§ 1831q. — FDIC affordable housing program.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1831q]
TITLE 12--BANKS AND BANKING
CHAPTER 16--FEDERAL DEPOSIT INSURANCE CORPORATION
Sec. 1831q. FDIC affordable housing program
(a) Purpose
The purpose of this section is to provide homeownership and rental
housing opportunities for very low-income, low-income, and moderate-
income families.
(b) Funding and limitations of program
(1) Duration of program
The provisions of this section shall be effective, subject to
the provisions of paragraph (2), only during the 3-year period
beginning upon the commencement of the first fiscal year for which
amounts are provided pursuant to paragraph (2)(A).
(2) Annual fiscal limitations
(A) In general
In each fiscal year during the 3-year period referred to in
paragraph (1), the provisions of this section shall apply only--
(i) to such extent or in such amounts as are provided in
appropriations Acts for any losses resulting during the
fiscal year from the sale of properties under this section,
except that such amounts for losses may not exceed
$30,000,000 in any fiscal year; and
(ii) to the extent that amounts are provided in
appropriations Acts pursuant to subparagraph (C) for any
other costs relating to the program under this section.
(B) Definition of losses
For purposes of this paragraph, the amount of losses
resulting from the sale of properties under this section during
any fiscal year shall be the amount equal to the sum of any
affordable housing discounts reasonably anticipated to accrue
during the fiscal year.
(C) Authorization of appropriations
There are authorized to be appropriated, for each fiscal
year during the 3-year period referred to in paragraph (1), such
sums as may be necessary for any costs of the program under this
section other than losses resulting from the sale of properties
under this section.
(D) Other definitions
For purposes of this paragraph:
(i) Affordable housing discount
The term ``affordable housing discount'' means, with
respect to any eligible residential or eligible condominium
property transferred under this section by the Corporation,
the difference (if any) between the realizable disposition
value of the property and the actual sale price of the
property under this section.
(ii) Realizable disposition value
The term ``realizable disposition value'' means the
estimated sale price that the Corporation reasonably would
be able to obtain upon the sale of a property by the
Corporation under the provisions of this chapter, not
including this section, and any other applicable laws. Not
later than the expiration of the 120-day period beginning
upon the commencement of the first fiscal year for which
amounts are provided pursuant to paragraph (2)(A), the
Corporation shall establish, and publish in the Federal
Register, procedures for determining the realizable
disposition value of a property transferred under this
section, which shall take into consideration such factors as
the Corporation considers appropriate, including the actual
sale prices of properties disposed of by the Resolution
Trust Corporation under section 1441a(c) of this title, the
prices of other properties sold under similar programs, and
the appraised value of the property transferred under this
section. Until such procedures are established, the
Corporation may consider the realizable disposition value of
any eligible residential or condominium property to be equal
to the appraised value of the property.
(3) Existing contracts
The provisions of this section shall not apply to any eligible
residential property or any eligible condominium property that is
subject to an agreement entered into by the Corporation before the
commencement of the first fiscal year for which amounts are provided
pursuant to paragraph (2)(A) that provides for any other disposition
of the property.
(c) Rules governing disposition of eligible single family properties
(1) Notice to clearinghouses
Within a reasonable period of time after acquiring title to an
eligible single family property, the Corporation shall provide
written notice to clearinghouses. Such notice shall contain basic
information about the property, including but not limited to
location, condition, and information relating to the estimated fair
market value of the property. Each clearinghouse shall make such
information available, upon request, to other public agencies, other
nonprofit organizations, and qualifying households. The Corporation
shall allow public agencies, nonprofit organizations, and qualifying
households reasonable access to eligible single family property for
purposes of inspection.
(2) Offers to sell to nonprofit organizations, public
agencies, and qualifying households
During the 180-day period beginning on the date on which the
Corporation makes an eligible single family property available for
sale, the Corporation shall offer to sell the property to--
(A) qualifying households (including qualifying households
with members who are veterans); or
(B) public agencies or nonprofit organizations that agree to
(i) make the property available for occupancy by and maintain it
as affordable for low-income families (including low-income
families with members who are veterans) for the remaining useful
life of such property, or (ii) make the property available for
purchase by any such family who, except as provided in paragraph
(4), agrees to occupy the property as a principal residence for
at least 12 months and certifies in writing that the family
intends to occupy the property for at least 12 months.
The restrictions described in clause (i) of subparagraph (B) shall
be contained in the deed or other recorded instrument. If, upon the
expiration of such 180-day period, no qualifying household, public
agency, or nonprofit organization has made a bona fide offer to
purchase the property, the Corporation may offer to sell the
property to any purchaser. The Corporation shall actively market
eligible single family properties for sale to low-income families
and to low-income families with members who are veterans.
(3) Recapture of profits from resale
Except as provided in paragraph (4), if any eligible single
family property sold (A) to a qualifying household, or (B) to a low-
income family pursuant to paragraph (2)(B)(ii), subsection (j)(3)(A)
of this section, or subsection (k)(2) of this section, is resold by
the qualifying household or low-income family during the 1-year
period beginning upon initial acquisition by the household or low-
income family, the Corporation shall recapture 75 percent of the
amount of any proceeds from the resale that exceed the sum of (i)
the original sale price for the acquisition of the property by the
qualifying household or low-income family, (ii) the costs of any
improvements to the property made after the date of the acquisition,
and (iii) any closing costs in connection with the acquisition.
(4) Exceptions to recapture requirement
(A) Relocation
The Corporation may in its discretion waive the
applicability (i) to any qualifying household of the requirement
under paragraph (3) and the requirements relating to residency
of a qualifying household under subparagraphs (B) and (C) of
subsection (p)(12) of this section, and (ii) to any low-income
family of the requirement under paragraph (3) and the residency
requirements under paragraph (2)(B)(ii). The Corporation may
grant any such waiver only for good cause shown, including any
necessary relocation of the qualifying household or low-income
family.
(B) Other recapture provisions
The requirement under paragraph (3) shall not apply to any
eligible single family property for which, upon resale by the
qualifying household or low-income family during the 1-year
period beginning upon initial acquisition by the household or
family, a portion of the sale proceeds or any subsidy provided
in connection with the acquisition of the property by the
household or family is required to be recaptured or repaid under
any other Federal, State, or local law (including section 143(m)
of title 26) or regulation or under any sale agreement.
(5) Exception to avoid displacement of existing residents
Notwithstanding the first sentence of paragraph (2), during the
180-day period following the date on which the Corporation makes an
eligible single family property available for sale, the Corporation
may sell the property to the household residing in the property, but
only if (A) such household was residing in the property at the time
notice regarding the property was provided to clearinghouses under
paragraph (1), (B) such sale is necessary to avoid the displacement
of, and unnecessary hardship to, the resident household, (C) the
resident household intends to occupy the property as a principal
residence for at least 12 months, and (D) the resident household
certifies in writing that the household intends to occupy the
property for at least 12 months.
