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ernment or a State or a public agency designated by a unit of general local government or a State, provide a listing of all unoccupied residential properties to which the Secretary, the Secretary of Agriculture, or the Administrator holds title and which are located within the geographic jurisdiction of such unit, State, or agency. Such listing shall be accessible to the public during ordinary business hours at the offices of such unit of general local government, State, or public agency.

(g/1) The Secretary is authorized to reimburse the Administrator of Veterans' Affairs, in an amount to be agreed upon by the Secretary and the Administrator, for property which the Administrator conveys to a unit of general local government, State, or agency for use in connection with an urban homesteading program approved by the Secretary.

(2) The Secretary is authorized to reimburse the Secretary of Agriculture, in an amount to be agreed upon by the Secretary and the Secretary of Agriculture, for property which the Secretary of Agriculture conveys to a unit of general local government, State, or agency for use in connection with an urban homesteading program approved by the Secretary.

(h)(1) The Secretary may, on a demonstration basis during fiscal years 1984 and 1985, convey to any unit of general local government or public agency designated by such unit of general local government any real property

(A) to which the Secretary holds title; and

(B) that the Secretary determines to be suitable for a multifamily homesteading program that complies with the require

ments of paragraph (2); for such consideration, if any, as may be agreed upon between the Secretary and such unit of general local government or public agency.

(2) Any multifamily homesteading program carried out by any unit of general local government or public agency designated by any such unit of general local government shall be considered a multifamily homesteading program that complies with the requirements of this subsection if the Secretary determines that such program contains adequate assurances that

(A) the primary use of all homestead properties following conversion or rehabilitation shall be residential; and

(B) not less than 75 percent of the residential occupants of homestead properties following conversion or rehabilitation

shall be lower income families. (3) As used in this subsection and subsection (i) the term “lower income families” has the meaning given such term in section 3(b)(2) of the United States Housing Act of 1937.

(X1) The Secretary shall use not more than $1,000,000 of the amounts appropriated under this section for each of the fiscal years 1984 and 1985 to undertake a program to demonstrate the feasibility of providing assistance to State or local governments or their agencies for the purchase of any real property that

(A) is improved by one- to four-family residence;

(B) is not occupied by a person legally entitled to reside there;

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(C) is designated by a State or general unit of local government for use in a single family homestead program; and

(D) will be conveyed to lower income families under such program upon condition that each such family agrees

(i) to occupy the property as a principal residence for a period of not less than 5 years, except under such emergency standards as may be prescribed by the Secretary;

(ii) to repair all defects in the property that pose a substantial danger to health or safety within 1 year of the date of the initial conveyance; and

(iii) to make such repairs and improvements to the property as may be necessary to meet applicable local standards for decent, safe, and sanitary housing within 3 years

after the date of the initial conveyance. (2) The Secretary shall give a preference to demonstrations under this subsection involving the acquisition of properties that become available in satisfaction of public liens such as tax liens.

(j) The Secretary shall conduct a continuing evaluation of the demonstration programs carried out under subsections (h) and (i) and shall transmit to the Congress a report not later than December 31, 1985, containing a summary of his evaluation of all such programs and his recommendations for the future conduct of such programs.

(k) To reimburse the housing loan funds for properties transferred pursuant to this section, and to carry out the provisions of subsections (c), (g), (h), and (i), there are authorized to be appropriated not to exceed $12,000,000 for fiscal year 1984, and such sums as may be necessary for fiscal year 1985. Any amounts so appropriated shall remain available until expended.

Approved August 22, 1974.

EXCERPT FROM HOUSING AND COMMUNITY DEVELOPMENT

AMENDMENTS OF 1978

(Public Law 95-557; 92 Stat. 2115; 42 U.S.C. 8101)

TITLE VI-NEIGHBORHOOD REINVESTMENT CORPORATION

SHORT TITLE

SEC. 601. This title may be cited as the "Neighborhood Reinvestment Corporation Act”.

FINDINGS AND PURPOSE

SEC. 602. (a) The Congress finds that

(1) the neighborhood housing services demonstration of the Urban Reinvestment Task Force has proven its worth as a successful program to revitalize older urban neighborhoods by mobilizing public, private, and community resources at the neighborhood level; and

(2) the demand for neighborhood housing services programs in cities throughout the United States warrants the creation of a public corporation to institutionalize and expand the neighborhood housing services program and other programs of the

present Urban Reinvestment Task Force. (b) The purpose of this title is to establish a public corporation which will continue the joint efforts of the Federal financial supervisory agencies and the Department of Housing and Urban Development to promote reinvestment in older neighborhoods by local financial institutions working cooperatively with the community people and local government, and which will continue the nonbureaucratic approach of the Urban Reinvestment Task Force, relying largely on local initiative for the specific design of local programs.

