(a) Annual assessments

The Director may, to the extent provided in appropriation Acts, establish and collect from the enterprises annual assessments in an amount not exceeding the amount sufficient to provide for reasonable costs and expenses of the Office, including the expenses of any examinations under section 4517 of this title. The initial annual assessment shall include any startup costs of the Office and any anticipated costs and expenses of the Office for the following fiscal year.

(b) Allocation of annual assessment to enterprises

(1) Amount of payment

Each enterprise shall pay to the Director a proportion of the annual assessment made pursuant to subsection (a) of this section that bears the same ratio to the total annual assessment that the total assets of each enterprise bears ^[1] to the total assets of both enterprises.

(2) Timing of payment

The annual assessment shall be payable semiannually for each fiscal year, on October 1 and April 1.

(3) ''Total assets'' defined

For the purpose of this section, the term ''total assets'' means, with respect to an enterprise, the sum of -

(A)

on-balance-sheet assets of the enterprise, as determined in accordance with generally accepted accounting principles;

(B)

the unpaid principal balance of outstanding mortgage-backed securities issued or guaranteed by the enterprise that are not included in subparagraph (A); and

(C)

other off-balance-sheet obligations as determined by the Director.

(c) Deficiencies due to increased costs of regulation

The semiannual payments made pursuant to subsection (b) of this section by any enterprise that is not classified (for purposes of subchapter II of this chapter) as adequately capitalized may be increased, as necessary, in the discretion of the Director to pay additional estimated costs of regulation of the enterprise.

(d) Surplus

If any amount from any annual assessment collected from an enterprise remains unobligated at the end of the year for which the assessment was collected, such amount shall be credited to the assessment to be collected from the enterprise for the following year.

(e) Initial special assessment

Not later than the expiration of the 30-day period beginning on October 28, 1992, the enterprises shall each pay into the Federal Housing Enterprises Oversight Fund established under subsection (f) of this section an initial assessment of $1,500,000 to cover the startup costs of the Office, including space and modifications thereof, capital equipment, supplies, recruitment, and activities of the Office during the period preceding the first annual assessment under subsection (a) of this section. Any amounts collected from an enterprise under this subsection shall be credited against the first annual assessment collected pursuant to subsection (a) of this section, and are hereby appropriated, and shall be available and used, without fiscal year limitation, as provided in this section.

(f) Fund

There is established in the Treasury of the United States a fund to be known as the Federal Housing Enterprises Oversight Fund. Any assessments collected pursuant to this section shall be deposited in the Fund. Amounts in the Fund shall be available, to the extent provided in appropriation Acts and subsection (e) of this section, for -

(1)

carrying out the responsibilities of the Director relating to the enterprises; and

(2)

necessary administrative and nonadministrative expenses of the Office to carry out the purposes of this chapter.

(g) Budget and financial reports

(1) Financial operating plans and forecasts

Before the beginning of each fiscal year, the Director shall submit a copy of the financial operating plans and forecasts for the Office to the Secretary and the Director of the Office of Management and Budget.

(2) Reports of operations

As soon as practicable after the end of each fiscal year and each quarter thereof, the Director shall submit a copy of the report of the results of the operations of the Office during such period to the Secretary and the Director of the Office of Management and Budget.

(3) Inclusion in President's budget

The annual plans, forecasts, and reports required under this subsection shall be included

(A)

in the Budget of the United States in the appropriate form, and

(B)

in the congressional justifications of the Department of Housing and Urban Development for each fiscal year in a form determined by the Secretary