**(a) Determination of credits for increases in community enterprise activities**
(1) **In general** — The Community Enterprise Assessment Credit Board established under subsection (d) shall issue guidelines for insured depository institutions eligible under this subsection for any community enterprise assessment credit with respect to any semiannual period. Such guidelines shall—
(A) designate the eligibility requirements for any institution meeting applicable capital standards to receive an assessment credit under [section 1817(b)(7) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1817/b/7&num=0&edition=prelim); and
(B) determine the community enterprise assessment credit available to any eligible institution under paragraph (3).
(2) **Qualifying activities** — An insured depository institution may apply for for 11 So in original. any community enterprise assessment credit for any semiannual period for—
(A) the amount, during such period, of new originations of qualified loans and other assistance provided for low- and moderate-income persons in distressed communities, or enterprises integrally involved with such neighborhoods, which the Board determines are qualified to be taken into account for purposes of this subsection;
(B) the amount, during such period, of deposits accepted from persons domiciled in the distressed community, at any office of the institution (including any branch) located in any qualified distressed community, and new originations of any loans and other financial assistance made within that community, except that in no case shall the credit for deposits at any institution or branch exceed the credit for loans and other financial assistance by the bank or branch in the distressed community;
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Stable record: federal_law:legal_authorities:record_usc_222c5969cd33c9a4750034cd Source file: Laws/federal/codes/united-states-code/title-12/section-1834a-assessment-credits-for-qualifying-activities-relating-to-distressed-comm--070690820c.md Pages: Not recorded – Not recorded Passage SHA-256: a39b376b6e147fe0f4a5ab4aa526844e34cd7177d1ace901a7645a8a35538e19 Retained source evidence SHA-256: abe9c891967cb3b735fcb6c4b17433dc0ab58ffc60096f9cc41788235d21840d
Source location: Title 12, Chapter 16, § 1834a; chapter-016-federal-deposit-insurance-corporation.md
Stored source content
**(a) Determination of credits for increases in community enterprise activities**
(1) **In general** — The Community Enterprise Assessment Credit Board established under subsection (d) shall issue guidelines for insured depository institutions eligible under this subsection for any community enterprise assessment credit with respect to any semiannual period. Such guidelines shall—
(A) designate the eligibility requirements for any institution meeting applicable capital standards to receive an assessment credit under [section 1817(b)(7) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1817/b/7&num=0&edition=prelim); and
(B) determine the community enterprise assessment credit available to any eligible institution under paragraph (3).
(2) **Qualifying activities** — An insured depository institution may apply for for 11 So in original. any community enterprise assessment credit for any semiannual period for—
(A) the amount, during such period, of new originations of qualified loans and other assistance provided for low- and moderate-income persons in distressed communities, or enterprises integrally involved with such neighborhoods, which the Board determines are qualified to be taken into account for purposes of this subsection;
(B) the amount, during such period, of deposits accepted from persons domiciled in the distressed community, at any office of the institution (including any branch) located in any qualified distressed community, and new originations of any loans and other financial assistance made within that community, except that in no case shall the credit for deposits at any institution or branch exceed the credit for loans and other financial assistance by the bank or branch in the distressed community; and
(C) any increase during the period in the amount of new equity investments in community development financial institutions.
(3) **Amount of assessment credit** — The amount of any community enterprise assessment credit available under [section 1817(b)(7) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1817/b/7&num=0&edition=prelim) for any insured depository institution, or a qualified portion thereof, shall be the amount which is equal to 5 percent, in the case of an institution which does not meet the community development organization requirements under [section 1834b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1834b&num=0&edition=prelim), and 15 percent, in the case of an institution, or a qualified portion thereof, which meets such requirements (or any percentage designated under paragraph (5)) of—
(A) for the first full semiannual period in which community enterprise assessment credits are available, the sum of—
(i) the amounts of assets described in paragraph (2)(A); and
(ii) the amounts of deposits, loans, and other financial assistance described in paragraph (2)(B); and
(B) for any subsequent semiannual period, the sum of—
(i) any increase during such period in the amount of assets described in paragraph (2)(A) that has been deemed eligible for credit by the Board; and
(ii) any increase during such period in the amounts of deposits, loans, and other financial assistance described in paragraph (2)(B) that has been deemed eligible for credit by the Board.