(d) Rules governing disposition of eligible multifamily housing
properties
(1) Notice to clearinghouses
Within a reasonable period of time after acquiring title to an
eligible multifamily housing property, the Corporation shall provide
written notice to clearinghouses. Such notice shall contain basic
information about the property, including but not limited to
location, number of units (identified by number of bedrooms), and
information relating to the estimated fair market value of the
property. Each clearinghouse shall make such information available,
upon request, to qualifying multifamily purchasers. The Corporation
shall allow qualifying multifamily purchasers reasonable access to
eligible multifamily housing properties for purposes of inspection.
(2) Expression of serious interest
Qualifying multifamily purchasers may give written notice of
serious interest in a property during a period ending 90 days after
the time the Corporation provides notice under paragraph (1). The
notice of serious interest shall be in such form and include such
information as the Corporation may prescribe.
(3) Notice of readiness for sale
Upon the expiration of the period referred to in paragraph (2)
for a property, the Corporation shall provide written notice to any
qualifying multifamily purchaser that has expressed serious interest
in the property. Such notice shall specify the minimum terms and
conditions for sale of the property.
(4) Offers by qualifying multifamily purchasers
A qualifying multifamily purchaser receiving notice in
accordance with paragraph (3) shall have 45 days (from the date
notice is received) to make a bona fide offer to purchase the
property. The Corporation shall accept an offer that complies with
the terms and conditions established by the Corporation. If, before
the expiration of such 45-day period, any offer to purchase a
property initially accepted by the Corporation is subsequently
rejected or fails (for any reason), the Corporation shall accept
another offer to purchase the property made during such period that
complies with the terms and conditions established by the
Corporation (if such another offer is made). The preceding sentence
may not be construed to require a qualifying multifamily purchaser
whose offer is accepted during the 45-day period to purchase the
property before the expiration of the period.
(5) Extension of restricted offer periods
The Corporation may provide notice to clearinghouses regarding,
and offer for sale under the provisions of paragraphs (1) through
(4), any eligible multifamily housing property--
(A) in which no qualifying multifamily purchaser has
expressed serious interest during the period referred to in
paragraph (2), or
(B) for which no qualifying multifamily purchaser has made a
bona fide offer before the expiration of the period referred to
in paragraph (4),
except that the Corporation may, in the discretion of the
Corporation, alter the duration of the periods referred to in
paragraphs (2) and (4) in offering any property for sale under this
paragraph.
(6) Sale of multifamily properties to other purchasers
(A) Timing
If, upon the expiration of the period referred to in
paragraph (2), no qualifying multifamily purchaser has expressed
serious interest in a property, the Corporation may offer to
sell the property, individually or in combination with other
properties, to any purchaser.
(B) Limitation on combination sales
The Corporation may not sell in combination with other
properties any property for which a qualifying multifamily
purchaser has expressed serious interest in purchasing
individually.
(C) Expiration of offer period
If, upon the expiration of the period referred to in
paragraph (4), no qualifying multifamily purchaser has made an
offer to purchase a property, the Corporation may offer to sell
the property, individually or in combination with other
properties, to any purchaser.
(7) Low-income occupancy requirements
(A) Single property purchases
With respect to any purchase of a single eligible
multifamily housing property by a qualifying multifamily
purchaser under paragraph (4) or (5)--
(i) not less than 35 percent of all dwelling units
purchased shall be made available for occupancy by and
maintained as affordable for low-income and very low-income
families during the remaining useful life of the property in
which the units are located; provided that
(ii) not less than 20 percent of all dwelling units
purchased shall be made available for occupancy by and
maintained as affordable for very low-income families during
the remaining useful life of the property in which the units
are located.
(B) Aggregation requirements for multiproperty purchases
With respect to any purchase under paragraph (4) or (5) by a
qualifying multifamily purchaser involving more than one
eligible multifamily housing property as a part of the same
negotiation, with respect to which the purchaser intends to
aggregate the low-income occupancy required under this paragraph
over the total number of units so purchased--
(i) not less than 40 percent of the aggregate number of
all dwelling units purchased shall be made available for
occupancy by and maintained as affordable for low-income and
very low-income families during the remaining useful life of
the building or structure in which the units are located;
provided that
(ii) not less than 20 percent of the aggregate number of
all dwelling units purchased shall be made available for
occupancy by and maintained as affordable for very low-
income families during the remaining useful life of the
building or structure in which the units are located; and
further provided that
(iii) not less than 10 percent of the dwelling units in
each separate property purchased shall be made available for
occupancy by and maintained as affordable for low-income
families during the remaining useful life of the property in
which the units are located.
The requirements of this paragraph shall be contained in the deed or
other recorded instrument.
(8) Exemptions
(A) Continued occupancy of current residents
No purchaser of an eligible multifamily property may
terminate the occupancy of any person residing in the property
on the date of purchase for purposes of meeting the low-income
occupancy requirement applicable to the property under paragraph
(7). The purchaser shall be considered to be in compliance with
this subsection if each newly vacant dwelling unit is reserved
for low-income occupancy until the low-income occupancy
requirement is met.
(B) Financial infeasibility
The Secretary or the State housing finance agency for the
State in which an eligible multifamily housing property is
located may temporarily reduce the low-income occupancy
requirements under paragraph (7) applicable to the property, if
the Secretary or such agency determines that an owner's
compliance with such requirements is no longer financially
feasible. The owner of the property shall make a good-faith
effort to return low-income occupancy to the level required
under paragraph (7), and the Secretary or the State housing
finance agency, as appropriate, shall review the reduction
annually to determine whether financial infeasibility continues
to exist.
(e) Rent limitations
(1) In general
With respect to properties under paragraph (2), rents charged to
tenants for units made available for occupancy by very low-income
families shall not exceed 30 percent of the adjusted income of a
family whose income equals 50 percent of the median income for the
area, as determined by the Secretary, with adjustment for family
size. Rents charged to tenants for units made available for
occupancy by low-income families other than very low-income families
shall not exceed 30 percent of the adjusted income of a family whose
income equals 65 percent of the median income for the area, as
determined by the Secretary, with adjustment for family size.
(2) Applicability
The rent limitations under this subsection shall apply to any
eligible single family property sold pursuant to subsection
(c)(2)(B)(i) of this section and to any eligible multifamily housing
property sold pursuant to subsection (d) of this section.
