<num style="-uslm-dtd:enum" value="VI">TITLE VI—</num><heading style="-uslm-dtd:header">NEIGHBORHOOD REINVESTMENT CORPORATION<ref style="-uslm-dtd:footnote-ref" idref="IDD9BFE0ED42B9449D908C8E8972D78195" class="footnoteRef">1</ref> </heading><footnote id="IDD9BFE0ED42B9449D908C8E8972D78195" style="-uslm-dtd:footnote"><sup style="-uslm-dtd:superscript">1</sup><p style="-uslm-dtd:para; margin-left:1em">Title VI is an excerpt from the Act entitled the Housing and Community Development Amendments of 1978.</p></footnote> <section style="-uslm-dtd:section" identifier="/us/sComp/95/557/tVI/s601" styleType="traditional"> <heading style="-uslm-dtd:header">short title </heading> <num style="-uslm-dtd:enum" value="601">Sec. 601. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t42/s8101">42 U.S.C. 8101 note</ref><b>]</b> </editorialNote><content style="-uslm-dtd:text">This title may be cited as the “<shortTitle style="-uslm-dtd:quote"><inline style="-uslm-dtd:short-title">Neighborhood Reinvestment Corporation Act</inline></shortTitle>”.</content> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/95/557/tVI/s602" styleType="traditional"> <heading style="-uslm-dtd:header">findings and purpose </heading> <num style="-uslm-dtd:enum" value="602">Sec. 602. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t42/s8101">42 U.S.C. 8101</ref><b>]</b> </editorialNote><subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s602/a" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="a">(a) </num><chapeau style="-uslm-dtd:text">The Congress finds that—</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s602/a/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">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</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s602/a/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">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.</content> </paragraph></subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s602/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><content style="-uslm-dtd:text">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.</content> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/95/557/tVI/s603" styleType="traditional"> <heading style="-uslm-dtd:header">establishment of corporation </heading> <num style="-uslm-dtd:enum" value="603">Sec. 603. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t42/s8102">42 U.S.C. 8102</ref><b>]</b> </editorialNote><subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s603/a" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="a">(a) </num><content style="-uslm-dtd:text">There is established a Neighborhood Reinvestment Corporation (hereinafter referred to as the “<quotedText style="-uslm-dtd:quote">corporation</quotedText>”) which shall be a body corporate and shall possess the powers and shall be subject to the direction and limitations specified herein.</content></subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s603/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><content style="-uslm-dtd:text">The corporation shall implement and expand the demonstration activities carried out by the Urban Reinvestment Task Force.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s603/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c) </num><content style="-uslm-dtd:text">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.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s603/d" styleType="OLC"> <num style="-uslm-dtd:enum" value="d">(d) </num><content style="-uslm-dtd:text">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.</content> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/95/557/tVI/s604" styleType="traditional"> <heading style="-uslm-dtd:header">board of directors; establishment </heading> <num style="-uslm-dtd:enum" value="604">Sec. 604. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t42/s8103">42 U.S.C. 8103</ref><b>]</b> </editorialNote><subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s604/a" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="a">(a) </num><chapeau style="-uslm-dtd:text">The corporation shall be under the direction of a board of directors made up of the following members:</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s604/a/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">the Chairman of the Federal Home Loan Bank Board or a member of the Federal Home Loan Bank Board to be designated by the Chairman;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s604/a/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">the Secretary of Housing and Urban Development;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s604/a/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><content style="-uslm-dtd:text">the Chairman of the Board of Governors of the Federal Reserve System, or a member of the Board of Governors of the Federal Reserve System to be designated by the Chairman;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s604/a/4" styleType="OLC"> <num style="-uslm-dtd:enum" value="4">(4) </num><content style="-uslm-dtd:text">the Chairman of the Federal Deposit Insurance Corporation or the appointive member of the Board of Directors of the Federal Deposit Insurance Corporation if so designated by the Chairman;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s604/a/5" styleType="OLC"> <num style="-uslm-dtd:enum" value="5">(5) </num><content style="-uslm-dtd:text">the Comptroller of the Currency; and</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s604/a/6" styleType="OLC"> <num style="-uslm-dtd:enum" value="6">(6) </num><content style="-uslm-dtd:text">the Chairman of the National Credit Union Administration or a member of the Board of the National Credit Union Administration to be designated by the Chairman.</content> </paragraph></subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s604/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><content style="-uslm-dtd:text">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.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s604/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c) </num><content style="-uslm-dtd:text">Each director of the corporation shall serve ex officio during the period he holds the office to which he is appointed by the President.