1.This Act may be cited as
the Hurricane Katrina Response
Act
.
<enum>I</enum><header>Louisiana Recovery
Corporation</header>
<section id="HCC5B6300DD654FDBAE83CEC1BBE0663"><enum>101.</enum><header>Short
title</header><text display-inline="no-display-inline">This title may be cited
as the <quote>Louisiana Recovery Corporation Act</quote>.</text>
</section><section id="HE80B85487F2746EDABBC905CB26975F5"><enum>102.</enum><header>Establishment
of corporation</header>
<subsection id="H585463F0EEEC4E2E92D38D4C663B23C7"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">There is hereby
established the Louisiana Recovery Corporation (hereafter in this title
referred to as the <quote>Corporation</quote>).</text>
</subsection><subsection id="H98A408B51E2B4535B914B5C7872E98"><enum>(b)</enum><header>Status of
corporation</header><text>The Corporation shall be an independent establishment
in the executive branch and shall be deemed to be an agency of the United
States for purposes of subchapter II of chapter 5 and chapter 7 of title 5,
United States Code.</text>
</subsection><subsection id="HBEBB253B425C4E85A59BAAA289D446F1"><enum>(c)</enum><header>Principal
office</header><text display-inline="yes-display-inline">The principal office
of the Corporation shall be located in the State of Louisiana, but there may be
established agencies or branch offices in the District of Columbia and in any
municipality or parish in Louisiana to the extent provided for in the by-laws
of the Corporation.</text>
</subsection><subsection id="H44D16399EA2C41A0B071374BBAE46C5"><enum>(d)</enum><header>Corporate
divisions</header>
<paragraph id="HFE1AD4B6441C4C9CB1315FD7BD111CD8"><enum>(1)</enum><header>In
general</header><text>At a minimum, the Corporation shall establish and
maintain separate divisions for the following subjects:</text>
<subparagraph id="H101DEE1EB314475B9FE96CF5B7EB9B8"><enum>(A)</enum><text>Environment and
Land Use Management.</text>
</subparagraph><subparagraph id="HCF17D5BABE6149899C381F43311FEDCA"><enum>(B)</enum><text>Economic
Development.</text>
</subparagraph><subparagraph id="H3BDF56C1E46E4D7FA86CB282CBCD003B"><enum>(C)</enum><text>Property
Acquisition.</text>
</subparagraph><subparagraph id="HB23B75DABAAC4B35AF60786200485435"><enum>(D)</enum><text>Property
Management.</text>
</subparagraph><subparagraph id="HFAA70D573BBE454D93F9DF73631B3704"><enum>(E)</enum><text>Property
Disposition.</text>
</subparagraph><subparagraph id="HC5E5318BEDB648D8A1EC9ED45D5981BA"><enum>(F)</enum><text>Urban Homesteading
and Community and Faith-Based Organizations.</text>
</subparagraph></paragraph><paragraph id="HADD5E2D05E6C4A0EB7394472390000F7"><enum>(2)</enum><header>Management of
divisions</header><text>Management of each division shall be vested in an
executive vice president who shall be appointed by the Board of
Directors.</text>
</paragraph></subsection><subsection id="HB4D0AA27411042F5B04276ACDFBC9F8C"><enum>(e)</enum><header>Property owners’
rights and protections</header>
<paragraph id="H282E644413E74760AF59E8D960E39400"><enum>(1)</enum><header>No authority to
exercise eminent domain</header><text>The Corporation shall have no authority
to acquire interests in property by eminent domain.</text>
</paragraph><paragraph id="H8110570A259141F3BB256E88C4E25075"><enum>(2)</enum><header>No coercion of
property owners</header><text display-inline="yes-display-inline">Any contract
entered into between a property owner and the Corporation shall not be
enforceable if such property owner was subject to undue coercion on the part of
the Corporation.</text>
</paragraph><paragraph id="HCD28678EB3BE4F9084EB73ACBA254236"><enum>(3)</enum><header>Property owner’s
right to <quote>opt out</quote></header><text display-inline="yes-display-inline">No provision of this title shall be
construed as denying any property owner the right to opt out of any dealings
with the Corporation, subject to the terms of any contract or agreement
previously entered into.</text>
</paragraph><paragraph id="H90106D87AEFB4D3695101CF6109684C"><enum>(4)</enum><header>Local
invitation</header><text>Notwithstanding any other provision of this title, the
Corporation may take no action in any municipality or parish unless the local
government of such municipality or parish has adopted a resolution of
invitation for the Corporation’s assistance.</text>
</paragraph></subsection></section><section id="H8BA2D34EEAD24479AC643CBFD3C4E674"><enum>103.</enum><header>Management</header>
<subsection id="H371396F287D447618F95831D357D9767"><enum>(a)</enum><header>Board of
directors</header>
<paragraph id="HE3763C4B9DF24995BDDC972EABDE0025"><enum>(1)</enum><header>In
general</header><text>The management of the Corporation shall be vested in a
Board of Directors consisting of 7 individuals appointed by the President as
follows from among individuals who are citizens of the United States and who,
by virtue of their education, training or experience in environmental land
reclamation, economic development, housing development, land use, or urban
planning, are especially qualified to serve on the Board of Directors.</text>
</paragraph><paragraph id="H46B885D09F094AD9972D88EDD48D6773"><enum>(2)</enum><header>Nominations by
Governor of Louisiana</header><text>3 of the members of the Board of Directors
shall be appointed under paragraph (1) from among individuals who are nominated
for appointment by the Governor of Louisiana.</text>
</paragraph><paragraph id="H2865EA2767F147679CC970F94CF09923"><enum>(3)</enum><header>Political
affiliation</header><text display-inline="yes-display-inline">Not more than 4
of the members of the Board of Directors may be members of the same political
party.</text>
</paragraph><paragraph id="HE0C270881383496780C700FAD088BB8D"><enum>(4)</enum><header>Quorum</header><text>4
members of the Board of Directors shall constitute a quorum but a lesser number
may hold hearings.</text>
</paragraph></subsection><subsection id="H2FB694AD501F4345B19686FF23F67318"><enum>(b)</enum><header>Chairperson and
vice chairperson</header>
<paragraph id="H6D85C33FB73F48E2A3BE559E4C32EE97"><enum>(1)</enum><header>Chairperson</header><text display-inline="yes-display-inline">1 of the 4 members of the Board of
Directors who were not nominated by the Governor of Louisiana shall be
designated by the President, by and with the advice and consent of the Senate,
to serve as Chairperson of the Board of Directors and the chief executive
officer of the Corporation.</text>
</paragraph><paragraph id="H6396799506CE4B87BF32C0764DE6C424"><enum>(2)</enum><header>Vice
chairperson</header><text display-inline="yes-display-inline">1 of the 3
members of the Board of Directors who were nominated by the Governor of
Louisiana shall be designated by the President to serve as Vice Chairperson of
the Board of Directors.</text>
</paragraph><paragraph id="HB7C35E6C303746728353ECE6D8AD59B9"><enum>(3)</enum><header>Acting
chairperson</header><text display-inline="yes-display-inline">In the event of a
vacancy in the position of Chairperson of the Board of Directors or during the
absence or disability of the Chairperson, the Vice Chairperson shall act as
Chairperson and the chief executive officer of the Corporation.</text>
</paragraph></subsection><subsection id="H58A433D1483D42F5A88200B543643630"><enum>(c)</enum><header>Terms</header>
<paragraph id="HF154D7DF27104DEBB56B26F6B123386B"><enum>(1)</enum><header>In
general</header><text>Each member of the Board of Directors shall be appointed
to a term of 5 years.</text>
</paragraph><paragraph id="H68DCD7BFCABB4BB9B28E822DFE75284B"><enum>(2)</enum><header>Staggered
terms</header><text>Of the members first appointed to the Board of Directors
after the date of the enactment of this Act—</text>
<subparagraph id="HB6B0EFBD3DAF483D8B29EB8B53943F76"><enum>(A)</enum><text>2 shall be
appointed for a term of 5 years (1 of whom shall be the member designated as
the Chairperson);</text>
</subparagraph><subparagraph id="H327CEED013EE4CA7BA88F277C4951184"><enum>(B)</enum><text>the 3 members who
were nominated by the Governor of Louisiana shall be appointed for a term of 3
years; and</text>
</subparagraph><subparagraph id="H7A4F89189180463C0086BC264C3E39E8"><enum>(C)</enum><text>2 shall be
appointed for a term of 2 years.</text>
</subparagraph></paragraph><paragraph id="H3DE9486A04A64765AD82A4F9A43FF72B"><enum>(3)</enum><header>Interim
appointments</header><text display-inline="yes-display-inline">Any member
appointed to fill a vacancy occurring before the expiration of the term for
which such member’s predecessor was appointed shall be appointed only for the
remainder of such term.</text>
</paragraph><paragraph id="HFE8E727BBF594E29B4225189BEAEC1ED"><enum>(4)</enum><header>Continuation of
service</header><text display-inline="yes-display-inline">The Chairperson, Vice
Chairperson, and each appointed member may continue to serve after the
expiration of the term of office to which such member was appointed until a
successor has been appointed and qualified.</text>
</paragraph><paragraph id="HA00F5DA9855543E58371F1C00FCB5CF"><enum>(5)</enum><header>Removal for
cause</header><text display-inline="yes-display-inline">The Chairperson, Vice