(f) Preferences for sales
(1) In general
In selling any eligible multifamily housing property or
combinations of eligible residential properties, the Corporation
shall give preference, among substantially similar offers, to the
offer that would reserve the highest percentage of dwelling units
for occupancy or purchase by very low-income and low-income families
and would retain such affordability for the longest term.
(2) Multiproperty purchases
The Corporation shall give preference, among substantially
similar offers made under paragraph (4) or (5) of subsection (d) of
this section to purchase more than one eligible multifamily housing
property as a part of the same negotiation, to offers made by
purchasers who agree to maintain low-income occupancy in each
separate property purchased in compliance with the levels required
for properties under subsection (d)(7)(A) of this section.
(3) Definition of substantially similar offers
For purposes of this subsection, a given offer to purchase
eligible multifamily housing property or combinations of such
properties shall be considered to be substantially similar to
another offer if the purchase price under such given offer is not
less than 85 percent of the purchase price under the other offer.
(g) Financing sales
(1) Assistance by Corporation
(A) Sale price
The Corporation shall establish a market value for each
eligible multifamily housing property. The Corporation shall
sell eligible multifamily housing property at the net realizable
market value, except that the Corporation may agree to sell
eligible multifamily housing property at a price below the net
realizable market value to the extent necessary to facilitate an
expedited sale of such property and enable a public agency or
nonprofit organization to comply with the low-income occupancy
requirements applicable to such property under subsection (d)(7)
of this section. The Corporation may sell eligible single family
property or eligible condominium property to qualifying
households, nonprofit organizations, and public agencies without
regard to any minimum sale price.
(B) Purchase loan
The Corporation may provide a loan at market interest rates
to any purchaser of eligible residential property for all or a
portion of the purchase price, which loan shall be secured by a
first or second mortgage on the property. The Corporation may
provide the loan at below market interest rates to the extent
necessary to facilitate an expedited sale of eligible
residential property and permit (i) a low-income family to
purchase an eligible single family property under subsection (c)
of this section, or (ii) a public agency or nonprofit
organization to comply with the low-income occupancy
requirements applicable to the purchase of an eligible
residential property under subsection (c) or (d) of this
section. The Corporation shall provide loans under this
subparagraph in a form permitting sale or transfer of the loan
to a subsequent holder. In providing financing for combinations
of eligible multifamily housing properties under this section,
the Corporation may hold a participating share, including a
subordinate participation. The Corporation shall periodically
provide, to a wide range of minority- and women-owned businesses
engaged in providing affordable housing and to nonprofit
organizations, more than 50 percent of the control of which is
held by 1 or more minority individuals, that are engaged in
providing affordable housing, information that is sufficient to
inform such businesses and organizations of the availability and
terms of financing under this subparagraph; such information may
be provided directly, by notices published in periodicals and
other publications that regularly provide information to such
businesses or organizations, and through persons and
organizations that regularly provide information or services to
such businesses or organizations. For purposes of this
subparagraph, the terms ``women-owned business'' and ``minority-
owned business'' have the meanings given such terms in section
1441a(r) of this title, and the term ``minority'' has the
meaning given such term in section 1204(c)(3) of the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989.
(2) Assistance by HUD
The Secretary shall take such action as may be necessary to
expedite the processing of applications for assistance under section
202 of the Housing Act of 1959 [12 U.S.C. 1701q], the United States
Housing Act of 1937 [42 U.S.C. 1437 et seq.], title IV of the
McKinney-Vento Homeless Assistance Act [42 U.S.C. 11361 et seq.],
and the National Housing Act [12 U.S.C. 1701 et seq.], to enable any
organization or individual to purchase eligible residential
property.
(3) Assistance by FMHA
The Secretary of Agriculture shall take such action as may be
necessary to expedite the processing of applications for assistance
under title V of the Housing Act of 1949 [42 U.S.C. 1471 et seq.] to
enable any organization or individual to purchase eligible
residential property.
(4) Exception to disposition rules
Notwithstanding the requirements under paragraphs (1), (2), (3),
(4), (6), and (8) of subsection (d) of this section, the Corporation
may provide for the disposition of eligible multifamily housing
properties as necessary to facilitate purchase of such properties
for use in connection with section 202 of the Housing Act of 1959
[12 U.S.C. 1701q].
(5) Bulk acquisitions under Home Investment Partnerships Act
(A) Purchase price
In providing for bulk acquisition of eligible single family
properties by participating jurisdictions for inclusion in
affordable housing activities under title II of the Cranston-
Gonzalez National Affordable Housing Act [42 U.S.C. 12721 et
seq.], the Corporation shall agree to an amount to be paid for
acquisition of such properties. The acquisition price shall
include discounts for bulk purchase and for holding of the
property such that the acquisition price for each property shall
not exceed the fair market value of the property, as valued
individually.
(B) Exemptions
To the extent necessary to facilitate sale of properties
under this paragraph, the requirements of subsections (c) and
(f) of this section and of paragraph (1) of this subsection
shall not apply to such transactions and properties involved in
such transactions.
(C) Inventories
To facilitate acquisitions by such participating
jurisdictions, the Corporation shall provide the participating
jurisdictions with inventories of eligible single family
properties not less than 4 times each year.
(h) Coordination with other programs
(1) Use of secondary market agencies
In the disposition of eligible residential properties, the
Corporation (in consultation with the Secretary) shall explore
opportunities to work with secondary market entities to provide
housing for low- and moderate-income families.
(2) Credit enhancement
(A) In general
With respect to such properties, the Secretary may,
consistent with statutory authorities, work through the Federal
Housing Administration, the Government National Mortgage
Association, the Federal National Mortgage Association, the
Federal Home Loan Mortgage Corporation, and other secondary
market entities to develop risk-sharing structures, mortgage
insurance, and other credit enhancements to assist in the
provision of property ownership, rental, and cooperative housing
opportunities for low- and moderate-income families.
(B) Certain tax-exempt bonds
The Corporation may provide credit enhancements with respect
to tax-exempt bonds issued on behalf of nonprofit organizations
pursuant to section 103, and subpart A of part IV of subchapter
A of chapter 1, of title 26, with respect to the disposition of
eligible residential properties for the purposes described in
subparagraph (A).
(3) National Affordable Housing Act
The Corporation shall coordinate the disposition of eligible
residential property under this section with appropriate programs
and provisions of, and amendments made by, the Cranston-Gonzalez
National Affordable Housing Act, including titles II [42 U.S.C.
12721 et seq.] and IV of such Act.