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s604/d" styleType="OLC"> <num style="-uslm-dtd:enum" value="d">(d) </num><content style="-uslm-dtd:text">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.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s604/e" styleType="OLC"> <num style="-uslm-dtd:enum" value="e">(e) </num><content style="-uslm-dtd:text">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.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s604/f" styleType="OLC"> <num style="-uslm-dtd:enum" value="f">(f) </num><content style="-uslm-dtd:text">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.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s604/g" styleType="OLC"> <num style="-uslm-dtd:enum" value="g">(g) </num><content style="-uslm-dtd:text">The presence of a majority of the board members, or their representatives as provided in subsection (f), shall constitute a quorum.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s604/h" styleType="OLC"> <num style="-uslm-dtd:enum" value="h">(h) </num><content style="-uslm-dtd:text">The corporation shall be subject to the provisions of section 552 of title 5, United States Code.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s604/i" styleType="OLC"> <num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">All meetings of the board of directors will be conducted in accordance with the provisions of section 552b of title 5, United States Code.</content> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/95/557/tVI/s605" styleType="traditional"> <heading style="-uslm-dtd:header">officers and employees </heading> <num style="-uslm-dtd:enum" value="605">Sec. 605. </num><subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s605/a" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="a">(a) </num><content style="-uslm-dtd:text">The board shall have power to select, employ, and fix the compensation<ref style="-uslm-dtd:footnote-ref" idref="IDEBBB97086EFF4EAEB52A5F37E3E1BB13" class="footnoteRef">2</ref> 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<ref style="-uslm-dtd:dangling-footnote-ref" class="footnoteRef">2</ref> at a rate in excess of the rate for level IV of the Executive Schedule, except that the board-appointed officers may be paid salary at a rate not to exceed level II of the Executive Schedule. The Corporation shall also apply the provisions of section 5307(a)(1), (b)(1) and (b)(2) of title 5, United States Code, governing limitations on certain pay as if its employees were Federal employees receiving payments under title 5.</content><footnote id="IDEBBB97086EFF4EAEB52A5F37E3E1BB13" style="-uslm-dtd:footnote"><sup style="-uslm-dtd:superscript">2</sup><p style="-uslm-dtd:para; margin-left:1em">Public Law 108–199, 118 Stat. 913, amended this subsection by striking “<quotedText style="-uslm-dtd:quote">compensation</quotedText>” and inserting “<quotedText style="-uslm-dtd:quote">salary</quotedText>”, but did not specify which occurrence of the term to strike.</p></footnote></subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s605/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><content style="-uslm-dtd:text">The directors of the corporation shall appoint an executive director who shall serve as chief executive officer of the corporation.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s605/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c) </num><content style="-uslm-dtd:text">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.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s605/d" styleType="OLC"> <num style="-uslm-dtd:enum" value="d">(d) </num><content style="-uslm-dtd:text">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.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s605/e" styleType="OLC"> <num style="-uslm-dtd:enum" value="e">(e) </num><content style="-uslm-dtd:text">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. <editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t42/s8104">42 U.S.C. 8104</ref><b>]</b></editorialNote></content> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/95/557/tVI/s606" styleType="traditional"> <heading style="-uslm-dtd:header">powers and duties </heading> <num style="-uslm-dtd:enum" value="606">Sec. 606. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t42/s8105">42 U.S.C. 8105</ref><b>]</b> </editorialNote><subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s606/a" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="a">(a)</num><paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/a/1" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">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.</content></paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/a/2" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">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.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/a/3" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="3">(3) </num><content style="-uslm-dtd:text">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 assistance in organizing programs, providing grants in partial support of program costs, and providing technical assistance to ongoing programs.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/a/4" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="4">(4) </num><content style="-uslm-dtd:text">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.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/a/5" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="5">(5) </num><content style="-uslm-dtd:text">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.