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8000 - Miscellaneous Statutes and Regulations
{{6-30-89 p.8761}}
HOUSING AND COMMUNITY DEVELOPMENT AMENDMENTS OF 1978
AN ACT
To amend and extend certain Federal laws relating to
housing, neighborhood development and preservation, and related
programs, and for other purposes.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
* * * * *
TITLE VI—NEIGHBORHOOD REINVESTMENT CORPORATION
SHORT TITLE
SEC. 601. This title may be cited as the "Neighborhood
Reinvestment Corporation Act".
[Codified to 42 U.S.C. 8101 nt]
[Source: Section 601 of title VI of the Act of October 31, 1978
(Pub. L. No. 95--557; 92 Stat. 2115), effective October 31, 1978]
FINDINGS AND PURPOSE
SEC. 602. (a) The Congress finds that--
(1) the neighborhood housing services demonstration of the Urban
Reinvestment Task Force has proven its worth as a successful program 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 public
corporation to institutionalize and expand the neighborhood housing
services program and other programs of the present Urban Reinvestment
Task Force.
(b) The purpose of this title is to establish 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 institutions 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.
[Codified to 42 U.S.C. 8101]
[Source: Section 602 of title VI of the Act of October 31, 1978
(Pub. L. No. 95--557; 92 Stat. 2115), effective October 31, 1978]
ESTABLISHMENT OF CORPORATION
SEC. 603. (a) There is established a Neighborhood Reinvestment
Corporation (hereinafter referred to as the "corporation") which
shall be a body corporate and shall possess the powers, and shall be
subject to the direction and limitations specified herein.
(b) The corporation shall implement and expand the demonstration
activities carried out by the Urban Reinvestment Task Force.
(c) 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) The corporation, including its franchise, activities, 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,
{{6-30-89 p.8762}}territorial, county, municipal, or local
taxation to the same extent according to its value as other real
property is taxed.
[Codified to 42 U.S.C. 8102]
[Source: Section 603 of the title VI of the Act of October 31,
1978 (Pub. L. No. 95--557; 92 Stat. 2115), effective October 31, 1978;
as amended by section 315 of title III of the Act of October 8, 1980
(Pub. L. No. 96--399; 94 Stat. 1645), effective October 8, 1980]
BOARD OF DIRECTORS; ESTABLISHMENT
SEC. 604. (a) 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 Loan Bank Board to be designated by the Chairman;
(2) the Secretary of Housing and Urban Development;
(3) the Chairman of the Board of Governors of the Federal Reserve
System, or a member of the Board of Governors of the Federal Reserve
System to be designated by the Chairman;
(4) the Chairman of the Federal Deposit Insurance Corporation or
the appointive member of the Board of Directors of the Federal Deposit
Insurance Corporation if so designated by the Chairman;
(5) the Comptroller of the Currency; and
(6) the Chairman of the National Credit Union Administration or a
member of the Board of the National Credit Union Administration to be
designated by the Chairman.
(b) The Board shall elect from among its members a chairman who
shall serve for a term of two years, except that the Chairman of the
Federal Home Loan Bank Board shall serve as Chairman of the Board of
Directors for the first such two-year term.
(c) Each director of the corporation shall serve ex officio during
the period he holds the office to which he is appointed by the
President.
(d) The directors of the corporation, as full-time officers of the
United States, shall serve without additional compensation but shall be
reimbursed for travel, subsistence, and other necessary expenses
incurred in the performance of their duties as directors of the
corporation.
(e) The directors of the corporation shall adopt such bylaws,
policies, and administrative provisions as are necessary to the
functioning of the corporation and consistent with the provisions of
this title.
(f) A director who is necessarily absent from a meeting of the
board, or of a committee of the board, may participate in such meeting
through a duly designated representative who is serving, pursuant to
appointment by the President of the United States, by and with the
advice and consent of the Senate, in the same department, agency,
corporation, or instrumentality as the absent director, or in the case
of the Comptroller of the Currency, through a duly designated Deputy
Comptroller.
(g) The presence of a majority of the board members, or their
representatives as provided in subsection (f), shall constitute a
quorum.
(h) The corporation shall be subject to the provisions of
section 552 of title 5, United
States Code.
