12 U.S.C. § 1831q — FDIC affordable housing program

Page 1174 TITLE 12—BANKS AND BANKING § 1831q 1 See References in Text note below. follows: ‘‘Standards under subsections (a), (b), and (c) of this section shall be prescribed by regulation.’’ Subsec. (e)(1)(A). Pub. L. 102–550, § 956(2), substituted ‘‘(a) or (b)’’ for ‘‘(a), (b), or (c)’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1994 AMENDMENT Pub. L. 103–325, title III, § 318(d), Sept. 23, 1994, 108 Stat. 2224, provided that: ‘‘The amendments made by this section [amending this section] shall be construed to have the same effective date as section 39 of the Fed- eral Deposit Insurance Act [this section], as provided in section 132(c) of the Federal Deposit Insurance Corpora- tion Improvement Act of 1991 [Pub. L. 102–242, set out as an Effective Date note below].’’ EFFECTIVE DATE Pub. L. 102–242, title I, § 132(c), Dec. 19, 1991, 105 Stat. 2270, provided that: ‘‘The amendment made by sub- section (a) [enacting this section] shall become effec- tive on the earlier of— ‘‘(1) the date on which final regulations promul- gated in accordance with subsection (b) [set out below] become effective [Final rules were published July 10, 1995, 60 F.R. 35674, eff. Aug. 9, 1995.]; or ‘‘(2) December 1, 1993.’’ REGULATIONS Pub. L. 102–242, title I, § 132(b), Dec. 19, 1991, 105 Stat. 2270, provided that: ‘‘Each appropriate Federal banking agency (as defined in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813]) shall promulgate final regulations under section 39 of the Federal Deposit In- surance Act [12 U.S.C. 1831p–1] (as added by subsection (a)) not later than August 1, 1993.’’ § 1831q. FDIC affordable housing program (a) Purpose The purpose of this section is to provide home- ownership and rental housing opportunities for very low-income, low-income, and moderate-in- come families. (b) Funding and limitations of program (1) Duration of program The provisions of this section shall be effec- tive, subject to the provisions of paragraph (2), only during the 3-year period beginning upon the commencement of the first fiscal year for which amounts are provided pursuant to para- graph (2)(A). (2) Annual fiscal limitations (A) In general In each fiscal year during the 3-year period referred to in paragraph (1), the provisions of this section shall apply only— (i) to such extent or in such amounts as are provided in appropriations Acts for any losses resulting during the fiscal year from the sale of properties under this section, except that such amounts for losses may not exceed $30,000,000 in any fiscal year; and (ii) to the extent that amounts are pro- vided in appropriations Acts pursuant to subparagraph (C) for any other costs relat- ing to the program under this section. (B) Definition of losses For purposes of this paragraph, the amount of losses resulting from the sale of properties under this section during any fis- cal year shall be the amount equal to the sum of any affordable housing discounts rea- sonably anticipated to accrue during the fis- cal year. (C) Authorization of appropriations There are authorized to be appropriated, for each fiscal year during the 3-year period referred to in paragraph (1), such sums as may be necessary for any costs of the pro- gram under this section other than losses re- sulting from the sale of properties under this section. (D) Other definitions For purposes of this paragraph: (i) Affordable housing discount The term ‘‘affordable housing discount’’ means, with respect to any eligible resi- dential or eligible condominium property transferred under this section by the Cor- poration, the difference (if any) between the realizable disposition value of the property and the actual sale price of the property under this section. (ii) Realizable disposition value The term ‘‘realizable disposition value’’ means the estimated sale price that the Corporation reasonably would be able to obtain upon the sale of a property by the Corporation under the provisions of this chapter, not including this section, and any other applicable laws. Not later than the expiration of the 120-day period begin- ning upon the commencement of the first fiscal year for which amounts are provided pursuant to paragraph (2)(A), the Corpora- tion shall establish, and publish in the Federal Register, procedures for deter- mining the realizable disposition value of a property transferred under this section, which shall take into consideration such factors as the Corporation considers appro- priate, including the actual sale prices of properties disposed of by the Resolution Trust Corporation under section 1441a(c) 1 of this title, the prices of other properties sold under similar programs, and the ap- praised value of the property transferred under this section. Until such procedures are established, the Corporation may con- sider the realizable disposition value of any eligible residential or condominium property to be equal to the appraised value of the property. (3) Existing contracts The provisions of this section shall not apply to any eligible residential property or any eli- gible condominium property that is subject to an agreement entered into by the Corporation before the commencement of the first fiscal year for which amounts are provided pursuant to paragraph (2)(A) that provides for any other disposition of the property. (c) Rules governing disposition of eligible single family properties (1) Notice to clearinghouses Within a reasonable period of time after ac- quiring title to an eligible single family prop- Page 1175 TITLE 12—BANKS AND BANKING § 1831q erty, the Corporation shall provide written no- tice to clearinghouses. Such notice shall con- tain basic information about the property, in- cluding but not limited to location, condition, and information relating to the estimated fair market value of the property. Each clearing- house shall make such information available, upon request, to other public agencies, other nonprofit organizations, and qualifying house- holds. The Corporation shall allow public agencies, nonprofit organizations, and quali- fying households reasonable access to eligible single family property for purposes of inspec- tion. (2) Offers to sell to nonprofit organizations, public agencies, and qualifying households During the 180-day period beginning on the date on which the Corporation makes an eligi- ble single family property available for sale, the Corporation shall offer to sell the property to— (A) qualifying households (including quali- fying households with members who are vet- erans); or (B) public agencies or nonprofit organiza- tions that agree to (i) make the property available for occupancy by and maintain it as affordable for low-income families (in- cluding low-income families with members who are veterans) for the remaining useful life of such property, or (ii) make the prop- erty available for purchase by any such fam- ily who, except as provided in paragraph (4), agrees to occupy the property as a principal residence for at least 12 months and certifies in writing that the family intends to occupy the property for at least 12 months. The restrictions described in clause (i) of sub- paragraph (B) shall be contained in the deed or other recorded instrument. If, upon the expira- tion of such 180-day period, no qualifying household, public agency, or nonprofit organi- zation has made a bona fide offer to purchase the property, the Corporation may offer to sell the property to any purchaser. The Corpora- tion shall actively market eligible single fam- ily properties for sale to low-income families and to low-income families with members who are veterans. (3) Recapture of profits from resale Except as provided in paragraph (4), if any eligible single family property sold (A) to a qualifying household, or (B) to a low-income family pursuant