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42 U.S.C. § 12705 — State and local housing strategies
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary shall provide assistance directly to a jurisdiction only if—
(1) the jurisdiction submits to the Secretary a comprehensive housing affordability strategy (hereafter in this section referred to as the “housing strategy”);
(2) the jurisdiction submits annual updates of the housing strategy; and
(3) the housing strategy, and any annual update of such strategy, is approved by the Secretary.
The Secretary shall establish such dates and manner for the submission and approval of housing strategies under this section that the Secretary determines will facilitate orderly program management by jurisdictions and provide for timely investment or other use of funds made available under subchapter II of this chapter and other programs requiring submission of a housing strategy. If the Secretary finds there is good cause, the Secretary may provide reasonable extensions of any deadlines for submission of a jurisdiction’s housing strategy.
**(b) Contents** A housing strategy submitted under this section shall be in a form that the Secretary determines to be appropriate for the assistance the jurisdiction may be provided and shall—
(1) describe the jurisdiction’s estimated housing needs projected for the ensuing 5-year period, and the jurisdiction’s need for assistance for very low-income, low-income, and moderate-income families, specifying such needs for different types of tenure and for different categories of residents, such as very low-income, low-income, and moderate-income families, the elderly, persons with disabilities, single persons, large families, residents of nonmetropolitan areas, families who are participating in an organized program to achieve economic independence and self-sufficiency, persons with acquired immunodeficiency syndrome
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Stable record: federal_law:legal_authorities:record_usc_91881f5277ee9a4fb5f85072
Source file: Laws/federal/codes/united-states-code/title-42/section-12705-state-and-local-housing-strategies--a420d5db8c.md
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Source location: Title 42, Chapter 130, § 12705; chapter-130-national-affordable-housing.md
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**(a) In general** The Secretary shall provide assistance directly to a jurisdiction only if—
(1) the jurisdiction submits to the Secretary a comprehensive housing affordability strategy (hereafter in this section referred to as the “housing strategy”);
(2) the jurisdiction submits annual updates of the housing strategy; and
(3) the housing strategy, and any annual update of such strategy, is approved by the Secretary.
The Secretary shall establish such dates and manner for the submission and approval of housing strategies under this section that the Secretary determines will facilitate orderly program management by jurisdictions and provide for timely investment or other use of funds made available under subchapter II of this chapter and other programs requiring submission of a housing strategy. If the Secretary finds there is good cause, the Secretary may provide reasonable extensions of any deadlines for submission of a jurisdiction’s housing strategy.
**(b) Contents** A housing strategy submitted under this section shall be in a form that the Secretary determines to be appropriate for the assistance the jurisdiction may be provided and shall—
(1) describe the jurisdiction’s estimated housing needs projected for the ensuing 5-year period, and the jurisdiction’s need for assistance for very low-income, low-income, and moderate-income families, specifying such needs for different types of tenure and for different categories of residents, such as very low-income, low-income, and moderate-income families, the elderly, persons with disabilities, single persons, large families, residents of nonmetropolitan areas, families who are participating in an organized program to achieve economic independence and self-sufficiency, persons with acquired immunodeficiency syndrome, victims of domestic violence, dating violence, sexual assault, and stalking and other categories of persons residing in or expected to reside in the jurisdiction that the Secretary determines to be appropriate;
(2) describe the nature and extent of homelessness, including rural homelessness, within the jurisdiction, providing an estimate of the special needs of various categories of persons who are homeless or threatened with homelessness, including tabular representation of such information, and a description of the jurisdiction’s strategy for (A) helping low-income families avoid becoming homeless; (B) addressing the emergency shelter and transitional housing needs of homeless persons (including a brief inventory of facilities and services that meet such needs within that jurisdiction); and (C) helping homeless persons make the transition to permanent housing and independent living;
(3) describe the significant characteristics of the jurisdiction’s housing market, indicating how those characteristics will influence the use of funds made available for rental assistance, production of new units, rehabilitation of old units, or acquisition of existing units;
(4) explain whether the cost of housing or the incentives to develop, maintain, or improve affordable housing in the jurisdiction are affected by public policies, particularly by policies of the jurisdiction, including tax policies affecting land and other property, land use controls, zoning ordinances, building codes, fees and charges, growth limits, and policies that affect the return on residential investment, and describe the jurisdiction’s strategy to remove or ameliorate negative effects, if any, of such policies, except that, if a State requires a unit of general local government to submit a regulatory barrier assessment that is substantially equivalent to the information required under this paragraph, as determined by the Secretary, the unit of general local government may submit its assessment submitted to the State to the Secretary and shall be considered to have complied with this paragraph;
