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May 5, 2009, 12:00 am ET - Amendment SA 1031 proposed by Senator Dodd for Senator Schumer to Amendment SA 1018.
May 6, 2009, 12:00 am ET - Considered by Senate.
May 6, 2009, 12:00 am ET - Proposed amendment SA 1031 withdrawn in Senate.
Full Text of this Amendment
SA 1031. Mr. SCHUMER submitted an amendment intended to be proposed to amendment SA 1018 submitted by Mr. Dodd (for himself and Mr. Shelby) to the bill S. 896, to prevent mortgage foreclosures and enhance mortgage credit availability; which was ordered to lie on the table; as follows:
At the end of title I of the amendment, add the following:
SEC. 105. MULTIFAMILY MORTGAGE RESOLUTION PROGRAM.
Title I of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211 et seq.) is amended by adding at the end the following:
``SEC. 137. MULTIFAMILY MORTGAGE RESOLUTION PROGRAM.
``(a) Establishment.--The Secretary of the Treasury, in consultation with the Secretary of Housing and Urban Development, shall develop a program to stabilize multifamily properties which are delinquent, at risk of default or disinvestment, or in foreclosure.
``(b) Focus of Program.--The program developed under this section shall be used to ensure the protection of current and future tenants of at risk multifamily properties by--
``(1) creating sustainable financing of such properties that is based on--
``(A) the current rental income generated by such properties; and
``(B) the preservation of adequate operating reserves;
``(2) maintaining the level of Federal, State, and city subsidies in effect as of the date of enactment of this section; and
``(3) facilitating the transfer, when necessary, of such properties to new owners, provided that the Secretary of the Treasury determines such new owner to be responsible.
``(c) Coordination.--The Secretary of the Treasury shall in carrying out the program developed under this section coordinate with the Secretary of Housing and Urban Development, 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.
``(d) Definition.--For purposes of this section, the term `multifamily properties' means a residential structure that consists of 5 or more dwelling units.''.
(As printed in the Congressional Record for the Senate on May 1, 2009.)
At the end of title I of the amendment, add the following:
SEC. 105. MULTIFAMILY MORTGAGE RESOLUTION PROGRAM.
Title I of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211 et seq.) is amended by adding at the end the following:
``SEC. 137. MULTIFAMILY MORTGAGE RESOLUTION PROGRAM.
``(a) Establishment.--The Secretary of the Treasury, in consultation with the Secretary of Housing and Urban Development, shall develop a program to stabilize multifamily properties which are delinquent, at risk of default or disinvestment, or in foreclosure.
``(b) Focus of Program.--The program developed under this section shall be used to ensure the protection of current and future tenants of at risk multifamily properties by--
``(1) creating sustainable financing of such properties that is based on--
``(A) the current rental income generated by such properties; and
``(B) the preservation of adequate operating reserves;
``(2) maintaining the level of Federal, State, and city subsidies in effect as of the date of enactment of this section; and
``(3) facilitating the transfer, when necessary, of such properties to new owners, provided that the Secretary of the Treasury determines such new owner to be responsible.
``(c) Coordination.--The Secretary of the Treasury shall in carrying out the program developed under this section coordinate with the Secretary of Housing and Urban Development, 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.
``(d) Definition.--For purposes of this section, the term `multifamily properties' means a residential structure that consists of 5 or more dwelling units.''.
(As printed in the Congressional Record for the Senate on May 1, 2009.)