to paragraph (2)(B)(ii), sub- section (j)(3)(A), or subsection (k)(2), is resold by the qualifying household or low-income family during the 1-year period beginning upon initial acquisition by the household or low-income family, the Corporation shall re- capture 75 percent of the amount of any pro- ceeds from the resale that exceed the sum of (i) the original sale price for the acquisition of the property by the qualifying household or low-income family, (ii) the costs of any im- provements to the property made after the date of the acquisition, and (iii) any closing costs in connection with the acquisition. (4) Exceptions to recapture requirement (A) Relocation The Corporation may in its discretion waive the applicability (i) to any qualifying household of the requirement under para- graph (3) and the requirements relating to residency of a qualifying household under subparagraphs (B) and (C) of subsection (p)(12), and (ii) to any low-income family of the requirement under paragraph (3) and the residency requirements under paragraph (2)(B)(ii). The Corporation may grant any such waiver only for good cause shown, in- cluding any necessary relocation of the qualifying household or low-income family. (B) Other recapture provisions The requirement under paragraph (3) shall not apply to any eligible single family prop- erty for which, upon resale by the qualifying household or low-income family during the 1-year period beginning upon initial acquisi- tion by the household or family, a portion of the sale proceeds or any subsidy provided in connection with the acquisition of the prop- erty by the household or family is required to be recaptured or repaid under any other Federal, State, or local law (including sec- tion 143(m) of title 26) or regulation or under any sale agreement. (5) Exception to avoid displacement of existing residents Notwithstanding the first sentence of para- graph (2), during the 180-day period following the date on which the Corporation makes an eligible single family property available for sale, the Corporation may sell the property to the household residing in the property, but only if (A) such household was residing in the property at the time notice regarding the property was provided to clearinghouses under paragraph (1), (B) such sale is necessary to avoid the displacement of, and unnecessary hardship to, the resident household, (C) the resident household intends to occupy the prop- erty as a principal residence for at least 12 months, and (D) the resident household cer- tifies in writing that the household intends to occupy the property for at least 12 months. (d) Rules governing disposition of eligible multi- family housing properties (1) Notice to clearinghouses Within a reasonable period of time after ac- quiring title to an eligible multifamily hous- ing property, the Corporation shall provide written notice to clearinghouses. Such notice shall contain basic information about the property, including but not limited to loca- tion, number of units (identified by number of bedrooms), and information relating to the es- timated fair market value of the property. Each clearinghouse shall make such informa- tion available, upon request, to qualifying multifamily purchasers. The Corporation shall allow qualifying multifamily purchasers rea- sonable access to eligible multifamily housing properties for purposes of inspection. (2) Expression of serious interest Qualifying multifamily purchasers may give written notice of serious interest in a property Page 1176 TITLE 12—BANKS AND BANKING § 1831q during a period ending 90 days after the time the Corporation provides notice under para- graph (1). The notice of serious interest shall be in such form and include such information as the Corporation may prescribe. (3) Notice of readiness for sale Upon the expiration of the period referred to in paragraph (2) for a property, the Corpora- tion shall provide written notice to any quali- fying multifamily purchaser that has ex- pressed serious interest in the property. Such notice shall specify the minimum terms and conditions for sale of the property. (4) Offers by qualifying multifamily purchasers A qualifying multifamily purchaser receiv- ing notice in accordance with paragraph (3) shall have 45 days (from the date notice is re- ceived) to make a bona fide offer to purchase the property. The Corporation shall accept an offer that complies with the terms and condi- tions established by the Corporation. If, before the expiration of such 45-day period, any offer to purchase a property initially accepted by the Corporation is subsequently rejected or fails (for any reason), the Corporation shall accept another offer to purchase the property made during such period that complies with the terms and conditions established by the Corporation (if such another offer is made). The preceding sentence may not be construed to require a qualifying multifamily purchaser whose offer is accepted during the 45-day pe- riod to purchase the property before the expi- ration of the period. (5) Extension of restricted offer periods The Corporation may provide notice to clearinghouses regarding, and offer for sale under the provisions of paragraphs (1) through (4), any eligible multifamily housing prop- erty— (A) in which no qualifying multifamily purchaser has expressed serious interest dur- ing the period referred to in paragraph (2), or (B) for which no qualifying multifamily purchaser has made a bona fide offer before the expiration of the period referred to in paragraph (4), except that the Corporation may, in the dis- cretion of the Corporation, alter the duration of the periods referred to in paragraphs (2) and (4) in offering any property for sale under this paragraph. (6) Sale of multifamily properties to other pur- chasers (A) Timing If, upon the expiration of the period re- ferred to in paragraph (2), no qualifying mul- tifamily purchaser has expressed serious in- terest in a property, the Corporation may offer to sell the property, individually or in combination with other properties, to any purchaser. (B) Limitation on combination sales The Corporation may not sell in combina- tion with other properties any property for which a qualifying multifamily purchaser has expressed serious interest in purchasing individually. (C) Expiration of offer period If, upon the expiration of the period re- ferred to in paragraph (4), no qualifying mul- tifamily purchaser has made an offer to pur- chase a property, the Corporation may offer to sell the property, individually or in com- bination with other properties, to any pur- chaser. (7) Low-income occupancy requirements (A) Single property purchases With respect to any purchase of a single eligible multifamily housing property by a qualifying multifamily purchaser under paragraph (4) or (5)— (i) not less than 35 percent of all dwell- ing units purchased shall be made avail- able for occupancy by and maintained as affordable for low-income and very low-in- come families during the remaining useful life of the property in which the units are located; provided that (ii) not less than 20 percent of all dwell- ing units purchased shall be made avail- able for occupancy by and maintained as affordable for very low-income families during the remaining useful life of the property in which the units are located. (B) Aggregation requirements for multiprop- erty purchases With respect to any purchase under para- graph (4) or (5) by a qualifying multifamily purchaser involving more than one eligible multifamily housing property as a part of the same negotiation, with respect to which the purchaser intends to aggregate the low- income occupancy required under this para- graph over the total number of units so pur- chased— (i) not less than 40 percent of the aggre- gate number of all dwelling units pur- chased