To establish a multifamily mortgage resolution program.

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

[[Page S5028]]

``(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.''.
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