(4) **Determination of qualified loans and other financial assistance** — Except as provided in paragraph (6), the types of loans and other assistance which the Board may determine to be qualified to be taken into account under paragraph (2)(A) for purposes of the community enterprise assessment credit, may include the following:
(A) Loans insured or guaranteed by the Secretary of Housing and Urban Development, the Secretary of the Department of Veterans Affairs, the Administrator of the Small Business Administration, and the Secretary of Agriculture.
(B) Loans or financing provided in connection with activities assisted by the Administrator of the Small Business Administration or any small business investment company and investments in small business investment companies.
(C) Loans or financing provided in connection with any neighborhood housing service program assisted under the Neighborhood Reinvestment Corporation Act [[42 U.S.C. 8101](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section8101&num=0&edition=prelim) et seq.].
(D) Loans or financing provided in connection with any activities assisted under the community development block grant program under title I of the Housing and Community Development Act of 1974 [[42 U.S.C. 5301](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5301&num=0&edition=prelim) et seq.].
(E) Loans or financing provided in connection with activities assisted under title II of the Cranston-Gonzalez National Affordable Housing Act [[42 U.S.C. 12721](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12721&num=0&edition=prelim) et seq.].
(F) Loans or financing provided in connection with a homeownership program assisted under title III of the United States Housing Act of 1937 [[42 U.S.C. 1437aaa](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437aaa&num=0&edition=prelim) et seq.] or subtitle B or C of title IV of the Cranston-Gonzalez National Affordable Housing Act [[42 U.S.C. 12871](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12871&num=0&edition=prelim) et seq., 12891 et seq.].
(G) Financial assistance provided through community development corporations.
(H) Federal and State programs providing interest rate assistance for homeowners.
(I) Extensions of credit to nonprofit developers or purchasers of low-income housing and small business developments.
(J) In the case of members of any Federal home loan bank, participation in the community investment fund program established by the Federal home loan banks.
(K) Conventional mortgages targeted to low- or moderate-income persons.
(L) Loans made for the purpose of developing or supporting—
(i) commercial facilities that enhance revitalization, community stability, or job creation and retention efforts;
(ii) business creation and expansion efforts that—
(I) create or retain jobs for low-income people;
(II) enhance the availability of products and services to low-income people; or
(III) create or retain businesses owned by low-income people or residents of a targeted area;
(iii) community facilities that provide benefits to low-income people or enhance community stability;
(iv) home ownership opportunities that are affordable to low-income households;
(v) rental housing that is principally affordable to low-income households; and
(vi) other activities deemed appropriate by the Board.
(M) The provision of technical assistance to residents of qualified distressed communities in managing their personal finances through consumer education programs either sponsored or offered by insured depository institutions.
(N) The provision of technical assistance and consulting services to newly formed small businesses located in qualified distressed communities.
(O) The provision of technical assistance to, or servicing the loans of low- or moderate-income homeowners and homeowners located in qualified distressed communities.
(5) **Adjustment of percentage** — The Board may increase or decrease the percentage referred to in paragraph (3)(A) for determining the amount of any community enterprise assessment credit pursuant to such paragraph, except that the percentage established for insured depository institutions which meet the community development organization requirements under [section 1834b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1834b&num=0&edition=prelim) shall not be less than 3 times the amount of the percentage applicable for insured depository institutions which do not meet such requirements.
(6) **Certain investments not eligible to be taken into account** — Loans, financial assistance, and equity investments made by any insured depository institution that are not the result of originations by the institution shall not be taken into account for purposes of determining the amount of any credit pursuant to this subsection.
