Page:United States Statutes at Large Volume 108 Part 1.djvu/402

 108 STAT. 376 PUBLIC LAW 103-233—APR. 11, 1994 (b) HOUSING FINANCE AGENCY PILOT PROGRAM.— Section 542(c) of the Housing and Commiinity Development Act of 1992 (12 U.S.C. 1707 note) is amended— (1) in paragraph (1), by inserting after "quaHfied housing finance agencies" the following: "(including entities established by States that provide mortgage insurancer; (2) in paragraph (2)— (A) in subparagraph (C), by striking the last sentence and inserting the following: "Such agreements shall specify that the qualified housing finance agency and the Secretary shall share any loss in accordance with the risk-sharing agreement."; and (B) by adding at the end the following new subparagraph: "(F) DISCLOSURE OF RECORDS.—Qualified housing finance agencies shall make available to the Secretary such financial and other records as the Secretary deems necessary for program review and monitoring purposes."; (3) in paragraph (7)— (A) by striking "very low-income"; and (B) by striking "(2)''; and (4) by adding at the end the following new paragraphs: "(9) ENVIRONMENTAL AND OTHER REVIEWS. — "(A) ENVIRONMENTAL REVIEWS.— "(i) IN GENERAL. — <I) In order to assure that the policies of the National Environmental Policy Act of 1969 and other provisions of law which further the purposes of such Act (as specified in regulations issued by the Secretary) are most effectively implemented in connection with the insurance of mortgages under subsection (c)(2), and to assure to the public undiminished protection of the environment, the Secretary may, under such regulations, in lieu of the environmental protection procedures otherwise applicable, provide for agreements to endorse for insurance mortgages under subsection (c)(2) upon the request of qualified housing finance agencies under this subsection, if the State or unit of general local government, as designated by the Secretary in accordance with regulations, assumes all of the responsibilities for environmental review, decisionmaking, and action pursuant to such Act, and such other provisions of law as the regulations of the Secretary may specify, that would otherwise apply to the Secretary with respect to the insurance of mortgages on particular properties. Regulations. "(II) The Secretary shall issue regulations to carry out this subparagraph only after consultation with the Council on Environmental Quality. Such regulations shall, among other matters, provide— "(aa) for the monitoring of the performance of environmental reviews under this subparagraph; "(bb) subject to the discretion of the Secretary, for the provision or facilitation of training for such performance; and "(cc) subject to the discretion of the Secretary, for the suspension or termination by the Secretary

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