Chairperson, and any appointed member may be removed by the President for
cause.</text>
</paragraph><paragraph id="H1A80DA64C31E430B85C34DE3CC736B31"><enum>(6)</enum><header>Full-time
service</header><text>The members of the Board of Directors shall serve on a
full-time basis.</text>
</paragraph></subsection><subsection id="HF274BFC1C15D47D78C80E86121F01624"><enum>(d)</enum><header>Vacancy</header><text display-inline="yes-display-inline">Any vacancy on the Board of Directors shall
be filled in the manner in which the original appointment was made.</text>
</subsection><subsection commented="no" id="H59483B178B2D41D6A5C3BFCFAA6337EE"><enum>(e)</enum><header>Ineligibility
for other offices</header>
<paragraph commented="no" id="H5BD6D90C7F5243C598C22C816D3D57D2"><enum>(1)</enum><header>Other government
positions</header><text>No person may serve as a member of the Board of
Directors while holding any position as an officer or employee of the Federal
Government, any State government, or any political subdivision of any
State.</text>
</paragraph><paragraph commented="no" id="H871BEB3F9B584B52BF59BF1C2792F3B9"><enum>(2)</enum><header>Restriction
during service</header><text display-inline="yes-display-inline">No member of
the Board of Directors may—</text>
<subparagraph commented="no" id="HB33A859EDF284A3BAA37A89662EAC3C3"><enum>(A)</enum><text display-inline="yes-display-inline">be an officer or director of any insured
depository institution, insured credit union, depository institution holding
company, Federal reserve bank, Federal home loan bank, investment bank,
mortgage bank, real estate development company, realtor, or any other entity
which enters into any contract with the Corporation; or</text>
</subparagraph><subparagraph commented="no" id="HAE691E3F1A24441C9B2DD0B681E7A3F"><enum>(B)</enum><text display-inline="yes-display-inline">hold stock in any insured depository
institution, depository institution holding company, investment bank, mortgage
bank, real estate development company, realtor, or any other entity which
enters into any contract with the Corporation.</text>
</subparagraph></paragraph><paragraph commented="no" id="HBFA73923FBC545C0A0AC768270BC00E2"><enum>(3)</enum><header>Certification</header><text display-inline="yes-display-inline">Upon taking office, each member of the
Board of Directors shall certify under oath that such member has complied with
this subsection and such certification shall be filed with the secretary of the
Board of Directors.</text>
</paragraph></subsection><subsection commented="no" id="HD9CCD9D2441B4292BE331679A27295E1"><enum>(f)</enum><header>Clarification of
nonliability</header>
<paragraph commented="no" id="HE843E73D661B4544918B3268A482EE84"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">A director, member,
officer, or employee of the Corporation has no liability under the Securities
Act of 1933 with respect to any claim arising out of or resulting from any act
or omission by such person within the scope of such person’s employment in
connection with any transaction involving the acquisition or disposition of
assets (or any interests in any assets or any obligations backed by any assets)
by the Corporation. This subsection shall not be construed to limit personal
liability for criminal acts or omissions, willful or malicious misconduct, acts
or omissions for private gain, or any other acts or omissions outside the scope
of such person’s employment.</text>
</paragraph><paragraph commented="no" id="HDF18CB0E03D5459BAE684BF4B376F5FE"><enum>(2)</enum><header>Effect on other
law</header><text display-inline="yes-display-inline">This subsection shall not
be construed as—</text>
<subparagraph commented="no" id="H82257A6EA25248FBA779BE5103E6067D"><enum>(A)</enum><text>affecting—</text>
<clause commented="no" id="H4AD91562E549408BA1BE573BC7487557"><enum>(i)</enum><text>any other
immunities and protections that may be available to person to whom paragraph
(1) applies under applicable law with respect to such transactions, or</text>
</clause><clause commented="no" id="HA3612C7E38334F87964237F2DE60B7F0"><enum>(ii)</enum><text>any other right
or remedy against the Corporation, against the United States under applicable
law, or against any person other than a person described in paragraph (1)
participating in such transactions; or</text>
</clause></subparagraph><subparagraph commented="no" id="H4D4D207D6D82406E9F00B3C63CCFB5B"><enum>(B)</enum><text>limiting or
altering in any way the immunities that are available under applicable law for
Federal officials and employees not described in this subsection.</text>
</subparagraph></paragraph></subsection><subsection id="HCF7B3F2AB54247B783B6791048FE7804"><enum>(g)</enum><header>Local
development plans; a community-based collaborative approach</header>
<paragraph id="H9314BC2AC8F04AA287E804821DE73F4B"><enum>(1)</enum><header>Establishment of
local advisory council</header>
<subparagraph id="H6E17C76360D74B7C9B5B962F5700D9A5"><enum>(A)</enum><header>In
general</header>
<clause id="id6118C8913E204080A50B5FFD6B24D8D8"><enum>(i)</enum><header>Parishes and
larger municipalities</header><text>Not later than 30 days after the date of
the adoption of a resolution of invitation described in section 102(e)(4), any
parish (or any municipality of over 25,000 people) in the affected area may
designate an entity to serve in an advisory capacity to the Corporation.</text>
</clause><clause id="idDCB87FBD29404F51B44F5FB155314BB1"><enum>(ii)</enum><header>Other parishes
and municipalities</header><text>For any parish or municipality that does not
designate an advisory entity under clause (i), the Corporation shall provide
for the establishment of a local advisory council in each parish of the State
of Louisiana in which the Corporation operates.</text>
</clause></subparagraph><subparagraph id="H1D1537E50C5441749C0010FF9BBD8E91"><enum>(B)</enum><header>Membership</header><text display-inline="yes-display-inline">Each local advisory council shall consist
of such local elected officials (including municipal officials), community
groups (such as homeowners and community associations), and other interested,
qualified, groups as the Corporation may determine to be appropriate.</text>
</subparagraph><subparagraph id="H77C2585A7EBA461E8FDB8018DDD32FE3"><enum>(C)</enum><header>Consultation</header><text display-inline="yes-display-inline">The Corporation shall consult with each
local advisory council concerning all actions and projects of the Corporation
that affect any portion of the parish for which such council is appointed. The
Corporation shall also ensure that its consultations involve a broad range of
local officials and community groups, including those that are not part of the
formal advisory council. The Corporation shall hold public meetings,
periodically and in advance of major decisions, in the affected parishes to
receive input from the affected communities.</text>
</subparagraph></paragraph><paragraph id="H87808F3E880C4E53B10342948FFAF2B6"><enum>(2)</enum><header>Local
development plans</header><text>In executing the redevelopment mandate under
this title, the Corporation—</text>
<subparagraph id="H0C60673A308B4C4AB6B86FF6B1098428"><enum>(A)</enum><text display-inline="yes-display-inline">shall take into account and comply with any
redevelopment plan established by State and local government officials;
and</text>
</subparagraph><subparagraph id="H59F70C01CFE1426EA72360252564B325"><enum>(B)</enum><text display-inline="yes-display-inline">may only solicit bids for such
redevelopment that are based on and comply with a plan developed by local
governments, if such a plan exists.</text>
</subparagraph></paragraph></subsection><subsection id="H60FD91E9F8F149FB8DC0F091A5EAED89"><enum>(h)</enum><header>Appearances
before the Congress</header><text>The Chairperson of the Board of Directors
shall appear before the Committee on Financial Services of the House of
Representatives annually regarding all aspects of the operation and financing
of the Corporation, together with such other members of the Board of Directors
as the Committee may require.</text>
</subsection></section><section id="H2CB1A0AE6DA843CFA4A9BCE2AD595D13"><enum>104.</enum><header>Capitalization
of the corporation</header>
<subsection id="HD72BB28B69024797BFDD9659E2BE36F4"><enum>(a)</enum><header>In
general</header><text>The Corporation shall have capital stock subscribed to by
the United States Government in such amount as the President may determine to
be appropriate.</text>
</subsection><subsection id="H906EE1C29C704367A14221CA9834BCC3"><enum>(b)</enum><header>Certificates</header><text display-inline="yes-display-inline">Certificates evidencing shares of nonvoting
capital stock of the Corporation shall be issued by the Corporation to the
President of the United States, or to such other person or persons as the
President may designate from time to time, to the extent of payments made for
the capital stock of the Corporation.</text>
</subsection><subsection id="H53D1234517D44C78BD004EE39C722D07"><enum>(c)</enum><header>Public debt
transaction</header><text display-inline="yes-display-inline">For the purpose