(7) **Quantitative analysis of technical assistance** — The Board may establish guidelines for analyzing the technical assistance described in subparagraphs (M), (N), and (O) of paragraph (4) for the purpose of quantifying the results of such assistance in determining the amount of any community assessment credit under this subsection.
**(b) “Qualified distressed community” defined**
(1) **In general** — For purposes of this section, the term “qualified distressed community” means any neighborhood or community which—
(A) meets the minimum area requirements under paragraph (3) and the eligibility requirements of paragraph (4); and
(B) is designated as a distressed community by any insured depository institution in accordance with paragraph (2) and such designation is not disapproved under such paragraph.
(2) **Designation requirements**
(A) *Notice of designation*
(i) *Notice to agency* — Upon designating an area as a qualified distressed community, an insured depository institution shall notify the appropriate Federal banking agency of the designation.
(ii) *Public notice* — Upon the effective date of any designation of an area as a qualified distressed community, an insured depository institution shall publish a notice of such designation in major newspapers and other community publications which serve such area.
(B) *Agency duties relating to designations*
(i) *Providing information* — At the request of any insured depository institution, the appropriate Federal banking agency shall provide to the institution appropriate information to assist the institution to identify and designate a qualified distressed community.
(ii) *Period for disapproval* — Any notice received by the appropriate Federal banking agency from any insured depository institution under subparagraph (A)(i) shall take effect at the end of the 90-day period beginning on the date such notice is received unless written notice of the approval or disapproval of the application by the agency is provided to the institution before the end of such period.
(3) **Minimum area requirements** — For purposes of this subsection, an area meets the requirements of this paragraph if—
(A) the area is within the jurisdiction of 1 unit of general local government;
(B) the boundary of the area is contiguous; and
(C) the area—
(i) has a population, as determined by the most recent census data available, of not less than—
(I) 4,000, if any portion of such area is located within a metropolitan statistical area (as designated by the Director of the Office of Management and Budget) with a population of 50,000 or more; or
(II) 1,000, in any other case; or
(ii) is entirely within an Indian reservation (as determined by the Secretary of the Interior).
(4) **Eligibility requirements** — For purposes of this subsection, an area meets the requirements of this paragraph if the following criteria are met:
(A) At least 30 percent of the residents residing in the area have incomes which are less than the national poverty level.
(B) The unemployment rate for the area is 1½ times greater than the national average (as determined by the Bureau of Labor Statistics’ most recent figures).
(C) Such additional eligibility requirements as the Board may, in its discretion, deem necessary to carry out the provisions of this subtitle.
**(c) Omitted**
**(d) Community Enterprise Assessment Credit Board**
(1) **Establishment** — There is hereby established the “Community Enterprise Assessment Credit Board”.
(2) **Number and appointment** — The Board shall be composed of 5 members as follows:
(A) The Secretary of the Treasury or a designee of the Secretary.
(B) The Secretary of Housing and Urban Development or a designee of the Secretary.
(C) The Chairperson of the Federal Deposit Insurance Corporation or a designee of the Chairperson.
(D) 2 individuals appointed by the President from among individuals who represent community organizations.
(3) **Terms**
(A) *Appointed members* — Each appointed member shall be appointed for a term of 5 years.
(B) *Interim appointment* — Any member appointed to fill a vacancy occurring before the expiration of the term to which such member’s predecessor was appointed shall be appointed only for the remainder of such term.
(C) *Continuation of service* — Each appointed member may continue to serve after the expiration of the period to which such member was appointed until a successor has been appointed.
(4) **Chairperson** — The Secretary of the Treasury shall serve as the Chairperson of the Board.
(5) **No pay** — No members of the Commission may receive any pay for service on the Board.
(6) **Travel expenses** — Each member shall receive travel expenses, including per diem in lieu of subsistence, in accordance with sections 5702 and 5703 of title 5.
(7) **Meetings** — The Board shall meet at the call of the Chairperson or a majority of the Board’s members.
**(e) Duties of Board**
(1) **Procedure for determining community enterprise assessment credits** — The Board shall establish procedures for accepting and considering applications by insured depository institutions under subsection (a)(1) for community enterprise assessment credits and making determinations with respect to such applications.
