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42 U.S.C. § 3931 — Congressional statement of purpose
Federal law — U.S. Code and appendices · legal_authorities
The Congress finds that the volume of housing being produced for families and individuals of low or moderate income must be increased to meet the national goal of a decent home and a suitable living environment for every American family, and declares that it is the policy of the United States to encourage the widest possible participation by private enterprise in the provision of housing for low or moderate income families. The Congress has therefore determined that one or more private organizations should be created to encourage maximum participation by private investors in programs and projects to provide low and moderate income housing.
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Source file: Laws/federal/codes/united-states-code/title-42/section-3931-congressional-statement-of-purpose--e4230440d7.md
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Source location: Title 42, Chapter 49, § 3931; chapter-049-national-housing-partnerships.md
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The Congress finds that the volume of housing being produced for families and individuals of low or moderate income must be increased to meet the national goal of a decent home and a suitable living environment for every American family, and declares that it is the policy of the United States to encourage the widest possible participation by private enterprise in the provision of housing for low or moderate income families. The Congress has therefore determined that one or more private organizations should be created to encourage maximum participation by private investors in programs and projects to provide low and moderate income housing.
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Federal law — U.S. Code and appendices · legal_authorities
For purposes of [section 1441a–2 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1441a-2&num=0&edition=prelim):
(1) **State housing finance authority** — The term “State housing finance authority” means any public agency, authority, or corporation which—
(A) serves as an instrumentality of any State or any political subdivision of any State; and
(B) functions as a source of residential mortgage loan financing in that State.
(2) **Nonprofit entity** — The term “nonprofit entity” means any not-for-profit corporation chartered under State law that is exempt from Federal taxation under [section 501(c) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section501/c&num=0&edition=prelim) and no part of the net earnings of which inures to the benefit of any member, founder, contributor, or individual (including any nonprofit entity established by the corporation established under title IX of the Housing and Urban Development Act of 1968 [[42 U.S.C. 3931](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section3931&num=0&edition=prelim) et seq.]).
(3) **Mortgage-related assets** — The term “mortgage-related assets” means—
(A) residential mortgage loans secured by 1- to 4-family or multifamily dwellings; and
(B) real property improved with 1- to 4-family or multifamily residential dwellings,
which are located within the jurisdiction of the applicable State housing finance authority or within the geographical area served by the nonprofit entity.
(4) **Net income** — The term “net income” means income after deduction of all associated expenses calculated in accordance with generally accepted accounting principles.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** In order to provide thrift institutions for the deposit of funds and for the extension of credit for homes and other goods and services, the Comptroller of the Currency is authorized, under such regulations as the Comptroller of the Currency may prescribe—
(1) to provide for the organization, incorporation, examination, operation, and regulation of associations to be known as Federal savings associations (including Federal savings banks), and
(2) to issue charters therefor,
giving primary consideration of the best practices of thrift institutions in the United States. The lending and investment powers conferred by this section are intended to encourage such institutions to provide credit for housing safely and soundly.
**(b) Deposits and related powers**
(1) **Deposit accounts**
(A) Subject to the terms of its charter and regulations of the Comptroller of the Currency, a Federal savings association may—
(i) raise funds through such deposit, share, or other accounts, including demand deposit accounts (hereafter in this section referred to as “accounts”); and
(ii) issue passbooks, certificates, or other evidence of accounts.
(B) A Federal savings association may not permit any overdraft (including an intraday overdraft) on behalf of an affiliate, or incur any such overdraft in such savings association’s account at a Federal reserve bank or Federal home loan bank on behalf of an affiliate.All savings accounts and demand accounts shall have the same priority upon liquidation. Holders of accounts and obligors of a Federal savings association shall, to such extent as may be provided by its charter or by regulations of the Comptroller of the Currency, be members of the savings association, and shall have such voting rights and such other
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose** The purpose of this section is to provide homeownership and rental housing opportunities for very low-income, low-income, and moderate-income families.
**(b) Funding and limitations of program**
(1) **Duration of program** — The provisions of this section shall be effective, subject to the provisions of paragraph (2), only during the 3-year period beginning upon the commencement of the first fiscal year for which amounts are provided pursuant to paragraph (2)(A).
(2) **Annual fiscal limitations**
(A) *In general* — In each fiscal year during the 3-year period referred to in paragraph (1), the provisions of this section shall apply only—
(i) to such extent or in such amounts as are provided in appropriations Acts for any losses resulting during the fiscal year from the sale of properties under this section, except that such amounts for losses may not exceed $30,000,000 in any fiscal year; and
(ii) to the extent that amounts are provided in appropriations Acts pursuant to subparagraph (C) for any other costs relating to the program under this section.
(B) *Definition of losses* — For purposes of this paragraph, the amount of losses resulting from the sale of properties under this section during any fiscal year shall be the amount equal to the sum of any affordable housing discounts reasonably anticipated to accrue during the fiscal year.
(C) *Authorization of appropriations* — There are authorized to be appropriated, for each fiscal year during the 3-year period referred to in paragraph (1), such sums as may be necessary for any costs of the program under this section other than losses resulting from the sale of properties under this section.
(D) *Other definitions* — For purposes of this paragraph:
(i) *Affordable housing dis
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1831q
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Federal law — U.S. Code and appendices · legal_authorities
Page 5997
TITLE 42—THE PUBLIC HEALTH AND WELFARE
§ 3934
§§ 3912, 3913. Omitted
Editorial Notes
CODIFICATION
Sections were omitted pursuant to section 4528 of this
title, which terminated authority to guarantee bonds,
debentures, notes, or other obligations under this chap-
ter after Dec. 31, 1970, with exceptions now inappli-
cable.
Section 3912, Pub. L. 90–448, title IV, § 413, Aug. 1, 1968,
82 Stat. 517, set out functions, powers and duties of the
Secretary under this chapter.
Section 3913, Pub. L. 90–448, title IV, § 414, Aug. 1, 1968,
82 Stat. 517, related to audit of financial transactions of
those whose obligations are guaranteed under this
chapter.
§ 3914. Repealed. Pub. L. 98–181, title I [title IV,
§ 474(e)], Nov. 30, 1983, 97 Stat. 1239
Section, Pub. L. 90–448, title IV, § 415, Aug. 1, 1968, 82
Stat. 517, defined ‘‘land development’’, ‘‘actual costs’’,
and ‘‘new community assistance projects’’ for purposes
of this chapter.
CHAPTER 49—NATIONAL HOUSING
PARTNERSHIPS
Sec.
3931.
Congressional statement of purpose.
3932.
Creation of corporations.
3933.
Organization of corporation.
3934.
Board of Directors; membership; appoint-
ment; term.
3935.
Financing the corporation.
3936.
Purposes and powers of corporation.
3937.
National housing partnership.
3938.
Annual report of corporation; audit of ac-
counts.
3939.
Applicability of antitrust laws.
3940.
Reservation of right to repeal, alter, or
amend chapter.
3941.
State or local taxation or regulation; access
to judicial process.
§ 3931. Congressional statement of purpose
The Congress finds that the volume of housing
being produced for families and individuals of
low or moderate income must be increased to
meet the national goal of a decent home and a
suitable living enviro
Source: Supplied 2024 U.S. Code historical extraction · 42 U.S.C. § 3931
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