</content> </paragraph></subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s606/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><chapeau style="-uslm-dtd:text">To carry out the foregoing purposes and engage in the foregoing activities, the corporation is authorized—</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/b/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">to adopt, alter, and use a corporate seal;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/b/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">to have succession, until dissolved by Act of Congress;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/b/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><content style="-uslm-dtd:text">to make and perform contracts, agreements, and commitments;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/b/4" styleType="OLC"> <num style="-uslm-dtd:enum" value="4">(4) </num><content style="-uslm-dtd:text">to sue and be sued, complain and defend, in any State, Federal, or other court;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/b/5" styleType="OLC"> <num style="-uslm-dtd:enum" value="5">(5) </num><content style="-uslm-dtd:text">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 608(d);</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/b/6" styleType="OLC"> <num style="-uslm-dtd:enum" value="6">(6) </num><content style="-uslm-dtd:text">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;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/b/7" styleType="OLC"> <num style="-uslm-dtd:enum" value="7">(7) </num><content style="-uslm-dtd:text">to invest such funds of the corporation in such investment as the board of directors may describe;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/b/8" styleType="OLC"> <num style="-uslm-dtd:enum" value="8">(8) </num><content style="-uslm-dtd:text">to acquire, take, hold, and own, and to deal with and dispose of any property; and</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/b/9" styleType="OLC"> <num style="-uslm-dtd:enum" value="9">(9) </num><content style="-uslm-dtd:text">to exercise all other powers that are necessary and proper to carry out the purposes of this title.</content> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s606/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c)</num><paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/c/1" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">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.</content></paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/c/2" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="2">(2) </num><chapeau style="-uslm-dtd:text">The corporation shall have the power to award contracts and grants to—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/557/tVI/s606/c/2/A" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">neighborhood housing services corporations and other nonprofit corporations engaged in neighborhood preservation activities; and</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/557/tVI/s606/c/2/B" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">local governmental bodies.</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/c/3" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="3">(3) </num><content style="-uslm-dtd:text">The Secretary of Housing and Urban Development, the Federal Housing Finance Agency 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 to this title.</content> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s606/d" styleType="OLC"> <num style="-uslm-dtd:enum" value="d">(d)</num><paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/d/1" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">The corporation shall have no power to issue any shares of stocks, or to declare or pay any dividends.</content></paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/d/2" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">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.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s606/d/3" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="3">(3) </num><content style="-uslm-dtd:text">The corporation may not contribute to or otherwise support any political party or candidate for elective public office.</content> </paragraph> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/95/557/tVI/s607" styleType="traditional"> <heading style="-uslm-dtd:header">reports and audits </heading> <num style="-uslm-dtd:enum" value="607">Sec. 607. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t42/s8106">42 U.S.C. 8106</ref><b>]</b> </editorialNote><subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s607/a" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="a">(a) </num><content style="-uslm-dtd:text">The corporation shall publish an annual report which shall be transmitted by the corporation to the President and the Congress.<ref style="-uslm-dtd:footnote-ref" idref="ID801C6D7C7AB7456BAB681608B9297A2C" class="footnoteRef">3</ref></content><footnote id="ID801C6D7C7AB7456BAB681608B9297A2C" style="-uslm-dtd:footnote"><sup style="-uslm-dtd:superscript">3</sup><p style="-uslm-dtd:para; margin-left:1em">Section 3003(a)(1) of the Federal Reports Elimination and Sunset Act of 1995, Pub. L. 104–66, which is set forth <i style="-uslm-dtd:italic">post</i> in part XII of this compilation, provides that certain provisions of law requiring submittal to Congress of an annual, semiannual, or other regular periodic report shall cease to be effective on May 15, 2000. This subsection is covered by such provision. However, section 1102 of the American Homeownership and Economic Opportunity Act of 2000, Public Law 106–569, which is set forth <i style="-uslm-dtd:italic">post</i> in part XII of this compilation, provides that such section 3003(a)(1) shall not apply to the report required to be submitted under this subsection.</p></footnote></subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s607/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><content style="-uslm-dtd:text">The accounts of the corporation shall be audited annually. Such audits shall be conducted in accordance with generally accepted auditing standards by independent certified public accountants who are certified by a regulatory authority of the jurisdiction in which the audit is undertaken.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s607/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c) </num><content style="-uslm-dtd:text">In addition to the annual audit, the financial transactions of the corporation for any fiscal year during which Federal funds are available to finance any portion of its operations may be audited by the General Accounting Office<ref style="-uslm-dtd:footnote-ref" idref="IDEBDE5A0C5305400F996225CCE316D2B3" class="footnoteRef">4</ref> in accordance with such rules and regulations as may be prescribed by the Comptroller General of the United States.