(i) All meetings of the board of directors will be conducted in
accordance with the provisions of
section 552b of title 5, United
States Code.
[Codified to 42 U.S.C. 8103]
[Source: Section 604 of title VI of the Act of October
31, 1978 (Pub. L. No. 95--557; 92 Stat. 2115), effective October 31,
1978; as amended by section 710(a) of title VII of the Act of October
15, 1982 (Pub. L. No. 97--320; 96 Stat. 1544), effective October 15,
1982; section 520(a) of title V of the Act of February 5, 1988 (Pub. L.
No. 100--242; 101 Stat 1938), effective February 5, 1988; and section
1085 of title I of the Act of November 7, 1988 (Pub. L. No. 100--628;
102 Stat. 3278), effective November 7, 1988]
{{2-29-08 p.8763}}
OFFICERS AND EMPLOYEES
SEC. 605. (a) The board shall have power to select, employ, and
fix the salary and benefits of such officers, employees, attorneys, and
agents as shall be necessary for the performance of its duties under
this title, without regard to the provisions of title 5, United States
Code, governing appointments in the competitive service,
classification, and General Schedule pay rates, except that no officer,
employee, attorney, or agent of the corporation may be paid salary at a
rate in excess of the rate for level IV of the Executive Schedule under
section 5332 of title 5, United States Code. The Corporation shall also
apply the provisions of section 5307(a)(1), (b)(1) and (b)(2) of title
5, United States Code, governing limitations on certain pay as if its
employees were Federal employees receiving payments under title
5.
(b) The directors of the corporation shall appoint an executive
director who shall serve as chief executive officer of the corporation.
(c) The executive director of the corporation, subject to approval
by the board, may appoint and remove such employees of the corporation
as he determines necessary to carry out the purposes of the
corporation.
(d) No political test or political qualification shall be used in
selecting, appointing, promoting, or taking any other personnel action
with respect to any officer, agent, or employee of the corporation or
of any recipient, or in selecting or monitoring any grantee,
contractor, or person or entity receiving financial assistance under
this title.
(e) Officers and employees of the corporation shall not be
considered officers or employees of the United States, and the
corporation shall not be considered a department, agency, or
instrumentality of the Federal Government. The corporation shall be
subject to administrative and cost standards issued by the Office of
Management and Budget similar to standards applicable to non-profit
grantees and educational institutions.
[Codified to 42 U.S.C. 8104]
[Source: Section 605 of title VI of the Act of October 31, 1978
(Pub. L. No. 95--557; 92 Stat. 2116), effective October 31, 1978;
title III of the Act of January 23, 2004 (Pub. L. No. 108--199; 118
Stat. 413), effective January 23, 2004]
POWERS AND DUTIES
SEC. 606. (a)(1) The corporation shall continue the work of the
Urban Reinvestment Task Force in establishing neighborhood housing
services programs in neighborhoods throughout the United States,
monitoring their progress, and providing them with grants and technical
assistance. For the purpose of this paragraph, a neighborhood housing
services program may involve a partnership of neighborhood residents
and representatives of local governmental and financial institutions,
organized as a State-chartered non-profit corporation, working to bring
about reinvestment in one or more neighborhoods through a program of
systematic housing inspections, increased public investment, increased
private lending, increased resident investment, and a revolving loan
fund to make loans available at flexible rates and terms to homeowners
not meeting private lending criteria.
(2) The corporation shall continue the work of the Urban
Reinvestment Task Force in identifying, monitoring, evaluating, and
providing grants and technical assistance to selected neighborhood
preservation projects which show promise as mechanisms for reversing
neighborhood decline and improving the quality of neighborhood life.
(3) The corporation shall experimentally replicate neighborhood
preservation projects which have demonstrated success, and after
creating reliable developmental processes, bring the new programs to
neighborhoods throughout the United States which in the judgment of the
corporation can benefit therefrom, by providing assistance in
organizing programs, providing grants in partial support of program
costs, and providing technical assistance to ongoing programs.
(4) The corporation shall continue the work of the Urban
Reinvestment Task Force in supporting Neighborhood Housing Services of
America, a nonprofit corporation established to provide services to
local neighborhood housing services programs, with support which may
include technical assistance and grants to expand its national loan
purchase pool and may contract with it for services which it can
perform more efficiently or effectively than the
corporation.
