Page:United States Statutes at Large Volume 106 Part 5.djvu/159

 PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3797 and 1995. The demonstration authorized under this subsection shall not be expanded until the reports required under subsection (d) are submitted to the Congress. (5) IDENTITY OF INTEREST. —Notwithstanding any other provision of law, the Secretary shall not apply identity of. interest provisions to agreements entered into with qualified State housing finance agencies under this subsection. (6) PROHIBITION ON GINNIE MAE SECURITIZATION.— The Government National Mortgage Association shall not securitize any multifamily loans insured under this subsection. (7) QUALIFICATION AS AFFORDABLE HOUSING.— Multifamily housing securing loans insured under this subsection shall qualify as affordable only if the housing is occupied by very lowincome families and bears rents not greater than the gross rent for rent-restricted residential units as determined under section 42(g)(2) of the Internal Revenue Code of 1986. (8) REGULATIONS.—Not later than 90 days afler the date of enactment of this Act, the Secretary shall issue such regulations as may be necessary to carry out this subsection. (d) INDEPENDENT STUDIES AND REPORTS. — (1) FEDERAL NATIONAL MORTGAGE ASSOCL^TION. —The Federal National Mortgage Association, in consultation with representatives of its seller-servicers and State housing finance agencies, shall carry out an independent assessment of alternative methods for achieving the purposes of this section and shall submit a report containing any findings and recommendations, including any recommendations for legislative or administrative action, simultaneously to the Secretary and the Congress not later than 12 months after the date of the enactment of this Act. (2) FEDERAL HOME LOAN MORTGAGE CORPORATION.—The Federal Home Loan Mortgage Corporation, in consultation with representatives of its seller-servicers and State housing finance agencies, shall carry out an independent assessment of alternative methods for achieving the purposes of this section and shall submit a report containing any findings and recommendations, including any recommendations for legislative or administrative action, simultaneously to the Secretary and the Congress not later than 12 months after the date of the enactment of this Act. (3) SECRETARY.—The Secretary shall submit to the Congress, and publish, reports under this paragraph assessing the activities carried out under each of the pilot programs. The Secretary shall submit and publish a preliminary report under this paragraph not later than 9 months after the date of the implementation of each of the pilot programs, and a final report not later than 24 months after the date of implementation on which the pilot program is initiated, which shall include any recommendations by the Secretary for legislative changes to achieve the purposes of this section. (4) COMPTROLLER GENERAL. —The Comptroller General of the United States shall carry out an evaluation of each of the pilot programs under this section and shall submit to the Congress, not later than 30 months afler the date of implementation for each of the pilot programs, a report regarding the evaluation, together with any recommendations for legislative changes to achieve the purposes of this section.

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