(5) explain the institutional structure, including private industry, nonprofit organizations, and public institutions, through which the jurisdiction will carry out its housing strategy, assessing the strengths and gaps in that delivery system and describing what the jurisdiction will do to overcome those gaps;
(6) indicate resources from private and non-Federal public sources that are reasonably expected to be made available to carry out the purposes of this Act, explaining how funds made available will leverage those additional resources and identifying, where the jurisdiction deems it appropriate, publicly owned land or property located within the jurisdiction that may be utilized to carry out the purposes of this Act;
(7) set forth the jurisdiction’s plan for investment or other use of housing funds made available under subchapter II of this chapter, the United States Housing Act of 1937 [[42 U.S.C. 1437](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437&num=0&edition=prelim) et seq.], the Housing and Community Development Act of 1974, and the McKinney-Vento Homeless Assistance Act [[42 U.S.C. 11301](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section11301&num=0&edition=prelim) et seq.], during the ensuing year or such longer period as the Secretary determines to be appropriate, indicating the general priorities for allocating investment geographically within the jurisdiction and among different activities and housing needs;
(8) describe how the jurisdiction’s plan will address the housing needs identified pursuant to subparagraphs 11 So in original. Probably should be “paragraphs”. (1) and (2), describe the reasons for allocation priorities, and identify any obstacles to addressing underserved needs;
(9) describe the means of cooperation and coordination among the State and any units of general local government in the development, submission, and implementation of their housing strategies;
(10) in the case of a unit of local government, describe the number of public housing units in the jurisdiction, the physical condition of such units, the restoration and revitalization needs of public housing projects within the jurisdiction, the public housing agency’s strategy for improving the management and operation of such public housing, and the public housing agency’s strategy for improving the living environment of low- and very-low-income families residing in public housing;
(11) describe the manner in which the plan of the jurisdiction will help address the needs of public housing;
(12) in the case of a State, describe the strategy to coordinate the Low-Income Tax Credit with development of housing, including public housing, that is affordable to very low-income and low-income families;
(13) describe the jurisdiction’s activities to encourage public housing residents to become more involved in management and participate in homeownership;
(14) describe the standards and procedures according to which the jurisdiction will monitor activities authorized under this Act and ensure long-term compliance with the provisions of this Act;
(15) include a certification that the jurisdiction will affirmatively further fair housing;
(16) include a certification that the jurisdiction has in effect and is following a residential antidisplacement and relocation assistance plan that, in any case of any such displacement in connection with any activity assisted with amounts provided under subchapter II, requires the same actions and provides the same rights as required and provided under a residential antidisplacement and relocation assistance plan under section 104(d) of the Housing and Community Development Act of 1974 [[42 U.S.C. 5304(d)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5304/d&num=0&edition=prelim)] in the event of displacement in connection with a development project assisted under section 106 or 119 of such Act [[42 U.S.C. 5306](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5306&num=0&edition=prelim), 5318];
(17) estimate the number of housing units within the jurisdiction that are occupied by low-income families or very low-income families and that contain lead-based paint hazards, as defined in [section 4851b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4851b&num=0&edition=prelim), outline the actions proposed or being taken to evaluate and reduce lead-based paint hazards, and describe how lead-based paint hazard reduction will be integrated into housing policies and programs;
(18) include the number of families to whom the jurisdiction will provide affordable housing as defined in [section 12745 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12745&num=0&edition=prelim) using funds made available;
(19) for any housing strategy submitted for fiscal year 1994 or any fiscal year thereafter and taking into consideration factors over which the jurisdiction has control, describe the jurisdiction’s goals, programs, and policies for reducing the number of households with incomes below the poverty line (as defined by the Office of Management and Budget and revised annually), and, in consultation with other appropriate public and private agencies, state how the jurisdiction’s goals, programs, and policies for producing and preserving affordable housing set forth in the housing strategy will be coordinated with other programs and services for which the jurisdiction is responsible and the extent to which they will reduce (or assist in reducing) the number of households with incomes below the poverty line; and
(20) describe the jurisdictions activities to enhance coordination between public and assisted housing providers and private and governmental health, mental health, and service agencies.
