Section 538 loans are added to the multifamily foreclosure procedures
What the document says“(A) by striking ``or 515'' and inserting ``515, or 538''; and (B) by inserting ``, 1490p-2'' after ``1485''.”
The section amends section 363(2)(F) of the Multifamily Mortgage Foreclosure Act of 1981 to add loans under section 538 of the Housing Act of 1949, and the matching United States Code citation, to the mortgages the Act's procedures reach.
What the document actually says“(A) by striking ``or 515'' and inserting ``515, or 538''; and (B) by inserting ``, 1490p-2'' after ``1485''.”
Two words come out of an older law. Longer words go in. They add one more kind of loan. A code citation is added to match.
The older Act sets out how the farm agency forecloses. It listed some loan programs and not others. Now it lists one more.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.