(2) **Notice to FDIC** — The Board shall notify the applicant and the Federal Deposit Insurance Corporation of any determination of the Board with respect to any application referred to in paragraph (1) in sufficient time for the Corporation to include the amount of such credit in the computation of the semiannual assessment to which such credit is applicable.
**(f) Availability of funds** The provisions of this section shall not take effect until appropriations are specifically provided in advance. There are hereby authorized to be appropriated such sums as may be necessary to carry out the provisions of this section.
**(g) Prohibition on double funding for same activities** No community development financial institution may receive a community enterprise assessment credit if such institution, either directly or through a community partnership—
(1) has received assistance within the preceding 12-month period, or has an application for assistance pending, under [section 4704 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4704&num=0&edition=prelim); or
(2) has ever received assistance, under [section 4707 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4707&num=0&edition=prelim), for the same activity during the same semiannual period for which the institution seeks a community enterprise assessment credit under this section.
**(h) Priority of awards**
(1) **Qualifying loans and services**
(A) *In general* — If the amount of funds appropriated for purposes of carrying out this section for any fiscal year are insufficient to award the amount of assessment credits for which insured depository institutions have applied and are eligible under this section, the Board shall, in awarding community enterprise assessment credits for qualifying activities under subparagraphs (A) and (B) of subsection (a)(2) for any semiannual period for which such appropriation is available, determine which institutions shall receive an award.
(B) *Priority for support of efforts of CDFI* — The Board shall give priority to institutions that have supported the efforts of community development financial institutions in the qualified distressed community.
(C) *Other factors* — The Board may also consider the following factors:
(i) *Degree of difficulty* — The degree of difficulty in carrying out the activities that form the basis for the institution’s application.
(ii) *Community impact* — The extent to which the activities that form the basis for the institution’s application have benefited the qualified distressed community.
(iii) *Innovation* — The degree to which the activities that form the basis for the institution’s application have incorporated innovative methods for meeting community needs.
(iv) *Leverage* — The leverage ratio between the dollar amount of the activities that form the basis for the institution’s application and the amount of the assessment credit calculated in accordance with this section for such activities.
(v) *Size* — The amount of total assets of the institution.
(vi) *New entry* — Whether the institution had provided financial services in the designated distressed community before such semiannual period.
(vii) *Need for subsidy* — The degree to which the qualified activity which forms the basis for the application needs enhancement through an assessment credit.
(viii) *Extent of distress in community* — The degree of poverty and unemployment in the designated distressed community, the proportion of the total population of the community which are low-income families and unrelated individuals, and the extent of other adverse economic conditions in such community.
(2) **Qualifying investments** — If the amount of funds appropriated for purposes of carrying out this section for any fiscal year are insufficient to award the amount of assessment credits for which insured depository institutions have applied and are eligible under this section, the Board shall, in awarding community enterprise assessment credits for qualifying activities under subsection (a)(2)(C) for any semiannual period for which such appropriation is available, determine which institutions shall receive an award based on the leverage ratio between the dollar amount of the activities that form the basis for the institution’s application and the amount of the assessment credit calculated in accordance with this section for such activities.
**(i) Determination of amount of assessment credit** Notwithstanding any other provision of this section, the determination of the amount of any community enterprise assessment credit under subsection (a)(3) for any insured depository institution for any semiannual period shall be made solely at the discretion of the Board. No insured depository institution shall be awarded community enterprise assessment credits for any semiannual period in excess of an amount determined by the Board.
**(j) Definitions** For purposes of this section—
(1) **Appropriate Federal banking agency** — The term “appropriate Federal banking agency” has the meaning given to such term in [section 1813(q) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim).
(2) **Board** — The term “Board” means the Community Enterprise Assessment Credit Board established under the amendment made 22 So in original. The words “under the amendment made” probably should not appear. by subsection (d).
