References in Text
The Low-Income Housing Preservation and Resident Ownership Act of 1990, referred to in subsec. (a)(2)(C), probably means the Low-Income Housing Preservation and Resident Homeownership Act of 1990, title II of [Pub. L. 100–242], as amended by [Pub. L. 101–625, title VI, § 601(a)], Nov. 28, 1990, [104 Stat. 4249], which is classified principally to chapter 42 (§ 4101 et seq.) of Title 12, Banks and Banking. For complete classification of this Act to the Code, see Short Title note set out under section 4101 of Title 12 and Tables.
Amendments
1992—Subsec. (a)(1). [Pub. L. 102–550, § 831(a)], amended first sentence generally, substituting present provisions for provisions authorizing appropriations of $35,000,000 for fiscal year 1991 and $36,500,000 for fiscal year 1992.
Subsec. (a)(2). [Pub. L. 102–550, § 831(b)], substituted “any fiscal year” for “each of the fiscal years 1991 and 1992” in introductory provisions.
1990—Subsec. (a). [Pub. L. 101–625] amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “There are authorized to be appropriated to the corporation to carry out this subchapter $19,000,000 for fiscal year 1988, and $19,000,000 for fiscal year 1989.”
1988—Subsec. (a). [Pub. L. 100–242] amended subsec. (a) generally, substituting appropriations authorization of $19,000,000 for fiscal years 1988 and 1989 for prior authorizations not to exceed $16,512,000 for fiscal year 1984, and such sums as may be necessary for fiscal year 1985.
1984—Subsec. (d). [Pub. L. 98–479] substituted “chapter 11 of title 31” for “the Budget and Accounting Act, 1921”.
1983—Subsec. (a). [Pub. L. 98–181] substituted appropriations authorization not in excess of $16,512,000 for fiscal year 1984, and such sums as may be necessary for fiscal year 1985 for prior authorization not to exceed $12,500,000, $12,000,000, $13,426,000, and $14,950,000 for fiscal years 1979, 1980, 1981, and 1982, respectively.
1981—Subsec. (a). [Pub. L. 97–35] inserted authorized of appropriations for fiscal year 1982.
1980—Subsec. (a). [Pub. L. 96–399] authorized appropriations of not to exceed $13,426,000 for fiscal year 1981.
1979—Subsec. (a). [Pub. L. 96–153] authorized appropriation of $12,000,000 for fiscal year 1980.
Expansion of National Neighborhood Housing Services Network
[Pub. L. 101–625, title IX, § 917(a)], (b), Nov. 28, 1990, [104 Stat. 4397], provided that:“(a)
Findings.—
The Congress finds that—
“(1)
protecting the existing stock of unsubsidized privately held lower income housing through the rehabilitation and revitalization of declining neighborhoods is essential to a national housing policy that seeks to increase the availability of affordable housing for low- and moderate-income families;
“(2)
the Neighborhood Reinvestment Corporation, the anchor of the national neighborhood housing services network, was chartered by Congress more than 10 years ago to revitalize neighborhoods for the benefit of current residents by mobilizing public, private, and community resources at the neighborhood level;
“(3)
the national neighborhood housing services network has proven its worth as a successful cost-effective program relying largely on local initiative for the specific design of local programs;
“(4)
the national neighborhood housing services network has had more than 10 years of experience in revitalizing declining neighborhoods, creating housing for low- and moderate-income families, and equipping residents with skills and resources required to maintain safe and healthy communities; and
“(5)
expanding upon the existing capabilities, resources, and potential of the national neighborhood housing services network is a cost-effective response to the affordable housing and neighborhood revitalization needs confronting the Nation, and is a strong preventive measure in addressing the national tragedy of homelessness.
“(b)
Purpose.—
It is the purpose of this section [amending this section] to authorize appropriations for the Neighborhood Reinvestment Corporation for fiscal years 1991 and 1992 to permit the corporation—
“(1)
to carefully expand the capacities of the national neighborhood housing services network;
“(2)
to begin to meet the urgent need for neighborhood housing services and mutual housing associations in neighborhoods across the Nation as the effort to preserve affordable housing for low- and moderate-income American families increases;
“(3)
to increase and provide ongoing technical and capacity development assistance to neighborhood housing services and related public-private partnership-based nonprofit institutions involved in the revitalization of neighborhoods for the benefit of current residents, rehabilitation, preservation of existing housing stock, and production of additional housing opportunities for low- and moderate-income families;
“(4)
to expand the loan purchase capacity of the national neighborhood housing services secondary market, operated by Neighborhood Housing Services of America, for loans made by neighborhood housing services to residents who are unable to meet conventional lending standards, and other loans for community development purposes;
“(5)
to provide increased capacity development and matching grants to preserve existing privately held unsubsidized rental housing affordable to low- and moderate-income households and to create flexible strategies effective in the diverse economic and geographic environments of the Nation;
“(6)
to make grants to provide incentives to extend low-income housing use in connection with properties subject to prepayment pursuant to the Low-Income Housing Preservation and Resident Ownership [Homeownership] Act of 1990 [
12 U.S.C. 4101 et seq.];
“(7)
to increase the resources available to neighborhood housing services network programs for the purchase of multifamily and single-family properties owned by the Secretary of Housing and Urban Development for rehabilitation (if necessary) and sale to low- and moderate-income families;
“(8)
to expand the national mutual housing association demonstration by providing technical assistance and matching grants to assist low- and moderate-income families to participate in such associations;
“(9)
to increase resources available to neighborhood housing services network programs for foreclosure intervention and prevention; and
“(10)
to create additional neighborhood housing services partnership organizations to serve rural communities, Native Americans, Native Hawaiians, and other communities in need.”