{"identifier":"/us/usc/t12/s1715z\u201322a","title":12,"num":"\u00a7\u202f1715z\u201322a.","heading":"Definitions","text":"\u00a7\u202f1715z\u201322a.\nDefinitions\nFor purposes of this subtitle:\n(1) The term \u201cmultifamily housing\u201d means housing accommodations on the mortgaged property that are designed principally for residential use, conform to standards satisfactory to the Secretary, and consist of not less than 5 rental units on 1 site. These units may be detached, semidetached, row house, or multifamily structures.\n(2) The term \u201cqualified housing finance agency\u201d means any State or local housing finance agency that\u2014\n(A) carries the designation of \u201ctop tier\u201d or its equivalent, as evaluated by Standard and Poors or any other nationally recognized rating agency;\n(B) receives a rating of \u201cA\u201d for its general obligation bonds from a nationally recognized rating agency; or\n(C) otherwise demonstrates its capacity as a sound and experienced agency based on, but not limited to, its experience in financing multifamily housing, fund balances, administrative capabilities, investment policy, internal controls and financial management, portfolio quality, and State or local support.\n(3) The term \u201creinsurance agreement\u201d means a contractual obligation under which the Secretary, in exchange for appropriate compensation, agrees to assume a specified portion of the risk of loss that a lender or other party has previously assumed with respect to a mortgage on a multifamily housing property.\n(4) The term \u201cSecretary\u201d means the Secretary of Housing and Urban Development.\n(5) The term \u201cqualified participating entity\u201d means an entity approved by the Secretary for participation in the pilot program under this subsection, which may include\u2014\n(A) the Federal National Mortgage Association;\n(B) the Federal Home Loan Mortgage Corporation;\n(C) State housing finance and mortgage insurance agencies; and\n(D) the Federal Housing Finance Board.","url":"https://projectusc.org/usc/t12/s1715z\u201322a.html","content":[{"t":"sec","id":"/us/usc/t12/s1715z\u201322a","children":[{"t":"num","text":"\u00a7\u202f1715z\u201322a."},{"t":"heading","text":"Definitions","tail":"\n"},{"t":"chapeau","text":"For purposes of this subtitle:"},{"t":"para","id":"/us/usc/t12/s1715z\u201322a/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" The term \u201cmultifamily housing\u201d means housing accommodations on the mortgaged property that are designed principally for residential use, conform to standards satisfactory to the Secretary, and consist of not less than 5 rental units on 1 site. These units may be detached, semidetached, row house, or multifamily structures.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s1715z\u201322a/2","children":[{"t":"num","text":"(2)"},{"t":"chapeau","text":" The term \u201cqualified housing finance agency\u201d means any State or local housing finance agency that\u2014"},{"t":"subpara","id":"/us/usc/t12/s1715z\u201322a/2/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" carries the designation of \u201ctop tier\u201d or its equivalent, as evaluated by Standard and Poors or any other nationally recognized rating agency;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s1715z\u201322a/2/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" receives a rating of \u201cA\u201d for its general obligation bonds from a nationally recognized rating agency; or","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s1715z\u201322a/2/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" otherwise demonstrates its capacity as a sound and experienced agency based on, but not limited to, its experience in financing multifamily housing, fund balances, administrative capabilities, investment policy, internal controls and financial management, portfolio quality, and State or local support.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s1715z\u201322a/3","children":[{"t":"num","text":"(3)"},{"t":"content","text":" The term \u201creinsurance agreement\u201d means a contractual obligation under which the Secretary, in exchange for appropriate compensation, agrees to assume a specified portion of the risk of loss that a lender or other party has previously assumed with respect to a mortgage on a multifamily housing property.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s1715z\u201322a/4","children":[{"t":"num","text":"(4)"},{"t":"content","text":" The term \u201cSecretary\u201d means the Secretary of Housing and Urban Development.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s1715z\u201322a/5","children":[{"t":"num","text":"(5)"},{"t":"chapeau","text":" The term \u201cqualified participating entity\u201d means an entity approved by the Secretary for participation in the pilot program under this subsection, which may include\u2014"},{"t":"subpara","id":"/us/usc/t12/s1715z\u201322a/5/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" the Federal National Mortgage Association;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s1715z\u201322a/5/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" the Federal Home Loan Mortgage Corporation;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s1715z\u201322a/5/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" State housing finance and mortgage insurance agencies; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s1715z\u201322a/5/D","children":[{"t":"num","text":"(D)"},{"t":"content","text":" the Federal Housing Finance Board.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}