(3) **Insured depository institution** — The term “insured depository institution” has the meaning given to such term in [section 1813(c)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/c/2&num=0&edition=prelim).
(4) **Community development financial institution** — The term “community development financial institution” has the same meaning as in [section 4702(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4702/5&num=0&edition=prelim).
(5) **Affiliate** — The term “affiliate” has the same meaning as in [section 1841 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim).
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
§ 1834a. Assessment credits for qualifying activi-
ties relating to distressed communities
(a) Determination of credits for increases in com-
munity enterprise activities
(1) In general
The
Community
Enterprise
Assessment
Credit Board established under subsection (d)
shall issue guidelines for insured depository
institutions eligible under this subsection for
any community enterprise assessment credit
with respect to any semiannual period. Such
guidelines shall—
(A) designate the eligibility requirements
for any institution meeting applicable cap-
ital standards to receive an assessment cred-
it under section 1817(b)(7) of this title; and
(B) determine the community enterprise
assessment credit available to any eligible
institution under paragraph (3).
(2) Qualifying activities
An insured depository institution may apply
for for 1 any community enterprise assessment
credit for any semiannual period for—
(A) the amount, during such period, of new
originations of qualified loans and other as-
sistance provided for low- and moderate-in-
come persons in distressed communities, or
enterprises integrally involved with such
neighborhoods, which the Board determines
are qualified to be taken into account for
purposes of this subsection;
(B) the amount, during such period, of de-
posits accepted from persons domiciled in
the distressed community, at any office of
the institution (including any branch) lo-
cated in any qualified distressed community,
and new originations of any loans and other
financial assistance made within that com-
munity, except that in no case shall the
credit for deposits at any institution or
branch exceed the credit for loans and other
financial assistance by the bank or branch in
the distressed community; and
(C) any
**(a) In general** Any contract for the construction of affordable housing with 12 or more units assisted with funds made available under this part shall contain a provision requiring that not less than the wages prevailing in the locality, as predetermined by the Secretary of Labor pursuant to sections 3141–3144, 3146, and 3147 of title 40, shall be paid to all laborers and mechanics employed in the development of affordable housing involved, and participating jurisdictions shall require certification as to compliance with the provisions of this section prior to making any payment under such contract.
**(b) Waiver** Subsection (a) shall not apply if the individual receives no compensation or is paid expenses, reasonable benefits, or a nominal fee to perform the services for which the individual volunteered and such persons are not otherwise employed at any time in the construction work.
Stored review status: release_metadata_unconfirmed. The source passage cites 42 U.S.C. § 12721. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
§ 12721. Findings
The Congress finds that—
(1) the Nation has not made adequate
progress toward the goal of national housing
policy, as set out in the Housing Act of 1949 [42
U.S.C. 1441 et seq.] and reaffirmed in the Hous-
ing and Urban Development Act of 1968, which
would provide decent, safe, sanitary, and af-
fordable living environments for all Ameri-
cans;
(2) the supply of affordable rental housing is
diminishing;
Page 8452
TITLE 42—THE PUBLIC HEALTH AND WELFARE
§ 12721
(3) the Tax Reform Act of 1986 removed
major tax incentives for the production of af-
fordable rental housing;
(4) the living environments of an increasing
number of Americans have deteriorated over
the past several years as a result of reductions
in Federal assistance to low-income and mod-
erate-income families;
(5) many Americans face the possibility of
homelessness unless Federal, State, and local
governments work together with the private
sector to develop and rehabilitate the housing
stock of the Nation to provide decent, safe,
sanitary, and affordable housing for very low-
income and low-income families;
(6) reliable Federal leadership is needed to
achieve an adequate supply of affordable hous-
ing for all Americans;
(7) to achieve the goal of national housing
policy, there is a need to strengthen nation-
wide a cost-effective community-based hous-
ing partnership designed to—
(A) expand the supply of rental housing
that is affordable to very low-income and
low-income families,
(B) improve homeownership opportunities
for low-income families,
(C) carry out comprehensive housing strat-
egies tailored to local housing market condi-
tions, and
(D) protect the Federal, State, and local
investment in low-income housing to ensure
affordability of the housing for th
Stored review status: historical_2024_not_currentness_verified. The source passage cites 42 U.S.C. § 12721. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Fiscal year 1993** There are authorized to be appropriated for grants under this title 11 See References in Text note below. $855,000,000 for fiscal year 1993, of which—
(1) $285,000,000 shall be available for activities authorized under title III of the United States Housing Act of 1937 [[42 U.S.C. 1437aaa](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437aaa&num=0&edition=prelim) et seq.], of which up to $4,500,000 of any amounts appropriated may be made available for technical assistance to potential applicants, applicants and recipients of assistance under this 22 So in original. Probably should be “such”. title;
(2) $285,000,000 shall be available for activities authorized under part A, of which up to $3,250,000 of any amounts appropriated may be made available for technical assistance to potential applicants, applicants and recipients of assistance under this 2 part; and
(3) $285,000,000 shall be available for activities under part B, of which up to $2,250,000 of any amounts appropriated may be made available for technical assistance to potential applicants, applicants and recipients of assistance under this 2 part.
