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Federally Related Transaction

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bmazerolle

Thread Starter
Freshman Member
Joined
Aug 15, 2007
Professional Status
Licensed Appraiser
State
Arizona
Anyone know of the Arizona Department of Housing falls under the oversight of one of FIRREA's regulatory agencies?
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Hmmm you would have to dig a lot deeper than a general query to make that determination... If you wanted to provide more specifics some bright individual on this site may be of assistance.

It appears that the program(s) - at least some of 'em... are funded by CDBG - Community Development Block Grants, which are Federal Funds re-allocated to states for various alleged good puporses...

By inference one would assume that there is some Federal Oversight in place, but whether it extends to regulation by the 'banking authorities' authorized under FIRREA? Oy! :Eyecrazy:

I strongly suspect that someplace in the fine print this would relegate some oversight to SOME offshoot of regulation under FIRREA - but wouldn't care to guess which of the many branches it might fall under - in fishing around the Board of Governors of the Federal Reserve System, I observed that the entity has a LOT of references to CDBG's... but most of them are of the sell the idea variety:leeann:...

I would perhaps start there with a general set of questions pertinent to your concern. Good luck!
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
As defined by TITLE XI—REAL ESTATE APPRAISAL REFORM a/k/a FIRREA

Federally related transaction. The term "federally related transaction" means any real estate-related financial transaction which —
(A) a federal financial institutions regulatory agency or the Resolution Trust Corporation engages in, contracts for, or regulates; and
(B) requires the services of an appraiser.

The term "Federal financial institutions regulatory agencies" means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporations, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration.

The Arizona Department of Housing does not come under any of the above referenced regulatory agencies.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
In an effort to allow for greater coordination and innovation of housing related services at the state level, the Legislature passed and Governor Jane Dee Hull signed HB2615 during the 2001 legislative session, establishing the Arizona Department of Housing (ADOH) and the Arizona Housing Finance Authority (AZHFA). These two entities were established so that state government in Arizona could assist in developing the tools to impact an area of growing concern for the state, an issue that impacts the lives of all Arizonans—homes for working families.

* see the website for HUD info.
 
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