12 USC 5220b - Multifamily mortgage resolution program

U.S Code last checked for updates: Apr 30, 2024

§ 5220b.

Multifamily mortgage resolution program

(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

(c)

Definition

(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

(3)

Report

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

cite as: 12 USC 5220b