12 USC § 2706 - Emergency Homeowners’ Relief Fund

(a) To carry out the purposes of this chapter, the Secretary is authorized to establish in the Treasury of the United States an Emergency Homeowners’ Relief Fund (hereinafter in this chapter referred to as the “fund”) which shall be available to the Secretary without fiscal year limitation—

(1) for making payments in connection with defaulted loans or advances of credit insured under section 2704 of this title;

(2) for making emergency mortgage relief payments under section 2705 of this title;

(3) to pay such administrative expenses (or portion of such expenses) of carrying out the provisions of this chapter as the Secretary may deem necessary.

(b) The fund shall be credited with—

(1) all amounts received by the Secretary as premium charges for insurance or as repayment for emergency mortgage relief payments under this chapter and all receipts, earnings, collections, or proceeds derived from any claim or other assets acquired by the Secretary under this Act; and

(2) such amounts as may be appropriated for the purposes of this chapter.

Source

(Pub. L. 94–50, title I, § 107,July 2, 1975, 89 Stat. 252; Pub. L. 98–479, title II, § 204(m)(1),Oct. 17, 1984, 98 Stat. 2234; Pub. L. 111–203, title XIV, § 1496(b)(4),July 21, 2010, 124 Stat. 2208.)

Amendment of Section

Pub. L. 111–203, title XIV, §§ 1400(c), 1496(b)(4),July 21, 2010, 124 Stat. 2136, 2208, provided that this section is amended, effective on the date on which final regulations implementing such amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, by striking out “(a)” and subsection (b). See Effective Date of 2010 Amendment note below.

References in Text

This Act, referred to in subsec. (b)(1), is Pub. L. 94–50, July 2, 1975, 89 Stat. 249, as amended, known as the Emergency Housing Act of 1975, which in addition to enacting this chapter, amended sections 1723e, 1723e note and 1735b of this title, and sections 1452 and 4106 of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 2701 of this title and Tables.

Amendments

1984—Subsec. (a). Pub. L. 98–479, § 204(m)(1)(A), (B), redesignatedsubsec. (a)(1) assubsec. (a) and subpars. (A), (B), and (C) as pars. (1), (2), and (3), respectively.

Subsec. (b). Pub. L. 98–479, § 204(m)(1)(C), (D), redesignatedsubsec. (a)(2) assubsec. (b) and subpars. (A) and (B) as pars. (1) and (2), respectively.

Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) ofPub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.

Emergency Mortgage Relief

Pub. L. 111–203, title XIV, § 1496(a),July 21, 2010, 124 Stat. 2207, provided that: “Effective October 1, 2010, and notwithstanding any other provision of law, there is hereby made available to the Secretary of Housing and Urban Development such sums as are necessary to provide $1,000,000,000 in assistance through the Emergency Homeowners’ Relief Fund, which such Secretary shall establish pursuant to section 107 of the Emergency Housing Act of 1975 (12 U.S.C. 2706), as such Act is amended by this section, for use for emergency mortgage assistance in accordance with title I of such Act [12 U.S.C. 2701 et seq.].”