42 U.S.C. § 12851 — National Homeownership Trust

Page 8483 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 12851 that remain uncommitted on that date, with Secretary to issue any regulations necessary to carry out such amendment not later than end of 45-day period begin- ning on that date, see section 209 of Pub. L. 103–233, set out as a note under section 5301 of this title. § 12839. Termination of existing housing pro- grams (a) In general Except with respect to projects and programs for which binding commitments have been en- tered into prior to October 1, 1991, no new grants or loans shall be made after October 1, 1991, under— (1) section 17 of the United States Housing Act of 1937 [42 U.S.C. 1437o]; (2) section 312 of the Housing Act of 1964 [42 U.S.C. 1452b]; (3) title VI of the Housing and Community Development Act of 1987; (4) section 8(e)(2) of the United States Hous- ing Act of 1937 [42 U.S.C. 1437f(e)(2)], except for funds allocated under such section for single room occupancy dwellings as authorized by title IV of the McKinney-Vento Homeless As- sistance Act [42 U.S.C. 11360 et seq.]; and (5) section 810 of the Housing and Commu- nity Development Act of 1974 [12 U.S.C. 1706e]. (b) Repeals (1) In general Except as provided in paragraph (2), effective on October 1, 1991, the provisions of law re- ferred to in subsection (a) are repealed. (2) No effect on SRO program The provision of law referred to in sub- section (a)(4) shall remain in effect with re- spect to single room occupancy dwellings as authorized by title IV of the McKinney-Vento Homeless Assistance Act [42 U.S.C. 11360 et seq.]. (c) Disposition of repayments Any amounts received on or after October 1, 1991, as repayments or recaptures in connection with the programs referred to in subsection (a) and any other amounts for such programs that remain or become unobligated on or after such date, shall be paid into the general fund of the Treasury. (Pub. L. 101–625, title II, § 289, Nov. 28, 1990, 104 Stat. 4128; Pub. L. 106–400, § 2, Oct. 30, 2000, 114 Stat. 1675.) Editorial Notes REFERENCES IN TEXT Title VI of the Housing and Community Development Act of 1987 [Pub. L. 100–242], referred to in subsec. (a)(3), is set out as a note under section 1715l of Title 12, Banks and Banking. The McKinney-Vento Homeless Assistance Act, re- ferred to in subsecs. (a)(4) and (b)(2), is Pub. L. 100–77, July 22, 1987, 101 Stat. 482. Title IV of the Act is classi- fied generally to subchapter IV (§ 11360 et seq.) of chap- ter 119 of this title. For complete classification of this Act to the Code, see Short Title note set out under sec- tion 11301 of this title and Tables. AMENDMENTS 2000—Subsecs. (a)(4), (b)(2). Pub. L. 106–400 substituted ‘‘McKinney-Vento Homeless Assistance Act’’ for ‘‘Stewart B. McKinney Homeless Assistance Act’’. § 12840. Suspension of requirements for disaster areas For funds designated under this subchapter by a recipient to address the damage in an area for which the President has declared a disaster under title IV of the Robert T. Stafford Disaster Relief and Emergency Assistance Act [42 U.S.C. 5170 et seq.], the Secretary may suspend all stat- utory requirements for purposes of assistance under this subchapter for that area, except for those related to public notice of funding avail- ability, nondiscrimination, fair housing, labor standards, environmental standards, and low-in- come housing affordability. (Pub. L. 101–625, title II, § 290, as added Pub. L. 103–233, title II, § 208, Apr. 11, 1994, 108 Stat. 366.) Editorial Notes REFERENCES IN TEXT The Robert T. Stafford Disaster Relief and Emer- gency Assistance Act, referred to in text, is Pub. L. 93–288, May 22, 1974, 88 Stat. 143. Title IV of the Act is classified generally to subchapter IV (§ 5170 et seq.) of chapter 68 of this title. For complete classification of this Act to the Code, see Short Title note set out under section 5121 of this title and Tables. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section applicable with respect to any amounts made available to carry out this subchapter after Apr. 11, 1994, and any amounts made available to carry out this subchapter before that date that remain uncommitted on that date, with Secretary to issue any regulations necessary to carry out this section not later than end of 45-day period beginning on that date, see section 209 of Pub. L. 103–233, set out as an Effective Date of 1994 Amendment note under section 5301 of this title. SUBCHAPTER III—NATIONAL HOMEOWNERSHIP TRUST DEMONSTRATION § 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 may appoint an exec- utive director of the Trust and fix the com- pensation 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 Direc- tors 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, § 302, Nov. 28, 1990, 104 Stat. 4129.) Statutory Notes and Related Subsidiaries 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. § 12852. Assistance for first-time homebuyers (a) In general The Trust shall provide assistance payments for first-time homebuyers (including home- buyers buying shares in limited equity coopera- tives) in the following manners: (1) Interest rate buydowns Assistance payments so that the rate of in- terest payable on the mortgages by the home- buyers does not exceed 6 percent. (2) Downpayment assistance Assistance payments to provide amounts for downpayments (including closing costs and other costs payable at the time of closing) on mortgages for such homebuyers. (3) Assistance in connection with mortgage revenue bonds financing Interest rate buydowns and downpayment assistance in the manner provided in sub- section (e). (4) Second mortgage assistance Assistance payments to provide loans (se- cured by second mortgages) with deferred pay- ment of interest and principal; and 1 (5) Capitalization of revolving loan funds Grants to public organizations or agencies to establish revolving loan funds to provide homeownership assistance to eligible first- time homebuyers consistent with the require- ments of this subchapter. Such grants shall be matched by an equal amount of local invest- ment in such revolving loan funds. Any pro- ceeds or repayments from loans made under this paragraph shall be returned to the revolv- ing loan fund established under this paragraph to be used for purposes related to this section. (b) Eligibility requirements Assistance payments under this subchapter may be made only to homebuyers and for mort- gages meeting the following requirements: (1) First-time homebuyer The homebuyer is an individual who— (A) (and whose spouse) has had no owner- ship in a principal residence during the 3- year period ending on the date of purchase of the property with respect to which assist- ance payments are made under this sub- chapter; (B) is a displaced homemaker who, except for owning a home with his or her spouse or residing in a home owned by the spouse, meets the requirements of subparagraph (A); (C) is a single parent who, except for own- ing a home with his or her spouse or residing in a home owned by the spouse while mar- ried, meets the requirements of subpara- graph (A); or (D) meets the requirements of subpara- graph (A), (B), or (C), except for owning, as a principal residence, a dwelling unit whose structure is— (i) not permanently affixed to a perma- nent foundation in accordance with local or other applicable regulations; or (ii) not in compliance with State, local, or model building codes, or other applica- ble codes, and cannot be brought into com- pliance with such codes for less than the cost of constructing a permanent struc- ture. (2) Maximum income of homebuyer The aggregate annual income of the home- buyer and the members of the family of the homebuyer residing with the homebuyer, for the 12-month period preceding the date of the application of the homebuyer for assistance under this subchapter, does not exceed— (A) 95 percent of the median income for a family of 4 persons (adjusted by family size) in the applicable metropolitan statistical area (or such other area that the Board of Directors determines for areas outside of metropolitan statistical areas); or (B) 115 percent of such median income (ad- justed by family size) in the case of an area that is subject to a high cost area mortgage limit under title II of the National Housing Act [12 U.S.C. 1707 et seq.]. The Board of Directors shall provide for cer- tification of such income for purposes of ini- tial eligibility for assistance payments under this subchapter and shall provide for recertifi-