Page:United States Statutes at Large Volume 106 Part 5.djvu/321

 PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3959 (C) RTC AND FDic LOANS. —The purchase of direct loans made by the Resolution Trust Corporation or the Federal Deposit Insurance Corporation, if such loans— (i) are not guaranteed by such agencies themselves or other Federal agencies; (ii) are made with recourse provisions similar to those offered through private mortgage insurance or other conventional sellers; and (iii) are made for the purchase of housing that otherwise qualifies under such goal to be considered for purposes of such goal. (2) EXCLUSION. — No credit toward the achievement of the special affordable housing goal may be given to the purchase or securitization of mortgages associated with the refinancing of the existing enterprise portfolios. (c) USE OF BORROWER AND TENANT INCOME. — (1) IN GENERAL.— The Secretary shall monitor the performance of each enterprise in carrying out this section and shall evaluate such performance (for purposes of section 1336) based on— (A) in the case of an owner-occupied dwelling, the mortgagor's income at the time of origination of the mortgage; or (B) in the c€ise of a rental dwelling— (i) the income of the prospective or actual tenants of the property, where such data are available; or (ii) the rent levels affordable to low-income and very low-income families, where the data referred to in clause (i) are not available. (2) AFFORDABILTTY.—For the purpose of paragraph (IXBXii), a rent level shall be considered affordable if it does not exceed 30 percent of the maximum income level of the income categories referred to in this section, with appropriate adjustments for unit size as measured by the number of bedrooms. (d) TRANSITION.— (1) FNMA MORTGAGE PURCHASES. — Notwithstanding any other provision of this section, during the 2-year period beginning on January 1, 1993, the special affordable housing goal for the Federal National Mortgage Association shall include mortgage purchases of not less than $2,000,000,000 (for such 2-year period), with one-half of such purchases consisting of mortgages on single family housing and one-half consisting of mortgages on multifamily housing. (2) FHLMC MORTGAGE PURCHASES.— Notwithstanding any other provision of this section, during the 2-year period beginning on January 1, 1993, the special affordable nousing goal for the Federal Home !Loan Mortgage Corporation shall include mortgage purchases of not less than $1,500,000,000 (for such 2-year period), with one-half of such purchases consisting of mortgages on single family housing and one-half consisting of mortgages on multifamily housing. (3) INCOME CHARACTERISTICS FOR MORTGAGE PURCHASES.— (A) MULTIFAMILY MORTGAGES. —The special affordable housing goals established under paragraphs (1) and (2) shall provide that, of mortgages on multifamily housing 59-194 O—93 11: QL 3 (Pt. 5)

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