Page:United States Statutes at Large Volume 111 Part 2.djvu/332

 Ill STAT. 1412 PUBLIC LAW 105-65—OCT. 27, 1997 any benefits from fees, bond financings, and mortgage refinancings; and (3) the extent and effectiveness of State and local housing finance agencies oversight of the physical and financial management and condition of multifamily housing projects for which project-based assistance is provided under section 8 of the United States Housing Act of 1937. Subtitle C—Enforcement Provisions 12 USC 1735f-14 SEC. 541. IMPLEMENTATION. ^°^^' (a) ISSUANCE OF NECESSARY REGULATIONS. —Notwithstanding section 7(o) of the Department of Housing and Urban Development Act or part 10 of title 24, Code of Federal Regulations (as in existence on the date of enactment of this Act), the Secretary shall issue such regulations as the Secretary determines to be necessary to implement this subtitle and the amendments made by this subtitle in accordance with section 552 or 553 of title 5, United States Code, as determined by the Secretary. (b) USE OF EXISTING REGULATIONS.—In implementing any provision of this subtitle, the Secretary may, in the discretion of the Secretary, provide for the use of existing regulations to the extent appropriate, without rulemaking. SEC. 542. INCOME VERIFICATION. (a) REINSTITUTION OF REQUIREMENTS REGARDING HUD ACCESS TO CERTAIN INFORMATION OF STATE AGENCIES.— 42 USC 503. (1) IN GENERAL.— Section 303(i) of the Social Security Act is amended by striking paragraph (5). 42 USC 503 note. (2) EFFECTIVE DATE.— The amendment made by this subsection shall apply to any request for information made after the date of the enactment of this Act. (b) REPEAL OF TERMINATION REGARDING HOUSING ASSISTANCE PROGRAMS.— Section 6103(1)(7)(D) of the Internal Revenue Code 26 USC 6103. of 1986 is amended by striking the last sentence. Part 1—FHA Single Family and Multifamily Housing SEC 551. AUTHORIZATION TO IMMEDIATELY SUSPEND MORTGAGEES. Section 202(c)(3)(C) of the National Housing Act (12 U.S.C. 1708(c)(3)(C)) is amended by inserting after the first sentence the following: "Notwithstanding paragraph (4)(A), a suspension shall be effective upon issuance by the Board if the Board determines that there exists adequate evidence that immediate action is required to protect the financial interests of the Department or the public". SEC. 552. EXTENSION OF EQUITY SKIMMING TO OTHER SINGLE FAMILY AND MULTIFAMILY HOUSING PROGRAMS. Section 254 of the National Housing Act (12 U.S.C. 1715z- 19) is amended to read as follows: "SEC. 254. EQUITY SKIMMING PENALTY. "(a) IN GENERAL. —Whoever, as an owner, agent, or manager, or who is otherwise in custody, control, or possession of a multifamily project or a 1- to 4-family residence that is security for a

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