(i) Exemption for certain transactions with insured depository
institutions
The provisions of this section shall not apply with respect to any
eligible residential property after the date the Corporation enters into
a contract to sell such property to an insured depository institution
(as defined in section 1813 of this title), including any sale in
connection with a transfer of all or substantially all of the assets of
a closed insured depository institution (including such property) to
another insured depository institution.
(j) Transfer of certain eligible residential properties to State housing
agencies for disposition
Notwithstanding subsections (c), (d), (f), and (g) of this section,
the Corporation may transfer eligible residential properties to the
State housing finance agency or any other State housing agency for the
State in which the property is located, or to any local housing agency
in whose jurisdiction the property is located. Transfers of eligible
residential properties under this subsection may be conducted by direct
sale, consignment sale, or any other method the Corporation considers
appropriate and shall be subject to the following requirements:
(1) Individual or bulk transfer
The Corporation may transfer such properties individually or in
bulk, as agreed to by the Corporation and the State housing finance
agency or State or local housing agency.
(2) Acquisition price
The acquisition price paid by the State housing finance agency
or State or local housing agency to the Corporation for properties
transferred under this subsection shall be an amount agreed to by
the Corporation and the transferee agency.
(3) Low-income use
Any State housing finance agency or State or local housing
agency acquiring properties under this subsection shall offer to
sell or transfer the properties only as follows:
(A) Eligible single family properties
For eligible single family properties--
(i) to purchasers described under subparagraphs (A) and
(B) of subsection (c)(2) of this section;
(ii) if the purchaser is a purchaser described under
subsection (c)(2)(B)(i) of this section, subject to the rent
limitations under subsection (e)(1) of this section;
(iii) subject to the requirement in the second sentence
of subsection (c)(2) of this section; and
(iv) subject to recapture by the Corporation of excess
proceeds from resale of the properties under paragraphs (3)
and (4) of subsection (c) of this section.
(B) Eligible multifamily housing properties
For eligible multifamily housing properties--
(i) to qualifying multifamily purchasers;
(ii) subject to the low-income occupancy requirements
under subsection (d)(7) of this section;
(iii) subject to the provisions of subsection (d)(8) of
this section;
(iv) subject to a preference, among financially
acceptable offers, to the offer that would reserve the
highest percentage of dwelling units for occupancy or
purchase by very low- and low-income families and would
retain such affordability for the longest term; and
(v) subject to the rent limitations under subsection
(e)(1) of this section.
(4) Affordability
The State housing finance agency or State or local housing
agency shall endeavor to make the properties transferred under this
subsection more affordable to low-income families based upon the
extent to which the acquisition price of a property under paragraph
(2) is less than the market value of the property.
(k) Exception for sales to nonprofit organizations and public agencies
(1) Suspension of offer periods
With respect to any eligible residential property, the
Corporation may (in the discretion of the Corporation) suspend any
of the requirements of paragraphs (1) and (2) of subsection (c) of
this section and paragraphs (1) through (4) of subsection (d) of
this section, as applicable, but only to the extent that for the
duration of the suspension the Corporation negotiates the sale of
the property to a nonprofit organization or public agency. If the
property is not sold pursuant to such negotiations, the requirements
of any provisions suspended shall apply upon the termination of the
suspension. Any time period referred to in such subsections shall
toll for the duration of any suspension under this paragraph.
(2) Use restrictions
(A) Eligible single family property
Any eligible single family property sold under this
subsection shall be (i) made available for occupancy by and
maintained as affordable for low-income families for the
remaining useful life of the property, or made available for
purchase by such families, (ii) subject to the rent limitations
under subsection (e)(1) of this section, (iii) subject to the
requirements relating to residency of a qualifying household
under subsection (p)(12) of this section and to residency of a
low-income family under subsection (c)(2)(B) of this section,
and (iv) subject to recapture by the Corporation of excess
proceeds from resale of the property under paragraphs (3) and
(4) of subsection (c) of this section.
(B) Eligible multifamily housing property
Any eligible multifamily housing property sold under this
subsection shall comply with the low-income occupancy
requirements under subsection (d)(7) of this section and shall
be subject to the rent limitations under subsection (e)(1) of
this section.
(l) Rules governing disposition of eligible condominium property
(1) Notice to clearinghouses
Within a reasonable period of time after acquiring title to an
eligible condominium property, the Corporation shall provide written
notice to clearinghouses. Such notice shall contain basic
information about the property. Each clearinghouse shall make such
information available, upon request, to purchasers described in
subparagraphs (A) through (D) of paragraph (2). The Corporation
shall allow such purchasers reasonable access to an eligible
condominium property for purposes of inspection.
(2) Offers to sell
For the 180-day period following the date on which the
Corporation makes an eligible condominium property available for
sale, the Corporation may offer to sell the property, at the
discretion of the Corporation, to 1 or more of the following
purchasers:
(A) Qualifying households.
(B) Nonprofit organizations.
(C) Public agencies.
(D) For-profit entities.
(3) Low-income occupancy requirements
(A) In general
Except as provided in subparagraph (B), any nonprofit
organization, public agency, or for-profit entity that purchases
an eligible condominium property shall (i) make the property
available for occupancy by and maintain it as affordable for
low-income families for the remaining useful life of the
property, or (ii) make the property available for purchase by
any such family who, except as provided in paragraph (5), agrees
to occupy the property as a principal residence for at least 12
months and certifies in writing that the family intends to
occupy the property for at least 12 months. The restriction
described in clause (i) of the preceding sentence shall be
contained in the deed or other recorded instrument.
(B) Multiple-unit purchases
If any nonprofit organization, public agency, or for-profit
entity purchases more than 1 eligible condominium property as a
part of the same negotiation or purchase, the Corporation may
(in the discretion of the Corporation) waive the requirement
under subparagraph (A) and provide instead that not less than 35
percent of all eligible condominium properties purchased shall
be (i) made available for occupancy by and maintained as
affordable for low-income families for the remaining useful life
of the property, or (ii) made available for purchase by any such
family who, except as provided in paragraph (5), agrees to
occupy the property as a principal residence for at least 12
months and certifies in writing that the family intends to
occupy the property for at least 12 months. The restriction
described in clause (i) of the preceding sentence shall be
contained in the deed or other recorded instrument.
(C) Sale to other purchasers
If, upon the expiration of the 180-day period referred to in
paragraph (2), no purchaser described in subparagraphs (A)
through (D) of paragraph (2) has made a bona fide offer to
purchase the property, the Corporation may offer to sell the
property to any other purchaser.
