42 U.S.C. § 12853 : US Code - Section 12853: National Homeownership Trust Fund

Search 42 U.S.C. § 12853 : US Code - Section 12853: National Homeownership Trust Fund

(a) Establishment
There is established in the Treasury of the United States a
revolving fund, to be known as the National Homeownership Trust
Fund.
(b) Assets
The Fund shall consist of -
(1) any amount approved in appropriation Acts under section
12857 of this title for purposes of carrying out this subchapter;
(2) any amount received by the Trust as repayment for payments
made under this subchapter; and
(3) any amount received by the Trust under subsection (d) of
this section.
(c) Use of amounts
The Fund shall, to the extent approved in appropriations Acts, be
available to the Trust for purposes of carrying out this
subchapter.
(d) Investment of excess amounts
Any amounts in the Fund determined by the Trust to be in excess
of the amounts currently required to carry out the provisions of
this subchapter shall be invested by the Trust in obligations of,
or obligations guaranteed as to both principal and interest by, the
United States or any agency of the United States.
(e) Demonstration programs
Using not more than $20,000,000 of any amounts appropriated for
the Fund under section 12857 of this title in fiscal year 1991, the
Secretary shall carry out demonstration programs for combining
housing activities and economic development activities, as follows:
(1) In Milwaukee, Wisconsin, in an amount not to exceed
$4,200,000, for development, rehabilitation, and revitalization
of 2 vacant structures in a blighted minority neighborhood.
(2) In Washington, District of Columbia, in an amount not to
exceed $10,000,000, for nonprofit neighborhood-based groups to
acquire and rehabilitate vacant public and private housing for
resale or rent to low- and moderate-income families and to the
extent of and subject to engage in neighborhood-based economic
development activities.
(3) In Philadelphia, Pennsylvania, in an amount not to exceed
$1,000,000, for technical assistance and organizational support
for a community development corporation that is a city-wide
public/private partnership engaged in the provision of technical
assistance to neighborhood community development corporations.
(4) In other areas, as the Secretary may determine.