12 U.S.C. § 1701z — New technologies in the development of

Page 492 TITLE 12—BANKS AND BANKING § 1701z the Foundation shall, in its annual report or in a separate report to the President and the Con- gress, state its findings and make such rec- ommendations for alternate means of financing housing for such families as it deems appro- priate. (g) Audit of financial transaction; access to records; report of audit; contents of report (1) The financial transactions of the Founda- tion shall be audited by the Government Ac- countability Office in accordance with the prin- ciples and procedures applicable to commercial corporate transactions and under such rules and regulations as may be prescribed by the Comp- troller General of the United States. The rep- resentatives of the Government Accountability Office shall have access to all books, accounts, financial records, reports, files, and all other pa- pers, things, or property belonging to or in use by the Foundation and necessary to facilitate the audit, and they shall be afforded full facili- ties for verifying transactions with the balances or securities held by depositories, fiscal agents, and custodians. The audit shall cover the fiscal year corresponding to that of the United States Government. (2) A report of each such audit shall be made by the Comptroller General to the Congress not later than six and one-half months following the close of the last year covered by such audit. The report shall set forth the scope of the audit and shall include a statement of assets and liabil- ities, capital, and surplus or deficit; a statement of sources and application of funds; and such comments and information as may be deemed necessary to keep the Congress informed of the operations and financial condition of the Foun- dation, together with such recommendations with respect thereto as the Comptroller General may deem advisable. The report shall also show specifically any program, expenditure, or other financial transaction or undertaking, observed in the course of the audit, which, in the opinion of the Comptroller General, has been carried on or made without authority of law. A copy of each report shall be furnished to the President and to the Foundation at the time submitted to the Congress. (h) Deposit of funds of Foundation Funds of the Foundation shall be deposited, to the extent practicable, in accounts with finan- cial institutions which are actively engaged in making loans or are otherwise carrying on ac- tivities in furtherance of homeownership and housing opportunities for lower income families. (i) Authorization of appropriations There is authorized to be appropriated to the Foundation not to exceed $10,000,000 to carry out the purposes of this section. Appropriations made hereunder shall remain available until ex- pended. (Pub. L. 90–448, title I, § 107, Aug. 1, 1968, 82 Stat. 491; Pub. L. 93–604, title VI, § 604, Jan. 2, 1975, 88 Stat. 1963; Pub. L. 104–66, title I, § 1072(b), Dec. 21, 1995, 109 Stat. 721; Pub. L. 108–271, § 8(b), July 7, 2004, 118 Stat. 814.) Editorial Notes REFERENCES IN TEXT The District of Columbia Nonprofit Corporation Act, referred to in subsec. (a)(2), is Pub. L. 87–569, Aug. 6, 1962, 76 Stat. 265, which is not classified to the Code. CODIFICATION Section was enacted as part of the Housing and Urban Development Act of 1968, and not as part of the Na- tional Housing Act which comprises this chapter. AMENDMENTS 2004—Subsec. (g)(1). Pub. L. 108–271 substituted ‘‘Gov- ernment Accountability Office’’ for ‘‘General Account- ing Office’’ in two places. 1995—Subsec. (g)(1). Pub. L. 104–66 struck out at end ‘‘Such audit shall be made at least once in every three years.’’ 1975—Subsec. (g)(1). Pub. L. 93–604, § 604(1), inserted provision that the audit under this subsection shall be made at least once in every three years. Subsec. (g)(2). Pub. L. 93–604, § 604(2), substituted ‘‘six and one-half months following the close of the last year covered by such audit’’ for ‘‘January 15 following the close of the fiscal year for which the audit was made’’. Statutory Notes and Related Subsidiaries TERMINATION OF REPORTING REQUIREMENTS For termination, effective May 15, 2000, of provisions in subsec. (f)(1) of this section relating to submittal of an annual report to Congress, see section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance, and page 203 of House Document No. 103–7. OFFICE OF ECONOMIC OPPORTUNITY Pub. L. 93–644, § 9(a), Jan. 4, 1975, 88 Stat. 2310 [42 U.S.C. 2941], amended the Economic Opportunity Act of 1964 [42 U.S.C. 2701 et seq.] to create the Community Services Administration, an independent agency in the executive branch, as the successor authority to the Of- fice of Economic Opportunity, and provided that ref- erences to the Office of Economic Opportunity or to its Director were deemed to refer to the Community Serv- ices Administration or its Director. The Community Services Administration was terminated when the Eco- nomic Opportunity Act of 1964, except for titles VIII and X, was repealed, effective Oct. 1, 1981, by section 683(a) of Pub. L. 97–35, title VI, Aug. 13, 1981, 95 Stat. 519, which is classified to 42 U.S.C. 9912(a). An Office of Community Services, headed by a Director, was estab- lished in the Department of Health and Human Serv- ices by section 676 of Pub. L. 97–35, which is classified to 42 U.S.C. 9905. § 1701z. New technologies in the development of housing for lower income families (a) Institution of program; assistance to mobile home buyers In order to encourage the use of new housing technologies in providing decent, safe, and sani- tary housing for lower income families; to en- courage large-scale experimentation in the use of such technologies; to provide a basis for com- parison of such technologies with existing hous- ing technologies in providing such housing; and to evaluate the effect of local housing codes and zoning regulations on the large-scale use of new housing technologies in the provision of such housing, the Secretary of Housing and Urban Development (hereinafter referred to as the ‘‘Secretary’’) shall institute a program under which qualified organizations, public and pri- Page 493 