Page:United States Statutes at Large Volume 106 Part 5.djvu/325

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PUBLIC LAW 102-550 —OCT. 28, 1992 106 STAT. 3963 (C) SHORTENED PERIOD. —The Secretary may shorten the period under subparagraph (A) for good cause. (D) FAILURE TO RESPOND. — The failure of an enterprise to provide information during the 30-day period under this paragraph (as extended or shortened) shall waive any ri^ht of the enterprise to comment on the proposed determination or action of the Secretary. (3) CONSIDERATION OF INFORMATION AND DETERMINATION.— (A) IN GENERAI^. —After the expiration of the response period under paragraph (2) or upon receipt of information provided during such period by the enterprise, whichever occurs earlier, the Secretary shall determine (i) whether the enterprise has failed, or there is a substantial probability that the enterprise will fail, to meet the housing goal, and (ii) whether (taking into consideration market and economic conditions and the financial condition of the enterprise) the achievement of the housing goal was or is feasible. (B) CONSIDERATIONS. — In making such determinations, the Secretary shall take into consideration any relevant information submitted by the enterprise during the response period. (C) NOTICE.— The Secretary shall provide written notice to the enterprise, the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate, of— (i) each determination that an enterprise has failed, or that there is a substantial probability that the enterprise will fail, to meet a housing goal; (ii) each determination that the achievement of a housing goal was or is feasible; and (iii) the reasons for each such determination. Such notice shall respond to any information submitted during the respons<} period, (c) HOUSING PLANS.— (1) REQUIREMENT. —I f the Secretary finds pursuant to subsection (b), that an enterprise has failed, or that there is a substantial probability that an enterprise will fail, to meet any housing goal established under section 1332, 1333, or 1334, and that the achievement of the housing goal was or is feasible, the Secretary shall require the enterprise to submit a housing plan under this subsection for approval by the Secretary. (2) CONTENTS. — Each housing plan shall be a feasible plan describing the specific actions the enterprise will take— (A) to achieve the goal for the next calendar year; or (B) if the Secretary determines that there is a substantial probability that the enterprise will fail to meet a goal in the current year, to make such improvements as are reasonable in the remainder of such year. The plan shall be sufficiently specific to enable the Secretary to monitor compliance periodicalIy. (3) DEADLINE FOR SUBMISSION.—The Secretary shall, by Regulations. regulation, establish a deadline for an enterprise to submit a housing plan to the Secretary, which may not be more than 45 days after the enterprise is provided notice under subsection