There is established in the Treasury of the United States a revolving fund, to be known as the National Homeownership Trust Fund.
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.
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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