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
Pub. L. 102–550, title V106 Stat. 3794 section 1715z–22 of this titlesection 1701 of this titlesection 1701 of this titleThis subtitle, referred to in text, means subtitle C (§§ 541–544) of , , , known as the Multifamily Housing Finance Improvement Act, which enacted this section and and provisions set out as a note under . For complete classification of this Act to the Code, see Short Title of 1992 Amendment note set out under and Tables.
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
Pub. L. 103–233, § 307(c)(1)1994—Par. (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.”