12 U.S.C. § 1441a-2 : US Code - Section 1441A-2: Authorization for State housing finance agencies and nonprofit entities to purchase mortgage-related assets

Search 12 U.S.C. § 1441a-2 : US Code - Section 1441A-2: Authorization for State housing finance agencies and nonprofit entities to purchase mortgage-related assets

(a) Authorization
Notwithstanding any other provision of Federal or State law, a
State housing finance authority or nonprofit entity may purchase
mortgage-related assets from the Resolution Trust Corporation or
from financial institutions with respect to which the Federal
Deposit Insurance Corporation is acting as a conservator or
receiver (including assets associated with any trust business), and
any contract for such purchase shall be effective in accordance
with its terms without any further approval, assignment, or consent
with respect to that contract.
(b) Investment requirement
Any State housing finance authority or nonprofit entity which
purchases mortgage-related assets pursuant to subsection (a) of
this section shall invest any net income attributable to the
ownership of those assets in financing, refinancing, or
rehabilitating low- and moderate-income housing within the
jurisdiction of the State housing finance authority or within the
geographical area served by the nonprofit entity.