of purchasing shares of capital stock of the Corporation, the Secretary of the
Treasury may use as a public-debt transaction the proceeds of any securities
issued under chapter 31 of title 31, United States Code.</text>
</subsection><subsection id="H3C32CF27A5CE4736B6A1B580CB041C39"><enum>(d)</enum><header>Reports</header>
<paragraph id="H87CF969C4DCF4685A270CA1FCAAD2C03"><enum>(1)</enum><header>In
general</header><text>The Board of Directors shall submit to the Director of
the Office of Management and Budget and to the Secretary of the Treasury
quarterly reports and an annual report on the expenses of the Corporation
during the period covered by the report, the financial condition of the
Corporation as of the end of such period, the results of the Corporation's
operations during such period, and the progress made during such period in
fulfilling the mission and purposes of the Corporation, together with a copy of
the Corporation's financial operating plans and forecasts for the annual or
quarterly period (as the case may be) succeeding the period covered by the
report.</text>
</paragraph><paragraph id="H541D92B51954420D9CC9BE10840061E4"><enum>(2)</enum><header>Public
availability</header><text display-inline="yes-display-inline">Each report
submitted to the Director of the Office of Management and Budget and to the
Secretary of the Treasury under paragraph (1) shall be made available to the
public.</text>
</paragraph></subsection><subsection id="H3273AF6071E14506AA8EDC6B00E67B5D"><enum>(e)</enum><header>Termination of
authority to issue stock</header><text>No shares of capital stock of the
Corporation may be issued after the end of the 10-year period beginning on the
date of the enactment of this Act.</text>
</subsection><subsection id="H9BD53881FEA94F25A77D01DEF7149F4E"><enum>(f)</enum><header>Revenue used to
retire stock</header><text>Any net revenue of the Corporation in excess of
amounts required to meet on-going expenses and investments shall be paid to the
Secretary of the Treasury to redeem the capital stock of the Corporation and
shall be deposited in the general fund of the Treasury.</text>
</subsection><subsection id="HE2460CD50B0A48E8AC65189BFB8EC003"><enum>(g)</enum><header>Authorization of
appropriations</header><text display-inline="yes-display-inline">Of any amounts
previously appropriated for <quote>Disaster Relief</quote> under the Emergency
Preparedness and Response account of the Department of Homeland Security that
remain available, $100,000,000 shall be available, subject to approval in
advance in appropriation Acts, to the Corporation for fiscal year 2006 as
start-up funding for the Corporation.</text>
</subsection><subsection id="id4727D92CF32642DDAEE29EDAB2863714"><enum>(h)</enum><header>Limitation on
capital stock of corporation</header><text>At no time may the capital stock
issued by the Corporation exceed $30,000,000,000.</text>
</subsection></section><section id="H9046FB5BA44244F59182847B00000051"><enum>105.</enum><header>Mission,
purpose, and duties of the corporation</header>
<subsection id="H77E8A2A9A57446B7A8CCAEE92480C74"><enum>(a)</enum><header>Mission</header><text display-inline="yes-display-inline">The primary mission and purpose of the
Corporation shall be the economic stabilization and redevelopment of areas
within Louisiana that were devastated or significantly distressed by Hurricane
Katrina or Hurricane Rita.</text>
</subsection><subsection id="HA21CDDCB4D8C43DA8B94EFCDEDB8F34B"><enum>(b)</enum><header>Economic
stabilization</header><text display-inline="yes-display-inline">In executing
its economic stabilization mandate, the Corporation shall, after consultation
with State and local officials and pursuant to agreement that eligible
properties are not likely to be redeveloped without Corporation assistance,
locate and acquire real property (commercial and residential) in such a manner
and subject to such conditions that the rights of property owners and occupants
under this title have been provided, and such that, upon the consummation of
any acquisition of real property securing a mortgage loan—</text>
<paragraph id="HBA6D27A271394D44A7746C00CB42E49D"><enum>(1)</enum><text display-inline="yes-display-inline">the mortgagee’s debt shall be considered
paid in full by the mortgagor; and</text>
</paragraph><paragraph id="H73F59666C9104A6CA509BD007D34B0ED"><enum>(2)</enum><text>all title and
interest in the real property securing such mortgage loan passes to the
Corporation.</text>
</paragraph></subsection><subsection id="HAFA94EB07B1A40A386782987EB5B8154"><enum>(c)</enum><header>Redevelopment</header><text display-inline="yes-display-inline">In executing its redevelopment mandate, the
Corporation shall, after consultation with State and local officials, carry out
the following activities:</text>
<paragraph id="H4C08045E70324F7198B11D2250A1E499"><enum>(1)</enum><text>Package for sale
acquired real property in substantial tracts of land.</text>
</paragraph><paragraph id="HD2FFDAFAC0C6424B938BECAC6DCBE5A4"><enum>(2)</enum><text>Make improvements
to such tracts of land so as to make the land suitable for sale and
development, including such basic improvements as the following:</text>
<subparagraph id="HB09C2209CB6A4A3E80565D001D4E00BF"><enum>(A)</enum><text>Construction and
reconstruction of neighborhood roads.</text>
</subparagraph><subparagraph id="HB5B38185A838412A9619084D208D80D6"><enum>(B)</enum><text>Repair or
replacement of water and wastewater infrastructure.</text>
</subparagraph><subparagraph id="H834AA4A8A9B34D8CA07DB5CA4EE443B6"><enum>(C)</enum><text>Similar activities
necessary to maximize the return on acquired real property.</text>
</subparagraph></paragraph><paragraph id="HA315BB1A444742A28373329BFF574D82"><enum>(3)</enum><text>Through a
competitive bidding process, dispose of such acquired properties in a
profitable manner.</text>
</paragraph><paragraph id="H3327A218F8AC4BB1B420AF1B5BDB8335"><enum>(4)</enum><text display-inline="yes-display-inline">In consultation with State and local
officials, provide for the protection and preservation of historical and other
sites of cultural significance in such a manner that promotes local heritage
and interest.</text>
</paragraph><paragraph id="HF1E4C88A29344F10842B98143B4EE8B1"><enum>(5)</enum><text display-inline="yes-display-inline">Utilize state of the art community design
techniques and planning that maximize community involvement, minimize commute
times, and give appropriate consideration to green space and the natural
environment.</text>
</paragraph><paragraph id="H7B073D0C8BFB4CDEBF6C4B29BB385CCE"><enum>(6)</enum><text display-inline="yes-display-inline">Seek to ensure equitable treatment among
communities and areas.</text>
</paragraph></subsection><subsection id="H2E759A792AAF4F1AAB52FC68002309CA"><enum>(d)</enum><header>Office of
internal audit</header>
<paragraph id="H7F6769BB0B384C8FBDABA8AA7C2F7F73"><enum>(1)</enum><header>Establishment</header><text>The
Board of Directors shall establish an audit committee, to be known as the
Office of Internal Audit.</text>
</paragraph><paragraph id="HB7F4818CCD8E4E8CB04D75C8504CA13"><enum>(2)</enum><header>Reports</header><text display-inline="yes-display-inline">The Office of Internal Audit shall report
to the Board of Directors no less than 4 times a year on the Office’s reviews
of the activities, contracts, and financial statements of the
Corporation.</text>
</paragraph><paragraph id="H7248557ACCCC4C46A07C2419CE1F7E01"><enum>(3)</enum><header>Employees</header><text display-inline="yes-display-inline">The Office of Internal Audit shall set the
compensation and benefits for the employees of the Office.</text>
</paragraph><paragraph id="HC7AC25F3C040461FA62B937B7E004841"><enum>(4)</enum><header>Relationship to
inspector general</header><text display-inline="yes-display-inline">Notwithstanding any provision of the
Inspector General Act of 1978, the Board of Directors shall provide for the
Inspector General to report to the Office of Internal Audit and to the Board of
Directors.</text>
</paragraph></subsection><subsection id="H3470F87336BA47C9A769B053F2F9938C"><enum>(e)</enum><header>Inspector
general</header><text>For purposes of the Inspector General Act of 1978—</text>
<paragraph id="H36AE98F4CB454A3A81E94BB53258C975"><enum>(1)</enum><text>the Board of
Directors shall be treated as the head of the establishment; and</text>
</paragraph><paragraph id="H8C91CC70D5E243A49C32A229C76037B"><enum>(2)</enum><text>the Corporation
shall be treated as the establishment.</text>
</paragraph></subsection></section><section id="H5534D85362C34C208CBBD39A99E6958"><enum>106.</enum><header>Property
acquisition authority and methodology</header>
<subsection id="H531C0F765A394AFD929F97C74467D41D"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Pursuant to section
105(b), the Corporation shall negotiate to acquire title to real property and
compensate any property owner, mortgagee or primary lien holder with an
interest in such real property.</text>
</subsection><subsection id="H2CFC36F5D8704C87A4F2D8AEB41BA89C"><enum>(b)</enum><header>Purchase offer
for real property secured by a lien</header><text display-inline="yes-display-inline">The Corporation shall take into
