S.Amdt. 3777

SA 3777. Mr. SCHUMER submitted an amendment intended to be proposed
to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself
and Mrs. Lincoln)) to the bill S. 3217, to promote the financial
stability of the United States by improving accountability and
transparency in the financial system, to end ``too big to fail'', to
protect the American taxpayer by ending bailouts, to protect consumers
from abusive financial services practices, and for other purposes;
which was ordered to lie on the table; as follows:

On page 1187, between lines 9 and 10, insert the following:

Subtitle K--Multifamily Mortgage Resolution

SEC. 992. MULTIFAMILY MORTGAGE RESOLUTION PROGRAM.

(a) Establishment.--The Secretary of Housing and Urban
Development shall establish a program to protect tenants and
at-risk multifamily properties, which may include--
(1) creating sustainable financing of such properties,
taking into consideration--
(A) the rental income generated by such properties; and
(B) the preservation of adequate operating reserves;
(2) maintaining the level of Federal, State, and local
government subsidies for such properties that exists on the
day before the date of enactment of this Act;
(3) providing funds for rehabilitation of such properties;
(4) facilitating the transfer of such properties to
responsible persons, when appropriate and with the agreement
of the owners of the property; and
(5) ensuring affordability of such properties.
(b) Coordination.--In carrying out the program established
under this section, the Secretary of Housing and Urban
Development may coordinate with the Secretary, the
Corporation, the Board of Governors, the Federal Housing
Finance Agency, and any other agency of the Federal
Government that the Secretary of Housing and Urban
Development considers appropriate.
(c) Definition.--For purposes of this section, the term
``multifamily property'' means a residential structure that
consists of 5 or more dwelling units.
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