**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1723a/a&num=0&edition=prelim).
**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5703&num=0&edition=prelim), as appropriate.
**(e) Director and staff**
(1) *
File SHA-256: ed949bad2e1fea2124339c93c8bbcf8395c345b32793bc5e1ec9ebf5c48cecff. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. This page displays the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Stable record: federal_law:legal_authorities:record_usc_e6d4b5633c0a4c16c18d1785 Source file: Laws/federal/codes/united-states-code/title-42/section-12851-national-homeownership-trust--f8c7fe04d5.md Pages: Not recorded – Not recorded Passage SHA-256: acd48c77d50872915c40604269c7c8134f7d572d32b770f84da9ab0fcd4cc3ff Retained source evidence SHA-256: ed949bad2e1fea2124339c93c8bbcf8395c345b32793bc5e1ec9ebf5c48cecff
Source location: Title 42, Chapter 130, § 12851; chapter-130-national-affordable-housing.md
Stored source content
**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1723a/a&num=0&edition=prelim).
**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5703&num=0&edition=prelim), 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.
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Federal law — U.S. Code and appendices · legal_authorities
§ 12851. National Homeownership Trust
(a) Establishment
There is established the National Homeowner-
ship Trust, which shall be in the Department of
Housing and Urban Development and shall pro-
vide assistance to first-time homebuyers in ac-
cordance with this subchapter.
(b) Board of Directors
The Trust shall be governed by a Board of Di-
rectors, which shall be composed of—
(1) the Secretary of Housing and Urban De-
velopment, 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 Corpora-
tion; and
(7) 1 individual representing consumer inter-
ests, who shall be appointed by the President
of the United States, by and with the advice
and consent of the Senate.
Page 8484
TITLE 42—THE PUBLIC HEALTH AND WELFARE
§ 12852
1 So in original. The ‘‘; and’’ probably should be a period.
(c) Powers of Trust
The Trust shall have the same powers as the
powers given the Government National Mort-
gage Association in section 1723a(a) of title 12.
(d) Travel and per diem
Members of the Board of Directors shall re-
ceive no additional compensation by reason of
service on the Board, but shall be allowed travel
expenses, including per diem in lieu of subsist-
ence, 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 ma