PUBLIC LAW 105-65—OCT. 27, 1997 111 STAT. 1391 (1) SELECTION CRITERIA.—The Secretary shall select a participating administrative entity based on whether, in the determination of the Secretary, the participating administrative entity— (A) has demonstrated experience in working directly with residents of low-income housing projects and with tenants and other community-based organizations; (B) has demonstrated experience with and capacity for multifamily restructuring and multifamily financing (which may include risk-sharing arrangements and restructuring eligible multifamily housing properties under the fiscal year 1997 Federal Housing Administration multifamily housing demonstration program); (C) has a history of stable, financially sound, and responsible administrative performance (which may include the management of affordable low-income rental housing); (D) has demonstrated financial strength in terms of asset quality, capital adequacy, and liquidity; (E) has demonstrated that it will carry out the specific trsmsactions and other responsibilities under this subtitle in a timely, efficient, and cost-effective manner; and (F) meets other criteria, as determined by the Secretary. (2) SELECTION.—I f more than 1 interested entity meets the qualifications and selection criteria for a participating administrative entity, the Secretary may select the entity that demonstrates, as determined by the Secretary, that it will— (A) provide the most timely, efficient, and cost-effective— (i) restructuring of the mortgages covered by the portfolio restructuring agreement; and (ii) administration of the section 8 project-based assistance contract, if applicable; and (B) protect the public interest (including the long-term provision of decent low-income affordable rental housing and protection of residents, communities, and the American taxpayer). (3) PARTNERSHIPS.— For the purposes of any participating administrative entity applying under this subsection, participating administrative entities are encouraged to develop partnerships with each other and with nonprofit organizations, if such partnerships will further the participating administrative entity's ability to meet the purposes of this Act. (4) ALTERNATIVE ADMINISTRATORS. —With respect to any eligible multifamily housing project for which a participating administrative entity is unavailable, or should not be selected to carry out the requirements of this subtitle with respect to that multifamily housing project for reasons relating to the selection criteria under paragraph (1), the Secretary shall— (A) carry out the requirements of this subtitle with respect to that eligible multifamily housing project; or (B) contract with other qualified entities that meet the requirements of paragraph (1) to provide the authority to carry out all or a portion of the requirements of this subtitle with respect to that eligible multifamily housing project.
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