</content><footnote id="IDEBDE5A0C5305400F996225CCE316D2B3" style="-uslm-dtd:footnote"><sup style="-uslm-dtd:superscript">4</sup><p style="-uslm-dtd:para; margin-left:1em">Section 8(a) of the GAO Human Capital Reform Act, Public Law 108–271, 118 Stat. 814, approved July 7, 2004, 31 U.S.C. 702 note, redesignated the General Accounting Office as the Government Accountability Office. Subsection (b) of such section provides that “<quotedText style="-uslm-dtd:quote">[a]ny reference to the General Accounting Office in any law, rule, regulation, certificate, directive, instruction, or other official paper in force on the date of enactment of this Act shall be considered to refer and apply to the Government Accountability Office.</quotedText>”.</p></footnote> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s607/d" styleType="OLC"> <num style="-uslm-dtd:enum" value="d">(d) </num><content style="-uslm-dtd:text">For any fiscal year during which Federal funds are available to finance any portion of the corporation's grants or contracts, the General Accounting Office<ref style="-uslm-dtd:dangling-footnote-ref" class="footnoteRef">4</ref>, in accordance with such rules and regulations may be prescribed by the Comptroller General of the United States, may audit the grantees or contractors of the corporation.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s607/e" styleType="OLC"> <num style="-uslm-dtd:enum" value="e">(e) </num><content style="-uslm-dtd:text">The corporation shall conduct or require each grantee or contractor to provide for an annual financial audit. The report of each such audit shall be maintained for a period of at least five years at the principal office of the corporation.</content> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/95/557/tVI/s608" styleType="traditional"> <heading style="-uslm-dtd:header">authorization </heading> <num style="-uslm-dtd:enum" value="608">Sec. 608. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t42/s8107">42 U.S.C. 8107</ref><b>]</b> </editorialNote><subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s608/a" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="a">(a)</num><paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s608/a/1" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">There are authorized to be appropriated to the corporation to carry out this title $29,476,000 for fiscal year 1993 and $30,713,992 for fiscal year 1994. Not more than 15 percent of any amount appropriated under this paragraph for any fiscal year may be used for administrative expenses.</content></paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/557/tVI/s608/a/2" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="2">(2) </num><chapeau style="-uslm-dtd:text">Of the amount appropriated pursuant to this subsection for any fiscal year, amounts appropriated in excess of the amount necessary to continue existing services of the Neighborhood Reinvestment Corporation in revitalizing declining neighborhoods shall be available—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/557/tVI/s608/a/2/A" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">to expand the national neighborhood housing services network and to assist network capacity development, including expansion of rental housing resources;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/557/tVI/s608/a/2/B" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">to expand the loan purchase capacity of the national neighborhood housing services secondary market operated by Neighborhood Housing Services of America;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/557/tVI/s608/a/2/C" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="C">(C) </num><content style="-uslm-dtd:text">to make grants to provide incentives to extend low-income housing use in connection with properties subject to prepayment pursuant to the Low-Income Housing Preservation and Resident Ownership Act of 1990;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/557/tVI/s608/a/2/D" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="D">(D) </num><content style="-uslm-dtd:text">to increase the resources available to the national neighborhood housing services network programs for the purchase of multifamily and single-family properties owned by the Secretary of Housing and Urban Development for rehabilitation (if necessary) and sale to low- and moderate-income families; and</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/557/tVI/s608/a/2/E" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="E">(E) </num><content style="-uslm-dtd:text">to provide matching capital grants, operating subsidies, and technical services to mutual housing associations for the development, acquisition, and rehabilitation of multifamily and single-family properties (including properties owned by the Secretary of Housing and Urban Development) to ensure affordability by low- and moderate-income families.</content> </subparagraph> </paragraph></subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s608/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><content style="-uslm-dtd:text">Funds appropriated pursuant to this section shall remain available until expended.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s608/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c) </num><content style="-uslm-dtd:text">Non-Federal funds received by the corporation, and funds received by any recipient from a source other than the corporation, shall be accounted for and reported as receipts and disbursements separate and distinct from Federal funds.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/557/tVI/s608/d" styleType="OLC"> <num style="-uslm-dtd:enum" value="d">(d) </num><content style="-uslm-dtd:text">The corporation shall prepare annually a business-type budget which shall be submitted to the Office of Management and Budget, under such rules and regulations as the President may establish as to the date of submission, the form and content, the classifications of data, and the manner in which such budget program shall be prepared and presented. The budget of the corporation as modified, amended, or revised by the President shall be transmitted to the Congress as a part of the annual budget required by chapter 11 of title 31, United States Code. Amendments to the annual budget program may be submitted from time to time.</content> </subsection> </section>