§ 1715z-22a. — Definitions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1715z-22a]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER II--MORTGAGE INSURANCE
Sec. 1715z-22a. Definitions
For purposes of this subtitle:
(1) The term ``multifamily housing'' means housing
accommodations on the mortgaged property that are designed
principally for residential use, conform to standards satisfactory
to the Secretary, and consist of not less than 5 rental units on 1
site. These units may be detached, semidetached, row house, or
multifamily structures.
(2) The term ``qualified housing finance agency'' means any
State or local housing finance agency that--
(A) carries the designation of ``top tier'' or its
equivalent, as evaluated by Standard and Poors or any other
nationally recognized rating agency;
(B) receives a rating of ``A'' for its general obligation
bonds from a nationally recognized rating agency; or
(C) otherwise demonstrates its capacity as a sound and
experienced agency based on, but not limited to, its experience
in financing multifamily housing, fund balances, administrative
capabilities, investment policy, internal controls and financial
management, portfolio quality, and State or local support.
(3) The term ``reinsurance agreement'' means a contractual
obligation under which the Secretary, in exchange for appropriate
compensation, agrees to assume a specified portion of the risk of
loss that a lender or other party has previously assumed with
respect to a mortgage on a multifamily housing property.
(4) The term ``Secretary'' means the Secretary of Housing and
Urban Development.
(5) The term ``qualified participating entity'' means an entity
approved by the Secretary for participation in the pilot program
under this subsection, which may include--
(A) the Federal National Mortgage Association;
(B) the Federal Home Loan Mortgage Corporation;
(C) State housing finance and mortgage insurance agencies;
and
(D) the Federal Housing Finance Board.
(Pub. L. 102-550, title V, Sec. 544, Oct. 28, 1992, 106 Stat. 3801; Pub.
L. 103-233, title III, Sec. 307(c), Apr. 11, 1994, 108 Stat. 378.)
References in Text
This subtitle, referred to in text, means subtitle C (Secs. 541-544)
of Pub. L. 102-550, title V, Oct. 28, 1992, 106 Stat. 3794, as amended,
known as the Multifamily Housing Finance Improvement Act, which enacted
this section and section 1715z-22 of this title and provisions set out
as a note under section 1701 of this title. For complete classification
of this Act to the Code, see Short Title of 1992 Amendment note set out
under section 1701 of this title and Tables.
Codification
Section was formerly set out as a note under section 1707 of this
title.
Section was enacted as part of the Multifamily Housing Finance
Improvement Act and also as part of the Housing and Community
Development Act of 1992, and not as part of the National Housing Act
which comprises this chapter.
Amendments
1994--Par. (1). Pub. L. 103-233, Sec. 307(c)(1), added par. (1) and
struck out heading and text of former par. (1). Text read as follows:
``The term `multifamily housing' means a property consisting of more
than 4 dwelling units.''
Par. (5). Pub. L. 103-233, Sec. 307(c)(2), added par. (5).
