The Text of the Dodd-Frank Act
International Association of
Risk and Compliance Professionals (IARCP)
Dodd Frank Act Section 1481
Subtitle G—Mortgage Resolution and
SEC. 1481. MULTIFAMILY MORTGAGE RESOLUTION
(a) ESTABLISHMENT.—The Secretary of Housing
and Urban Development shall develop a program under this
subsection to ensure the protection of current and future tenants
and at-risk multifamily properties, where feasible, based on
criteria that may include—
(1) creating sustainable
financing of such properties, that may take into consideration
such factors as—
(A) the rental income generated by such
(B) the preservation of adequate operating
(2) maintaining the level of Federal, State, and
city subsidies in effect as of the date of the enactment of this
(3) providing funds for rehabilitation; and
(4) facilitating the transfer of such properties, when appropriate
and with the agreement of owners, to responsible new owners and
ensuring affordability of such properties.
COORDINATION.—The Secretary of
Housing and Urban Development may, in carrying out the program
developed under this section, coordinate with the Secretary of the
Treasury, the Federal Deposit Insurance Corporation, the Board of
Governors of the Federal Reserve System, the Federal Housing
Finance Agency, and any other Federal Government agency that the
Secretary considers appropriate.
DEFINITION.—For purposes of this section, the term
‘‘multifamily properties’’ means a residential structure that
consists of 5 or more dwelling units.
PREVENTION OF QUALIFICATION FOR CRIMINAL
(1) IN GENERAL.—No person shall be
eligible to begin receiving assistance from the Making Home
Affordable Program authorized under the Emergency Economic
Stabilization Act of 2008 (12 U.S.C. 5201 et seq.), or any other
mortgage assistance program authorized or funded by that Act, on
or after 60 days after the date of the enactment of this Act, if
such person, in connection with a mortgage or real estate
transaction, has been convicted, within the last 10 years, of any
one of the following:
(A) Felony larceny, theft, fraud, or
(B) Money laundering.
(C) Tax evasion.
(2) PROCEDURES.—The Secretary
shall establish procedures to ensure compliance with this
Secretary shall report to the Committee on Financial Services of
the House of Representatives and the Committee on Banking,
Housing, and Urban Affairs of the Senate regarding the
implementation of this provision.
The report shall also
describe the steps taken to implement this subsection.
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