PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3799

(A) 1 individual who is a representative from the finan-
cial services industry with experience in multifamilv hous-
ing underwriting;

(B) 1 individual who is a representative from the non-
profit housing development sector with experience in sub-
sidized multifamily housing development; and

(C) 1 individual who is a representative from a nation-
ally recognized rating agency.

(d) ADMINISTRATION.—

(1) CHAIRPERSONS.—The Task Force shall be chaired jointly
by the Secretary and the Chairman of the Federal Housing
Finance Board.

(2) MEETINGS.—The Task Force shall meet no less than
4 times, at the call of the Chairpersons of the Task Force.

(3) QUORUM.—A majority of the members of the Task Force
shall constitute a quorum for the transaction of business.

(4) VOTING.—-Each member of the Task Force shall be
entitled to 1 vote, which shall be equal to the vote of every
other member of the Task Force.

(5) VACANCIES.—Any vacancy on the Task Force shall not
affect its powers, but snail be filled in the manner in which
the original appointment was made.

(6) PROHIBITION ON ADDITIONAL PAY.—Members of the Task
Force shall serve without compensation, but shall be
reimbursed for travel, subsistence, and other necessary
expenses incurred in the performance of their duties as mem-
bers of the Task Force.

(e) FUNCTIONS OF THE TASK FORCE.—

(1) IN GENERAL.—The Task Force shall conduct a multifam-
ily housing financial data project in order to improve the avail-
ability and efficiency of financing for multifamily rental
housing. The project shall—

(A) analyze available data regarding the performance
of multifamily housing mortgage loans in all regions of
the country;

(B) prepare a comprehensive national database on the
operation and financing of multifamily housing that will
provide reliable information appropriate to meet the pro-
jected needs of lenders, investors, sponsors, property man-
agers, and public officials;

(C) identify important factors that affect the long-term
financial and operational soundness of multifamily housing
properties, including factors relating to proiect credit risk,
project underwriting, interest rate risk, real estate market
conditions, public subsidies, tax policies, borrower
characteristics, program management standards, and
government policies;

(D) develop common definitions, standards, and proce-
dures that will improve multifamily housing underwriting
and accelerate the development of a strong, competitive,
and efficient secondary market for multifamily housing
loans; and .

(E) make available appropriate information to various
organizations in forms that will assist in improving multi-
family housing loan underwriting and servicing.

(2) FINAL REPORT.—Not later than 1 year following the
enactment of this Act, the Task Force shall submit to the

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