PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3797

and 1995. The demonstration authorized under this subsection
shall not be expanded until the reports required under sub-
section (d) are submitted to the Congress.

(5) IDENTITY OF INTEREST.—Notwithstanding any other
provision of law, the Secretary shall not apply identity of
interest provisions to agreements entered into with qualified
State housing finance agencies under this subsection

(6) PROHIBITION ON GINNIE MAE SECURITIZATION.—The
Government National Mortgage Association shall not securitize
any multifamily loans insured under this subsection.

(7) QUALIFICATION AS AFFORDABLE HOUSING.—Multifamily
housing securing loans insured under this subsection shall quak
ify as affordable only if the housing is occupied by very low-
income families and bears rents not greater than the gross
rent for rent-restricted residential units as determined under
section 42(gX2) of the Internal Revenue Code of 1986.

(8) REGULATIONS.—Not later than 90 days after the date
of enactment of this Act, the Secretary shall issue such regula-
tions as may be necessary to carry out this subsection.

(d) INDEPENDENT STUDIES AND REPORTS.—

(1) FEDERAL NATIONAL MORTGAGE ASSOCIATION.—The Fed-
eral National Mortgage Association, in consultation with rep-
resentatives of its seller-servicers and State housing finance
agencies, shall carry out an independent assessment of alter-
native methods for achieving the purposes of this section and
shall submit a report containing any findings and recommenda-
tions, including any recommendations for legislative or adminis-
trative action, simultaneously to the Secretary and the Congress
not later than 12 months after the date of the enactment
of this Act.

(2) FEDERAL HOME LOAN MORTGAGE CORPORATION.—The
Federal Home Loan Mortgage Corporation, in consultation with
representatives of its seller-servicers and State housing finance
agencies, shall carry out an independent assessment of alter-
native methods for achieving the purposes of this section and
shall submit a report containing any findings and recommenda-
tions, including any recommendations for legislative or adminis-
trative action, simultaneously to the Secretary and the Congress
not later than 12 months after the date of the enactment
of this Act.

(3) SECRETARY.—The Secretary shall submit to the Con-
gress, and publish, reports under this paragraph assessing
the activities carried out under each of the pilot programs.
The Secretary shall submit and publish a preliminary report
under this paragraph not later than 9 months after the date
of the implementation of each of the pilot programs, and a
final report not later than 24 months after the date of
implementation on which the pilot program is initiated, which
shall include any recommendations by the Secretary for legisla-
tive changes to achieve the purposes of this section.

(4) COMPTROLLER GENERAL.—The Comptroller General of
the United States shall carry out an evaluation of each of
the pilot programs under this section and shall submit to the
Congress, not later than 30 months after the date of
implementation for each of the pilot programs, a report regard-
ing the evaluation, together with any recommendations for
legislative changes to achieve the purposes of this section.