Page:United States Statutes at Large Volume 111 Part 2.djvu/312

 Ill STAT. 1392 PUBLIC LAW 105-65 —OCT. 27, 1997 (5) PRIORITY FOR PUBLIC AGENCIES AS PARTICIPATING ADMINISTRATIVE ENTITIES. —The Secretary shall provide a reasonable period during which the Secretary will consider proposals only from State housing finance agencies or local housing agencies, and the Secretary shall select such an agency without considering other applicants if the Secretary determines that the agency is qualified. The period shall be of sufficient duration for the Secretary to determine whether any State housing finance agencies or local housing agencies are Notification. interested and qualified. Not later than the end of the period, the Secretary shall notify the State housing finance agency or the local housing agency regarding the status of the proposal and, if the proposal is rejected, the reasons for the rejection and an opportunity for the applicant to respond. (6) STATE AND LOCAL PORTFOLIO REQUIREMENTS.— (A) IN GENERAL.If the housing finance agency of a State is selected as the participating administrative entity, that agency shall be responsible for such eligible multifamily housing projects in that State as may be agreed upon by the participating administrative entity and the Secretary. If a local housing agency is selected as the participating administrative entity, that agency shall be responsible for such eligible multifamily housing projects in the jurisdiction of the agency as may be agreed upon by the participating administrative entity and the Secretary. (B) NONDELEGATION. —Except with the prior approval of the Secretary, a participating administrative entity may not delegate or trsinsfer responsibilities and functions under this subtitle to 1 or more entities. (7) PRIVATE ENTITY REQUIREMENTS.— (A) IN GENERAL.— If a for-profit entity is selected as the participating administrative entity, that entity shall be required to enter into a partnership with a public purpose entity (including the Department). (B) PROHIBITION.—No private entity shall share, participate in, or otherwise benefit from any equity created, received, or restructured as a result of the portfolio restructuring agreement. 42 USC 1437f SEC. 514. MORTGAGE RESTRUCTURING AND RENTAL ASSISTANCE note. SUFFICIENCY PLAN. (a) IN GENERAL.— (1) DEVELOPMENT OF PROCEDURES AND REQUIREMENTS.— The Secretary shall develop procedures and requirements for the submission of a mortgage restructuring and rental assistance sufficiency plan for each eligible multifamily housing project with an expiring contract. (2) TERMS AND CONDITIONS. —Each mortgage restructuring and rental assistance sufficiency plan submitted under this subsection shall be developed by the participating administrative entity, in cooperation with an owner of an eligible multifamily housing project and any servicer for the mortgage that is a qualified mortgagee, under such terms and conditions as the Secretary shall require. (3) CONSOLIDATION. —Mortgage restructuring and rental assistance sufficiency plans submitted under this subsection

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