shall be made available for occu- pancy by and maintained as affordable for low-income and very low-income families during the remaining useful life of the building or structure in which the units are located; provided that (ii) not less than 20 percent of the aggre- gate number of all dwelling units pur- chased shall be made available for occu- pancy by and maintained as affordable for very low-income families during the re- maining useful life of the building or structure in which the units are located; and further provided that (iii) not less than 10 percent of the dwell- ing units in each separate property pur- chased shall be made available for occu- pancy by and maintained as affordable for low-income families during the remaining useful life of the property in which the units are located. The requirements of this paragraph shall be contained in the deed or other recorded instru- ment. (8) Exemptions (A) Continued occupancy of current resi- dents No purchaser of an eligible multifamily property may terminate the occupancy of Page 1177 TITLE 12—BANKS AND BANKING § 1831q any person residing in the property on the date of purchase for purposes of meeting the low-income occupancy requirement applica- ble to the property under paragraph (7). The purchaser shall be considered to be in com- pliance with this subsection if each newly vacant dwelling unit is reserved for low-in- come occupancy until the low-income occu- pancy requirement is met. (B) Financial infeasibility The Secretary or the State housing fi- nance agency for the State in which an eligi- ble multifamily housing property is located may temporarily reduce the low-income oc- cupancy requirements under paragraph (7) applicable to the property, if the Secretary or such agency determines that an owner’s compliance with such requirements is no longer financially feasible. The owner of the property shall make a good-faith effort to return low-income occupancy to the level re- quired under paragraph (7), and the Sec- retary or the State housing finance agency, as appropriate, shall review the reduction annually to determine whether financial in- feasibility continues to exist. (e) Rent limitations (1) In general With respect to properties under paragraph (2), rents charged to tenants for units made available for occupancy by very low-income families shall not exceed 30 percent of the ad- justed income of a family whose income equals 50 percent of the median income for the area, as determined by the Secretary, with adjust- ment for family size. Rents charged to tenants for units made available for occupancy by low- income families other than very low-income families shall not exceed 30 percent of the ad- justed income of a family whose income equals 65 percent of the median income for the area, as determined by the Secretary, with adjust- ment for family size. (2) Applicability The rent limitations under this subsection shall apply to any eligible single family prop- erty sold pursuant to subsection (c)(2)(B)(i) and to any eligible multifamily housing prop- erty sold pursuant to subsection (d). (f) Preferences for sales (1) In general In selling any eligible multifamily housing property or combinations of eligible residen- tial properties, the Corporation shall give preference, among substantially similar offers, to the offer that would reserve the highest per- centage of dwelling units for occupancy or purchase by very low-income and low-income families and would retain such affordability for the longest term. (2) Multiproperty purchases The Corporation shall give preference, among substantially similar offers made under paragraph (4) or (5) of subsection (d) to pur- chase more than one eligible multifamily housing property as a part of the same nego- tiation, to offers made by purchasers who agree to maintain low-income occupancy in each separate property purchased in compli- ance with the levels required for properties under subsection (d)(7)(A). (3) Definition of substantially similar offers For purposes of this subsection, a given offer to purchase eligible multifamily housing prop- erty or combinations of such properties shall be considered to be substantially similar to another offer if the purchase price under such given offer is not less than 85 percent of the purchase price under the other offer. (g) Financing sales (1) Assistance by Corporation (A) Sale price The Corporation shall establish a market value for each eligible multifamily housing property. The Corporation shall sell eligible multifamily housing property at the net re- alizable market value, except that the Cor- poration may agree to sell eligible multi- family housing property at a price below the net realizable market value to the extent necessary to facilitate an expedited sale of such property and enable a public agency or nonprofit organization to comply with the low-income occupancy requirements applica- ble to such property under subsection (d)(7). The Corporation may sell eligible single family property or eligible condominium property to qualifying households, nonprofit organizations, and public agencies without regard to any minimum sale price. (B) Purchase loan The Corporation may provide a loan at market interest rates to any purchaser of el- igible residential property for all or a por- tion of the purchase price, which loan shall be secured by a first or second mortgage on the property. The Corporation may provide the loan at below market interest rates to the extent necessary to facilitate an expe- dited sale of eligible residential property and permit (i) a low-income family to purchase an eligible single family property under sub- section (c), or (ii) a public agency or non- profit organization to comply with the low- income occupancy requirements applicable to the purchase of an eligible residential property under subsection (c) or (d). The Corporation shall provide loans under this subparagraph in a form permitting sale or transfer of the loan to a subsequent holder. In providing financing for combinations of eligible multifamily housing properties under this section, the Corporation may hold a participating share, including a subordi- nate participation. The Corporation shall pe- riodically provide, to a wide range of minority- and women-owned businesses en- gaged in providing affordable housing and to nonprofit organizations, more than 50 per- cent of the control of which is held by 1 or more minority individuals, that are engaged in providing affordable housing, information that is sufficient to inform such businesses and organizations of the availability and terms of financing under this subparagraph; Page 1178 TITLE 12—BANKS AND BANKING § 1831q such information may be provided directly, by notices published in periodicals and other publications that regularly provide informa- tion to such businesses or organizations, and through persons and organizations that reg- ularly provide information or services to such businesses or organizations. For pur- poses of this subparagraph, the terms ‘‘women-owned business’’ and ‘‘minority- owned business’’ have the meanings given such terms in section 1441a(r) 1 of this title, and the term ‘‘minority’’ has the meaning given such term in section 1204(c)(3) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. (2) Assistance by HUD The Secretary shall take such action as may be necessary to expedite the processing of ap- plications for assistance under section 202 of the Housing Act of 1959 [12 U.S.C. 1701q], the United States Housing Act of 1937 [42 U.S.C. 1437 et seq.], title IV of the McKinney-Vento Homeless Assistance Act [42 U.S.C. 11360 et seq.], and the National Housing Act [12 U.S.C. 1701 et seq.], to enable any organization or in- dividual to purchase eligible residential prop- erty. (3) Assistance by FMHA The Secretary of Agriculture shall