Federal, State, and city subsidies in effect as of July 21, 2010 ; providing funds for rehabilitation; and facilitating the transfer of such properties, when appropriate and with the agreement of owners, to responsible new owners and ensuring affordability of such properties. 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. For purposes of this section, the term “multifamily properties” means a residential structure that consists of 5 or more dwelling units. Felony larceny, theft, fraud, or forgery. Money laundering. Tax evasion. The Secretary shall establish procedures to ensure compliance with this subsection. 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.

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