42 U.S.C. § 12854 — Definitions

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) and (5). Subsec. (b)(1)(D). Pub. L. 102–550, § 182(d), added sub- par. (D). Subsec. (e). Pub. L. 102–550, § 182(c)(1), added subsec. (e). § 12853. National Homeownership Trust Fund (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 for pur- poses of carrying out this subchapter; (2) any amount received by the Trust as re- payment for payments made under this sub- chapter; and (3) any amount received by the Trust under subsection (d). (c) Use of amounts The Fund shall, to the extent approved in ap- propriations 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 sub- chapter shall be invested by the Trust in obliga- tions 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 sec- tion 12857 of this title in fiscal year 1991, the Secretary shall carry out demonstration pro- grams for combining housing activities and eco- nomic development activities, as follows: (1) In Milwaukee, Wisconsin, in an amount not to exceed $4,200,000, for development, reha- bilitation, and revitalization of 2 vacant struc- tures in a blighted minority neighborhood. (2) In Washington, District of Columbia, in an amount not to exceed $10,000,000, for non- profit neighborhood-based groups to acquire and rehabilitate vacant public and private housing for resale or rent to low- and mod- erate-income families and to the extent of and subject to engage in neighborhood-based eco- nomic 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 cor- porations. (4) In other areas, as the Secretary may de- termine. (Pub. L. 101–625, title III, § 304, Nov. 28, 1990, 104 Stat. 4132.) § 12854. Definitions 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. (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 up- grading employment. (3) Fund The term ‘‘Fund’’ means the National Home- ownership Trust Fund established in section 12853 of this title. Page 8487 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 12870 1 See References in Text note below. 1 See References in Text note below. (4) Single parent The term ‘‘single parent’’ means an indi- vidual 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 Common- wealth 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. (Pub. L. 101–625, title III, § 305, Nov. 28, 1990, 104 Stat. 4132.) Executive Documents TERMINATION OF TRUST TERRITORY OF THE PACIFIC ISLANDS For termination of Trust Territory of the Pacific Is- lands, see note set out preceding section 1681 of Title 48, Territories and Insular Possessions. § 12855. Regulations The Board of Directors shall issue any regula- tions necessary to carry out this subchapter. (Pub. L. 101–625, title III, § 306, Nov. 28, 1990, 104 Stat. 4133.) § 12856. Report The Board of Directors shall submit to the Congress, not later than the expiration of the 90- day period beginning on the date of the termi- nation of the Trust under section 12859 of this title, a report containing a description of the ac- tivities of the Trust and an analysis of the effec- tiveness of the Trust in assisting first-time homebuyers. (Pub. L. 101–625, title III, § 307, Nov. 28, 1990, 104 Stat. 4133.) § 12857. Authorization of appropriations There are authorized to be appropriated for as- sistance payments under this subchapter $520,665,600 for fiscal year 1993 and $542,533,555 for fiscal year 1994, of which such sums as may be necessary shall be available in each such fiscal year for use under section 12852(e) of this title. Any amount appropriated under this section shall be deposited in the Fund and shall remain available until expended, subject to the provi- sions of section 12858 1 of this title. (Pub. L. 101–625, title III, § 308, Nov. 28, 1990, 104 Stat. 4133; Pub. L. 102–550, title I, § 182(b), Oct. 28, 1992, 106 Stat. 3736.) Editorial Notes REFERENCES IN TEXT Section 12858 of this title, referred to in text, was in the original ‘‘section 311’’, and was translated as read- ing ‘‘section 309’’, meaning section 309 of Pub. L. 101–625, to reflect the probable intent of Congress, be- cause Pub. L. 101–625 does not contain a section 311. AMENDMENTS 1992—Pub. L. 102–550 amended section generally. Prior to amendment, section read as follows: ‘‘There are au- thorized to be appropriated to carry out this sub- chapter $250,000,000 for fiscal year 1991 and $521,500,000 for fiscal year 1992. Any amount appropriated under this section shall be deposited in the Fund and remain available until expended, subject to the provisions of section 12858 of this title.’’ § 12858. Transition (a) Authority of Secretary Upon the termination of the Trust as provided in section 12859 of this title, the Secretary of Housing and Urban Development shall exercise any authority of the Board of Directors and the Trust in accordance with the provisions of this subchapter as may be necessary to provide for the conclusion of the outstanding affairs of the Trust. (b) Applicability of Trust provisions Any assistance under this subchapter shall, after termination of the Trust, be subject to the provisions of this subchapter that would have applied to such assistance if the termination had not occurred. (c) Certification of Fund to Treasury Upon a determination by the Secretary of Housing and Urban Development that the Na- tional Homeownership Trust Fund is no longer necessary, the Secretary shall certify any amounts remaining in the Fund to the Sec- retary of the Treasury and the Secretary of the Treasury shall deposit into the general fund of the Treasury as miscellaneous receipts any amounts remaining in the Fund. (Pub. L. 101–625, title III, § 309, Nov. 28, 1990, 104 Stat. 4133.) § 12859. Termination The Trust shall terminate September 30, 1994. (Pub. L. 101–625, title III, § 310, Nov. 28, 1990, 104 Stat. 4133; Pub. L. 102–550, title I, § 182(a), Oct. 28, 1992, 106 Stat. 3736.) Editorial Notes AMENDMENTS 1992—Pub. L. 102–550 substituted ‘‘September 30, 1994’’ for ‘‘on September 30, 1993’’. SUBCHAPTER IV—HOPE FOR HOMEOWNER- SHIP OF MULTIFAMILY AND SINGLE FAMILY HOMES § 12870. Authorization of appropriations (a) Fiscal year 1993 There are authorized to be appropriated for grants under this title 1 $855,000,000 for fiscal year 1993, of which—