take such action as may be necessary to expedite the processing of applications for assistance under title V of the Housing Act of 1949 [42 U.S.C. 1471 et seq.] to enable any organization or indi- vidual to purchase eligible residential prop- erty. (4) Exception to disposition rules Notwithstanding the requirements under paragraphs (1), (2), (3), (4), (6), and (8) of sub- section (d), the Corporation may provide for the disposition of eligible multifamily housing properties as necessary to facilitate purchase of such properties for use in connection with section 202 of the Housing Act of 1959 [12 U.S.C. 1701q]. (5) Bulk acquisitions under Home Investment Partnerships Act (A) Purchase price In providing for bulk acquisition of eligi- ble single family properties by participating jurisdictions for inclusion in affordable housing activities under title II of the Cran- ston-Gonzalez National Affordable Housing Act [42 U.S.C. 12721 et seq.], the Corporation shall agree to an amount to be paid for ac- quisition of such properties. The acquisition price shall include discounts for bulk pur- chase and for holding of the property such that the acquisition price for each property shall not exceed the fair market value of the property, as valued individually. (B) Exemptions To the extent necessary to facilitate sale of properties under this paragraph, the re- quirements of subsections (c) and (f) and of paragraph (1) of this subsection shall not apply to such transactions and properties in- volved in such transactions. (C) Inventories To facilitate acquisitions by such partici- pating jurisdictions, the Corporation shall provide the participating jurisdictions with inventories of eligible single family prop- erties not less than 4 times each year. (h) Coordination with other programs (1) Use of secondary market agencies In the disposition of eligible residential properties, the Corporation (in consultation with the Secretary) shall explore opportuni- ties to work with secondary market entities to provide housing for low- and moderate-income families. (2) Credit enhancement (A) In general With respect to such properties, the Sec- retary may, consistent with statutory au- thorities, work through the Federal Housing Administration, the Government National Mortgage Association, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and other sec- ondary market entities to develop risk-shar- ing structures, mortgage insurance, and other credit enhancements to assist in the provision of property ownership, rental, and cooperative housing opportunities for low- and moderate-income families. (B) Certain tax-exempt bonds The Corporation may provide credit en- hancements with respect to tax-exempt bonds issued on behalf of nonprofit organiza- tions pursuant to section 103, and subpart A of part IV of subchapter A of chapter 1, of title 26, with respect to the disposition of el- igible residential properties for the purposes described in subparagraph (A). (3) National Affordable Housing Act The Corporation shall coordinate the dis- position of eligible residential property under this section with appropriate programs and provisions of, and amendments made by, the Cranston-Gonzalez National Affordable Hous- ing Act, including titles II [42 U.S.C. 12721 et seq.] and IV of such Act. (i) Exemption for certain transactions with in- sured depository institutions The provisions of this section shall not apply with respect to any eligible residential property after the date the Corporation enters into a con- tract to sell such property to an insured deposi- tory institution (as defined in section 1813 of this title), including any sale in connection with a transfer of all or substantially all of the assets of a closed insured depository institution (in- cluding such property) to another insured depos- itory institution. (j) Transfer of certain eligible residential prop- erties to State housing agencies for disposi- tion Notwithstanding subsections (c), (d), (f), and (g), the Corporation may transfer eligible resi- dential properties to the State housing finance agency or any other State housing agency for the State in which the property is located, or to Page 1179 TITLE 12—BANKS AND BANKING § 1831q any local housing agency in whose jurisdiction the property is located. Transfers of eligible res- idential properties under this subsection may be conducted by direct sale, consignment sale, or any other method the Corporation considers ap- propriate and shall be subject to the following requirements: (1) Individual or bulk transfer The Corporation may transfer such prop- erties individually or in bulk, as agreed to by the Corporation and the State housing finance agency or State or local housing agency. (2) Acquisition price The acquisition price paid by the State housing finance agency or State or local hous- ing agency to the Corporation for properties transferred under this subsection shall be an amount agreed to by the Corporation and the transferee agency. (3) Low-income use Any State housing finance agency or State or local housing agency acquiring properties under this subsection shall offer to sell or transfer the properties only as follows: (A) Eligible single family properties For eligible single family properties— (i) to purchasers described under sub- paragraphs (A) and (B) of subsection (c)(2); (ii) if the purchaser is a purchaser de- scribed under subsection (c)(2)(B)(i), sub- ject to the rent limitations under sub- section (e)(1); (iii) subject to the requirement in the second sentence of subsection (c)(2); and (iv) subject to recapture by the Corpora- tion of excess proceeds from resale of the properties under paragraphs (3) and (4) of subsection (c). (B) Eligible multifamily housing properties For eligible multifamily housing prop- erties— (i) to qualifying multifamily purchasers; (ii) subject to the low-income occupancy requirements under subsection (d)(7); (iii) subject to the provisions of sub- section (d)(8); (iv) subject to a preference, among finan- cially acceptable offers, to the offer that would reserve the highest percentage of dwelling units for occupancy or purchase by very low- and low-income families and would retain such affordability for the longest term; and (v) subject to the rent limitations under subsection (e)(1). (4) Affordability The State housing finance agency or State or local housing agency shall endeavor to make the properties transferred under this subsection more affordable to low-income fam- ilies based upon the extent to which the acqui- sition price of a property under paragraph (2) is less than the market value of the property. (k) Exception for sales to nonprofit organiza- tions and public agencies (1) Suspension of offer periods With respect to any eligible residential prop- erty, the Corporation may (in the discretion of the Corporation) suspend any of the require- ments of paragraphs (1) and (2) of subsection (c) and paragraphs (1) through (4) of subsection (d), as applicable, but only to the extent that for the duration of the suspension the Corpora- tion negotiates the sale of the property to a nonprofit organization or public agency. If the property is not sold pursuant to such negotia- tions, the requirements of any provisions sus- pended shall apply upon the termination of the suspension. Any time period referred to in such subsections shall toll for the duration of any suspension under this paragraph. (2) Use restrictions (A) Eligible single family property Any eligible single family property sold under this subsection shall be (i) made avail- able for occupancy by and maintained as af- fordable for low-income families for the re- maining useful life of the property, or made available for purchase by such families, (ii) subject to the rent limitations under sub- section (e)(1), (iii) subject to the require- ments