1. Short title
This Act may be cited as the “Preserving Multifamily Housing Act of 2014”.
Preserving Multifamily Housing Act of 2014
A BILL
To prohibit the Federal Housing Finance Agency from reducing or limiting the multifamily housing business of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.
2. Prohibition on reducing or limiting multifamily housing business of GSEs
Notwithstanding any other provision of law, the Director of the Federal Housing Finance Agency may not, acting in the Director’s supervisory or regulatory capacity under section 1311 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4511) or as conservator or receiver of an enterprise (as such term is defined in section 1303 of such Act (12 U.S.C. 4502)) pursuant to section 1367 of such Act (12 U.S.C. 4617), take any action that has the effect of reducing or limiting the volume or scope of the business of an enterprise in mortgages for multifamily housing unless—
the Director determines that there is substantial evidence that such action is necessary to ensure the financial safety and soundness of such enterprise;
causes such determination to be published in the Federal Register; and
submits written notice of such determination to the Congress.