[Code of Federal Regulations]

[Title 24, Volume 1]

[Revised as of April 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR81.22]



[Page 452-453]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

PART 81_THE SECRETARY OF HUD'S REGULATION OF THE FEDERAL NATIONAL 

MORTGAGE ASSOCIATION (FANNIE MAE) AND THE FEDERAL HOME LOAN MORTGAGE 

CORPORATION (FREDDIE MAC)--Table of Contents

 

                         Subpart B_Housing Goals

 

Sec.  81.22  Housing plans.



    (a) If the Secretary determines, under Sec.  81.21, that a GSE has 

failed or there is a substantial probability that a GSE will fail to 

meet any housing goal and that the achievement of the housing goal was 

or is feasible, the Secretary shall require the GSE to submit a housing 

plan for approval by the Secretary.

    (b) Nature of plan. Each housing plan shall:

    (1) Be feasible;

    (2) Be sufficiently specific to enable the Secretary to monitor 

compliance periodically;

    (3) Describe the specific actions that the GSE will take:

    (i) To achieve the goal for the next calendar year; or

    (ii) If the Secretary determines that there is substantial 

probability that the GSE will fail to meet a housing goal in the current 

year, to make such improvements as are reasonable in the remainder of 

the year; and

    (4) Address any additional matters relevant to the plan as required, 

in writing, by the Secretary.

    (c) Deadline for submission. The GSE shall submit a housing plan to 

the Secretary within 30 days after issuance of a notice under Sec.  

81.21 requiring the GSE to submit a housing plan. The Secretary may 

extend the deadline for submission of a plan, in writing and for a time 

certain, to the extent the Secretary determines an extension is 

necessary.

    (d) Review of housing plans. The Secretary shall review and approve 

or disapprove housing plans in accordance with 12 U.S.C. 4566(c)(4) and 

(5).

    (e) Resubmission. If the Secretary disapproves an initial housing 

plan submitted by a GSE, the GSE shall submit an amended plan acceptable 

to the Secretary within 30 days of the Secretary disapproving the 

initial plan; the Secretary may extend the deadline if the Secretary 

determines an extension is in the public interest. If the amended plan 

is not acceptable to the Secretary,



[[Page 453]]



the Secretary may afford the GSE 15 days to submit a new plan.