relating to residency of a qualifying household under subsection (p)(12) and to residency of a low-income family under sub- section (c)(2)(B), and (iv) subject to recap- ture by the Corporation of excess proceeds from resale of the property under paragraphs (3) and (4) of subsection (c). (B) Eligible multifamily housing property Any eligible multifamily housing property sold under this subsection shall comply with the low-income occupancy requirements under subsection (d)(7) and shall be subject to the rent limitations under subsection (e)(1). (l) Rules governing disposition of eligible condo- minium property (1) Notice to clearinghouses Within a reasonable period of time after ac- quiring title to an eligible condominium prop- erty, the Corporation shall provide written no- tice to clearinghouses. Such notice shall con- tain basic information about the property. Each clearinghouse shall make such informa- tion available, upon request, to purchasers de- scribed in subparagraphs (A) through (D) of paragraph (2). The Corporation shall allow such purchasers reasonable access to an eligi- ble condominium property for purposes of in- spection. (2) Offers to sell For the 180-day period following the date on which the Corporation makes an eligible con- dominium property available for sale, the Cor- poration may offer to sell the property, at the discretion of the Corporation, to 1 or more of the following purchasers: (A) Qualifying households. (B) Nonprofit organizations. (C) Public agencies. (D) For-profit entities. (3) Low-income occupancy requirements (A) In general Except as provided in subparagraph (B), any nonprofit organization, public agency, Page 1180 TITLE 12—BANKS AND BANKING § 1831q or for-profit entity that purchases an eligi- ble condominium property shall (i) make the property available for occupancy by and maintain it as affordable for low-income families for the remaining useful life of the property, or (ii) make the property available for purchase by any such family who, except as provided in paragraph (5), agrees to oc- cupy the property as a principal residence for at least 12 months and certifies in writ- ing that the family intends to occupy the property for at least 12 months. The restric- tion described in clause (i) of the preceding sentence shall be contained in the deed or other recorded instrument. (B) Multiple-unit purchases If any nonprofit organization, public agen- cy, or for-profit entity purchases more than 1 eligible condominium property as a part of the same negotiation or purchase, the Cor- poration may (in the discretion of the Cor- poration) waive the requirement under sub- paragraph (A) and provide instead that not less than 35 percent of all eligible condo- minium properties purchased shall be (i) made available for occupancy by and main- tained as affordable for low-income families for the remaining useful life of the property, or (ii) made available for purchase by any such family who, except as provided in para- graph (5), agrees to occupy the property as a principal residence for at least 12 months and certifies in writing that the family in- tends to occupy the property for at least 12 months. The restriction described in clause (i) of the preceding sentence shall be con- tained in the deed or other recorded instru- ment. (C) Sale to other purchasers If, upon the expiration of the 180-day pe- riod referred to in paragraph (2), no pur- chaser described in subparagraphs (A) through (D) of paragraph (2) has made a bona fide offer to purchase the property, the Cor- poration may offer to sell the property to any other purchaser. (4) Recapture of profits from resale Except as provided in paragraph (5), if any eligible condominium property sold (A) to a qualifying household, or (B) to a low-income family pursuant to paragraph (3)(A)(ii) or (3)(B)(ii), is resold by the qualifying household or low-income family during the 1-year period beginning upon initial acquisition by the household or family, the Corporation shall re- capture 75 percent of the amount of any pro- ceeds from the resale that exceed the sum of (i) the original sale price for the acquisition of the property by the qualifying household or low-income family, (ii) the costs of any im- provements to the property made after the date of the acquisition, and (iii) any closing costs in connection with the acquisition. (5) Exception to recapture requirement The Corporation (or its successor) may in its discretion waive the applicability to any qualifying household or low-income family of the requirement under paragraph (4) and the requirements relating to residency of a quali- fying household or low-income family (under subsection (p)(12) and paragraph (3) of this subsection, respectively). The Corporation may grant any such a waiver only for good cause shown, including any necessary reloca- tion of the qualifying household or low-income family. (6) Limitations on multiple unit purchases The Corporation may not sell or offer to sell as part of the same negotiation or purchase any eligible condominium properties that are not located in the same condominium project (as such term is defined in section 3603 of title 15). The preceding sentence may not be con- strued to require all eligible condominium properties offered or sold as part of the same negotiation or purchase to be located in the same structure. (7) Rent limitations Rents charged to tenants of eligible condo- minium properties made available for occu- pancy by very low-income families shall not exceed 30 percent of the adjusted income of a family whose income equals 50 percent of the median income for the area, as determined by the Secretary, with adjustment for family size. Rents charged to tenants of eligible con- dominium properties made available for occu- pancy by low-income families other than very low-income families shall not exceed 30 per- cent of the adjusted income of a family whose income equals 65 percent of the median income for the area, as determined by the Secretary, with adjustment for family size. (m) Liability provisions (1) In general The provisions of this section, or any failure by the Corporation to comply with such provi- sions, may not be used by any person to at- tack or defeat any title to property after it is conveyed by the Corporation. (2) Low-income occupancy The low-income occupancy requirements under subsections (c), (d), (j)(3), (k)(2), and (l)(3) shall be judicially enforceable against purchasers of property under this section and their successors in interest by affected very low- and low-income families, State housing finance agencies, and any agency, corporation, or authority of the United States. The parties specified in the preceding sentence shall be en- titled to reasonable attorney fees upon pre- vailing in any such judicial action. (3) Clearinghouses A clearinghouse shall not be subject to suit for its failure to comply with the require- ments of this section. (4) Corporation The Corporation shall not be liable to any depositor, creditor, or shareholder of any in- sured depository institution for which the Cor- poration has been appointed receiver or con- servator, or of any subsidiary corporation of a depository institution under receivership or conservatorship, or any claimant against such institution or subsidiary, because the disposi- Page 1181 TITLE 12—BANKS AND BANKING § 1831q tion of assets of the institution or the sub- sidiary under this section affects the amount of return from the assets. (n) Unified affordable housing programs (1) In general Not later than 4 months after December 17, 1993, the Corporation shall enter into an agree- ment, as described in paragraph (3), with the Resolution Trust Corporation that sets out a plan for the orderly unification of the Cor- poration’s activities, authorities, and respon- sibilities under this section