Page:United States Statutes at Large Volume 103 Part 1.djvu/408

 103 STAT. 380 PUBLIC LAW 101-73 —AUG. 9, 1989 ' "(C) REPORT. —In the annual report submitted by the Secretary to the Congress, the Secretary shall include a detailed description of his activities under this paragraph, including recommendations for such additional authoriza- tion as he deems necessary to implement the provisions of this subsection. "(9) DEFINITIONS.— For purposes of this subsection— "(A) ADJUSTED INCOME.—The term 'adjusted income' has the same meaning as such term has under section 3 of the United States Housing Act of 1937. "(B) CLEARINGHOUSES. —The term 'clearinghouses' means— "(i) the State housing finance agency for the State in which an eligible residential property is located, "(ii) the Office of Community Investment (or other comparable division) within the Federal Housing Finance Board, and "(iii) any national nonprofit organizations (including any nonprofit entity established by the corporation established under title IX of the Housing and Commu- nity Development Act of 1968) that the Corporation determines has the capacity to act as a clearinghouse for information. "(C) CORPORATION. — The term 'Corporation' means the Resolution Trust Corporation either in its corporate capac- ity or as receiver, but does not include the Corporation in ite capacity as an operating conservator. " (D) ELIGIBLE MULTIFAMILY HOUSING PROPERTY.—The term 'eligible multifamily housing property' means a prop- . erty consisting of more than 4 dwelling units— "(i) to which the Corporation acquires title; and "(ii) that has an appraised value that does not exceed the applicable dollar amount set forth in section 221(d)(3)(ii) of the National Housing Act for elevator- ', type structures (without regard to any increase of such amount for high-cost areas). "(E) ELIGIBLE RESIDENTIAL PROPERTY. —The term 'eligible residential property' includes eligible single family prop- erties and eligible multifamily housing properties. "(F) ELIGIBLE SINGLE FAMILY PROPERTY. —The term 'eli- gible single family property' means a 1- to 4-family resi- dence (including a manufactured home)— ^ "(i) to which the Corporation acquires title; and "(ii) that has an appraised value that does not exceed the applicable dollar amount set forth in the first . sentence of section 208(b)(2) of the National Housing •' Act (without regard to any increase of such amount for • high-cost areas). "(G) LOWER-INCOME FAMILIES.—The term 'lower-income families' means families and individuals whose incomes do not exceed 80 percent of the median income of the area involved, as determined by the Secretary, with adjustment for family size. "(H) NET REALIZABLE MARKET VALUE.—The term 'net realizable market value' means a price below the market value that takes into account (i) any reductions in holding costs resulting from the expedited sale of a property, includ-

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