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.
2010—Pub. L. 111–203struck out subsec. (a) designation before “To carry out” and subsec. (b) which read as follows: “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.”
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.].”
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Description of Change
Statutes at Large
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