{{2-29-08 p.8764}}
(5) The corporation shall, in making and providing the foregoing
grants and technical and other assistance, determine the reporting and
management restrictions or requirements with which the recipients of
such grants or other assistance must comply. In making such
determinations, the corporation shall assure that recipients of grants
and other assistance make available to the corporation such information
as may be necessary to determine compliance with applicable Federal
laws.
(b) To carry out the foregoing purposes and engage in the foregoing
activities, the corporation is authorized--
(1) to adopt, alter, and use a corporate seal;
(2) to have succession until dissolved by Act of Congress;
(3) to make and perform contracts, agreements, and commitments;
(4) to sue and be sued, complain and defend, in any State,
Federal, or other court;
(5) to determine its necessary expenditures and the manner
in which the same shall be incurred, allowed, and paid, and appoint,
employ, and fix and provide for the compensation of consultants,
without regard to any other law, except as provided in section 608(d);
(6) to settle, adjust, and compromise, and with or without
compensation or benefit to the corporation to release or waive in whole
or in part, in advance or otherwise, any claim, demand, or right of,
by, or against the corporation;
(7) to invest such funds of the corporation in such investments
as the board of directors may prescribe;
(8) to acquire, take, hold, and own, and to deal with and
dispose of any property; and
(9) to exercise all other powers that are necessary and proper to
carry out the purposes of this title.
(c)(1) The corporation may contract with the Office of Neighborhood
Reinvestment of the Federal home loan banks for all staff, services,
facilities, and equipment now or in the future furnished by the Office
of Neighborhood Reinvestment to the Urban Reinvestment Task Force,
including receiving the services of the Director of the Office of
Neighborhood Reinvestment as the corporation's executive director.
(2) The corporation shall have the power to award contracts and
grants to--
(A) neighborhood housing services corporations and other
nonprofit corporations engaged in neighborhood preservation activities;
and
(B) local governmental bodies.
(3) The Secretary of Housing and Urban Development, the Federal
Home Loan Bank Board and the Federal home loan banks, the Board of
Governors of the Federal Reserve System and the Federal Reserve banks,
the Federal Deposit Insurance Corporation, and the Comptroller of the
Currency, the National Credit Union Administration or any other
department, agency, or other instrumentality of the Federal Government
are authorized to provide funds, services and facilities, with or
without reimbursement, necessary to achieve the objectives and to carry
out the purposes of this title.
(d)(1) The corporation shall have no power to issue any shares of
stocks, or to declare or pay any dividends.
(2) No part of the income or assets of the corporation shall
inure to the benefit of any director, officer, or employee, except as
reasonable compensation for services or reimbursement for expenses.
(3) The corporation may not contribute to or otherwise support
any political party or candidate for elective public office.
[Codified to 42 U.S.C. 8105]
[Source: Section 606 of title VI of the Act of October
31, 1978 (Pub. L. No. 95--557; 92 Stat. 2117), effective October 31,
1978; as amended by section 315 of title III of the Act of October 8,
1980 (Pub. L. No. 96--399; 94 Stat. 1645), effective October 8, 1980;
and section 710(b) of title VII of the Act of October 15, 1982 (Pub. L.
No. 97--320; 96 Stat. 1544), effective October 15, 1982]
REPORTS AND AUDITS
SEC. 607. (a) The corporation shall publish an annual report which
shall be transmitted by the corporation to the President and the
Congress.
{{2-29-08 p.8765}}
(b) The accounts of the corporation shall be audited annually. Such
audits shall be conducted in accordance with generally accepted
auditing standards by independent certified public accountants who are
certified by a regulatory authority of the jurisdiction in which the
audit is undertaken.
(c) In addition to the annual audit, the financial transactions of
the corporation for any fiscal year during which Federal funds are
available to finance any portion of its operations may be audited by
the Government Accountability Office in accordance with such rules and
regulations as may be prescribed by the Comptroller General of the
United States.
(d) For any fiscal year during which Federal funds are available to
finance any portion of the corporation's grants or contracts, the
Government Accountability Office, in accordance with such rules and
regulations as may be prescribed by the Comptroller General of the
United States, may audit the grantees or contractors of the
corporation.