with the authori- ties, activities, and responsibilities of the Res- olution Trust Corporation pursuant to section 1441a(c) 1 of this title in a manner that best achieves an effective and comprehensive af- fordable housing program management struc- ture. The agreement shall be entered into after consultation with the Affordable Hous- ing Advisory Board under section 14(b) of the Resolution Trust Corporation Completion Act. (2) Authority and implementation The Corporation shall have the authority to carry out the provisions of the agreement en- tered into pursuant to paragraph (1) and shall implement such agreement as soon as prac- ticable but in no event later than 8 months after December 17, 1993. (3) Terms of agreement The agreement required under paragraph (1) shall provide a plan for— (A) a program unifying all activities and responsibilities of the Corporation and the Resolution Trust Corporation, and the de- sign of the unified program shall take into consideration the substantial experience of the Resolution Trust Corporation regard- ing— (i) seller financing; (ii) technical assistance; (iii) marketing skills and relationships with public and nonprofit entities; and (iv) staff resources; (B) the elimination of duplicative and un- necessary administrative costs and re- sources; (C) the management structure of the uni- fied program; (D) a timetable for the unification; and (E) a methodology to determine the extent to which the provisions of this section shall be effective, in accordance with the limita- tions under subsection (b)(2). (4) Transfer to FDIC Beginning not later than October 1, 1995, the Corporation shall carry out any remaining au- thority and responsibilities of the Resolution Trust Corporation, as set forth in section 1441a(c) 1 of this title. (o) Report To the extent applicable, in the annual report submitted by the Secretary to the Congress under section 3536 of title 42, the Secretary shall include a detailed description of any activities under this section, including recommendations for any additional authority the Secretary con- siders necessary to implement the provisions of this section. (p) Definitions For purposes of this section: (1) Adjusted income and income The terms ‘‘adjusted income’’ and ‘‘income’’ shall have the meaning given such terms in section 3(b) of the United States Housing Act of 1937 [42 U.S.C. 1437a(b)]. (2) Clearinghouse The term ‘‘clearinghouse’’ means— (A) the State housing finance agency for the State in which an eligible residential property or eligible condominium property is located; (B) the Office of Community Investment (or other comparable division) within the Federal Housing Finance Board; and (C) any national nonprofit organizations (including any nonprofit entity established by the corporation established under title IX of the Housing and Community Development Act of 1968 [42 U.S.C. 3931 et seq.]) that the Corporation determines has the capacity to act as a clearinghouse for information. (3) Corporation The term ‘‘Corporation’’ means the Federal Deposit Insurance Corporation acting in its corporate capacity or its capacity as receiver. (4) Eligible condominium property The term ‘‘eligible condominium property’’ means a condominium unit, as such term is defined in section 3603 of title 15— (A) to which such Corporation acquires title in its corporate capacity, its capacity as conservator, or its capacity as receiver (including in its capacity as the sole owner of a subsidiary corporation of a depository institution under conservatorship or receiv- ership, which subsidiary has as its principal business the ownership of real property); and (B) that has an appraised value that does not exceed the amount provided in section 203(b)(2)(A) of the National Housing Act [12 U.S.C. 1709(b)(2)(A)] except that such amount shall not exceed $101,250 in the case of a 1- family residence, $114,000 in the case of a 2- family residence, $138,000 in the case of a 3- family residence, and $160,000 in the case of a 4-family residence. (5) Eligible multifamily housing property The term ‘‘eligible multifamily housing property’’ means a property consisting of more than 4 dwelling units— (A) to which the Corporation acquires title in its corporate capacity, its capacity as conservator, or its capacity as receiver (in- cluding in its capacity as the sole owner of a subsidiary corporation of a depository in- stitution under conservatorship or receiver- ship, which subsidiary has as its principal business the ownership of real property); and (B) that has an appraised value that does not exceed the applicable dollar amount specified in section 221(d)(3)(ii) of the Na- tional Housing Act [12 U.S.C. 1715l(d)(3)(ii)] for elevator-type structures, as such dollar amount is increased under such section for geographical areas or on a project-by-project Page 1182 TITLE 12—BANKS AND BANKING § 1831q basis (except that any such increase on a project-by-project basis shall be made pursu- ant to a determination by the Corporation that such increase is necessary). (6) Eligible residential property The term ‘‘eligible residential property’’ in- cludes eligible single family properties and eli- gible multifamily housing properties. (7) Eligible single family property The term ‘‘eligible single family property’’ means a 1- to 4-family residence (including a manufactured home)— (A) to which the Corporation acquires title in its corporate capacity, its capacity as conservator, or its capacity as receiver (in- cluding in its capacity as the sole owner of a subsidiary corporation of a depository in- stitution under conservatorship or receiver- ship, which subsidiary has as its principal business the ownership of real property); and (B) that has an appraised value that does not exceed the amount provided in section 203(b)(2)(A) of the National Housing Act [12 U.S.C. 1709(b)(2)(A)] except that such amount shall not exceed $101,250 in the case of a 1- family residence, $114,000 in the case of a 2- family residence, $138,000 in the case of a 3- family residence, and $160,000 in the case of a 4-family residence. (8) Low-income families The term ‘‘low-income families’’ means fam- ilies and individuals whose incomes do not ex- ceed 80 percent of the median income of the area involved, as determined by the Secretary, with adjustment for family size. (9) Net realizable market value The term ‘‘net realizable market value’’ means a price below the market value that takes into account (A) any reductions in hold- ing costs resulting from the expedited sale of a property, including foregone real estate taxes, insurance, maintenance costs, security costs, and loss of use of funds, and (B) the avoidance, if applicable, of fees paid to real es- tate brokers, auctioneers, or other individuals or organizations involved in the sale of prop- erty owned by the Corporation. (10) Nonprofit organization The term ‘‘nonprofit organization’’ means a private organization (including a limited eq- uity cooperative)— (A) no part of the earnings of which inures to the benefit of any member, shareholder, founder, contributor, or individual; and (B) that is approved by the Corporation as to financial responsibility. (11) Public agency The term ‘‘public agency’’ means any Fed- eral, State, local, or other governmental enti- ty, and includes any public housing agency. (12) Qualifying household The term ‘‘qualifying household’’ means a household— (A) who intends to occupy eligible single family property as a principal residence; (B) who agrees to occupy the property as a principal residence for at least 12 months; (C) who certifies in writing that the house- hold intends to occupy the property as a principal residence for at least 12 months; and (D) whose income does not exceed 115 per- cent of the median income for the area, as determined by the Secretary, with