
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 42USC12851]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
                CHAPTER 130--NATIONAL AFFORDABLE HOUSING
 
       SUBCHAPTER III--NATIONAL HOMEOWNERSHIP TRUST DEMONSTRATION
 
Sec. 12851. National Homeownership Trust


(a) Establishment

    There is established the National Homeownership Trust, which shall 
be in the Department of Housing and Urban Development and shall provide 
assistance to first-time homebuyers in accordance with this subchapter.

(b) Board of Directors

    The Trust shall be governed by a Board of Directors, which shall be 
composed of--
        (1) the Secretary of Housing and Urban Development, who shall be 
    the chairperson of the Board;
        (2) the Secretary of the Treasury;
        (3) the chairperson of the Board of Directors of the Federal 
    Deposit Insurance Corporation;
        (4) the chairperson of the Federal Housing Finance Board;
        (5) the chairperson of the Board of Directors of the Federal 
    National Mortgage Association;
        (6) the chairperson of the Board of Directors of the Federal 
    Home Loan Mortgage Corporation; and
        (7) 1 individual representing consumer interests, who shall be 
    appointed by the President of the United States, by and with the 
    advice and consent of the Senate.

(c) Powers of Trust

    The Trust shall have the same powers as the powers given the 
Government National Mortgage Association in section 1723a(a) of title 
12.

(d) Travel and per diem

    Members of the Board of Directors shall receive no additional 
compensation by reason of service on the Board, but shall be allowed 
travel expenses, including per diem in lieu of subsistence, as provided 
for employees of the Federal Government or in the same manner as persons 
employed intermittently in the Government service are allowed under 
section 5703 of title 5, as appropriate.

(e) Director and staff

                            (1) Director

        The Board of Directors may appoint an executive director of the 
    Trust and fix the compensation of the executive director, which 
    shall be paid from amounts in the National Homeownership Trust Fund.

                              (2) Staff

        Subject to such rules as the Board of Directors may prescribe, 
    the Trust may appoint and hire such staff and provide for offices as 
    may be necessary to carry out its duties. The Trust may fix the 
    compensation of the staff, which shall be paid from amounts in the 
    National Homeownership Trust Fund.

(Pub. L. 101-625, title III, Sec. 302, Nov. 28, 1990, 104 Stat. 4129.)


                               Short Title

    For short title of this subchapter as the ``National Homeownership 
Trust Act'', see Short Title note set out under section 12701 of this 
title.

                  Section Referred to in Other Sections

    This section is referred to in section 12854 of this title.
