§ 4117. — Delegated responsibility to State agencies.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4117]
TITLE 12--BANKS AND BANKING
CHAPTER 42--LOW-INCOME HOUSING PRESERVATION AND RESIDENT HOMEOWNERSHIP
SUBCHAPTER I--PREPAYMENT OF MORTGAGES INSURED UNDER NATIONAL HOUSING ACT
Sec. 4117. Delegated responsibility to State agencies
(a) In general
In addition to any responsibilities delegated under section 4103(c)
of this title, the Secretary shall delegate some or all responsibility
for implementing this subchapter to a State housing agency if such
agency submits a preservation plan acceptable to the Secretary.
(b) Approval
State preservation plans shall be submitted in such form and in
accordance with such procedures as the Secretary shall establish. The
Secretary may approve plans that contain--
(1) an inventory of low-income housing located within the State
that is or will be eligible low-income housing under this subchapter
within 5 years;
(2) a description of the agency's experience in the area of
multifamily financing and restructuring;
(3) a description of the administrative resources that the
agency will commit to the processing of plans of action in
accordance with this subchapter;
(4) a description of the administrative resources that the
agency will commit to the monitoring of approved plans of action in
accordance with this subchapter;
(5) an independent analysis of the performance of the
multifamily housing inventory financed or otherwise monitored by the
agency;
(6) a certification by the public official responsible for
submitting the comprehensive housing affordability strategy under
section 12705 of title 42 that the proposed activities are
consistent with the approved housing strategy of the State within
which the eligible low-income housing is located; and
(7) such other certifications or information that the Secretary
determines to be necessary or appropriate to achieve the purposes of
this subchapter.
(c) Implementation agreements
The Secretary may enter into any agreements necessary to implement
an approved State preservation plan, which may include incentives that
are authorized under other provisions of this subchapter.
(Pub. L. 100-242, title II, Sec. 227, as added Pub. L. 101-625, title
VI, Sec. 601(a), Nov. 28, 1990, 104 Stat. 4270.)
Regulations
Pub. L. 102-550, title III, Sec. 315, Oct. 28, 1992, 106 Stat. 3770,
provided that: ``The Secretary of Housing and Urban Development shall
issue interim regulations implementing section 227 of the Housing and
Community Development Act of 1987 (as amended by section 601(a) of the
Cranston-Gonzalez National Affordable Housing Act) [12 U.S.C. 4117] not
later than the expiration of the 30-day period beginning on the date of
the enactment of this Act [Oct. 28, 1992], which shall take effect upon
issuance. The Secretary shall issue final regulations implementing such
section 227 after notice and opportunity for public comment regarding
the interim regulations, pursuant to the provisions of section 553 of
title 5, United States Code (notwithstanding subsections (a)(2), (b)(B),
and (d)(3) of such section). The duration of the period for public
comment shall not be less than 60 days, and the final regulations shall
be issued not later than the expiration of the 60-day period beginning
upon the conclusion of the comment period and shall take effect upon
issuance.''
