From
the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 6, 1999]
[Document not affected by Public Laws enacted between
January 6, 1999 and October 26, 2000]
[CITE: 42USC12821]
TITLE
42--THE PUBLIC HEALTH AND WELFARE
CHAPTER 130--NATIONAL AFFORDABLE HOUSING
SUBCHAPTER II--INVESTMENT IN AFFORDABLE HOUSING
Part E--Mortgage Credit Enhancement
Sec. 271. Report on credit enhancement
- In general
The
Comptroller General of the United States shall carry out a study
of ways in which financing for affordable housing may be made
available to assist in the most efficient implementation of
comprehensive housing affordability strategies of participating
jurisdictions. In conducting the study, the Comptroller General
shall draw upon the expertise of such representatives of State
and local government, State and local housing finance agencies,
agencies of the United States, government-sponsored mortgage
finance corporations, for-profit and nonprofit housing developers,
private financial institutions, and sources of long-term mortgage
investment, as the Comptroller General determines to be appropriate.
- Report
Not
later than one year after November 28, 1990, the Comptroller
General shall submit to the Congress and the Secretary a report
containing any recommendations for legislative or administrative
actions needed to improve the availability of mortgage finance
for affordable housing. The report shall include, but need not
be limited to, an assessment of--
- the need for the Department of Housing and Urban Development
or other agencies of the United States to provide partial
credit enhancement to make financing for affordable housing
available efficiently and at the lowest possible cost; and
- alternative ways in which--
- the Department could provide any needed credit enhancement
on a one-stop basis for participating jurisdictions,
in coordination with other forms of assistance under
this part;
- the Department or other agencies of the Federal Government
could assist government-sponsored mortgage finance corporations
in the financing of mortgages on affordable housing
through the development of mortgage-backed securities
that are more standardized and readily traded in the
capital markets;
- the capacities of existing agencies of the United
States could be used to provide mortgage finance more
efficiently for affordable housing through government-sponsored
mortgage finance corporations; and
- the interests of the Federal Government could be protected
and any risks of loss could be minimized through requirements
for fees, mortgage insurance, risk-sharing, secure collateral,
and guarantees by other parties, and through standards
relating to minimum capital and prior experience with
underwriting, origination and servicing.
(Pub.
L. 101-625, title II, Sec. 271, Nov. 28, 1990, 104 Stat. 4124.)
|