Page:United States Statutes at Large Volume 108 Part 1.djvu/382

 108 STAT. 356 PUBLIC LAW 103-233—APR. 11, 1994 "(A) the terms of any such sale shall include the agreement of the purchasing agency or unit of local government or State agency to act as mortgagee or owner of a beneficial interest in such mortgages, in a manner consistent with maintsdning the projects that are subject to such mortgages for occupgincy by the general tenant group intended to be served by the applicable mortgage insurance program, including, to the extent the Secretary determines appropriate, authorizing such unit of local government or State agency to enforce the provisions of any regulatory agreement or other program requirements applicable to the related projects; and "(B) the sales prices for such mortgages shall be, in the determination of the Secretary, the best prices that may be obtained for such mortgages from a unit of general local government or State agency, consistent with the expectation and intention that the projects financed will be retained for use under the applicable mortgage insurance program for the life of the initial mortgage insurance contract. "(4) SALE OF MORTGAGES COVERING UNSUBSIDIZED PROJECTS. —Notwithstanding any other provision of law, the Secretary may sell mortgages held on projects that are not subsidized or formerly subsidized projects on such terms and conditions as the Secretary may prescribe. " (5) MORTGAGE SALE DEMONSTRATION.—The Secretary may carry out a demonstration to test the feasibility of restructuring and disposing of troubled multifamily mortgages held by the Secretary through the establishment of partnerships with public, private, and nonprofit entities. "(6) PROJECT SALE DEMONSTRATION. —The Secretary may carry out a demonstration to test the feasibility of disposing of troubled multifamily housing projects that are owned by the Secretary through the establishment of partnerships with public, private, and nonprofit entities. "(1) REPORT TO CONGRESS. — Not later than June 1 of each year, the Secretary shall submit to the Congress a report describing the status of multifamily housing projects owned by or subject to mortgages held by the Secretary, on an aggregate basis, which highlights the differences, if any, between the subsidized and the imsubsidized inventory. The report shall include— "(1) the average and median size of the projects; "(2) the geographic locations of the projects, by State and region; "(3) the years during which projects were assigned to the Department, and the average and median length of time that projects remain in the HUD-held inventory; "(4) the status of HUD-held mortgages; "(5) the physical condition of the HUD-held and HUD- owned inventory; "(6) the occupancy profile of the projects, including the income, family size, race, and ethnic origin of current tenants, and the rents paid by such tenants; "(7) the proportion of units that are vacant; "(8) the number of projects for which the Secretary is mortgagee in possession; "(9) the number of projects sold in foreclosure sales;

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