12 U.S.C. § 5220b
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-
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.
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:
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.
12 U.S.C. § 5220b
EDITORIAL NOTES
REFERENCES IN TEXTThe Emergency Economic Stabilization Act of 2008, referred to in subsec. (d)(1), is div. A of Pub. L. 110-343, 122 Stat. 3765, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 5201 of this title and Tables.
CODIFICATIONSection was enacted as part of the Mortgage Reform and Anti-Predatory Lending Act, and also as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and not as part of the Emergency Economic Stabilization Act of 2008 which comprises this chapter.
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATESection effective on the date on which final regulations implementing such section take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111-203 set out as an Effective Date of 2010 Amendment note under section 1601 of Title 15, Commerce and Trade.
DEFINITIONSFor definitions of terms contained in this section, see section 5301 of this title.
- Board
- The term "Board" means the Board of Governors of the Federal Reserve System.
- Corporation
- The term "Corporation" means the Federal Deposit Insurance Corporation.
- Secretary
- The term "Secretary" means the Secretary of the Treasury.
- State
- The term "State" means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25.
- consumer
- The term "consumer" means an individual or an agent, trustee, or representative acting on behalf of an individual.
- designated transfer date
- The term "designated transfer date" means the date established under section 5582 of this title.
- person
- The term "person" means an individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity.