
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: 42USC12853]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
                CHAPTER 130--NATIONAL AFFORDABLE HOUSING
 
       SUBCHAPTER III--NATIONAL HOMEOWNERSHIP TRUST DEMONSTRATION
 
Sec. 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 purposes of carrying out this subchapter;
        (2) any amount received by the Trust as repayment for payments 
    made under this subchapter; and
        (3) any amount received by the Trust under subsection (d) of 
    this section.

(c) Use of amounts

    The Fund shall, to the extent approved in appropriations 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 
subchapter shall be invested by the Trust in obligations 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 section 12857 of this title in fiscal year 1991, the 
Secretary shall carry out demonstration programs for combining housing 
activities and economic development activities, as follows:
        (1) In Milwaukee, Wisconsin, in an amount not to exceed 
    $4,200,000, for development, rehabilitation, and revitalization of 2 
    vacant structures in a blighted minority neighborhood.
        (2) In Washington, District of Columbia, in an amount not to 
    exceed $10,000,000, for nonprofit neighborhood-based groups to 
    acquire and rehabilitate vacant public and private housing for 
    resale or rent to low- and moderate-income families and to the 
    extent of and subject to engage in neighborhood-based economic 
    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 corporations.
        (4) In other areas, as the Secretary may determine.

(Pub. L. 101-625, title III, Sec. 304, Nov. 28, 1990, 104 Stat. 4132.)

                  Section Referred to in Other Sections

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