DEFINITIONS.

SEC. 2001. DEFINITIONS. For purposes of this subtitle, the following definitions shall apply:(1) The term “affordability requirements” means any requirements or restrictions imposed by the Secretary, at the time of sale, on a multifamily real property or a multifamily 120 STAT. 8 loan, such as use restrictions, rent restrictions, and rehabilitation requirements.(2) The term “discount sale” means the sale of a multifamily real property in a transaction, such as a negotiated sale, in which the sale price is lower than the property market value and is set outside of a competitive bidding process that has no affordability requirements.(3) The term “discount loan sale” means the sale of a multifamily loan in a transaction, such as a negotiated sale, in which the sale price is lower than the loan market value and is set outside of a competitive bidding process that has no affordability requirements.(4) The term “loan market value” means the value of a multifamily loan, without taking into account any affordability requirements.(5) The term “multifamily real property” means any rental or cooperative housing project of 5 or more units owned by the Secretary that prior to acquisition by the Secretary was security for a loan or loans insured under title II of the National Housing Act.(6) The term “multifamily loan” means a loan held by the Secretary and secured by a multifamily rental or cooperative housing project of 5 or more units that was formerly insured under title II of the National Housing Act.(7) The term “property market value” means the value of a multifamily real property for its current use, without taking into account any affordability requirements.(8) The term “Secretary” means the Secretary of Housing and Urban Development.