(e) The corporation shall conduct or require each grantee or
contractor to provide for an annual financial audit. The report of each
such audit shall be maintained for a period of at least five years at
the principal office of the corporation.
[Codified to 42 U.S.C. 8106]
[Source: Section 607 of title VI of the Act of October 31, 1978
(Pub. L. No. 95--557; 92 Stat. 2118), effective October 31, 1978; as
amended by section 2161 of title II of the Act of December 21, 1995
(Pub. L. No. 104-66; 109 Stat. 731), effective December 21, 1995;
section 8(b) of the Act of July 7, 2004 (Pub. L. No. 108--271; 118
Stat. 814), effective July 7, 2004]
AUTHORIZATION
SEC. 608. (a)(1) There are authorized to be appropriated to the
corporation to carry out this title $29,476,000 for fiscal year 1993
and $30,713,992 for fiscal year 1994. Not more than 15 percent of any
amount appropriated under this paragraph for any fiscal year may be
used for administrative expenses.
(2) Of the amount appropriated pursuant to this subsection for
any fiscal year, amounts appropriated in excess of the amount necessary
to continue existing services of the Neighborhood Reinvestment
Corporation in revitalizing declining neighborhoods shall be
available--
(A) to expand the national neighborhood housing services network
and to assist network capacity development, including expansion of
rental housing resources;
(B) to expand the loan purchase capacity of the national
neighborhood housing services secondary market operated by Neighborhood
Housing Services of America;
(C) to make grants to provide incentives to extend low-income
housing use in connection with properties subject to prepayment
pursuant to the Low-Income Housing Preservation and Resident Ownership
Act of 1990;
(D) to increase the resources available to the national
neighborhood housing services network programs for the purchase of
multifamily and single-family properties owned by the Secretary of
Housing and Urban Development for rehabilitation (if necessary) and
sale to low- and moderate-income families; and
(E) to provide matching capital grants, operating subsidies, and
technical services to mutual housing associations for the development,
acquisition, and rehabilitation of multifamily and single-family
properties (including properties owned by the Secretary of Housing and
Urban Development) to ensure affordability by low- and moderate-income
families.
(b) Funds appropriated pursuant to this section shall remain
available until expended.
(c) Non-Federal funds received by the corporation, and funds
received by any recipient from a source other than the corporation,
shall be accounted for and reported as receipts and disbursements
separate and distinct from Federal funds.
(d) The corporation shall prepare annually a business-type budget
which shall be submitted to the Office of Management and Budget, under
such rules and regulations as the President may establish as to the
date of submission, the form and content, the classifications of data,
and the manner in which such budget program shall be prepared and
presented. The budget of the corporation as modified, amended, or
revised by the
{{2-29-08 p.8766}}President shall be transmitted to the Congress
as a part of the annual budget required by chapter 11 of title 31,
United States Code. Amendments to the annual budget program may be
submitted from time to time.
[Codified to 42 U.S.C. 8107]
[Source: Section 608 of title VI of the Act of October 31, 1978
(Pub. L. No. 95--557; 92 Stat. 2119), effective October 31, 1978; as
amended by section 307 of title III of the Act of December 21, 1979
(Pub. L. No. 96--153; 93 Stat. 1113), effective December 21, 1979;
section 315 of title III of the Act of October 8, 1980 (Pub. L. No.
96--399; 94 Stat. 1645), effective October 8, 1980; section 314 of
title III of the Act of August 13, 1981 (Pub. L. No. 97--35; 95 Stat.
384), effective October 1, 1981; section 125 of title I of the Act of
November 30, 1983 (Pub. L. No. 98--181; 97 Stat. 1175), effective
November 30, 1983; section 203(m) of title II of the Act of October 17,
1984 (Pub. L. No. 98--479; 98 Stat. 2231), effective October 17, 1984;
section 520(b) of title V of the Act of February 5, 1988 (Pub. L. No.
100--242; 101 Stat. 1938), effective February 5, 1988; section 917(c)
of title IX of the Act of November 28, 1990 (Pub. L. No. 101--625; 104
Stat. 4398), effective November 28, 1990; section 831 of title VIII of
the Act of October 28, 1992 (Pub. L. No. 102--550; 106 Stat. 3851),
effective October 28, 1992]
[The page following this is 8775.]
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