The Secretary may provide for the submission of abbreviated housing strategies by jurisdictions that are not otherwise expected to be participating jurisdictions under subchapter II of this chapter. Such an abbreviated housing strategy shall be appropriate to the types and amounts of assistance the jurisdiction is to receive as determined by the Secretary.
**(c) Approval**
(1) **In general** — The Secretary shall review the housing strategy upon receipt. Not later than 60 days after receipt by the Secretary, the housing strategy shall be approved unless the Secretary determines before that date that (A) the housing strategy is inconsistent with the purposes of this Act, or (B) the information described in subsection (b) has not been provided in a substantially complete manner. For the purpose of the preceding sentence, the adoption or continuation of a public policy identified pursuant to subsection (b)(4) shall not be a basis for the Secretary’s disapproval of a housing strategy. During the 18-month period following November 28, 1990, the Secretary may extend the review period to not longer than 90 days.
(2) **Actions in case of disapproval** — If the Secretary disapproves the housing strategy, the Secretary shall immediately notify the jurisdiction of such disapproval. Not later than 15 days after the Secretary’s disapproval, the Secretary shall inform the jurisdiction in writing of (A) the reasons for disapproval, and (B) actions that the jurisdiction could take to meet the criteria for approval. If the Secretary fails to inform the jurisdiction of the reasons for disapproval within such 15-day period, the housing strategy shall be deemed to have been approved.
(3) **Amendments and resubmission** — The Secretary shall, for a period of not less than 45 days following the date of first disapproval, permit amendments to, or the resubmission of, any housing strategy that is disapproved. The Secretary shall approve or disapprove a housing strategy not less than 30 days after receipt of such amendments or resubmission.
**(d) Coordination of State and local housing strategies** The Secretary may establish such requirements as the Secretary deems appropriate to encourage coordination between and among the housing strategies of a State and any participating jurisdictions within the State, except that a unit of general local government shall not be required to have elements of its housing strategy approved by the State.
**(e) Consultation with social service agencies**
(1) **In general** — When preparing a housing strategy for submission under this section, a jurisdiction shall make reasonable efforts to confer with appropriate social service agencies regarding the housing needs of children, elderly persons, persons with disabilities, homeless persons, and other persons served by such agencies.
(2) **Lead-based paint hazards** — When preparing that portion of a housing strategy required by subsection (b)(16), a jurisdiction shall consult with State or local health and child welfare agencies and examine existing data related to lead-based paint hazards and poisonings, including health department data on the addresses of housing units in which children have been identified as lead poisoned.
**(f) Barrier removal** Not later than 4 months after completion of the final report of the Secretary’s Advisory Commission on Regulatory Barriers to Affordable Housing, the Secretary shall submit to the Congress a written report outlining the Secretary’s recommendations for legislative and administrative actions to facilitate the removal or modification of excessive, duplicative, or unnecessary regulations or other requirements of Federal, State, or local governments that (1) inflate the costs of or otherwise inhibit the construction, rehabilitation, or management of housing, particularly housing that otherwise could be affordable to low-income and moderate-income families, or (2) contribute to economic or racial discrimination.
