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42 U.S.C. § 12854 — Definitions
Federal law — U.S. Code and appendices · legal_authorities
For purposes of this subchapter:
(1) **Board of Directors** — The term “Board of Directors” or “Board” means the Board of Directors of the National Homeownership Trust under [section 12851(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12851/b&num=0&edition=prelim).
(2) **Displaced homemaker** — The term “displaced homemaker” means an individual who—
(A) is an adult;
(B) has not worked full-time full-year in the labor force for a number of years, but has during such years, worked primarily without remuneration to care for the home and family; and
(C) is unemployed or underemployed and is experiencing difficulty in obtaining or upgrading employment.
(3) **Fund** — The term “Fund” means the National Homeownership Trust Fund established in [section 12853 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12853&num=0&edition=prelim).
(4) **Single parent** — The term “single parent” means an individual who—
(A) is unmarried or legally separated from a spouse; and
(B)
(i) has 1 or more minor children for whom the individual has custody or joint custody; or
(ii) is pregnant.
(5) **State** — The term “State” means the States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, the Virgin Islands, American Samoa, the Trust Territory of the Pacific Islands, and any other territory or possession of the United States.
(6) **Trust** — The term “Trust” means the National Homeownership Trust established in [section 12851 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12851&num=0&edition=prelim).
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Source file: Laws/federal/codes/united-states-code/title-42/section-12854-definitions--ef3a001ad6.md
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Source location: Title 42, Chapter 130, § 12854; chapter-130-national-affordable-housing.md
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For purposes of this subchapter:
(1) **Board of Directors** — The term “Board of Directors” or “Board” means the Board of Directors of the National Homeownership Trust under [section 12851(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12851/b&num=0&edition=prelim).
(2) **Displaced homemaker** — The term “displaced homemaker” means an individual who—
(A) is an adult;
(B) has not worked full-time full-year in the labor force for a number of years, but has during such years, worked primarily without remuneration to care for the home and family; and
(C) is unemployed or underemployed and is experiencing difficulty in obtaining or upgrading employment.
(3) **Fund** — The term “Fund” means the National Homeownership Trust Fund established in [section 12853 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12853&num=0&edition=prelim).
(4) **Single parent** — The term “single parent” means an individual who—
(A) is unmarried or legally separated from a spouse; and
(B)
(i) has 1 or more minor children for whom the individual has custody or joint custody; or
(ii) is pregnant.
(5) **State** — The term “State” means the States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, the Virgin Islands, American Samoa, the Trust Territory of the Pacific Islands, and any other territory or possession of the United States.
(6) **Trust** — The term “Trust” means the National Homeownership Trust established in [section 12851 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12851&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** There is established in the Treasury of the United States a revolving fund, to be known as the National Homeownership Trust Fund.
**(b) Assets** The Fund shall consist of—
(1) any amount approved in appropriation Acts under [section 12857 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12857&num=0&edition=prelim) 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** 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12857&num=0&edition=prelim) 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
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 12853
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** There is established the National Homeownership Trust, which shall be in the Department of Housing and Urban Development and shall provide assistance to first-time homebuyers in accordance with this subchapter.
**(b) Board of Directors** The Trust shall be governed by a Board of Directors, which shall be composed of—
(1) the Secretary of Housing and Urban Development, who shall be the chairperson of the Board;
(2) the Secretary of the Treasury;
(3) the chairperson of the Board of Directors of the Federal Deposit Insurance Corporation;
(4) the chairperson of the Federal Housing Finance Board;
(5) the chairperson of the Board of Directors of the Federal National Mortgage Association;
(6) the chairperson of the Board of Directors of the Federal Home Loan Mortgage Corporation; and
(7) 1 individual representing consumer interests, who shall be appointed by the President of the United States, by and with the advice and consent of the Senate.
**(c) Powers of Trust** The Trust shall have the same powers as the powers given the Government National Mortgage Association in [section 1723a(a) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1723a/a&num=0&edition=prelim).