adjust- ment for family size. (13) Qualifying multifamily purchaser The term ‘‘qualifying multifamily pur- chaser’’ means— (A) a public agency; (B) a nonprofit organization; or (C) a for-profit entity, which makes a com- mitment (for itself or any related entity) to comply with the low-income occupancy re- quirements under subsection (d)(7) for any eligible multifamily housing property for which an offer to purchase is made during or after the periods specified under subsection (d). (14) Secretary The term ‘‘Secretary’’ means the Secretary of Housing and Urban Development. (15) State housing finance agency The term ‘‘State housing finance agency’’ means the public agency, authority, corpora- tion, or other instrumentality of a State that has the authority to provide residential mort- gage loan financing throughout the State. (16) Very low-income families The term ‘‘very low-income families’’ means families and individuals whose incomes do not exceed 50 percent of the median income of the area involved, as determined by the Secretary, with adjustment for family size. (q) Notice to clearinghouses regarding ineligible properties (1) In general Within a reasonable period of time after ac- quiring title to an ineligible residential prop- erty, the Corporation shall, to the extent prac- ticable, provide written notice to clearing- houses. (2) Content For ineligible single family properties, such notice shall contain the same information about such properties that the notice required under subsection (c)(1) contains with respect to eligible single family properties. For ineli- gible multifamily housing properties, such no- tice shall contain the same information about such properties that the notice required under subsection (d)(1) contains with respect to eligi- ble multifamily housing properties. For ineli- gible condominium properties, such notice shall contain the same information about such properties that the notice required under sub- section (l)(1) contains with respect to eligible condominium properties. (3) Availability The clearinghouses shall make such infor- mation available, upon request, to other pub- lic agencies, other nonprofit organizations, qualifying households, qualifying multifamily purchasers, and other purchasers, as appro- priate. Page 1183 TITLE 12—BANKS AND BANKING § 1831q (4) Definitions For purposes of this subsection, the fol- lowing definitions shall apply: (A) Ineligible condominium property The term ‘‘ineligible condominium prop- erty’’ means any eligible condominium prop- erty to which the provisions of this section do not apply as a result of the limitations under subsection (b)(2)(A). (B) Ineligible multifamily housing property The term ‘‘ineligible multifamily housing property’’ means any eligible multifamily housing property to which the provisions of this section do not apply as a result of the limitations under subsection (b)(2)(A). (C) Ineligible single family property The term ‘‘ineligible single family prop- erty’’ means any eligible single family prop- erty to which the provisions of this section do not apply as a result of the limitations under subsection (b)(2)(A). (D) Ineligible residential property The term ‘‘ineligible residential property’’ includes ineligible single family properties, ineligible multifamily housing properties, and ineligible condominium properties. (Sept. 21, 1950, ch. 967, § 2[40], as added Pub. L. 102–242, title II, § 241(a), Dec. 19, 1991, 105 Stat. 2317; amended Pub. L. 102–389, title II, Oct. 6, 1992, 106 Stat. 1592, 1593; Pub. L. 102–550, title V, § 503(c)(4), Oct. 28, 1992, 106 Stat. 3780; Pub. L. 103–204, §§ 13, 14(a)(2), (d)(2), (e)(2), (f)(2), Dec. 17, 1993, 107 Stat. 2391, 2393, 2396, 2398; Pub. L. 103–325, title VI, § 602(a)(65), (66), Sept. 23, 1994, 108 Stat. 2291; Pub. L. 106–400, § 2, Oct. 30, 2000, 114 Stat. 1675.) Editorial Notes REFERENCES IN TEXT Section 1441a of this title, referred to in subsecs. (b)(2)(D)(ii), (g)(1)(B), and (n)(1), (4), was repealed by Pub. L. 111–203, title III, § 364(b), July 21, 2010, 124 Stat. 1555. Section 1204(c)(3) of the Financial Institutions Re- form, Recovery, and Enforcement Act of 1989, referred to in subsec. (g)(1)(B), is section 1204(c)(3) of Pub. L. 101–73, which is set out as a note under section 1811 of this title. The United States Housing Act of 1937, referred to in subsec. (g)(2), is act Sept. 1, 1937, ch. 896, as revised gen- erally by Pub. L. 93–383, title II, Aug. 22, 1974, 88 Stat. 653, which is classified generally to chapter 8 (§ 1437 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 1437 of Title 42 and Tables. The McKinney-Vento Homeless Assistance Act, re- ferred to in subsec. (g)(2), is Pub. L. 100–77, July 22, 1987, 101 Stat. 482. Title IV of the Act is classified generally to subchapter IV (§ 11360 et seq.) of chapter 119 of Title 42, The Public Health and Welfare. For complete classi- fication of this Act to the Code, see Short Title note set out under section 11301 of Title 42 and Tables. The National Housing Act, referred to in subsec. (g)(2), is act June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to chapter 13 (§ 1701 et seq.) of this title. For complete classification of this Act to the Code, see section 1701 of this title and Tables. The Housing Act of 1949, referred to in subsec. (g)(3), is act July 15, 1949, ch. 338, 63 Stat. 413. Title V of the Act is classified generally to subchapter III (§ 1471 et seq.) of chapter 8A of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 1441 of Title 42 and Tables. The Cranston-Gonzalez National Affordable Housing Act, referred to in subsecs. (g)(5)(A) and (h)(3), is Pub. L. 101–625, Nov. 28, 1990, 104 Stat. 4079. Title II of the Act, also known as the ‘‘HOME Investment Partner- ships Act’’, is classified principally to subchapter II (§ 12721 et seq.) of chapter 130 of Title 42, The Public Health and Welfare. Title IV of the Act, also known as the ‘‘Homeownership and Opportunity Through HOPE Act’’, enacted subchapter II–A (§ 1437aaa et seq.) of chapter 8 of Title 42 and subchapter IV (§ 12871 et seq.) of chapter 130 of Title 42, amended sections 1437c, 1437f, 1437l, 1437p, 1437r, and 1437s of Title 42 and section 1709 of this title, and enacted provisions set out as notes under sections 1437c, 1437aa, and 1437aaa of Title 42. For complete classification of this Act to the Code, see Short Title note set out under section 12701 of Title 42 and Tables. Section 14(b) of the Resolution Trust Corporation Completion Act, referred to in subsec. (n)(1), is section 14(b) of Pub. L. 103–204, which is set out below. The Housing and Community Development Act of 1968, referred to in subsec. (p)(2)(C), probably means the Housing and Urban Development Act of 1968, Pub. L. 90–448, Aug. 1, 1968, 82 Stat. 476. Title IX of the Act is classified principally to chapter 49 (§ 3931 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title of 1968 Amendments note set out under section 1701 of this title and Tables. CODIFICATION Another section 2[40] of act Sept. 21, 1950, was renum- bered section 2[43] and is classified to section 1831t of this title. AMENDMENTS 2000—Subsec. (g)(2). Pub. L. 106–400 substituted ‘‘McKinney-Vento Homeless Assistance Act’’ for ‘‘Stewart B. McKinney Homeless Assistance Act’’. 1994—Subsec. (c)(4)(A). Pub. L. 103–325, § 602(a)(65), substituted ‘‘subparagraphs (B) and (C) of subsection (p)(12) of this section’’ for ‘‘subsections (p)(12)(B) and (C) of this section’’. Subsec. (d)(8)(A). Pub. L. 103–325, § 602(a)(66), sub- stituted ‘‘meeting the’’ for ‘‘meeting’’. 