**(g) Treatment of troubled public housing agencies**
(1) **Effect of troubled status on CHAS** — The comprehensive housing affordability strategy (or any consolidated plan incorporating such strategy) for the State or unit of general local government in which any troubled public housing agency is located shall not be considered to comply with the requirements under this section unless such plan includes a description of the manner in which the State or unit will provide financial or other assistance to such troubled agency in improving its operations to remove such designation.
(2) **Definition** — For purposes of this subsection, the term “troubled public housing agency” means a public housing agency that, upon the effective date of the Quality Housing and Work Responsibility Act of 1998, is designated under section 6(j)(2) of the United States Housing Act of 1937 [[42 U.S.C. 1437d(j)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437d/j/2&num=0&edition=prelim)] as a troubled public housing agency.
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Federal law — U.S. Code and appendices · legal_authorities
The Congress affirms the national goal that every American family be able to afford a decent home in a suitable environment.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 12701
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Critical social, economic, and environmental problems facing Nation’s urban communities** The Congress finds and declares that the Nation’s cities, towns, and smaller urban communities face critical social, economic, and environmental problems arising in significant measure from—
(1) the growth of population in metropolitan and other urban areas, and the concentration of persons of lower income in central cities;
(2) inadequate public and private investment and reinvestment in housing and other physical facilities, and related public and social services, resulting in the growth and persistence of urban slums and blight and the marked deterioration of the quality of the urban environment; and
(3) increasing energy costs which have seriously undermined the quality and overall effectiveness of local community and housing development activities.
**(b) Establishment and maintenance of viable urban communities; systematic and sustained action by Federal, State, and local governments; expansion of and continuity in Federal assistance; increased private investment; streamlining programs and improvement of functioning of agencies; action to address consequences of scarce fuel supplies** The Congress further finds and declares that the future welfare of the Nation and the well-being of its citizens depend on the establishment and maintenance of viable urban communities as social, economic, and political entities, and require—
(1) systematic and sustained action by Federal, State, and local governments to eliminate blight, to conserve and renew older urban areas, to improve the living environment of low- and moderate-income families, and to develop new centers of population growth and economic activity;
(2) substantial expansion of and greater continuity in the scope a
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 5301
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Federal law — U.S. Code and appendices · legal_authorities
Except as otherwise provided in subtitles B through F of this title and the amendments made by such subtitles, such subtitles and the amendments made by such subtitles shall apply upon the expiration of the 6-month period beginning on October 28, 1992.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 13642
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Federal law — U.S. Code and appendices · legal_authorities
The Secretary shall issue regulations to implement the provisions of this subchapter after notice and an opportunity for comment pursuant to [section 553 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section553&num=0&edition=prelim). Such regulations shall become effective not later than 180 days after November 28, 1990.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 12745
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Findings** The Congress finds that—
(1) the Nation faces an immediate and unprecedented crisis due to the lack of shelter for a growing number of individuals and families, including elderly persons, handicapped persons, families with children, Native Americans, and veterans;
(2) the problem of homelessness has become more severe and, in the absence of more effective efforts, is expected to become dramatically worse, endangering the lives and safety of the homeless;
(3) the causes of homelessness are many and complex, and homeless individuals have diverse needs;
(4) there is no single, simple solution to the problem of homelessness because of the different subpopulations of the homeless, the different causes of and reasons for homelessness, and the different needs of homeless individuals;
(5) due to the record increase in homelessness, States, units of local government, and private voluntary organizations have been unable to meet the basic human needs of all the homeless and, in the absence of greater Federal assistance, will be unable to protect the lives and safety of all the homeless in need of assistance; and
(6) the Federal Government has a clear responsibility and an existing capacity to fulfill a more effective and responsible role to meet the basic human needs and to engender respect for the human dignity of the homeless.