(4) Recapture of profits from resale
Except as provided in paragraph (5), if any eligible condominium
property sold (A) to a qualifying household, or (B) to a low-income
family pursuant to paragraph (3)(A)(ii) or (3)(B)(ii), is resold by
the qualifying household or low-income family during the 1-year
period beginning upon initial acquisition by the household or
family, the Corporation shall recapture 75 percent of the amount of
any proceeds from the resale that exceed the sum of (i) the original
sale price for the acquisition of the property by the qualifying
household or low-income family, (ii) the costs of any improvements
to the property made after the date of the acquisition, and (iii)
any closing costs in connection with the acquisition.
(5) Exception to recapture requirement
The Corporation (or its successor) may in its discretion waive
the applicability to any qualifying household or low-income family
of the requirement under paragraph (4) and the requirements relating
to residency of a qualifying household or low-income family (under
subsection (p)(12) of this section and paragraph (3) of this
subsection, respectively). The Corporation may grant any such a
waiver only for good cause shown, including any necessary relocation
of the qualifying household or low-income family.
(6) Limitations on multiple unit purchases
The Corporation may not sell or offer to sell as part of the
same negotiation or purchase any eligible condominium properties
that are not located in the same condominium project (as such term
is defined in section 3603 of title 15). The preceding sentence may
not be construed to require all eligible condominium properties
offered or sold as part of the same negotiation or purchase to be
located in the same structure.
(7) Rent limitations
Rents charged to tenants of eligible condominium properties made
available for occupancy by very low-income families shall not exceed
30 percent of the adjusted income of a family whose income equals 50
percent of the median income for the area, as determined by the
Secretary, with adjustment for family size. Rents charged to tenants
of eligible condominium properties made available for occupancy by
low-income families other than very low-income families shall not
exceed 30 percent of the adjusted income of a family whose income
equals 65 percent of the median income for the area, as determined
by the Secretary, with adjustment for family size.
(m) Liability provisions
(1) In general
The provisions of this section, or any failure by the
Corporation to comply with such provisions, may not be used by any
person to attack or defeat any title to property after it is
conveyed by the Corporation.
(2) Low-income occupancy
The low-income occupancy requirements under subsections (c),
(d), (j)(3), (k)(2), and (l)(3) of this section shall be judicially
enforceable against purchasers of property under this section and
their successors in interest by affected very low- and low-income
families, State housing finance agencies, and any agency,
corporation, or authority of the United States. The parties
specified in the preceding sentence shall be entitled to reasonable
attorney fees upon prevailing in any such judicial action.
(3) Clearinghouses
A clearinghouse shall not be subject to suit for its failure to
comply with the requirements of this section.
(4) Corporation
The Corporation shall not be liable to any depositor, creditor,
or shareholder of any insured depository institution for which the
Corporation has been appointed receiver or conservator, or of any
subsidiary corporation of a depository institution under
receivership or conservatorship, or any claimant against such
institution or subsidiary, because the disposition of assets of the
institution or the subsidiary under this section affects the amount
of return from the assets.
(n) Unified affordable housing programs
(1) In general
Not later than 4 months after December 17, 1993, the Corporation
shall enter into an agreement, as described in paragraph (3), with
the Resolution Trust Corporation that sets out a plan for the
orderly unification of the Corporation's activities, authorities,
and responsibilities under this section with the authorities,
activities, and responsibilities of the Resolution Trust Corporation
pursuant to section 1441a(c) of this title in a manner that best
achieves an effective and comprehensive affordable housing program
management structure. The agreement shall be entered into after
consultation with the Affordable Housing Advisory Board under
section 14(b) of the Resolution Trust Corporation Completion Act.
(2) Authority and implementation
The Corporation shall have the authority to carry out the
provisions of the agreement entered into pursuant to paragraph (1)
and shall implement such agreement as soon as practicable but in no
event later than 8 months after December 17, 1993.
(3) Terms of agreement
The agreement required under paragraph (1) shall provide a plan
for--
(A) a program unifying all activities and responsibilities
of the Corporation and the Resolution Trust Corporation, and the
design of the unified program shall take into consideration the
substantial experience of the Resolution Trust Corporation
regarding--
(i) seller financing;
(ii) technical assistance;
(iii) marketing skills and relationships with public and
nonprofit entities; and
(iv) staff resources;
(B) the elimination of duplicative and unnecessary
administrative costs and resources;
(C) the management structure of the unified program;
(D) a timetable for the unification; and
(E) a methodology to determine the extent to which the
provisions of this section shall be effective, in accordance
with the limitations under subsection (b)(2) of this section.
(4) Transfer to FDIC
Beginning not later than October 1, 1995, the Corporation shall
carry out any remaining authority and responsibilities of the
Resolution Trust Corporation, as set forth in section 1441a(c) of
this title.
(o) Report
To the extent applicable, in the annual report submitted by the
Secretary to the Congress under section 3536 of title 42, the Secretary
shall include a detailed description of any activities under this
section, including recommendations for any additional authority the
Secretary considers necessary to implement the provisions of this
section.
(p) Definitions
For purposes of this section:
(1) Adjusted income and income
The terms ``adjusted income'' and ``income'' shall have the
meaning given such terms in section 3(b) of the United States
Housing Act of 1937 [42 U.S.C. 1437a(b)].
(2) Clearinghouse
The term ``clearinghouse'' means--
(A) the State housing finance agency for the State in which
an eligible residential property or eligible condominium
property is located;
(B) the Office of Community Investment (or other comparable
division) within the Federal Housing Finance Board; and
(C) any national nonprofit organizations (including any
nonprofit entity established by the corporation established
under title IX of the Housing and Community Development Act of
1968 [42 U.S.C. 3931 et seq.]) that the Corporation determines
has the capacity to act as a clearinghouse for information.
(3) Corporation
The term ``Corporation'' means the Federal Deposit Insurance
Corporation acting in its corporate capacity or its capacity as
receiver.
(4) Eligible condominium property
The term ``eligible condominium property'' means a condominium
unit, as such term is defined in section 3603 of title 15--
(A) to which such Corporation acquires title in its
corporate capacity, its capacity as conservator, or its capacity
as receiver (including in its capacity as the sole owner of a
subsidiary corporation of a depository institution under
conservatorship or receivership, which subsidiary has as its
principal business the ownership of real property); and
(B) that has an appraised value that does not exceed the
amount provided in section 203(b)(2)(A) of the National Housing
Act [12 U.S.C. 1709(b)(2)(A)] except that such amount shall not
exceed $101,250 in the case of a 1-family residence, $114,000 in
the case of a 2-family residence, $138,000 in the case of a 3-
family residence, and $160,000 in the case of a 4-family
residence.
