DIRECTOR.

SEC. 572. DIRECTOR. (a) Appointment.—The Office shall be under the management of a Director, who shall be appointed by the President by and with the advice and consent of the Senate, from among individuals who are citizens of the United States and have a demonstrated understanding of financing and mortgage restructuring for affordable multifamily housing. Not later than 60 days after the date 111 STAT. 1421of the enactment of this Act, the President shall submit to the Senate a nomination for initial appointment to the position of Director. (b) Vacancy.—A vacancy in the position of Director shall be filled in the manner in which the original appointment was made under subsection (a). (c) Deputy Director.— (1) In general.—The Office shall have a Deputy Director who shall be appointed by the Director from among individuals who are citizens of the United States and have a demonstrated understanding of financing and mortgage restructuring for affordable multifamily housing. (2) Functions.—The Deputy Director shall have such functions, powers, and duties as the Director shall prescribe. In the event of the death, resignation, sickness, or absence of the Director, the Deputy Director shall serve as acting Director until the return of the Director or the appointment of a successor pursuant to subsection (b).