42 USC 12853 - National Homeownership Trust Fund

U.S Code last checked for updates: Nov 22, 2024

§ 12853.

National Homeownership Trust Fund

(a)

Establishment

(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).

(c)

Use of amounts

(d)

Investment of excess amounts

(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.

(Pub. L. 101–625, title III, § 304, Nov. 28, 1990, 104 Stat. 4132.)

cite as: 42 USC 12853