**(b) Purpose** It is the purpose of this chapter—
(1) to establish the United States Interagency Council on Homelessness;
(2) to use public resources and programs in a more coordinated manner to meet the critically urgent needs of the homeless of the Nation; and
(3) to provide funds for programs to assist the homeless, with special emphasis on elderly persons, handicapped persons, families with children, Native Americans, and ve
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 11301
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Annual report** The Secretary shall transmit to the Congress an annual report that—
(1) sets forth the Secretary’s assessment of the progress made in implementing the various programs authorized by this chapter;
(2) summarizes the most current health and environmental studies on childhood lead poisoning, including studies that analyze the relationship between interim control and abatement activities and the incidence of lead poisoning in resident children;
(3) recommends legislative and administrative initiatives that may improve the performance by the Department of Housing and Urban Development in combating lead hazards through the expansion of lead hazard evaluation and reduction activities;
(4) describes the results of research carried out in accordance with subchapter III; and
(5) estimates the amount of Federal assistance annually expended on lead hazard evaluation and reduction activities.
**(b) Biennial report**
(1) **In general** — 24 months after October 28, 1992, and at the end of every 24-month period thereafter, the Secretary shall report to the Congress on the progress of the Department of Housing and Urban Development in implementing expanded lead-based paint hazard evaluation and reduction activities.
(2) **Contents** — The report shall—
(A) assess the effectiveness of [section 4852d of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4852d&num=0&edition=prelim) in making the public aware of lead-based paint hazards;
(B) estimate the extent to which lead-based paint hazard evaluation and reduction activities are being conducted in the various categories of housing;
(C) monitor and report expenditures for lead-based paint hazard evaluation and reduction for programs within the jurisdiction of th
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 4851b
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Sections 1401 to 1404 were omitted in the general revision of the United States Housing Act of 1937 by Pub. L. 93–383, title II, § 201(a), Aug. 22, 1974, 88 Stat. 653.
Section 1401, acts Sept. 1, 1937, ch. 896, § 1, 50 Stat. 888; July 15, 1949, 338, title III, § 307(a), 63 Stat. 429; Sept. 23, 1959, Pub. L. 86–372, title V, § 501, 73 Stat. 679; Aug. 1, 1968, Pub. L. 90–448, title II, § 206(a), 82 Stat. 504; Dec. 31, 1970, Pub. L. 91–609, title II, § 211, 84 Stat. 1779, set out declaration of policy. See [section 1437 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437&num=0&edition=prelim).
Section 1402, acts, Sept. 1, 1937, ch. 896, § 2, 50 Stat. 888; July 15, 1949, ch. 338, title III, §§ 302(b), 304(c), (i), 306, 307(b), 63 Stat. 424, 425, 429; Oct. 26, 1951, ch. 577, § 1, 65 Stat. 647; June 30, 1953, 170, § 24(c), 67 Stat. 128; Aug. 7, 1956, ch. 1029, title IV, § 404(a), 70 Stat. 1104; July 12, 1957, Pub. L. 85–104, title III, § 307, title IV, § 401(a), 71 Stat. 301; Sept. 23, 1959, Pub. L. 86–372, title V, §§ 502, 503(a), 504, 73 Stat. 680; June 30, 1961, Pub. L. 87–70, title II, § 202, 75 Stat. 163; Sept. 2, 1964, Pub. L. 88–560, title II, § 203(d), title IV, § 401(a), 78 Stat. 784, 794; Aug. 10, 1965, Pub. L. 89–117, title I, §§ 103(b), 104, 79 Stat. 457; Aug. 1, 1968, Pub. L. 90–448, title II, § 209(a), 82 Stat. 505; Dec. 24, 1969, Pub. L. 91–152, title II, § 213(a), title IV, § 403(a), 83 Stat. 389, 395; Dec. 31, 1970, Pub. L. 91–609, title II, § 208(a), title IX, § 903(c), 84 Stat. 1778, 1808; Dec. 22, 1971, Pub. L. 92–213, § 9, 85 Stat. 776, defined applicable terms. See [section 1437a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1437
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Amounts allocated to Indian tribes, discretionary fund, and metropolitan cities and urban counties; limitations on amount of annual grants**
(1) For each fiscal year, of the amount approved in appropriation Acts under [section 5303 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5303&num=0&edition=prelim) for grants for such fiscal year (excluding the amounts provided for use in accordance with [section 5307 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5307&num=0&edition=prelim)), the Secretary shall reserve for grants to Indian tribes 1 percent of the amount appropriated under such section. The Secretary shall provide for distribution of amounts under this paragraph to Indian tribes on the basis of a competition conducted pursuant to specific criteria for the selection of Indian tribes to receive such amounts. The criteria shall be contained in a regulation promulgated by the Secretary after notice and public comment. Notwithstanding any other provision of this Act, such grants to Indian tribes shall not be subject to the requirements of [section 5304 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5304&num=0&edition=prelim), except subsections (f), (g), and (k) of such section.
