42 U.S.C. § 8101 — Congressional findings and declaration of

Page 7532 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 8101 SUBCHAPTER I—NEIGHBORHOOD REINVESTMENT CORPORATION § 8101. Congressional findings and declaration of purpose (a) The Congress finds that— (1) the neighborhood housing services dem- onstration of the Urban Reinvestment Task Force has proven its worth as a successful pro- gram to revitalize older urban neighborhoods by mobilizing public, private, and community resources at the neighborhood level; and (2) the demand for neighborhood housing services programs in cities throughout the United States warrants the creation of a pub- lic corporation to institutionalize and expand the neighborhood housing services program and other programs of the present Urban Rein- vestment Task Force. (b) The purpose of this subchapter is to estab- lish a public corporation which will continue the joint efforts of the Federal financial supervisory agencies and the Department of Housing and Urban Development to promote reinvestment in older neighborhoods by local financial institu- tions working cooperatively with community people and local government, and which will continue the nonbureaucratic approach of the Urban Reinvestment Task Force, relying largely on local initiative for the specific design of local programs. (Pub. L. 95–557, title VI, § 602, Oct. 31, 1978, 92 Stat. 2115.) Statutory Notes and Related Subsidiaries SHORT TITLE Pub. L. 95–557, title VI, § 601, Oct. 31, 1978, 92 Stat. 2115, provided that: ‘‘This title [enacting this sub- chapter] may be cited as the ‘Neighborhood Reinvest- ment Corporation Act’.’’ Pub. L. 95–557, title VII, § 701, Oct. 31, 1978, 92 Stat. 2119, which provided that such title, which was classi- fied to subchapter II of this chapter, was to be cited as the ‘‘Neighborhood Self-Help Development Act of 1978’’, was repealed by Pub. L. 97–35, title III, § 313(a), Aug. 13, 1981, 95 Stat. 398. Pub. L. 95–557, title VIII, § 801, Oct. 31, 1978, 92 Stat. 2122, provided that: ‘‘This title [enacting subchapter III of this chapter] may be cited as the ‘Livable Cities Act of 1978’.’’ HOUSING COUNSELING Pub. L. 117–2, title III, § 3204, Mar. 11, 2021, 135 Stat. 60, provided that: ‘‘(a) APPROPRIATION.—In addition to amounts other- wise available, there is appropriated to the Neighbor- hood Reinvestment Corporation (in this section re- ferred to as the ‘Corporation’) for fiscal year 2021, out of any money in the Treasury not otherwise appro- priated, $100,000,000, to remain available until Sep- tember 30, 2025, for grants to housing counseling inter- mediaries approved by the Department of Housing and Urban Development, State housing finance agencies, and NeighborWorks organizations for providing housing counseling services, as authorized under the Neighbor- hood Reinvestment Corporation Act (42 U.S.C. 8101–8107) and consistent with the discretion set forth in section 606(a)(5) of such Act (42 U.S.C. 8105(a)(5)) to design and administer grant programs. Of the grant funds made available under this subsection, not less than 40 percent shall be provided to counseling organi- zations that— ‘‘(1) target housing counseling services to minority and low-income populations facing housing insta- bility; or ‘‘(2) provide housing counseling services in neigh- borhoods having high concentrations of minority and low-income populations. ‘‘(b) LIMITATION.—The aggregate amount provided to NeighborWorks organizations under this section shall not exceed 15 percent of the total of grant funds made available by subsection (a). ‘‘(c) ADMINISTRATION AND OVERSIGHT.—The Corpora- tion may retain a portion of the amounts provided under this section, in a proportion consistent with its standard rate for program administration in order to cover its expenses related to program administration and oversight. ‘‘(d) HOUSING COUNSELING SERVICES DEFINED.— For the purposes of this section, the term ‘housing coun- seling services’ means— ‘‘(1) housing counseling provided directly to house- holds facing housing instability, such as eviction, de- fault, foreclosure, loss of income, or homelessness; ‘‘(2) education, outreach, training, technology up- grades, and other program related support; and ‘‘(3) operational oversight funding for grantees and subgrantees that receive funds under this section.’’ § 8102. Neighborhood Reinvestment Corporation (a) Establishment There is established a Neighborhood Reinvest- ment Corporation (hereinafter referred to as the ‘‘corporation’’) which shall be a body corporate and shall possess the powers, and shall be sub- ject to the direction and limitations specified herein. (b) Implementation and expansion of demonstra- tion activities The corporation shall implement and expand the demonstration activities carried out by the Urban Reinvestment Task Force. (c) Principal office The corporation shall maintain its principal office in the District of Columbia or at such other place the corporation may from time to time prescribe. (d) Exemption from taxation The corporation, including its franchise, ac- tivities, assets, and income, shall be exempt from all taxation now or hereafter imposed by the United States, by any territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority, except that any real property of the corporation shall be subject to State, territorial, county, munic- ipal, or local taxation to the same extent ac- cording to its value as other real property is taxed. (Pub. L. 95–557, title VI, § 603, Oct. 31, 1978, 92 Stat. 2115; Pub. L. 96–399, title III, § 315(1), Oct. 8, 1980, 94 Stat. 1645.) Editorial Notes AMENDMENTS 1980—Subsec. (a). Pub. L. 96–399 struck out ‘‘Na- tional’’ before ‘‘Neighborhood’’. § 8103. Board of Directors (a) Membership The corporation shall be under the direction of a board of directors made up of the following members: (1) the Chairman of the Federal Home Loan Bank Board or a member of the Federal Home