(5) Eligible multifamily housing property
The term ``eligible multifamily housing property'' means a
property consisting of more than 4 dwelling units--
(A) to which the Corporation acquires title in its corporate
capacity, its capacity as conservator, or its capacity as
receiver (including in its capacity as the sole owner of a
subsidiary corporation of a depository institution under
conservatorship or receivership, which subsidiary has as its
principal business the ownership of real property); and
(B) that has an appraised value that does not exceed the
applicable dollar amount specified in section 221(d)(3)(ii) of
the National Housing Act [12 U.S.C. 1715l(d)(3)(ii)] for
elevator-type structures, as such dollar amount is increased
under such section for geographical areas or on a project-by-
project basis (except that any such increase on a project-by-
project basis shall be made pursuant to a determination by the
Corporation that such increase is necessary).
(6) Eligible residential property
The term ``eligible residential property'' includes eligible
single family properties and eligible multifamily housing
properties.
(7) Eligible single family property
The term ``eligible single family property'' means a 1- to 4-
family residence (including a manufactured home)--
(A) to which the Corporation acquires title in its corporate
capacity, its capacity as conservator, or its capacity as
receiver (including in its capacity as the sole owner of a
subsidiary corporation of a depository institution under
conservatorship or receivership, which subsidiary has as its
principal business the ownership of real property); and
(B) that has an appraised value that does not exceed the
amount provided in section 203(b)(2)(A) of the National Housing
Act [12 U.S.C. 1709(b)(2)(A)] except that such amount shall not
exceed $101,250 in the case of a 1-family residence, $114,000 in
the case of a 2-family residence, $138,000 in the case of a 3-
family residence, and $160,000 in the case of a 4-family
residence.
(8) Low-income families
The term ``low-income families'' means families and individuals
whose incomes do not exceed 80 percent of the median income of the
area involved, as determined by the Secretary, with adjustment for
family size.
(9) Net realizable market value
The term ``net realizable market value'' means a price below the
market value that takes into account (A) any reductions in holding
costs resulting from the expedited sale of a property, including
foregone real estate taxes, insurance, maintenance costs, security
costs, and loss of use of funds, and (B) the avoidance, if
applicable, of fees paid to real estate brokers, auctioneers, or
other individuals or organizations involved in the sale of property
owned by the Corporation.
(10) Nonprofit organization
The term ``nonprofit organization'' means a private organization
(including a limited equity cooperative)--
(A) no part of the earnings of which inures to the benefit
of any member, shareholder, founder, contributor, or individual;
and
(B) that is approved by the Corporation as to financial
responsibility.
(11) Public agency
The term ``public agency'' means any Federal, State, local, or
other governmental entity, and includes any public housing agency.
(12) Qualifying household
The term ``qualifying household'' means a household--
(A) who intends to occupy eligible single family property as
a principal residence;
(B) who agrees to occupy the property as a principal
residence for at least 12 months;
(C) who certifies in writing that the household intends to
occupy the property as a principal residence for at least 12
months; and
(D) whose income does not exceed 115 percent of the median
income for the area, as determined by the Secretary, with
adjustment for family size.
(13) Qualifying multifamily purchaser
The term ``qualifying multifamily purchaser'' means--
(A) a public agency;
(B) a nonprofit organization; or
(C) a for-profit entity, which makes a commitment (for
itself or any related entity) to comply with the low-income
occupancy requirements under subsection (d)(7) of this section
for any eligible multifamily housing property for which an offer
to purchase is made during or after the periods specified under
subsection (d) of this section.
(14) Secretary
The term ``Secretary'' means the Secretary of Housing and Urban
Development.
(15) State housing finance agency
The term ``State housing finance agency'' means the public
agency, authority, corporation, or other instrumentality of a State
that has the authority to provide residential mortgage loan
financing throughout the State.
(16) Very low-income families
The term ``very low-income families'' means families and
individuals whose incomes do not exceed 50 percent of the median
income of the area involved, as determined by the Secretary, with
adjustment for family size.
(q) Notice to clearinghouses regarding ineligible properties
(1) In general
Within a reasonable period of time after acquiring title to an
ineligible residential property, the Corporation shall, to the
extent practicable, provide written notice to clearinghouses.
(2) Content
For ineligible single family properties, such notice shall
contain the same information about such properties that the notice
required under subsection (c)(1) of this section contains with
respect to eligible single family properties. For ineligible
multifamily housing properties, such notice shall contain the same
information about such properties that the notice required under
subsection (d)(1) of this section contains with respect to eligible
multifamily housing properties. For ineligible condominium
properties, such notice shall contain the same information about
such properties that the notice required under subsection (l)(1) of
this section contains with respect to eligible condominium
properties.
(3) Availability
The clearinghouses shall make such information available, upon
request, to other public agencies, other nonprofit organizations,
qualifying households, qualifying multifamily purchasers, and other
purchasers, as appropriate.
(4) Definitions
For purposes of this subsection, the following definitions shall
apply:
(A) Ineligible condominium property
The term ``ineligible condominium property'' means any
eligible condominium property to which the provisions of this
section do not apply as a result of the limitations under
subsection (b)(2)(A) of this section.
(B) Ineligible multifamily housing property
The term ``ineligible multifamily housing property'' means
any eligible multifamily housing property to which the
provisions of this section do not apply as a result of the
limitations under subsection (b)(2)(A) of this section.
(C) Ineligible single family property
The term ``ineligible single family property'' means any
eligible single family property to which the provisions of this
section do not apply as a result of the limitations under
subsection (b)(2)(A) of this section.
(D) Ineligible residential property
The term ``ineligible residential property'' includes
ineligible single family properties, ineligible multifamily
housing properties, and ineligible condominium properties.
(Sept. 21, 1950, ch. 967, Sec. 2[40], as added Pub. L. 102-242, title
II, Sec. 241(a), Dec. 19, 1991, 105 Stat. 2317; amended Pub. L. 102-389,
title II, Oct. 6, 1992, 106 Stat. 1592, 1593; Pub. L. 102-550, title V,
Sec. 503(c)(4), Oct. 28, 1992, 106 Stat. 3780; Pub. L. 103-204,
Secs. 13, 14(a)(2), (d)(2), (e)(2), (f)(2), Dec. 17, 1993, 107 Stat.
2391, 2393, 2396, 2398; Pub. L. 103-325, title VI, Sec. 602(a)(65),
(66), Sept. 23, 1994, 108 Stat. 2291; Pub. L. 106-400, Sec. 2, Oct. 30,
2000, 114 Stat. 1675.)
References in Text
Section 1204(c)(3) of the Financial Institutions Reform, Recovery,
and Enforcement Act of 1989, referred to in subsec. (g)(1)(B), is
section 1204(c)(3) of Pub. L. 101-73, which is set out as a note under
section 1811 of this title.
The United States Housing Act of 1937, referred to in subsec.
