Page:United States Statutes at Large Volume 114 Part 5.djvu/658

 114 STAT. 2763A-618 PUBLIC LAW 106-554—APPENDIX G SEC. 142. TRANSFER OF HUD ASSETS IN REVITALIZATION AREAS. In carrying out the program under section 204(h) of the National Housing Act (12 U.S.C. 1710(h)), upon the request of the chief executive officer of a county or the government of appropriate jurisdiction and not later than 60 days after such request is made, the Secretary of Housing and Urban Development shall designate as a revitalization area all portions of such county that meet the criteria for such designation under paragraph (3) of such section. SEC. 143. RISK-SHARING DEMONSTRATION. Section 249 of the National Housing Act (12 U.S.C. 1715z- 14) is amended— (1) by striking the section heading and inserting the following: "RISK-SHARING DEMONSTRATION"; (2) by striking "reinsurance" each place such term appears and insert "risk-sharing"; (3) in subsection (a)— (A) in the first sentence, by inserting "and with insured community development financial institutions" after "private mortgage insurers"; (B) in the second sentence— (i) by striking "two" and inserting "four"; and (ii) by striking "March 15, 1988" and inserting "the expiration of the 5-year period beginning on the date of the enactment of the Community Renewal Tax Relief Act of 2000"; and (C) in the third sentence— (i) by striking "insured" and inserting "for which risk of nonpayment is shared"; and (ii) by striking "10 percent" and inserting "20 percent"; (4) in subsection (b)— (A) in the first sentence— (i) by striking "to provide" and inserting ", in providing"; (ii) by striking "through" and inserting ", to enter into"; and (iii) by inserting "and with insured community development financial institutions" before the period at the end; (B) in the second sentence, by inserting "and insured community development financial institutions" after "private mortgage insurance companies"; (C) by striking paragraph (1) and inserting the following new paragraph: "(1) assume a secondary percentage of loss on any mortgage insured pursuant to section 203(b), 234, or 245 covering a one- to four-family dwelling, which percentage of loss shall be set forth in the risk-sharing contract, with the first percentage of loss to be borne by the Secretary;"; and (D) in paragraph (2)— (i) by striking "carry out (under appropriate delegation) such" and inserting "perform or delegate underwriting,";

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