Page:United States Statutes at Large Volume 107 Part 3.djvu/461

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PUBLIC LAW 103-204—DEC. 17, 1993 107 STAT. 2399 on such residence and to which the Corporation acquired title pursuant to default on such mortgage.**. (b) FDIC—Section 11 of the Federal Deposit Insurance Act (12 U.S.C. 1821) is amended by adding at the end the following new subsection: "(u) PURCHASE RIGHTS OF TENANTS.— "(1) NOTICE.— Except as provided in paragraph (3), the Corporation may make available for sale a 1- to 4-family residence (including a manufactured home) to which the Corporation acquires title only after the Corporation has provided the household residing in the property notice (in writing and mailed to the property) of the availability of such property and the preference afforded such household under paragraph (2). "(2) PREFERENCE. — In selling such a property, the Corporation shall give preference to any bona fide offer made by the household residing in the property, if— "(A) such offer is substantially similar in amount to other offers made within such period (or expected by the Corporation to be made within such period); "(B) such offer is made during the period beginning upon the Corporation making such property available and of a reasonable duration, as determined by the Corporation based on the normal period for sale of such properties; and "(C) the household making the offer complies with any other requirements applicable to purchasers of such property, including any downpayment and credit requirements. "(3) EXCEPTIONS.— Paragraphs (1) and (2) shall not apply to— "(A) any residence transferred in connection with the transfer of substantially all of the assets of an insured depositorv institution for which the Corporation has been appointed conservator or receiver; "(B) any. eligible single family property (as such term is defined in subsection (c)(9)); or "(C) any residence for which the household occupying the residence was the mortgagor under a mortgage on such residence and to which the Corporation acquired title pursuant to default on such mortgage.". SEC. 16. PREFERENCE FOR SALES OF REAL PROPERTY FOR USE FOR HOMELESS FAMILIES. (a) RTC.— Section 21A(b) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(b)) is amended by adding afi«r paragraph (15) (as added by section 15(a) of this Act) the following new paragraph: "(16) PREFERENCE FOR SALES FOR HOMELESS FAMILIES.— Subject to paragraph (15), in selling any real property (other than eligible residential property and eligible condominium property, as such terms are defined in subsection (c)(9)) to which the Corporation acquires title, the Corporation shall give preference, among offers to purchase the property that will result in the same net present value proceeds, to any offer Uiat would provide for the property to be used, during the remaining useful life of the property, to provide housing or shelter for homeless persons (as such term is defined in