Page:United States Statutes at Large Volume 104 Part 5.djvu/802

 104 STAT. 4124 PUBLIC LAW 101-625—NOV. 28, 1990 (3) REPAYMENT PERIOD. — A deferred payment loan secured by a second mortgage shall be repayable over the 15-year period beginning at the end of the deferral period. (e) SECURITY. — A deferred pa3anent loan assisted with amount provided under a grant under this section shall be secured by a lien on the property involved, which lien shall be subordinate to the first mortgage on the property. 42 USC 12809. SEC. 259. REHABILITATION OF STATE AND LOCAL GOVERNMENT IN REM PROPERTIES. (a) IN GENERAL.—The Secretary shall make available a model program under which States and units of general IOCEJ government may convert in rem properties to provide affordable permanent housing for the homeless by leasing such properties to nonprofit organizations and permitting such organizations to rehabilitate the properties. (b) TARGET. —The program shall target vacant properties for rehabilitation by nonprofit organizations. Subtitle E—Mortgage Credit Enhancement 42 USC 12821. SEC. 271. REPORT ON CREDIT ENHANCEMENT. (a) 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. (b) REPORT.— Not later than one year after the enactment of this Act, 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— (1) 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 (2) alternative ways in which— (A) 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 subtitle; (B) the Etepartment 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 mortgagebacked securities that are more standardized and readily traded in the capital markets;