(g)(2), is act Sept. 1, 1937, ch. 896, as revised generally by Pub. L.
93-383, title II, Aug. 22, 1974, 88 Stat. 653, which is classified
generally to chapter 8 (Sec. 1437 et seq.) of Title 42, The Public
Health and Welfare. For complete classification of this Act to the Code,
see Short Title note set out under section 1437 of Title 42 and Tables.
The McKinney-Vento Homeless Assistance Act, referred to in subsec.
(g)(2), is Pub. L. 100-77, July 22, 1987, 101 Stat. 482, as amended.
Title IV of the Act is classified principally to subchapter IV
(Sec. 11361 et seq.) of chapter 119 of Title 42. For complete
classification of this Act to the Code, see Short Title note set out
under section 11301 of Title 42 and Tables.
The National Housing Act, referred to in subsec. (g)(2), is act June
27, 1934, ch. 847, 48 Stat. 1246, as amended, which is classified
principally to chapter 13 (Sec. 1701 et seq.) of this title. For
complete classification of this Act to the Code, see section 1701 of
this title and Tables.
The Housing Act of 1949, referred to in subsec. (g)(3), is act July
15, 1949, ch. 338, 63 Stat. 413, as amended. Title V of the Act is
classified generally to subchapter III (Sec. 1471 et seq.) of chapter 8A
of Title 42. For complete classification of this Act to the Code, see
Short Title note set out under section 1441 of Title 42 and Tables.
The Cranston-Gonzalez National Affordable Housing Act, referred to
in subsecs. (g)(5)(A) and (h)(3), is Pub. L. 101-625, Nov. 28, 1990, 104
Stat. 4079. Title II of the Act, also known as the ``HOME Investment
Partnerships Act'', is classified principally to subchapter II
(Sec. 12721 et seq.) of chapter 130 of Title 42. Title IV of the Act,
also known as the ``Homeownership and Opportunity Through HOPE Act'',
enacted subchapter II-A (Sec. 1437aaa et seq.) of chapter 8 of Title 42
and subchapter IV (Sec. 12871 et seq.) of chapter 130 of Title 42,
amended sections 1437c, 1437f, 1437l, 1437p, 1437r, and 1437s of Title
42 and section 1709 of this title, and enacted provisions set out as
notes under sections 1437c, 1437aa, and 1437aaa of Title 42. For
complete classification of this Act to the Code, see Short Title note
set out under section 12701 of Title 42 and Tables.
Section 14(b) of the Resolution Trust Corporation Completion Act,
referred to in subsec. (n)(1), is section 14(b) of Pub. L. 103-204,
which is set out below.
The Housing and Community Development Act of 1968, referred to in
subsec. (p)(2)(C), probably means the Housing and Urban Development Act
of 1968, Pub. L. 90-448, Aug. 1, 1968, 82 Stat. 476, as amended. Title
IX of the Act is classified principally to chapter 49 (Sec. 3931 et
seq.) of Title 42. For complete classification of this Act to the Code,
see Short Title of 1968 Amendments note set out under section 1701 of
this title and Tables.
Codification
Another section 2[40] of act Sept. 21, 1950, was renumbered section
2[43] and is classified to section 1831t of this title.
Amendments
2000--Subsec. (g)(2). Pub. L. 106-400 substituted ``McKinney-Vento
Homeless Assistance Act'' for ``Stewart B. McKinney Homeless Assistance
Act''.
1994--Subsec. (c)(4)(A). Pub. L. 103-325, Sec. 602(a)(65),
substituted ``subparagraphs (B) and (C) of subsection (p)(12) of this
section'' for ``subsections (p)(12)(B) and (C) of this section''.
Subsec. (d)(8)(A). Pub. L. 103-325, Sec. 602(a)(66), substituted
``meeting the'' for ``meeting''.
1993--Subsec. (g)(1)(B). Pub. L. 103-204, Sec. 14(d)(2), inserted at
end ``The Corporation shall periodically provide, to a wide range of
minority- and women-owned businesses engaged in providing affordable
housing and to nonprofit organizations, more than 50 percent of the
control of which is held by 1 or more minority individuals, that are
engaged in providing affordable housing, information that is sufficient
to inform such businesses and organizations of the availability and
terms of financing under this subparagraph; such information may be
provided directly, by notices published in periodicals and other
publications that regularly provide information to such businesses or
organizations, and through persons and organizations that regularly
provide information or services to such businesses or organizations. For
purposes of this subparagraph, the terms `women-owned business' and
`minority-owned business' have the meanings given such terms in section
1441a(r) of this title, and the term `minority' has the meaning given
such term in section 1204(c)(3) of the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989.''
Subsec. (m)(4). Pub. L. 103-204, Sec. 14(f)(2), amended par. (4)
generally. Prior to amendment, par. (4) read as follows: ``The
Corporation shall not be liable to any depositor, creditor, or
shareholder of any insured depository institution for which the
Corporation has been appointed receiver, or any claimant against such an
institution, because the disposition of assets of the institution under
this section affects the amount of return from the assets.''
Subsec. (n). Pub. L. 103-204, Sec. 14(e)(2), amended subsec. (n)
generally. Prior to amendment, subsec. (n) read as follows: ``Affordable
Housing Program Office.--The Corporation shall establish an Affordable
Housing Program Office within the Corporation to carry out the
provisions of this section and shall dedicate certain staff of the
Corporation to the office.''
Subsec. (p)(4)(A), (5)(A), (7)(A). Pub. L. 103-204, Sec. 13,
inserted ``in its corporate capacity, its capacity as conservator, or
its capacity as receiver (including in its capacity as the sole owner of
a subsidiary corporation of a depository institution under
conservatorship or receivership, which subsidiary has as its principal
business the ownership of real property)'' before ``; and''.
Subsec. (q). Pub. L. 103-204, Sec. 14(a)(2), added subsec. (q).
1992--Subsec. (p)(4)(B). Pub. L. 102-550 amended subpar. (B)
generally. Prior to amendment, subpar. (B) read as follows: ``that has
an appraised value that does not exceed the applicable dollar amount
specified in the first sentence of section 203(b)(2) of the National
Housing Act, as such dollar amount is increased on an area-by-area basis
under such section for areas with high prevailing housing sales prices,
except that for purposes of this paragraph no such increase may exceed
150 percent of the dollar amount specified in section 203(b)(2).''
Pub. L. 102-389 added subpar. (B) and struck out former subpar. (B)
which read as follows: ``that has an appraised value that does not
exceed the applicable dollar amount set forth in the first sentence of
section 203(b)(2) of the National Housing Act (which may, in the
discretion of the Corporation, take into consideration any increase of
such amount for high-cost areas).''