1993—Subsec. (g)(1)(B). Pub. L. 103–204, § 14(d)(2), in- serted at end ‘‘The Corporation shall periodically pro- vide, to a wide range of minority- and women-owned businesses engaged in providing affordable housing and to nonprofit organizations, more than 50 percent of the control of which is held by 1 or more minority individ- uals, that are engaged in providing affordable housing, information that is sufficient to inform such businesses and organizations of the availability and terms of fi- nancing under this subparagraph; such information may be provided directly, by notices published in peri- odicals and other publications that regularly provide information to such businesses or organizations, and through persons and organizations that regularly pro- vide information or services to such businesses or orga- nizations. For purposes of this subparagraph, the terms ‘women-owned business’ and ‘minority-owned business’ have the meanings given such terms in section 1441a(r) of this title, and the term ‘minority’ has the meaning given such term in section 1204(c)(3) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.’’ Subsec. (m)(4). Pub. L. 103–204, § 14(f)(2), amended par. (4) generally. Prior to amendment, par. (4) read as fol- lows: ‘‘The Corporation shall not be liable to any de- positor, creditor, or shareholder of any insured deposi- tory institution for which the Corporation has been ap- pointed receiver, or any claimant against such an insti- tution, because the disposition of assets of the institu- Page 1184 TITLE 12—BANKS AND BANKING § 1831r tion under this section affects the amount of return from the assets.’’ Subsec. (n). Pub. L. 103–204, § 14(e)(2), amended subsec. (n) generally. Prior to amendment, subsec. (n) read as follows: ‘‘AFFORDABLE HOUSING PROGRAM OFFICE.—The Corporation shall establish an Affordable Housing Pro- gram Office within the Corporation to carry out the provisions of this section and shall dedicate certain staff of the Corporation to the office.’’ Subsec. (p)(4)(A), (5)(A), (7)(A). Pub. L. 103–204, § 13, in- serted ‘‘in its corporate capacity, its capacity as con- servator, or its capacity as receiver (including in its ca- pacity as the sole owner of a subsidiary corporation of a depository institution under conservatorship or re- ceivership, which subsidiary has as its principal busi- ness the ownership of real property)’’ before ‘‘; and’’. Subsec. (q). Pub. L. 103–204, § 14(a)(2), added subsec. (q). 1992—Subsec. (p)(4)(B). Pub. L. 102–550 amended sub- par. (B) generally. Prior to amendment, subpar. (B) read as follows: ‘‘that has an appraised value that does not exceed the applicable dollar amount specified in the first sentence of section 203(b)(2) of the National Housing Act, as such dollar amount is increased on an area-by-area basis under such section for areas with high prevailing housing sales prices, except that for purposes of this paragraph no such increase may exceed 150 percent of the dollar amount specified in section 203(b)(2).’’ Pub. L. 102–389 added subpar. (B) and struck out former subpar. (B) which read as follows: ‘‘that has an appraised value that does not exceed the applicable dol- lar amount set forth in the first sentence of section 203(b)(2) of the National Housing Act (which may, in the discretion of the Corporation, take into consider- ation any increase of such amount for high-cost areas).’’ Subsec. (p)(5)(B). Pub. L. 102–389 added subpar. (B) and struck out former subpar. (B) which read as follows: ‘‘that has an appraised value that does not exceed the applicable dollar amount set forth in section 221(d)(3)(ii) of the National Housing Act for elevator- type structures (which may, in the discretion of the Corporation, take into consideration any increase of such amount for high-cost areas).’’ Subsec. (p)(7)(B). Pub. L. 102–550 amended subpar. (B) generally. Prior to amendment, subpar. (B) read as fol- lows: ‘‘that has an appraised value that does not exceed the applicable dollar amount specified in the first sen- tence of section 203(b)(2) of the National Housing Act, as such dollar amount is increased on an area-by-area basis under such section for areas with high prevailing housing sales prices, except that for purposes of this paragraph no such increase may exceed 150 percent of the dollar amount specified in section 203(b)(2).’’ Pub. L. 102–389 added subpar. (B) and struck out former subpar. (B) which read as follows: ‘‘that has an appraised value that does not exceed the applicable dol- lar amount set forth in the first sentence of section 203(b)(2) of the National Housing Act (which may, in the discretion of the Corporation, take into consider- ation any increase of such amount for high-cost areas).’’ Statutory Notes and Related Subsidiaries AFFORDABLE HOUSING ADVISORY BOARD Pub. L. 103–204, § 14(b), Dec. 17, 1993, 107 Stat. 2393, as amended by Pub. L. 105–216, § 14(e), (f), July 29, 1998, 112 Stat. 910, established the Affordable Housing Advisory Board to advise the Thrift Depositor Protection Over- sight Board and the Federal Deposit Insurance Corpora- tion Board of Directors on policies and programs re- lated to the provision of affordable housing and pro- vided that the Advisory Board would terminate on Sept. 30, 1998. COORDINATION AND CONSULTATION BETWEEN FEDERAL DEPOSIT INSURANCE CORPORATION AND RESOLUTION TRUST CORPORATION UNDER AFFORDABLE HOUSING PROGRAMS Pub. L. 102–242, title II, § 241(b), Dec. 19, 1991, 105 Stat. 2331, as amended by Pub. L. 102–550, title XVI, § 1604(c)(1), Oct. 28, 1992, 106 Stat. 4083, provided that: ‘‘The Federal Deposit Insurance Corporation and the Resolution Trust Corporation shall consult and coordi- nate with each other in carrying out their respective responsibilities under the affordable housing programs under section 40 of the Federal Deposit Insurance Act [12 U.S.C. 1831q] and [former] section 21A(c) of the Fed- eral Home Loan Bank Act [12 U.S.C. 1441a(c)]. Such cor- porations shall develop any procedures, and may enter into any agreements, necessary to provide for the co- ordinated, efficient, and effective operation of such pro- grams.’’ § 1831r. Payments on foreign deposits prohibited (a) In general Notwithstanding any other provision of law, the Corporation, the Board of Governors of the Federal Reserve System, the Resolution Trust Corporation, any other agency, department, and instrumentality of the United States, and any corporation owned or controlled by the United States may not, directly or indirectly, make any payment or provide any assistance, guar- antee, or transfer under this chapter or any other provision of law in connection with any insured depository institution which would have the direct or indirect effect of satisfying, in whole or in part, any claim against the institu- tion for obligations of the institution which would constitute deposits as defined in section 1813(l) of this title but for subparagraphs (A) and (B) of section 1813(l)(5) of this title. (b) Exception Subsection (a) shall not apply to any payment, assistance, guarantee, or transfer made or pro- vided by the Corporation if the Board of Direc- tors determines in writing that such action is not inconsistent with any requirement of sec- tion 1823(c) of this title. (c) Discount window lending No provision of this section shall be construed as prohibiting any Federal Reserve bank from making advances or otherwise extending credit pursuant to the Federal Reserve Act [12 U.S.C. 221 et seq.] to any insured depository institution to the extent that such advance or extension of credit is consistent with the conditions and lim- itations imposed under section 10B of such Act [12 U.S.C. 347b]. (Sept. 21, 1950, ch. 967, § 2[41], as added Pub. L. 102–242, title III, § 312, Dec. 19, 1991, 105 Stat. 2367.) Editorial Notes REFERENCES IN TEXT The Federal Reserve Act, referred to in subsec. (c), is act Dec. 23, 1913, ch. 6, 38 Stat. 251, which is classified principally to chapter 3 (§ 221 et seq.) of this title. For complete classification of this Act to the Code, see Ref- erences in Text note set out under section 226 of this title and Tables.