Page:United States Statutes at Large Volume 106 Part 5.djvu/161

 PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3799 (A) 1 individual who is a representative from the financial services industry with experience in miiltifamily housing underwriting; (B) 1 individual who is a representative from the nonprofit housing development sector with experience in subsidized multifamily housing development; and (C) 1 individual who is a representative from a nationally recognized rating agency. (d) ADMINISTRATION.— (1) CHAIRPERSONS. —The Task Force shall be chaired jointly by the Secretary and the Chairman of the Federal Housing Finance Board. (2) MEETINGS. —The Task Force shall meet no less than 4 times, at the call of the Chairpersons of the Task Force. (3) QUORUM.— ^A majority of the members of the Task Force shall constitute a quorum for the transaction of business. (4) VOTING. —Each member of the Task Force shall be entitled to 1 vote, which shall be equal to the vote of every other member of the Task Force. (5) VACANCIES.— Any vacancy on the Task Force shall not affect its powers, but shall be nlled in the manner in which the original appointment was made. (6) PROHIBITION ON ADDITIONAL PAY. — Members of the Task Force shall serve without compensation, but shall be reimbursed for travel, subsistence, and other necessary expenses incurred in the performance of their duties as members of the Task Force. (e) FUNCTIONS OF THE TASK FORCE. — (1) IN GENERAL.—The Task Force shall conduct a multifamily housing financial data project in order to improve the availability and efficiency of financing for multifamily rental housing. The project shall— (A) analyze available data regarding the performance of multifamily housing mortgage loans in all regions of the country; (B) prepare a comprehensive national database on the operation and financing of multifamily housing that will provide reliable information appropriate to meet the projected needs of lenders, investors, sponsors, property managers, and public officials; (C) identify important factors that affect the long-term financial and operational soundness of multifamily housing properties, including factors relating to project credit risk, project underwriting, interest rate risk, real estate market conditions, public subsidies, tax policies, borrower characteristics, program management standards, and government policies; (D) develop common definitions, standards, and procedures that will improve multifamilv housing underwriting and accelerate the development of a strong, competitive, and efficient secondary market for multifamily housing loans; and (E) make available appropriate information to various organizations in forms that will assist in improving multifamily housing loan underwriting and servicing. (2) FINAL REPORT.— Not later than 1 year following the enactment of this Act, the Task Force shall submit to the 59-194 O—93 6:QL3(Pt.5)

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