Page:United States Statutes at Large Volume 108 Part 1.djvu/384

 108 STAT. 358 PUBLIC LAW 103-233—APR. 11, 1994 Regulations. 12 USC lOTOlz-ll note. 12 USC 1715z-la note. 12 USC 1715z-la note. secured by a second mortgage on the property on such terms and conditions as the Secretary may determine.. (f) EFFECTIVE DATE. —The Secretary shall issue interim regulations necessary to implement the amendments made by subsections (b) through (d) not later than 90 days after the date of the enactment of this Act. Such interim regulations shall take effect upon issuance and invite public comment on the interim regulations. The Secretary shall issue final regulations to implement such amendments sifter opportunity for such public comment, but not later than 12 months after the date of issuance of such interim regulations. SEC. 102. REPEAL OF STATE AGENCY MULTIFAMILY PROPERTY DIS- POSITION DEMONSTRATION. Section 184 of the Housing and Community Development Act of 1987 (12 U.S.C. 1701Z-11 note) is hereby repealed. SEC. 103. PREVENTING MORTGAGE DEFAULTS ON MULTIFAMILY HOUS- ING PROJECTS. (a) MULTIFAMILY HOUSING PLANNING AND INVESTMENT STRATE- GIES.— (1) PREPARATION OF ASSESSMENTS FOR INDEPENDENT ENTI- TIES. — -Section 402(a) of the Housing and Community Development Act of 1992 (12 U.S.C. 1715-la note) is amended by adding at the end the following new sentence: "The assessment shall be prepared by an entity that does not have an identity of interest with the owner.". (2) TIMING OF SUBMISSION OF NEEDS ASSESSMENTS.— Section 402(b) of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z-la note) is amended to read as follows: "(b) TIMING. — To ensure that assessments for all covered multifamily housing properties will be submitted on or before the conclusion of fiscal year 1997, the Secretary shall require the owners of such properties, including covered multifamily housing properties for the elderly, to submit the assessments for the properties in accordance with the following schedule: "(1) For fiscal year 1994, 10 percent of the aggregate number of such properties. "(2) For each of fiscal years 1995, 1996, and 1997, an additional 30 percent of the aggregate number of such properties.". (3) REVIEW OF COMPREHENSIVE NEEDS ASSESSMENTS. —Section 404(d) of the Housing and Community Development Act of 1992 (12 U.S.C. 1715-la note) is amended to read as follows: " (d) REVIEW. — "(1) IN GENERAL.— The Secretary shall review each comprehensive needs assessment for completeness and adequacy before the expiration of the 90-day period beginning on the receipt of the assessment and shall notify the owner of the property for which the assessment was submitted of the findings of such review. "(2) INCOMPLETE OR INADEQUATE ASSESSMENTS.— I f the Secretary determines that the assessment is substantially incomplete or inadequate, the Secretary shall— "(A) notify the owner of the portion or portions of the assessment requiring completion or other revision; and "(B) require the owner to submit an amended assessment to the Secretary not later than 30 days after such notification.".

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