**(b) Fiscal year 1994** There are authorized to be appropriated for grants under this title 1 $883,641,000 for fiscal year 1994, of which—
(1) $294,547,000 shall be available for activities authorized under title III of the United States Housing Act of 1937 [[42 U.S.C. 1437aaa](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437aaa&num=0&edition=prelim) et seq.], up to $4,500,000 of which may be made available for technical assistance to potential applicants, applicants and recipients of assistance under this 2 title;
(2) $294,547,000 shall be available for activities authorized u
Stored review status: release_metadata_unconfirmed. The source passage cites 42 U.S.C. § 12871. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
§ 12871. Program authority
(a) In general
The Secretary is authorized to make—
(1) planning grants to enable applicants to
develop homeownership programs; and
(2) implementation grants to enable appli-
cants to carry out homeownership programs.
(b) Authority to reserve housing assistance
In connection with a grant under this part, the
Secretary may reserve authority to provide as-
sistance under section 1437f of this title to the
extent necessary to provide rental assistance for
a nonpurchasing tenant who resides in the
project on the date the Secretary approves the
application for an implementation grant, for use
by the tenant in another project.
(Pub. L. 101–625, title IV, § 421, Nov. 28, 1990, 104
Stat. 4162; Pub. L. 102–550, title I, § 181(a)(2)(B)(i),
Oct. 28, 1992, 106 Stat. 3735.)
Page 8489
TITLE 42—THE PUBLIC HEALTH AND WELFARE
§ 12872
Editorial Notes
REFERENCES IN TEXT
This part, referred to in subsec. (b), was in the origi-
nal ‘‘this subtitle’’, meaning subtitle B (§§ 421–431) of
title IV of Pub. L. 101–625, Nov. 28, 1990, 104 Stat. 4162,
which enacted this part and amended section 1709 of
Title 12, Banks and Banking.
AMENDMENTS
1992—Subsec. (c). Pub. L. 102–550 struck out subsec.
(c) which read as follows: ‘‘AUTHORIZATION OF APPRO-
PRIATIONS.—There is authorized to be appropriated for
grants under this part $51,000,000 for fiscal year 1991 and
$280,000,000 for fiscal year 1992. Any amounts appro-
priated pursuant to this subsection shall remain avail-
able until expended.’’
§ 12872. Planning grants
(a) Grants
The Secretary is authorized to make planning
grants to applicants for the purpose of devel-
oping homeownership programs under this part.