TITLE 12—BANKS AND BANKING § 1701z–1 1 So in original. Probably should be ‘‘are’’. vate, will submit plans for the development of housing for lower income families, using new and advanced technologies, on Federal land which has been made available by the Secretary for the purposes of this section, or on other land where (1) local building regulations permit the construction of experimental housing, or (2) State or local law permits variances from build- ing regulations in the construction of experi- mental housing for the purpose of testing and developing new building technologies. (b) Approval of plans utilizing new housing tech- nologies; considerations The Secretary shall approve not more than five plans utilizing new housing technologies which are submitted to him pursuant to the pro- gram referred to in subsection (a) and which he determines are most promising in furtherance of the purposes of this section. In making such de- termination the Secretary shall consider— (1) the potential of the technology employed for producing housing for lower income fami- lies on a large scale at a moderate cost; (2) the extent to which the plan envisages environmental quality; (3) the possibility of mass production of the technology; and (4) the financial soundness of the organiza- tion submitting the plan, and the ability of such organization, alone or in combination with other organizations, to produce at least one thousand dwelling units a year utilizing the technology proposed. (c) Number of dwelling units to be constructed for each type of technology; evaluation of projects In approving projects for mortgage insurance under section 1715x(a)(2) of this title, the Sec- retary shall seek to achieve the construction of at least one thousand dwelling units a year over a five-year period for each of the various types of technologies proposed in approved plans under subsection (b). The Secretary shall evalu- ate each project with respect to which assist- ance is extended pursuant to this section with a view to determining (1) the detailed cost break- down per dwelling unit, (2) the environmental quality achieved in each unit, and (3) the effect which local housing codes and zoning regula- tions have, or would have if applicable, on the cost per dwelling unit. (d) Transfer of surplus property Notwithstanding the provisions of chapters 1 to 11 of title 40 and division C (except sections 3302, 3307(e), 3501(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41, any land which is excess property within the meaning of chapters 1 to 11 of title 40 and division C (except sections 3302, 3307(e), 3501(b), 3509, 3906, 4710, and 4711) of sub- title I of title 41 and which is determined by the Secretary to be suitable in furtherance of the purposes of this section may be transferred to the Secretary upon his request. (e) Report of findings; legislative recommenda- tions The Secretary shall, at the earliest prac- ticable date, report his findings with respect to projects assisted pursuant to this section (in- cluding evaluations of each such project in ac- cordance with subsection (c)), together with such recommendations for additional legislation as he determines to be necessary or desirable to expand the available supply of decent, safe, and sanitary housing for lower income families through the use of technologies the efficacy of which has been demonstrated under this section. (Pub. L. 90–448, title I, § 108(a)–(e), Aug. 1, 1968, 82 Stat. 495, 496.) Editorial Notes CODIFICATION In subsec. (d), ‘‘chapters 1 to 11 of title 40 and division C (except sections 3302, 3307(e), 3501(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41, any land which is ex- cess property within the meaning of chapters 1 to 11 of title 40 and division C (except sections 3302, 3307(e), 3501(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41’’ substituted for ‘‘the Federal Property and Administra- tive Services Act of 1949, any land which is excess prop- erty within the meaning of such Act’’ on authority of Pub. L. 107–217, § 5(c), Aug. 21, 2002, 116 Stat. 1303, which Act enacted Title 40, Public Buildings, Property, and Works, and Pub. L. 111–350, § 6(c), Jan. 4, 2011, 124 Stat. 3854, which Act enacted Title 41, Public Contracts. Section was enacted as part of the Housing and Urban Development Act of 1968, and not as part of the Na- tional Housing Act which comprises this chapter. § 1701z–1. Research and demonstrations; author- ization of appropriations; continuing avail- ability of funds The Secretary of Housing and Urban Develop- ment is authorized and directed to undertake such programs of research, studies, testing, and demonstration relating to the mission and pro- grams of the Department as he determines to be necessary and appropriate. There is 1 authorized to be appropriated to carry out this title [12 U.S.C. 1701z–1 et seq.] $35,000,000 for fiscal year 1993 and $36,470,000 for fiscal year 1994. (Pub. L. 91–609, title V, § 501, Dec. 31, 1970, 84 Stat. 1784; Pub. L. 94–375, § 23(a), Aug. 3, 1976, 90 Stat. 1078; Pub. L. 95–128, title II, § 204, Oct. 12, 1977, 91 Stat. 1129; Pub. L. 95–557, title III, § 305(a), Oct. 31, 1978, 92 Stat. 2097; Pub. L. 96–153, title III, § 304, Dec. 21, 1979, 93 Stat. 1112; Pub. L. 96–399, title III, § 303, Oct. 8, 1980, 94 Stat. 1639; Pub. L. 97–35, title III, § 337, Aug. 13, 1981, 95 Stat. 414; Pub. L. 98–181, title I [title IV, § 466(a)], Nov. 30, 1983, 97 Stat. 1236; Pub. L. 100–242, title V, § 564, Feb. 5, 1988, 101 Stat. 1945; Pub. L. 101–625, title IX, § 951(a), Nov. 28, 1990, 104 Stat. 4417; Pub. L. 102–550, title IX, § 901, Oct. 28, 1992, 106 Stat. 3866.) Editorial Notes REFERENCES IN TEXT This title, referred to in text, is title V of the Hous- ing and Urban Development Act of 1970, Pub. L. 91–609, Dec. 31, 1970, 84 Stat. 1784, which is classified generally to section 1701z–1 et seq. of this title. For complete classification of this Act to the Code, see Short Title of 1970 Amendments note set out under section 1701 of this title and Tables. CODIFICATION Section was enacted as part of the Housing and Urban Development Act of 1970, and not as part of the Na- tional Housing Act which comprises this chapter.