consideration the following in constructing offers of compensation for the
acquisition of real property secured by a lien:</text>
<paragraph id="H923C0AE249B94D0CB48EF3A49E85E166"><enum>(1)</enum><text>The Corporation’s
expenses to improve the property for sale and development.</text>
</paragraph><paragraph id="HCD5A537C0C984194A997D551D986D5CE"><enum>(2)</enum><text>The Corporation’s
anticipated return upon the property’s disposition.</text>
</paragraph><paragraph id="H86CC0AFBB02B4301A0021B43A940F355"><enum>(3)</enum><text>The remaining
principle balance of any outstanding mortgage.</text>
</paragraph><paragraph id="HC20DB102C2DB44DB8F827785E7FF5CEE"><enum>(4)</enum><text display-inline="yes-display-inline">In accordance with subsection (h), the
equity position of the owner in the property immediately before the area in
which such property is located was devastated or significantly distressed by
Hurricane Katrina or Hurricane Rita and the appropriate loss share factor for
such property (as determined under subsection (g)(2)).</text>
</paragraph><paragraph id="HDBD925A9B981460696FD924F436D8271"><enum>(5)</enum><text>Any potential net
loss to the Corporation, and indirectly to the taxpayers, upon final
disposition of the property.</text>
</paragraph></subsection><subsection id="HB5451EC1DFC34F26B540008BEC94C66E"><enum>(c)</enum><header>Purchase from
owner</header><text display-inline="yes-display-inline">The Corporation shall
take into consideration the following in constructing offers of compensation
for any real property where no lien secures such real property:</text>
<paragraph id="H22FFB240FAF7490CBA007FA4F13213BB"><enum>(1)</enum><text>The Corporation’s
expenses to improve the property for sale and development.</text>
</paragraph><paragraph id="H9B27023E1BE3454E8EAC969EA61B9400"><enum>(2)</enum><text>The Corporation’s
anticipated return upon the property’s disposition.</text>
</paragraph><paragraph id="H6C0CFB6E964243D7A4A9E4D017B09784"><enum>(3)</enum><text display-inline="yes-display-inline">In accordance with subsection (h), the
equity position of the owner in the property immediately before the area in
which such property is located was devastated or significantly distressed by
Hurricane Katrina or Hurricane Rita and the appropriate loss share factor for
such property (as determined under subsection (g)(2)).</text>
</paragraph><paragraph id="HDF6686144CB6488FADE0992537FBC974"><enum>(4)</enum><text>Any potential net
loss to the Corporation, and indirectly to the taxpayers, upon final
disposition of the property.</text>
</paragraph></subsection><subsection id="HA18BF6F1EB20484A951B1EBA7E612C3"><enum>(d)</enum><header>Right of first
refusal and option to repurchase real property</header>
<paragraph id="HDFD743BCE86B4D798B422DFEE165964B"><enum>(1)</enum><header>In
general</header><text>Subject to paragraph (2), the Corporation shall ensure
that any entity awarded a contract under section 107 shall grant a right of
first refusal and option to obtain an interest in real property of comparable
size and location in redeveloped areas to any party previously holding
title.</text>
</paragraph><paragraph id="HB28BDBE0E3D3486F9FEBC015AB08B121"><enum>(2)</enum><header>Guidelines for
exercise</header>
<subparagraph id="id2D0E4909FBBA4CE6B7F78D68254F9719"><enum>(A)</enum><header>In
general</header><text>The Corporation shall—</text>
<clause id="H1174E400161A4A3995131593003D231F"><enum>(i)</enum><text display-inline="yes-display-inline">ensure that the right of first refusal and
option to obtain an interest in real property that are granted pursuant to
paragraph (1) are granted before the real property is listed for public sale;
and</text>
</clause><clause id="H705300C9661744F7A8DE77844FB8CB80"><enum>(ii)</enum><text>shall establish
guidelines to provide that any party receiving the option to obtain an interest
in real property is given adequate time to consider and exercise such
option.</text>
</clause></subparagraph><subparagraph id="id2E1B9EB46237421C9567B52AD0883E4A"><enum>(B)</enum><header>Maximum
price</header><text>In no case shall the Corporation extend the right of first
refusal to the property owner for more than 25 percent of the Corporation's
original purchase price, plus the Corporation's transactional and improvement
costs.</text>
</subparagraph></paragraph></subsection><subsection id="HCA4258A8D1AD44B5BDF3FD6000FE5460"><enum>(e)</enum><header>Right to retain
an interest in real property</header>
<paragraph id="H6A9DD666EF4046659DEC802CB38EFE"><enum>(1)</enum><header>Property owner or
mortgagee right to retain interest</header><text>The Corporation shall offer
any property owner or mortgagee an option to retain an interest in real
property of comparable size and location, subject to the following
conditions:</text>
<subparagraph id="HB8C620B5097948B597A2F57D75DF2902"><enum>(A)</enum><text>The Corporation
shall pay no compensation to the property owner or mortgagee.</text>
</subparagraph><subparagraph id="H4B15963B40B1481D9569B5767CB4848F"><enum>(B)</enum><text>The property owner
or mortgagee shall compensate the Corporation for expenses to improve the
property for sale and development when such property owner or mortgagee obtains
construction financing for development of the property.</text>
</subparagraph></paragraph><paragraph id="H608763C2127D48839CAA870158C62D1C"><enum>(2)</enum><header>Requirement to
develop property</header><text>Any property owner or mortgagee exercising a
right to retain interest in a property shall—</text>
<subparagraph id="H6FA24669927E4D83AF2EDB3069A238FF"><enum>(A)</enum><text>obtain
construction financing within 90 days of notification by the Corporation that
the area in which the property owner or mortgagee retains an interest is
available for development; and</text>
</subparagraph><subparagraph id="HBCF6645AC08848BC8341FC7DACF14343"><enum>(B)</enum><text>complete
construction of a replacement residential or commercial structure, as
applicable, within 2 years of a notification pursuant to subparagraph
(A).</text>
</subparagraph></paragraph><paragraph id="H3355B922BAF64329B77200D2A2C5DDDF"><enum>(3)</enum><header>Contract terms
and enforcement</header>
<subparagraph id="H8A2DAF467AC1402D88D6645B9168DADF"><enum>(A)</enum><header>Contract
required</header><text display-inline="yes-display-inline">In any case in which
a property owner or mortgagee exercises a right to retain interest in a
property, the rights and responsibilities of the Corporation and the property
owner or mortgagee shall be fully detailed in a contract.</text>
</subparagraph><subparagraph id="H1B3E471C6C38440085E3E74CFDB177F"><enum>(B)</enum><header>Terms to be
included</header><text>Among such other terms as may be agreed upon by the
parties, any contract described in subparagraph (A) shall include the following
provisions:</text>
<clause id="H36CDC0E016EA43F0B19FDFB95FF8E4B4"><enum>(i)</enum><text display-inline="yes-display-inline">A mechanism that allows the Corporation to
take control of the property for a set price and to receive compensation for
any expenses incurred by the Corporation if a breach of contract by the
property owner or mortgagee occurs.</text>
</clause><clause id="H5A803689F3B74290BD88F90000B0BC16"><enum>(ii)</enum><text display-inline="yes-display-inline">A requirement that—</text>
<subclause id="HC416ABC67C6C46BD88896B209700C96D"><enum>(I)</enum><text>the property owner
or mortgagee reimburse the Corporation for such owner’s or mortgagee’s pro rata
share of the costs associated with making the property suitable for
development; and</text>
</subclause><subclause id="H233F6A33B19C4DF2BFB5F5FA0097F01D"><enum>(II)</enum><text>such
reimbursement be made within 90 days of the property owner or mortgagee having
been notified by a developer that the property is now available for
redevelopment.</text>
</subclause></clause><clause id="H89315F771FD544B2A2FDB11DF826F5B5"><enum>(iii)</enum><text display-inline="yes-display-inline">A requirement that the development of the
property be completed by the property owner or mortgagee within at least 2
years from the time such owner or mortgagee is notified by the developer that
the property is now available for redevelopment.</text>
</clause><clause id="H1F9D251B2CBC4B858057C988C5D34512"><enum>(iv)</enum><text>A
mitigation notice and review procedure that meets the requirement of
subparagraph (C).</text>
</clause></subparagraph><subparagraph id="HA4891E7218EC4F2BA488CB96CB2DFFCB"><enum>(C)</enum><header>Mitigation
notice and review procedure</header>
<clause id="H7437C47AC37A441B8B229767692E175D"><enum>(i)</enum><header>Notice</header><text display-inline="yes-display-inline">If the Corporation certifies in writing
that a property owner or mortgagee has failed to comply with the requirements
of paragraph (2), the Corporation shall provide an opportunity for such owner
or mortgagee to inform the Corporation of mitigating circumstances to provide a
justification for such failure.</text>
</clause><clause id="H6F9B66062BCB4F008F7955EB0711EFE1"><enum>(ii)</enum><header>Review and
relief</header><text>The Corporation may modify the terms of the contract to
provide relief for the property owner or mortgagee if the Corporation, in the
sole discretion of the Corporation and after review of the mitigating
circumstances provided under clause (i) determines that such relief is
warranted.</text>
</clause></subparagraph></paragraph><paragraph id="H31908D4CB7F64314BABC5DFFAF52A400"><enum>(4)</enum><header>Obligation of
subsequent owners upon sale by owner</header><text display-inline="yes-display-inline">If a property owner enters into a contract
with the Corporation under this subsection with respect to an interest of such
owner in property and subsequently alienates or disposes of such interest, or
any portion of such interest, in property, any continuing obligation of the
property owner under the contract runs with the interest in property to the
successor owner or holder of such interest or portion of an interest in the
property.</text>
</paragraph></subsection><subsection id="H82DB0D398DF045BB9200A9ECB36C4C81"><enum>(f)</enum><header>Calculation of
expenses and potential net loss</header>
<paragraph id="H1168AE38F4EF43BCAB1DCEC245F09D64"><enum>(1)</enum><header>Determination of
expenses</header><text display-inline="yes-display-inline">In determining the
Corporation’s expenses for the purposes or making purchase offers under
subsection (b) or (c) or seeking reimbursement from a property owner under
subsection (d), the Corporation shall not seek to recover costs for which it
has been reimbursed from other sources.</text>
</paragraph><paragraph id="HC3986BAE66A24147AC80D12C5B5CD3F7"><enum>(2)</enum><header>Determination of
potential loss</header><text display-inline="yes-display-inline">In determining
the potential net loss to the Corporation under subsections (b)(5) and (c)(4),
the Corporation shall seek to provide equitable treatment of property owners
without regard to the specific property or area or the level of interest in
redevelopment that property or area.</text>
</paragraph></subsection><subsection id="HCA72260D21D6444C00FA21C30EC32A5"><enum>(g)</enum><header>Arbitration</header>
<paragraph id="HE9A12BC8EFA341310042C001D9E83E30"><enum>(1)</enum><header>In
general</header><text>If a property owner has any dispute with regard to the
amount and terms of an offer for the property of such owner by the Corporation
or the valuation of the property, an arbitration process established in
accordance with paragraph (2) may be invoked by the property owner.</text>
</paragraph><paragraph id="H11B687224E224881B4CBB920824CA47"><enum>(2)</enum><header>Arbitration
process</header><text>The arbitration process established under this subsection
shall provide for—</text>
<subparagraph id="H4C3B1791CBB744D8BD00EC20DDEFDB9"><enum>(A)</enum><text>the selection of a
neutral arbitrator selected by both parties from among individual appraisers
who, by virtue of their education, training, and experience, are specially
qualified with regard to arbitration and appraisals of Louisiana real estate
values prior to August 28, 2005;</text>
</subparagraph><subparagraph id="HF3F5015A518A4B1F806F527CD11028FC"><enum>(B)</enum><text>the use by the
arbitrator of the same criteria as the Corporation under this title; and</text>
</subparagraph><subparagraph id="H51F75D3B01C9420FB5AE3F0214EE0078"><enum>(C)</enum><text>the payment of the
costs of the process by the Corporation.</text>
</subparagraph></paragraph><paragraph id="H5253411616CA4441A2792F28558DAF00"><enum>(3)</enum><header>Corporation</header><text>For
a period of 60 days after the determination of the arbitrator, the Corporation
shall honor the terms of the determination of the arbitrator.</text>
</paragraph><paragraph id="HB0FE1E07B7B44CF580EF7D6E2DF3C00"><enum>(4)</enum><header>Property
owner</header><text>The property owner may reject the offer of the Corporation
and the determination of the arbitrator, without penalty, at any time before a
binding contract is entered into.</text>
</paragraph></subsection><subsection id="H9C5ED88149D74E7DA5F13CDF8FC834BF"><enum>(h)</enum><header>Limitations on
payment; prohibition against windfall; loss sharing</header>
<paragraph id="HE6AEB81A90FB488B9EACFFCD19087DD1"><enum>(1)</enum><header>In
general</header><text>In constructing and extending offers to acquire real
property, or any mortgage on such property, under this section, the Corporation
shall ensure that—</text>
<subparagraph id="H483DE2AAF5D641E390A28CF6E52CA051"><enum>(A)</enum><text>in no case may the
cumulative payment by the Corporation to any individual for the purposes of
acquiring real property exceed $750,000, or a maximum of $1,500,000 for real
property that is zoned for commercial use;</text>
</subparagraph><subparagraph id="H407827F47496483386DDC3C4BE97337"><enum>(B)</enum><text>in no case may any
person be the beneficiary of a windfall gain as a result of any purchase offer
extended by the Corporation;</text>
</subparagraph><subparagraph id="HD3BE282F84134164BBEFADD1BADE835"><enum>(C)</enum><text display-inline="yes-display-inline">in no case may the cumulative payment by
the Corporation to any individual be less than 80 percent of the individual’s
equity as established pursuant to subsection (i);</text>
</subparagraph><subparagraph id="HFD771C1F14444DC1B8B6AF06D2C1FE62"><enum>(D)</enum><text display-inline="yes-display-inline">in no case may the cumulative payment by
the Corporation to any lien holder on any individual lien exceed 60 percent of
the value of that lien; and</text>
</subparagraph><subparagraph id="H93165EC2DF6F4124A02CA8925D14999"><enum>(E)</enum><text display-inline="yes-display-inline">in no case may the Corporation make offers
for the purchase of foreclosed property.</text>
</subparagraph></paragraph><paragraph id="H243D53A38C12475D8E9C4C3CBFB3F390"><enum>(2)</enum><header>Loss
sharing</header><text>In order to limit the losses and expenses of the
Corporation and any potential cost to the taxpayers, any offer made by the
Corporation under this section to any property owner or mortgagee with respect
to any interest in property or any mortgage shall include an appropriate
reduction such that an equitable and negotiable portion of any loss with
respect to such property or mortgage is shared by the owner and any
mortgagee.</text>
</paragraph></subsection><subsection id="H796D29BB00F54FFCAB1B4067CC558576"><enum>(i)</enum><header>Factors to be
considered in determining equity position of the owner</header><text display-inline="yes-display-inline">In making any determination concerning the
equity position of an owner of property immediately before the area in which
such property is located was devastated or significantly distressed by
Hurricane Katrina or Hurricane Rita for purposes of subsections (b) and (c),
the Corporation shall consider all of the following:</text>
<paragraph id="HEB54E7F566F746F8AA5249A9FB889400"><enum>(1)</enum><text display-inline="yes-display-inline">A pre-event appraisal in a verifiable loan
record held by a federally insured depository institution, federally insured
credit union, or housing-related Government-sponsored enterprise.</text>
</paragraph><paragraph id="HB27AEEBF96954FCA83F76FE1EA05BB36"><enum>(2)</enum><text>The pre-event
assessed value on record by a unit of local government that serves as the basis
for determining property taxes.</text>
</paragraph><paragraph id="H9BD04E316B124BC083B4C6C7936F9D18"><enum>(3)</enum><text display-inline="yes-display-inline">The pre-event fair market value as would be
determined under existing federal hazard mitigation programs as authorized
under the Robert T. Stafford Disaster Relief and Emergency Assistance Act and
the National Flood Insurance Act (such as the Hazard Mitigation Program,
Pre-Disaster Mitigation Program, and the Flood Mitigation Assistance
Program).</text>
</paragraph><paragraph id="HCAB23A34FF0D4F51AD2BB4850D4F5AB"><enum>(4)</enum><text display-inline="yes-display-inline">Any other evidence of pre-event valuation
that the Corporation finds is sufficiently reliable and subject to adequate
verification, including methods of valuation considered to be commercially
reasonable and broadly used in real estate dealings.</text>
</paragraph></subsection><subsection id="id9A4CBC32D1BE4C3EBA5F47D29104D00E"><enum>(j)</enum><header>Property
owner's right To receive information</header><text>A property owner who
receives an offer from the Corporation shall at the time of that offer also
receive a disclosure statement showing the analysis undertaken by the
Corporation under subsection (b) or (c).</text>
</subsection></section><section id="H6D61B134616A4AF7ADA3C3BA55942DA7"><enum>107.</enum><header>Asset
disposition authority and methodology</header>
<subsection id="H4E62824514BF4905AE2EA900D2AD93AD"><enum>(a)</enum><header>Disposition of
property</header><text display-inline="yes-display-inline">Pursuant to section
105(c), the Corporation shall dispose of property through a competitive bidding
process under which purchasers are selected based on an ability to meet select
criteria established by the Corporation, which shall include the
following:</text>
<paragraph id="H7EB2DDD9464D457C982D5CC6E6C26E6"><enum>(1)</enum><text display-inline="yes-display-inline">Capacity to oversee major development
projects through a community-based collaborative process.</text>
</paragraph><paragraph id="H3DFD6AD5CDE64C8996C0278E52546528"><enum>(2)</enum><text>Commitment of
private capital.</text>
</paragraph><paragraph id="H299FEB01585E45BC8BDB9CF1808460A4"><enum>(3)</enum><text display-inline="yes-display-inline">Effective deployment of Federal National
Mortgage Association, Federal Home Loan Mortgage Corporation, Federal home loan
bank, and other Federal or State resources (such as low-income housing tax
credits, new markets tax credits, the HOPE VI program, enterprise zones, and
the Historically Underutilized Business Zones or section 8(a) Programs of the
Small Business Administration) to ensure construction of affordable
housing.</text>
</paragraph><paragraph id="HD5659BE0FAEA4B979DE60201E9734F0"><enum>(4)</enum><text>Use of private
contractors and subcontractors.</text>
</paragraph><paragraph id="HD0B591D348434582B82E7F182950BD62"><enum>(5)</enum><text>Use of local
corporations and local employees.</text>
</paragraph><paragraph id="H184FEF34DBFE4F68B0EFCD363C7C3E46"><enum>(6)</enum><text display-inline="yes-display-inline">Use of small, disadvantaged business
enterprise contractors or subcontractors.</text>
</paragraph><paragraph id="H8F4372ECFD994B59A214313E80401959"><enum>(7)</enum><text>Scale of
development and job creation.</text>
</paragraph><paragraph id="HD6D0E8E9F1D3473BBBCF1541AB58F9E0"><enum>(8)</enum><text>Increased
homeownership.</text>
</paragraph></subsection><subsection id="H6C4D6359ADE94CD6B3A832FB45607F77"><enum>(b)</enum><header>Urban homestead
program</header><text display-inline="yes-display-inline">The Corporation shall
assist in the implementation of an urban homestead program by providing the
following:</text>
<paragraph id="H640547A85CD34F59AEF12424F6C7ADDC"><enum>(1)</enum><text>Land to the
Federal Government for development as urban homesteads.</text>
</paragraph><paragraph id="HCBAC3D920AB543DB85458B11A1AF8861"><enum>(2)</enum><text>Down payment
assistance and other seed money to enable homestead construction.</text>
</paragraph><paragraph id="H75F6BEF0E76045128D4DD9A163070017"><enum>(3)</enum><text>Coordination with
not-for-profit and faith-based organizations in the construction and
development of urban homesteads.</text>
</paragraph></subsection><subsection id="H9F3CEB7A52A34C90BC1B8C3D3E8CBB7"><enum>(c)</enum><header>Other
disposition</header><text display-inline="yes-display-inline">The Corporation
shall ensure that acquired property not made available for an urban homestead
shall be disposed of in a manner that maximizes the return on the sale of
acquired property to retire debt attributable to the Corporation, subject to
the requirement that in each jurisdiction in which the Corporation operates,
the Corporation's disposition of property substantially maintains the number of
affordable housing units available before Hurricanes Rita and Katrina.</text>
</subsection><subsection commented="no" id="H515D9D3F6B3C4A71B9FC5481C9710033"><enum>(d)</enum><header>Accounting
requirements</header>
<paragraph commented="no" id="H70F95D0FBCA441BF9C98557679E8C068"><enum>(1)</enum><header>Accounting for
holding and managing assets and liabilities</header><text display-inline="yes-display-inline">The Corporation shall keep a full and
complete accounting of all costs and expenses associated with the holding and
management of any asset or liability acquired by the Corporation in carrying
out the duties of the Corporation under this title.</text>
</paragraph><paragraph commented="no" id="H8150FEF0086949F0BD26E69B001EE1F1"><enum>(2)</enum><header>Accounting for
disposition of assets and liabilities</header><text display-inline="yes-display-inline">The Corporation shall keep a full and
complete accounting of all expenses and receipts associated with the
disposition of any asset or liability acquired by the Corporation in carrying
out the duties of the Corporation under this title.</text>
</paragraph></subsection><subsection commented="no" id="H5F7E70576085407685F4153D282CA7F0"><enum>(e)</enum><header>Utilization of
private sector</header><text display-inline="yes-display-inline">In carrying
out its responsibilities in the management and disposition of assets under this
title, the Corporation shall utilize the services of private persons, including
real estate and loan portfolio asset management, property management, auction
marketing, legal, and brokerage services, only if such services are available
in the private sector and the Corporation determines utilization of such
services is the most practicable, efficient, and cost effective.</text>
</subsection></section><section id="H9ADA2281DD9A4A328C9E4D388D53CDD7"><enum>108.</enum><header>Powers of the
corporation</header>
<subsection id="HC509DE0D66CE4F4F9DAF62CE210017AA"><enum>(a)</enum><header>Powers</header><text display-inline="yes-display-inline">The Corporation shall be a body corporate
that shall have the power to—</text>
<paragraph id="H63DD2754B7244859B06706973DD13FF"><enum>(1)</enum><text>adopt, alter, and
use a corporate seal;</text>
</paragraph><paragraph id="HB7DC853BC9234A05A4DFDC25F00A339"><enum>(2)</enum><text>provide for such
other officers and employees as may be necessary to perform the functions of
the Corporation, define their duties, and require surety bonds or make other
provisions against losses occasioned by acts of such persons;</text>
</paragraph><paragraph id="HD4F4A2D6E255451CA8B916E79829DBE7"><enum>(3)</enum><text>fix the
compensation and number of, and appoint, employees for any position established
by the Corporation, without regard to the provisions of chapter 51 or
subchapter III of chapter 53 of title 5;</text>
</paragraph><paragraph id="HBBB9258E45D1424292650014693FB6F"><enum>(4)</enum><text display-inline="yes-display-inline">sue and be sued, and complain and defend,
by and through its own attorneys, in any court of law or equity, State or
Federal;</text>
</paragraph><paragraph id="HED21A8DF916949339102D83081569739"><enum>(5)</enum><text>with the consent
of any executive agency, department, or independent agency utilize the
information, services, staff, and facilities of such department or agency, on a
reimbursable (or other) basis, in carrying out this section;</text>
</paragraph><paragraph id="H0C778BDB0C71472EB3D0DC386DF55C6B"><enum>(6)</enum><text>prescribe, by the
Board of Directors, bylaws that are consistent with law to provide for—</text>
<subparagraph id="H857136E1473C48C5AB5D4E9387B86F9E"><enum>(A)</enum><text>the management and
operational structure of the Corporation, subject to sections 102(d) and
103;</text>
</subparagraph><subparagraph id="H4C2982DAE38E45A2BA6E4F0221B19273"><enum>(B)</enum><text>the manner in
which general operations are to be conducted; and</text>
</subparagraph><subparagraph id="HC800F2A29EF44D6F8E12DA7222FF74B1"><enum>(C)</enum><text>such other matters
as the Board of Directors determines to be appropriate;</text>
</subparagraph></paragraph><paragraph id="H876C207EF6BD4276B69D383E56C08F39"><enum>(7)</enum><text>enter into
contracts and modify or consent to the modification of any contract or
agreement;</text>
</paragraph><paragraph id="H359CDBDFD27240D596762BBC1E0046F"><enum>(8)</enum><text>use the United
States mails in the same manner and subject to the same conditions as other
departments or agencies of the United States; and</text>
</paragraph><paragraph id="HDD6DCCCBF6744F21930859B8ABABA47"><enum>(9)</enum><text display-inline="yes-display-inline">exercise, by the Board of Directors, or
duly authorized officers or agents, any and all powers established under this
section and such incidental powers as are necessary to carry out the powers,
duties, and functions of the Corporation and the Board of Directors under this
title.</text>
</paragraph></subsection><subsection id="HAB3BC47F82914F53B52B9BF1DF8F01D4"><enum>(b)</enum><header>Termination of
contract for cause</header><text>In the case of any service contract between
the Corporation and any other person, the Corporation may terminate such
contract for cause, whether by reason of breach of contract, violation of
regulations or guidelines of the Corporation, or otherwise, or bar any such
person from entering into any other contract, after notice and an opportunity
for an agency hearing on the record.</text>
</subsection><subsection id="H4610834121B14B64AED8FF901D796827"><enum>(c)</enum><header>Hearings and
sessions</header>
<paragraph id="H91DC016CF57C40128FA6A8524CE336B"><enum>(1)</enum><header>In
general</header><text>The Corporation may, for the purposes of carrying out
this title, hold hearings, sit and act at times and places, take testimony, and
receive evidence as the Corporation determines to be appropriate.</text>
</paragraph><paragraph id="HDDAC77AB4E204BBFAE2ECFA4363E93F1"><enum>(2)</enum><header>Summons</header><text display-inline="yes-display-inline">In the course of or in connection with any
proceeding under this title or in connection with any claim, the Corporation,
or any designated representative of the Corporation, including any person
designated to conduct any hearing under this section, shall have the power to
