Page 828 — Public Law 111-203 including PTFA amendments

124 STAT. 2202 PUBLIC LAW 111–203—JULY 21, 2010

(ii) whether existing Federal financial institutions

regulatory agency exemptions on appraisals for feder- ally related transactions needs to be revised; and (iii) whether new means of data collection, such

as the establishment of a national repository, would benefit the Appraisal Subcommittee’s ability to perform its functions; and (B) recommendations from this examination for administrative and legislative action at the Federal and State level.

Subtitle G—Mortgage Resolution and Modification

12 USC 5220b. SEC. 1481. 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 sub- sidies in effect as of the date of the enactment of this Act; (3) providing funds for rehabilitation; and (4) facilitating the transfer of such properties, when appro- priate 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 Sec- retary considers appropriate. (c) DEFINITION.—For purposes of this section, the term ‘‘multi- family properties’’ means a residential structure that consists of 5 or more dwelling units. (d) PREVENTION OF QUALIFICATION FOR CRIMINAL APPLICANTS.— Time period. (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 assist- ance program authorized or funded by that Act, on or after 60 days after the date of the enactment of this Act, 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. LAWS (C) Tax evasion. (2) PROCEDURES.—The Secretary shall establish procedures to ensure compliance with this subsection.PUBLIC with on anorris VerDate Nov 24 2008 04:10 Sep 04, 2010 Jkt 089139 PO 00203 Frm 00828 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203