**(d) Travel and per diem** Members of the Board of Directors shall receive no additional compensation by reason of service on the Board, but shall be allowed travel expenses, including per diem in lieu of subsistence, as provided for employees of the Federal Government or in the same manner as persons employed intermittently in the Government service are allowed under [section 5703 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5703&num=0&edition=prelim), as appropriate.
**(e) Director and staff**
(1) *
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 12851
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Until Congress shall further provide for the government of the Trust Territory of the Pacific Islands, all executive, legislative, and judicial authority necessary for the civil administration of the Trust Territory shall continue to be vested in such person or persons and shall be exercised in such manner and through such agency or agencies as the President of the United States may direct or authorize.
**(b)** The head of any department, corporation, or other agency of the executive branch of the Government may, upon the request of the Secretary of the Interior, extend to the Trust Territory of the Pacific Islands, with or without reimbursement, scientific, technical, and other assistance under any program administered by such agency, or extend to the Trust Territory any Federal program administered by such agency, if the assistance or program will promote the welfare of the Trust Territory, notwithstanding any provision of law under which the Trust Territory may otherwise be ineligible for the assistance or program: Provided, That the Secretary of the Interior shall not request assistance pursuant to this subsection that involves, in the aggregate, an estimated nonreimbursable cost in any one fiscal year in excess of $150,000: Provided further, That the cost of any program extended to the Trust Territory under this subsection shall be reimbursable out of appropriations authorized and made for the government of the Trust Territory pursuant to section 2 of this Act, as amended. The provisions of this subsection shall not apply to financial assistance under a grant-in-aid program.
Source: Supplied U.S. Code snapshot — release unconfirmed · 48 U.S.C. § 1681
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Federal law — U.S. Code and appendices · legal_authorities
Page 8486
TITLE 42—THE PUBLIC HEALTH AND WELFARE
§ 12853
2 So in original. Probably should be ‘‘(4)’’.
(A) Interest rate buydowns
Assistance payments to decrease the rate
of interest payable on the mortgages by the
homebuyers, in an amount not exceeding—
(i) in the first year of the mortgage, 2.0
percent of the total principal obligation of
the mortgage;
(ii) in the second year of the mortgage,
1.5 percent of the total principal obligation
of the mortgage;
(iii) in the third year of the mortgage, 1.0
percent of the total principal obligation of
the mortgage; and
(iv) in the fourth year of the mortgage,
0.5 percent of the total principal obligation
of the mortgage.
(B) Downpayment assistance
Assistance payments to provide amounts
for downpayments on mortgages by the
homebuyers, in an amount not exceeding 2.5
percent of the principal obligation of the
mortgage.
(3) 2 Availability
The Trust may make assistance payments
under subparagraphs (A) and (B) of paragraph
(3) with respect to a single mortgage of a
homebuyer.
(Pub. L. 101–625, title III, § 303, Nov. 28, 1990, 104
Stat. 4130; Pub. L. 102–550, title I, § 182(c)–(e),
Oct. 28, 1992, 106 Stat. 3737, 3738.)
Editorial Notes
REFERENCES IN TEXT
The National Housing Act, referred to in subsec.
(b)(2)(B), (5), is act June 27, 1934, ch. 847, 48 Stat. 1246,
which is classified principally to chapter 13 (§ 1701 et
seq.) of Title 12, Banks and Banking. Title II of the Act
is classified principally to subchapter II (§ 1707 et seq.)
of chapter 13 of Title 12. For complete classification of
this Act to the Code, see section 1701 of Title 12 and Ta-
bles.
AMENDMENTS
1992—Subsec. (a)(3). Pub. L. 102–550, § 182(c)(2), added
par. (3).
Subsec. (a)(4), (5). Pub. L. 102–550, § 182(e), added pars.
(4
Source: Supplied 2024 U.S. Code historical extraction · 42 U.S.C. § 12854
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.