Subsec. (p)(5)(B). Pub. L. 102-389 added subpar. (B) and struck out
former subpar. (B) which read as follows: ``that has an appraised value
that does not exceed the applicable dollar amount set forth in section
221(d)(3)(ii) of the National Housing Act for elevator-type structures
(which may, in the discretion of the Corporation, take into
consideration any increase of such amount for high-cost areas).''
Subsec. (p)(7)(B). Pub. L. 102-550 amended subpar. (B) generally.
Prior to amendment, subpar. (B) read as follows: ``that has an appraised
value that does not exceed the applicable dollar amount specified in the
first sentence of section 203(b)(2) of the National Housing Act, as such
dollar amount is increased on an area-by-area basis under such section
for areas with high prevailing housing sales prices, except that for
purposes of this paragraph no such increase may exceed 150 percent of
the dollar amount specified in section 203(b)(2).''
Pub. L. 102-389 added subpar. (B) and struck out former subpar. (B)
which read as follows: ``that has an appraised value that does not
exceed the applicable dollar amount set forth in the first sentence of
section 203(b)(2) of the National Housing Act (which may, in the
discretion of the Corporation, take into consideration any increase of
such amount for high-cost areas).''
Affordable Housing Advisory Board
Section 14(b) of Pub. L. 103-204, as amended by Pub. L. 105-216,
Sec. 14(e), (f), July 29, 1998, 112 Stat. 910, provided that:
``(1) Establishment.--There is hereby established the Affordable
Housing Advisory Board (in this subsection referred to as the `Advisory
Board') to advise the Thrift Depositor Protection Oversight Board and
the Board of Directors of the Federal Deposit Insurance Corporation on
policies and programs related to the provision of affordable housing,
including the operation of the affordable programs.
``(2) Membership.--The Advisory Board shall consist of--
``(A) the Secretary of Housing and Urban Development;
``(B) the Chairperson of the Board of Directors of the Federal
Deposit Insurance Corporation (or the Chairperson's delegate), who
shall be a nonvoting member;
``(C) 4 persons appointed by the Secretary of Housing and Urban
Development not later than the expiration of the 90-day period
beginning on the date of the enactment of this Act [Dec. 17, 1993],
who represent the interests of individuals and organizations
involved in using the affordable housing programs (including
nonprofit organizations, public agencies, and for-profit
organizations that purchase properties under the affordable housing
programs, organizations that provide technical assistance regarding
the affordable housing programs, and organizations that represent
the interest of low- and moderate-income families); and
``(D) 2 persons who are members of the National Housing Advisory
Board pursuant to section 21A(d)(2)(B)(ii) of the Federal Home Loan
Bank Act [12 U.S.C. 1441a(d)(2)(B)(ii)] (as in effect before the
effective date of the repeal under subsection (c)(2) [90 days after
Dec. 17, 1993]), who shall be appointed by such Board before such
effective date.
``(3) Terms.--Each member shall be appointed for a term of 4 years,
except as provided in paragraphs (4) and (5).
``(4) Terms of initial appointees.--
``(A) Permanent positions.--As designated by the Secretary of
Housing and Urban Development at the time of appointment, of the
members first appointed under paragraph (2)(D)--
``(i) 1 shall be appointed for a term of 1 year;
``(ii) 1 shall be appointed for a term of 2 years;
``(iii) 1 shall be appointed for a term of 3 years; and
``(iv) 1 shall be appointed for a term of 4 years.
``(B) Interim members.--The members of the Advisory Board under
paragraph (2)(E) shall be appointed for a single term of 4 years,
which shall begin upon the earlier of (i) the expiration of the 90-
day period beginning on the date of the enactment of this Act [Dec.
17, 1993], or (ii) the first meeting of the Advisory Board.
``(5) Vacancies.--Any member appointed to fill a vacancy occurring
before the expiration of the term for which the member's predecessor was
appointed shall be appointed only for the remainder of that term. A
member may serve after the expiration of that member's term until a
successor has taken office. A vacancy in the Commission shall be filled
in the manner in which the original appointment was made.
``(6) Meetings.--
``(A) Timing.--The Advisory Board shall meet 2 times a year or
at the request of the Board of Directors of the Federal Deposit
Insurance Corporation. The first meeting of the Advisory Board shall
take place not later than the expiration of the 90-day period
beginning on the date of the enactment of this Act [Dec. 17, 1993].
``(B) Advice.--The Advisory Board shall submit information and
advice resulting from each meeting, in such form as the Board
considers appropriate, to the Thrift Depositor Protection Oversight
Board and the Board of Directors of the Federal Deposit Insurance
Corporation.
``(7) Annual reports.--For each year, the Advisory Board shall
submit a report containing its findings and recommendations to the
Committee on Banking, Housing, and Urban affairs [sic] of the Senate and
the Committee on Banking, Finance and Urban Affairs of the House of
Representatives, the Federal Deposit Insurance Corporation, and the
Resolution Trust Corporation. The first such report shall be made not
later than the expiration of the 6-month period beginning on the date of
the enactment of this Act [Dec. 17, 1993].
``(8) Definition.--For purposes of this subsection, the term
`affordable housing programs' means the program under section 21A(c) of
the Federal Home Loan Bank Act [12 U.S.C. 1441a(c)] and the program
under section 40 of the Federal Deposit Insurance Act [12 U.S.C. 1831q].
``(9) Sunset.--The Advisory Board established under this subsection
shall terminate on September 30, 1998.''
[Pub. L. 105-216, Sec. 14(e), July 29, 1998, 112 Stat. 910, provided
that the amendment made by section 14(e) to section 14(b)(2) of Pub. L.
103-204, set out above, is effective July 29, 1998.]
Coordination and Consultation Between Federal Deposit Insurance
Corporation and Resolution Trust Corporation Under Affordable Housing
Programs
Section 241(b) of Pub. L. 102-242, as amended by Pub. L. 102-550,
title XVI, Sec. 1604(c)(1), Oct. 28, 1992, 106 Stat. 4083, provided
that: ``The Federal Deposit Insurance Corporation and the Resolution
Trust Corporation shall consult and coordinate with each other in
carrying out their respective responsibilities under the affordable
housing programs under section 40 of the Federal Deposit Insurance Act
[12 U.S.C. 1831q] and section 21A(c) of the Federal Home Loan Bank Act
[12 U.S.C. 1441a(c)]. Such corporations shall develop any procedures,
and may enter into any agreements, necessary to provide for the
coordinated, efficient, and effective operation of such programs.''
Section Referred to in Other Sections
This section is referred to in sections 1441a, 1821 of this title;
title 15 section 2227.
