
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: 42USC8105]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
     CHAPTER 90--NEIGHBORHOOD AND CITY REINVESTMENT, SELF-HELP AND 
                             REVITALIZATION
 
           SUBCHAPTER I--NEIGHBORHOOD REINVESTMENT CORPORATION
 
Sec. 8105. Powers and duties of corporation


(a) Continuance of work of Urban Reinvestment Task Force regarding 
        neighborhood housing services programs and preservation projects

    (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.
    (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) General administrative powers

    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 
    8107(d) of this title;
        (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 subchapter.

(c) Contracting powers

    (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 subchapter.

(d) Non-profit nature of corporation

    (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.

(Pub. L. 95-557, title VI, Sec. 606, Oct. 31, 1978, 92 Stat. 2117; Pub. 
L. 96-399, title III, Sec. 315(2), Oct. 8, 1980, 94 Stat. 1645; Pub. L. 
97-320, title VII, Sec. 710(b), Oct. 15, 1982, 96 Stat. 1544.)


                               Amendments

    1982--Subsec. (c)(3). Pub. L. 97-320 inserted ``funds,'' after 
``provide''.
    1980--Subsec. (a)(1). Pub. L. 96-399 substituted ``monitoring'' for 
``supervising''.

                          Transfer of Functions

    Federal Home Loan Bank Board abolished and functions transferred, 
see sections 401 to 406 of Pub. L. 101-73, set out as a note under 
section 1437 of Title 12, Banks and Banking.
