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

FEDERAL · 42 U.S.C. · Chapter 130

National Homeownership Trust

Current through Pub. L. 119-102

Title 42 — The Public Health and Welfare·Ch. 130 — NATIONAL AFFORDABLE HOUSING·Subch. III

(a)Establishment There is established the National Homeownership Trust, which shall be in the Department of Housing and Urban Development and shall provide assistance to first-time homebuyers in accordance with this subchapter.

(b)Board of Directors The Trust shall be governed by a Board of Directors, which shall be composed of—

(1)the Secretary of Housing and Urban Development, who shall be the chairperson of the Board;

(2)the Secretary of the Treasury;

(3)the chairperson of the Board of Directors of the Federal Deposit Insurance Corporation;

(4)the chairperson of the Federal Housing Finance Board;

(5)the chairperson of the Board of Directors of the Federal National Mortgage Association;

(6)the chairperson of the Board of Directors of the Federal Home Loan Mortgage Corporation; an

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Establishment
There is established the National Homeownership Trust, which shall be in the Department of Housing and Urban Development and shall provide assistance to first-time homebuyers in accordance with this subchapter.
(b) Board of Directors
The Trust shall be governed by a Board of Directors, which shall be composed of—
(1) the Secretary of Housing and Urban Development, who shall be the chairperson of the Board;
(2) the Secretary of the Treasury;
(3) the chairperson of the Board of Directors of the Federal Deposit Insurance Corporation;
(4) the chairperson of the Federal Housing Finance Board;
(5) the chairperson of the Board of Directors of the Federal National Mortgage Association;
(6) the chairperson of the Board of Directors of the Federal Home Loan Mortgage Corporation; and
(7) 1 individual representing consumer interests, who shall be appointed by the President of the United States, by and with the advice and consent of the Senate.
(c) Powers of Trust
The Trust shall have the same powers as the powers given the Government National Mortgage Association in section 1723a(a) of title 12.
(d) Travel and per diem
Members of the Board of Directors shall receive no additional compensation by reason of service on the Board, but shall be allowed travel expenses, including per diem in lieu of subsistence, as provided for employees of the Federal Government or in the same manner as persons employed intermittently in the Government service are allowed under section 5703 of title 5, as appropriate.
(e) Director and staff
(1) Director
The Board of Directors may appoint an executive director of the Trust and fix the compensation of the executive director, which shall be paid from amounts in the National Homeownership Trust Fund.
(2) Staff
Subject to such rules as the Board of Directors may prescribe, the Trust may appoint and hire such staff and provide for offices as may be necessary to carry out its duties. The Trust may fix the compensation of the staff, which shall be paid from amounts in the National Homeownership Trust Fund.

42 U.S.C. § 12851 (National Homeownership Trust) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Pub. L. 101–625, title III, §302, Nov. 28, 1990, 104 Stat. 4129.)

Editorial Notes

Statutory Notes and Related Subsidiaries

Short Title
For short title of this subchapter as the "National Homeownership Trust Act", see Short Title note set out under section 12701 of this title.