
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 42USC3936]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
                CHAPTER 49--NATIONAL HOUSING PARTNERSHIPS
 
Sec. 3936. Purposes and powers of corporation


(a) Building, rehabilitation, acquisition, and financing of housing and 
        related facilities for families and individuals of low or 
        moderate income; acquisition and disposal of property; funds

    In order to achieve the objectives and carry out the purposes of 
this chapter, the corporation is authorized to--
        (1) plan, initiate, and carry out, pursuant to Federal programs 
    or otherwise, the building, rehabilitation, acquisition, and 
    financing of housing and related facilities primarily for the 
    benefit of families and individuals of low or moderate income;
        (2) buy, own, manage, lease, or otherwise acquire or dispose of 
    property in connection with the developments, projects, or 
    undertakings referred to in paragraph (1);
        (3) provide such funds as may be necessary to accomplish the 
    developments, projects, or undertakings referred to in paragraph 
    (1); and
        (4) for the purpose of generating income to support the building 
    or rehabilitation of housing primarily for the benefit of families 
    and individuals of low or moderate income (A) design, develop, 
    manufacture and sell products and services for use in the 
    construction, sale, or financing of housing, and (B) design and 
    develop commercial, industrial, or retail facilities that are not 
    directly related to housing, except that the development and 
    preservation of housing for families and individuals of low or 
    moderate income shall be the primary activity of the corporation.

(b) Authorization to enter into partnerships, limited partnerships, 
        joint ventures, and other associations; manager or general 
        partner of partnership, venture, or association; research and 
        studies; technical assistance; loans or grants; hire or 
        acceptance of services of consultants, experts, advisory boards 
        and panels

    Included in the activities authorized to the corporation for the 
accomplishment of the purposes indicated in subsection (a) of this 
section are, among others not specifically named--
        (1) to enter into partnerships, limited partnerships, joint 
    ventures, and other associations with individuals, corporations, and 
    private and governmental agencies, organizations, and institutions;
        (2) to act as manager or general partner of any such 
    partnership, venture, or association;
        (3) to conduct or contract for research and studies related to 
    the development, demonstration, and evaluation of improved 
    techniques and methods of constructing, rehabilitating, and 
    maintaining housing;
        (4) to provide technical assistance to nonprofit corporations, 
    limited dividend corporations, and others with respect to the 
    planning, refinancing, construction, rehabilitation, maintenance, 
    and management of housing for low and moderate income families and 
    individuals;
        (5) to make loans or grants including grants of interests in 
    housing and related facilities, to nonprofit corporations, limited 
    dividend corporations, and others, in carrying out its activities 
    under subsection (a) of this section; and
        (6) to hire or accept the voluntary services of consultants, 
    experts, advisory boards, and panels to aid the corporation in 
    carrying out the purposes of this chapter.

(c) Exercise of powers conferred upon stock corporation by District of 
        Columbia Business Corporation Act

    To carry out the foregoing purposes and engaged in the foregoing 
activities, the corporation shall have the usual powers conferred upon a 
stock corporation by the District of Columbia Business Corporation Act 
[D.C. Code, Sec. 29-301 et seq.].

(d) Labor standards

    Nothing in this chapter shall have the effect of waiving or 
otherwise affecting the applicability of the provisions of the Davis-
Bacon Act (40 U.S.C. 276a--276a-5), or any other law requiring 
compliance with labor standards, in the case of any construction to 
which such provisions would otherwise apply.

(e) Maximum combined outstanding equity commitment

    The combined outstanding equity commitment of the corporation and 
the partnership with respect to activities undertaken under subsection 
(a)(4) of this section may not exceed (1) 7 percent of their total 
combined equity commitment outstanding during the first 12-month period 
following October 17, 1984; (2) 14 percent of their total combined 
equity commitment outstanding during the second 12-month period 
following October 17, 1984; or (3) 20 percent of their total combined 
equity commitment outstanding at any time thereafter.

(Pub. L. 90-448, title IX, Sec. 906, Aug. 1, 1968, 82 Stat. 548; Pub. L. 
98-181, title IV, Sec. 467, Nov. 30, 1983, 97 Stat. 1236; Pub. L. 98-
479, title I, Sec. 104(c)(1), (2), Oct. 17, 1984, 98 Stat. 2225.)

                       References in Text

    The District of Columbia Business Corporation Act, referred to in 
subsec. (c), is act June 8, 1954, ch. 269, 68 Stat. 179, as amended, 
which appears in chapter 3 (Sec. 29-301 et seq.) of Title 29, 
Corporations, of the District of Columbia Code.
    The Davis-Bacon Act, referred to in subsec. (d), is act Mar. 3, 
1931, ch. 411, 46 Stat. 1494, as amended, which is classified generally 
to sections 276a to 276a-5 of Title 40, Public Buildings, Property, and 
Works. For complete classification of this Act to the Code, see Short 
Title note set out under section 276a of Title 40 and Tables.


                               Amendments

    1984--Subsec. (a)(4). Pub. L. 98-479, Sec. 104(c)(1), added par. 
(4).
    Subsec. (e). Pub. L. 98-479, Sec. 104(c)(2), added subsec. (e).
    1983--Subsec. (a)(1). Pub. L. 98-181 inserted references to 
acquisition and financing.

                  Section Referred to in Other Sections

    This section is referred to in sections 3937, 3938 of this title.