ESTABLISHMENT OF CORPORATION

Sec. 603. (a) There is established a Neighborhood Reinvestment Corporation (hereinafter referred to as the "corporation") which shall be a body corporate and shall possess the powers and shall be subject to the direction and limitations specified herein.

(b) The corporation shall implement and expand the demonstration activities carried out by the Urban Reinvestment Task Force.

(c) The corporation shall maintain its principal office in the District of Columbia or at such other place the corporation may from time to time prescribe.

(d) The corporation, including its franchise, activities, assets, and income, shall be exempt from all taxation now or hereafter imposed by the United States, by any territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority, except that any real property of the corporation shall be subject to State, territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.

BOARD OF DIRECTORS; ESTABLISHMENT SEC. 604. (a) The corporation shall be under the direction of a board of directors made up of the following members:

(1) the Chairman of the Federal Home Loan Bank Board;
(2) the Secretary of Housing and Urban Development;

(3) a member of the Board of Governors of the Federal Re serve System, to be designated by the Chairman of the Board of Governors of the Federal Reserve System;

(4) the Chairman of the Federal Deposit Insurance Corporation;

(5) the Comptroller of the Currency; and

(6) the Administrator of the National Credit Union Administration. (b) The Board shall elect from among its members a chairman who shall serve for a term of two years, except that the Chairman of the Federal Home Loan Bank Board shall serve as Chairman of the Board of Directors for the first such two-year term.

(c) Each director of the corporation shall serve ex officio during the period he holds the office to which he is appointed by the President.

(d) The directors of the corporation, as full-time officers of the United States, shall serve without additional compensation but shall be reimbursed for travel, subsistence, and other necessary expenses incurred in the performance of their duties as directors of the corporation.

(e) The directors of the corporation shall adopt such bylaws, policies, and administrative provisions as are necessary to the functioning of the corporation and consistent with the provisions of this title.

(f) A director who is necessarily absent from a meeting of the board, or of a committee of the board, may participate in such meeting through a duly designated representative who is serving, pursuant to appointment by the President of the United States, by and with the advice and consent of the Senate, in the same department, agency, corporation, or instrumentality as the absent director, or in the case of the Comptroller of the Currency, through a duly designated Deputy Comptroller.

(g) The presence of a majority of the board members, or their representatives as provided in subsection (f), shall constitute a quorum

(h) The corporation shall be subject to the provisions of section 552 of title 5, United States Code.

(i) All meetings of the board of directors will be conducted in accordance with the provisions of section 552b of title 5, United States Code.

OFFICERS AND EMPLOYEES SEC. 605. (a) The board shall have power to select, employ, and fix the compensation and benefits of such officers, employees, attorneys, and agents as shall be necessary for the performance of its

duties under this title, without regard to the provisions of title 5, United States Code, governing appointments in the competitive service, classification, and General Schedule pay rates, except that no officer, employee, attorney, or agent of the corporation may be paid compensation at a rate in excess of the highest rate provided for GS-18 of the General Schedule under section 5352 of title 5, United States Code.

(b) The directors of the corporation shall appoint an executive director who shall serve as chief executive officer of the corporation.

(c) The executive director of the corporation, subject to approval by the board, may appoint and remove such employees of the corporation as he determines necessary to carry out the purposes of the corporation.

(d) No political test or political qualification shall be used in selecting, appointing, promoting, or taking any other personnel action with respect to any officer, agent, or employee of the corporation or of any recipient, or in selecting or monitoring any grantee, contractor, or person or entity receiving financial assistance under this title.

(e) Officers and employees of the corporation shall not be considered officers or employees of the United States, and the corporation shall

not be considered a department, agency, or instrumentality of the Federal Government. The corporation shall be subject to administrative and cost standards issued by the Office of Management and Budget similar to standards applicable to non-profit grantees and educational institutions.

POWERS AND DUTIES

SEC. 606. (a)(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 nonprofit 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 development processes, bring the new programs to neighborhoods throughout the United States which in the judgment of the corporation can benefit therefrom, by providing assist

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