administer oaths and affirmations, to take or cause to be taken depositions,
and to issue, revoke, quash, or modify subpenas and subpenas duces tecum; and
the Corporation is empowered to make rules and regulations with respect to any
such proceedings, claims, examinations, or investigations.</text>
</paragraph><paragraph id="H8C7180FEC7894CAB96B1BEE5025317DD"><enum>(3)</enum><header>Administrative
aspects of summons</header>
<subparagraph id="H1910E40591014126B4BA5777A667EC1B"><enum>(A)</enum><header>Production at
designated site</header><text>A summons issued pursuant to this section may
require that books, papers, records, or other data stored or maintained at any
place be produced at any designated location in any State or in any territory
or other place subject to the jurisdiction of the United States not more than
500 miles distant from any place where the person resides or operates or
conducts business in the United States.</text>
</subparagraph><subparagraph id="H91B205C5FCB64134B99F119E6F3EDAD5"><enum>(B)</enum><header>Fees and travel
expenses</header><text>Persons summoned under this section shall be paid the
same fees and mileage for travel in the United States that are paid witnesses
in the courts of the United States.</text>
</subparagraph><subparagraph id="H6406BCCE10FF44B5BE7CD7B0B4A03F93"><enum>(C)</enum><header>No liability for
expenses</header><text>The United States shall not be liable for any expense,
other than an expense described in subparagraph (B), incurred in connection
with the production of books, papers, records, or other data under this
section.</text>
</subparagraph><subparagraph id="H350AC88010B44E4000FECE50D1471C10"><enum>(D)</enum><header>Service of
summons</header><text>Service of a summons issued under this subsection may be
by registered mail or in such other manner calculated to give actual notice as
the Corporation may prescribe by regulation.</text>
</subparagraph></paragraph><paragraph id="HBEBDB79E4B094153837B317D8C7421F7"><enum>(4)</enum><header>Contumacy or
refusal</header>
<subparagraph id="H1F8BAB1DBC394D0EA275B627A8942E00"><enum>(A)</enum><header>In
general</header><text display-inline="yes-display-inline">In case of contumacy
by a person issued a summons under this subsection or a refusal by such person
to obey such summons, the Corporation may invoke the aid of any court of the
United States within the jurisdiction of which—</text>
<clause id="H3B79F1E8F6AA47389C22516FD4EF07E"><enum>(i)</enum><text>the
investigation which gave rise to the summons is being or has been carried
on;</text>
</clause><clause id="H6721E61BD24E4B2FB447B4C37999A966"><enum>(ii)</enum><text>the
person summoned is an inhabitant; or</text>
</clause><clause id="HBDDF0C1C46834BA28EA512272FD808D1"><enum>(iii)</enum><text>the person
summoned carries on business or may be found, to compel compliance with the
summons.</text>
</clause></subparagraph><subparagraph id="HB6582DF6B25443AAABD5E43D2005DEA"><enum>(B)</enum><header>Court
order</header><text>The court may issue an order requiring the person summoned
to appear before the Corporation or a delegate of the Corporation to produce
books, papers, records, and other data, to give testimony as may be necessary
to explain how such material was compiled and maintained, and to pay the costs
of the proceeding.</text>
</subparagraph><subparagraph id="H6DD159EA829046CD8FA2A0A929F718A8"><enum>(C)</enum><header>Failure to
comply with order</header><text>Any failure to obey the order of the court may
be punished by the court as a contempt thereof.</text>
</subparagraph><subparagraph id="HA12DC0B2174C424283DBC6FE071679AA"><enum>(D)</enum><header>Service of
process</header><text>All process in any case under this paragraph may be
served in any judicial district in which such person may be found.</text>
</subparagraph></paragraph></subsection><subsection id="H6B14E709052D4FFB9F81F468DD2E62A0"><enum>(d)</enum><header>Agency
authority</header>
<paragraph id="H792AC9145F804C4A897C21C9991BC966"><enum>(1)</enum><header>Status</header><text>The
Corporation, in any capacity, shall be an agency of the United States for
purposes of section 1345 of title 28 without regard to whether the Corporation
commenced the action.</text>
</paragraph><paragraph id="HD32767322EEB46AA82B9004695ECF7E5"><enum>(2)</enum><header>Federal court
jurisdiction</header>
<subparagraph id="H50BA92A940A64E20ABB12E957BE5E2F5"><enum>(A)</enum><header>In
general</header><text>All suits of a civil nature at common law or in equity to
which the Corporation, in any capacity, is a party shall be deemed to arise
under the laws of the United States.</text>
</subparagraph><subparagraph id="H1F2C7AB41957405AA138964684E12166"><enum>(B)</enum><header>Removal</header><text>The
Corporation may, without bond or security, remove any action, suit, or
proceeding from a State court to the appropriate United States district court
before the end of the 90-day period beginning on the date the action, suit, or
proceeding is filed against the Corporation or the Corporation is substituted
as a party.</text>
</subparagraph><subparagraph id="HE6EE52AFBC2F47FDBBB39DA88DB57100"><enum>(C)</enum><header>Appeal of
remand</header><text>The Corporation may appeal any order of remand entered by
any United States district court.</text>
</subparagraph></paragraph><paragraph id="HF965AFDD9CD747FAB0CCDA5BE322219"><enum>(3)</enum><header>Service of
process</header><text>The Board of Directors shall designate agents upon whom
service of process may be made in Louisiana and the District of
Columbia.</text>
</paragraph><paragraph id="H5E60766CEE934B9781DD676399DD5B24"><enum>(4)</enum><header>Bonds or
fees</header><text>The Corporation shall not be required to post any bond to
pursue any appeal and shall not be subject to payments of any filing fees in
United States district courts or courts of appeal.</text>
</paragraph></subsection></section><section id="H60AF2257830C4E5EAF4B6F332C31C708"><enum>109.</enum><header>Termination of
corporation</header>
<subsection id="H85B16DD78F834C3B88F02706F070054"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">The Corporation shall
terminate at the end of the 10-year period beginning on the date of the
enactment of this Act.</text>
</subsection><subsection id="H6BA62F8C684540BD8686222600B9A324"><enum>(b)</enum><header>Winding up the
affairs of the corporation</header><text>Any right, title, interest, or
obligation of the Corporation with respect to liabilities or assets of the
Corporation which have not been fully disposed of by the end of the 10-year
period referred to in paragraph (1) shall transfer, as of the end of such
period, to the Director of the Office of Management and Budget who shall
promptly wind up the affairs of the Corporation and dispose of such assets and
liabilities.</text>
</subsection></section><enum>II</enum><header>Housing and
community rebuilding</header>
<section id="HA6A5F1AD8FBB4975AF3B183997190067"><enum>201.</enum><header>Public housing
capital fund reserves for emergencies and natural disasters</header>
<subsection id="H6DD09DE00B1A40679939009E17B7EAC1"><enum>(a)</enum><header>Availability of
funds set-aside in previous years</header><text display-inline="yes-display-inline">Notwithstanding any other provision of law,
any amounts set aside in fiscal years 2003, 2004, and 2005 for use under
section 9(k) of the United States Housing Act of 1937 (42 U.S.C. 1437g(k)) and
remaining unobligated on the date of the enactment of this Act shall be
available for use under such section (not including paragraph (4) of such
section) for emergencies and other disasters occurring in fiscal year 2005, and
shall remain available until expended.</text>
</subsection><subsection id="H02969104A1524BB89C6BFAE42C477BAA"><enum>(b)</enum><header>Authorization of
appropriations</header><text display-inline="yes-display-inline">Of any amounts
previously appropriated for <quote>Disaster Relief</quote> under the Emergency
Preparedness and Response account of the Department of Homeland Security that
remain available, $100,000,000 shall be available, subject to approval in
advance in appropriation Acts, to the Secretary of Housing and Urban
Development for use under section 9(k) of the United States Housing Act of 1937
(42 U.S.C. 1437g(k)), and shall remain available until expended. Any amounts
made available pursuant to this subsection funds shall be used only for
activities conducted in any area for which the President declared a major
disaster or emergency under title IV of the Robert T. Stafford Disaster Relief
and Emergency Assistance Act in connection with Hurricane Katrina.</text>
</subsection></section><section display-inline="no-display-inline" id="H2D979ACC213E417897BB1BFD9B965DD6" section-type="subsequent-section"><enum>202.</enum><header>HOPE VI
program</header><text display-inline="no-display-inline">Of any amounts
previously appropriated for <quote>Disaster Relief</quote> under the Emergency
Preparedness and Response account of the Department of Homeland Security that
remain available, $100,000,000 shall be available, subject to approval in
advance in appropriation Acts, to the Secretary of Housing and Urban
Development for grants to public housing agencies for demolition, site
