1994 US Code
Title 12 - BANKS AND BANKING
CHAPTER 11 - FEDERAL HOME LOAN BANKS
Sec. 1447 - Housing Opportunity Hotline program

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§1447. Housing Opportunity Hotline program (a) Establishment

The Federal Home Loan Banks shall, individually or (at the discretion of the Federal Housing Finance Board) on a consolidated basis, establish and provide a service substantially similar (in the determination of the Board) to the “Housing Opportunity Hotline” program established in October 1992, by the Federal Home Loan Bank of Dallas.

(b) Purpose

The service or services established under this section shall provide information regarding the availability for purchase of single family properties that are owned or held by Federal agencies and are located in the Federal Home Loan Bank district for such Bank. Such agencies shall provide to the Federal Home Loan Banks the information necessary to provide such service or services.

(c) Required information

The service or services established under this section shall use the information obtained from Federal agencies to provide information regarding the size, location, price, and other characteristics of such single family properties, the eligibility requirements for purchasers of such properties, the terms for such sales, and the terms of any available seller financing, and shall identify properties that are affordable to low- and moderate-income families.

(d) Toll-free telephone number

The service or services established under this section shall establish and maintain a toll-free telephone line for providing the information made available under the service or services.

(e) Definitions

For purposes of this section, the following definitions shall apply:

(1) Federal agencies

The term “Federal agencies” means—

(A) the Farmers Home Administration, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the General Services Administration, the Department of Housing and Urban Development, and the Department of Veterans Affairs;

(B) the Resolution Trust Corporation, subject to the discretion of such Corporation; and

(C) the Federal Deposit Insurance Corporation, subject to the discretion of such Corporation.

(2) Single family property

The term “single family property” means a 1- to 4-family residence, including a manufactured home.

(July 22, 1932, ch. 522, §27, as added Dec. 17, 1993, Pub. L. 103–204, §18, 107 Stat. 2401.)

Prior Provisions

A prior section 1447, act July 22, 1932, ch. 522, §27, 47 Stat. 740, related to institutions authorized to subscribe for stock of banks, prior to repeal by Pub. L. 101–73, title VII, §704(c), Aug. 9, 1989, 103 Stat. 416.