Page:United States Statutes at Large Volume 111 Part 2.djvu/325

 PUBLIC LAW 105-65—OCT. 27, 1997 111 STAT. 1405 to the Congress on actions taken under this subtitle and the status of eligible multifamily housing projects. (b) SEMIANNUAL REVIEW. —Not less than semiannually during the 2-year period beginning on the date of the enactment of this Act and not less than annually thereafter, the Secretary shall submit reports to the Committee on Banking and Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate stating, for such periods, the total number of projects identified by participating administrative entities under each of clauses (i) and (ii) of section 515(c)(2)(C). SEC. 521. GAO AUDIT AND REVIEW. 42 USC 1437f (a) INITIAL AUDIT. — Not later than 18 months after the effective date of final regulations promulgated under this subtitle, the Comptroller General of the United States shall conduct an audit to evaluate eligible multifamily housing projects and the iniplementation of mortgage restructuring and rental assistance sufficiency plans. (b) REPORT.— (1) IN GENERAL.—Not later than 18 months after the audit conducted \mder subsection (a), the Comptroller General of the United States shall submit to Congress a report on the status of eligible multifamily housing projects and the implementation of mortgage restructuring and rental assistance sufficiency plans. (2) CONTENTS. —The report submitted under paragraph (1) shall include— (A) a description of the initial audit conducted under subsection (a); and (B) recommendations for any legislative action to increase the financial savings to the Federal Government of the restructuring of eligible multifamily housing projects balanced with the continued availability of the maximum number of affordable low-income housing units. SEC. 522. REGULATIONS. 42 USC 1437f (a) RULEMAKING AND IMPLEMENTATION. — ^°^' (1) INTERIM REGULATIONS.—The Director shall issue such interim regulations as may be necessary to implement this subtitle and the amendments made by this subtitle with respect to eligible multifamily housing projects covered by contracts described in section 512(2)(B) that expire in fiscal year 1999 or thereafter. If, before the expiration of such period, the Director has not been appointed, the Secretary shall issue such interim regulations. (2) FINAL REGULATIONS.—The Director shall issue final regulations necessary to implement this subtitle and the amendments made by this subtitle with respect to eligible multifamily housing projects covered by contracts described in section 512(2)(B) that expire in fiscal year 1999 or thereafter before the later of: (A) the expiration of the 12-month period beginning upon the date of the enactment of this Act; and (B) the 3-month period beginning upon the appointment of the Director under subtitle D. (3) FACTORS FOR CONSIDERATION.— Before the publication of the final regulations under paragraph (2), in addition to public comments invited in connection with publication of the interim rule, the Secretary shall—