revitalization, replacement housing, and tenant-based assistance grants to
projects, as authorized under section 24 of the United States Housing Act of
1937 (42 U.S.C. 1437v), and shall remain available until expended. Any amounts
made available pursuant to this section shall be used only for such activities
conducted in any area for which the President declared a major disaster or
emergency under title IV of the Robert T. Stafford Disaster Relief and
Emergency Assistance Act in connection with Hurricane Katrina.</text>
</section><section id="HB07C2D07FE1A48AAB758E6F5288056F8"><enum>203.</enum><header>HOME Investment
Partnerships program</header><text display-inline="no-display-inline">Of any
amounts previously appropriated for <quote>Disaster Relief</quote> under the
Emergency Preparedness and Response account of the Department of Homeland
Security that remain available, $1,500,000,000 shall be available, subject to
approval in advance in appropriation Acts, to the Secretary of Housing and
Urban Development to carry out the HOME Investment Partnership Program, as
authorized under title II of the Cranston-Gonzalez National Affordable Housing
Act (42 U.S.C. 12721 et seq.), and shall remain available until expended. Any
amounts made available pursuant to this section shall be used only for
affordable housing activities conducted in any area for which the President
declared a major disaster or emergency under title IV of the Robert T. Stafford
Disaster Relief and Emergency Assistance Act in connection with Hurricane
Katrina.</text>
</section><section id="H44E3FA9E9E6448A8919915397D019EC1"><enum>204.</enum><header>Community
development block grant assistance</header>
<subsection id="H906F94E6183942C380BD9EE7BC7A693"><enum>(a)</enum><header>Authorization of
appropriations</header><text display-inline="yes-display-inline">Of any amounts
previously appropriated for <quote>Disaster Relief</quote> under the Emergency
Preparedness and Response account of the Department of Homeland Security that
remain available, $13,000,000,000 shall be available, subject to approval in
advance in appropriation Acts, to the Secretary of Housing and Urban
Development for activities authorized under title I of the Housing and
Community Development Act of 1974 (42 U.S.C. 5301 et seq.), $13,000,000,000,
and shall remain available until expended.</text>
</subsection><subsection id="HDF4705550FBA4797B43C78AC6B300079"><enum>(b)</enum><header>Use</header>
<paragraph id="H9906B5F4DA3C46EE9CF1F738B1E7A94C"><enum>(1)</enum><header>In
general</header><text>Any amounts made available pursuant to this section shall
be used only for disaster relief, long-term recovery, and mitigation in
communities in any area for which the President declared a major disaster or
emergency under title IV of the Robert T. Stafford Disaster Relief and
Emergency Assistance Act in connection with Hurricane Katrina, except those
activities reimbursable by the Federal Emergency Management Agency or available
through the Small Business Administration.</text>
</paragraph><paragraph id="HA09D91AE5910452CBF2BBAE03B4C368"><enum>(2)</enum><header>Projects in
progress</header><text>In the case of any project or activity in an area
described in paragraph (1) that was underway before the Presidential
declaration with respect to such area, the project or activity may not be
provided any amounts made available under this section unless the disaster or
emergency for which such declaration was made directly impacted the
project.</text>
</paragraph><paragraph id="HE89017EB22084A49B979204217851F85"><enum>(3)</enum><header>Coordination
with Louisiana Recovery Corporation</header><text display-inline="yes-display-inline">The State of Louisiana shall, in making
amounts available pursuant to this section, coordinate with the Louisiana
Recovery Corporation, and may provide for the Corporation to assume the
responsibilities of administering a portion of the grants provided under this
section.</text>
</paragraph><paragraph id="HCE3EFA4F1C0F4D0F8E30C108808D33DA"><enum>(4)</enum><header>Coordination
with repair and replacement of public housing</header><text display-inline="yes-display-inline">In making amounts available under this
section, each State shall take into account the public infrastructure needs of
areas in which public housing units are located which are being repaired or
rebuilt.</text>
</paragraph></subsection><subsection id="H226AA41DA53B4D788D92E10037F72C47"><enum>(c)</enum><header>Allocation</header><text>Any
amounts made available pursuant to this section shall be awarded by the
Secretary of Housing and Urban Development (in this section referred to as the
<quote>Secretary</quote>) to States (including Indian tribes for all purposes
under this section) to be administered by each State in conjunction with its
community development block grants program. Notwithstanding paragraph (2) of
section 106(d) of the Housing and Community Development Act of 1974, States may
provide assistance with amounts made available under this section to
entitlement communities.</text>
</subsection><subsection id="HB438905F77F143BF9047644566708000"><enum>(d)</enum><header>Waiver</header>
<paragraph id="H5459B1A2B2404F58B1369CFA7110266E"><enum>(1)</enum><header>Authority</header><text>In
administering any amounts made available under this section, the Secretary may
waive, or specify alternative requirements for, any provision of any statute or
regulation that the Secretary administers in connection with the obligation by
the Secretary or the use by the recipient of such amounts (except for
requirements related to fair housing, nondiscrimination, labor standards, and
the environment), upon a finding that such waiver is required to facilitate the
use of such amounts, and would not be inconsistent with the overall purpose of
the statute. The Secretary may waive the requirements that activities benefit
persons of low and moderate income, except that at least 50 percent of the
amounts made available under this section shall benefit primarily persons of
low and moderate income unless the Secretary makes a finding of compelling
need.</text>
</paragraph><paragraph id="H1A88CDB35E6A45E18DD0BBF9DE9E6E4F"><enum>(2)</enum><header>Publication</header><text>The
Secretary shall publish in the Federal Register any waiver of any statute or
regulation authorized under this subsection no later than 5 days before the
effective date of such waiver.</text>
</paragraph></subsection></section><section display-inline="no-display-inline" id="H19274ABB9AD74DB2832F57614B57007C" section-type="subsequent-section"><enum>205.</enum><header>Emergency rental
assistance vouchers</header>
<subsection id="HB3BD7BE501AF4398B34118D008F5926C"><enum>(a)</enum><header>In
general</header><text>Of any amounts previously appropriated for
<quote>Disaster Relief</quote> under the Emergency Preparedness and Response
account of the Department of Homeland Security that remain available, up to
$2,500,000,000 shall be available, subject to approval in advance in
appropriation Acts, to the Secretary of Housing and Urban Development (in this
section referred to as the <quote>Secretary</quote>) to provide up to 300,000
incremental vouchers for tenant-based rental housing assistance under section
8(o) of the United States Housing Act of 1937 (42 U.S.C. 1437f(o)).</text>
</subsection><subsection id="H3663B73830504C78ACAC7955FF0318E8"><enum>(b)</enum><header>Family
eligibility</header><text>Tenant-based assistance pursuant to subsection (a)
may be provided only on behalf of an affected family that is otherwise eligible
for assistance under such section 8(o). However, the Secretary and the Federal
Emergency Management Agency shall permit such recipients to accept additional
assistance to cover the costs of utilities and for other purposes from private
or not-for-profit groups, without affecting their eligibility.</text>
</subsection><subsection id="HDBD83CDDC92D4B1C82F333E1B004B2D"><enum>(c)</enum><header>Administration</header><text>Notwithstanding
any other provision of law, the Secretary shall provide that voucher assistance
provided under this section may be administered by faith-based organizations
and community development corporations that have access to dwelling units in
connection with which such voucher assistance may be used.</text>
</subsection><subsection id="H364F5194BB954D728D34F74023452C48"><enum>(d)</enum><header>Affected
family</header><text>For purposes of this section, the term <quote>affected
family</quote> means and individual or family that meets the following
requirements:</text>
<paragraph id="HEE70F0B54DD8451185748FB8FDE661C"><enum>(1)</enum><text>The individual or
family resided, on August 25, 2005, in any area for which the President
declared a major disaster or emergency under title IV of the Robert T. Stafford
Disaster Relief and Emergency Assistance Act in connection with Hurricane
Katrina of 2005.</text>
</paragraph><paragraph id="HB9BC3FF8C72A46E087222817EF40DFF7"><enum>(2)</enum><text>The residence of
the individual or family became uninhabitable or inaccessible as a result of
such major disaster or emergency.</text>
</paragraph></subsection></section>