42 U.S.C. § 12853 — National Homeownership Trust Fund

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.