(2) For each fiscal year, of the amount approved in appropriation Acts under [section 5303 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5303&num=0&edition=prelim) for grants for such fiscal year (excluding the amounts provided for use in accordance with [section 5307 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5307&num=0&edition=prelim)), the Secretary shall reserve
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 5306
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Federal law — U.S. Code and appendices · legal_authorities
As used in this subchapter and in subchapter II:
(1) The term “unit of general local government” means a city, town, township, county, parish, village, or other general purpose political subdivision of a State; the Federated States of Micronesia and Palau, the Marshall Islands, or a general purpose political subdivision thereof; a consortium of such political subdivisions recognized by the Secretary in accordance with [section 12746(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12746/2&num=0&edition=prelim); and any agency or instrumentality thereof that is established pursuant to legislation and designated by the chief executive to act on behalf of the jurisdiction with regard to provisions of this Act.
(2) The term “State” means any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any agency or instrumentality thereof that is established pursuant to legislation and designated by the chief executive officer to act on behalf of the State with regard to the provisions of this Act.
(3) The term “jurisdiction” means a State or unit of general local government.
(4) The term “participating jurisdiction” means any State or unit of general local government that has been so designated in accordance with [section 12746 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12746&num=0&edition=prelim).
(5) The term “nonprofit organization” means any private, nonprofit organization (including a State or locally chartered, nonprofit organization) that—
(A) is organized under State or local laws,
(B) has no part of its net earnings inuring to the benefit of any member, founder, contributor, or individual,
(C) complies with standards of financial
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 12704
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Rights and remedies of Corporation; State qualifications or similar statutes** All rights and remedies of the Corporation, including without limitation on the generality of the foregoing any rights and remedies of the Corporation on, under, or with respect to any mortgage or any obligation secured thereby, shall be immune from impairment, limitation, or restriction by or under (1) any law (except laws enacted by the Congress expressly in limitation of this sentence) which becomes effective after the acquisition by the Corporation of the subject or property on, under, or with respect to which such right or remedy arises or exists or would so arise or exist in the absence of such law, or (2) any administrative or other action which becomes effective after such acquisition. The Corporation is authorized to conduct its business without regard to any qualification or similar statute in any State.
**(b) Government audits; procedure; access to records, etc.; reimbursement of costs**
(1) The programs, activities, receipts, expenditures, and financial transactions of the Corporation shall be subject to audit by the Comptroller General of the United States under such rules and regulations as may be prescribed by the Comptroller General. The representatives of the Government Accountability Office shall have access to all books, accounts, financial records, reports, files and all other papers, things, or property belonging to or in use by the Corporation and necessary to facilitate the audit, and they shall be afforded full facilities for verifying transactions with the balances or securities held by depositaries, fiscal agents, and custodians. A report on each such audit shall be made by the Comptroller General to the Congress. The Corporation shall reimburse the Governmen
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1456
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