The amount of a planning grant under this sec-
tion may not exceed $200,000, except
Stored review status: historical_2024_not_currentness_verified. The source passage cites 42 U.S.C. § 12871. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Applications for demolition and disposition** Except as provided in subsection (b), upon receiving an application by a public housing agency for authorization, with or without financial assistance under this subchapter, to demolish or dispose of a public housing project or a portion of a public housing project (including any transfer to a resident-supported nonprofit entity), the Secretary shall approve the application, if the public housing agency certifies—
(1) in the case of—
(A) an application proposing demolition of a public housing project or a portion of a public housing project, that—
(i) the project or portion of the public housing project is obsolete as to physical condition, location, or other factors, making it unsuitable for housing purposes; and
(ii) no reasonable program of modifications is cost-effective to return the public housing project or portion of the project to useful life; and
(B) an application proposing the demolition of only a portion of a public housing project, that the demolition will help to ensure the viability of the remaining portion of the project;
(2) in the case of an application proposing disposition by sale or other transfer of a public housing project or other real property subject to this subchapter—
(A) the retention of the property is not in the best interests of the residents or the public housing agency because—
(i) conditions in the area surrounding the public housing project adversely affect the health or safety of the residents or the feasible operation of the project by the public housing agency; or
(ii) disposition allows the acquisition, development, or rehabilitation of other properties that will be more efficiently or effectively operated as low-income housing;
(B) the public h
Stored review status: release_metadata_unconfirmed. The source passage cites 42 U.S.C. § 1437aaa. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
§ 1437aaa. Program authority
(a) In general
The Secretary is authorized to make—
(1) planning grants to help applicants to de-
velop homeownership programs in accordance
with this subchapter; and
(2) implementation grants to carry out
homeownership programs in accordance with
this subchapter.
(b) Authority to reserve housing assistance
In connection with a grant under this sub-
chapter, the Secretary may reserve authority to
provide assistance under section 1437f of this
title to the extent necessary to provide replace-
ment housing and rental assistance for a non-
purchasing tenant who resides in the project on
the date the Secretary approves the application
for an implementation grant, for use by the ten-
ant in another project.
(Sept. 1, 1937, ch. 896, title III, § 301, as added
Pub. L. 101–625, title IV, § 411, Nov. 28, 1990, 104
Stat. 4148; amended Pub. L. 102–550, title I,
§ 181(a)(2)(A), Oct. 28, 1992, 106 Stat. 3735.)
Editorial Notes
AMENDMENTS
1992—Subsec. (c). Pub. L. 102–550 struck out subsec.
(c) which read as follows: ‘‘There are authorized to be
Page 4713
TITLE 42—THE PUBLIC HEALTH AND WELFARE
§ 1437aaa–1
appropriated
for
grants
under
this
subchapter
$68,000,000 for fiscal year 1991 and $380,000,000 for fiscal
year 1992. Any amount appropriated pursuant to this
subsection shall remain available until expended.’’
Statutory Notes and Related Subsidiaries
SHORT TITLE
Pub. L. 101–625, title IV, § 401, Nov. 28, 1990, 104 Stat.
4148, provided that: ‘‘This title [enacting this sub-
chapter and subchapter IV (§ 12871 et seq.) of chapter 130
of this title, amending sections 1437c, 1437f, 1437l, 1437p,
1437r, and 1437s of this title and section 1709 of Title 12,
Banks and Banking, and enacting provisions set out as
notes under th
Stored review status: historical_2024_not_currentness_verified. The source passage cites 42 U.S.C. § 1437aaa. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Critical social, economic, and environmental problems facing Nation’s urban communities** The Congress finds and declares that the Nation’s cities, towns, and smaller urban communities face critical social, economic, and environmental problems arising in significant measure from—
(1) the growth of population in metropolitan and other urban areas, and the concentration of persons of lower income in central cities;
(2) inadequate public and private investment and reinvestment in housing and other physical facilities, and related public and social services, resulting in the growth and persistence of urban slums and blight and the marked deterioration of the quality of the urban environment; and
(3) increasing energy costs which have seriously undermined the quality and overall effectiveness of local community and housing development activities.
**(b) Establishment and maintenance of viable urban communities; systematic and sustained action by Federal, State, and local governments; expansion of and continuity in Federal assistance; increased private investment; streamlining programs and improvement of functioning of agencies; action to address consequences of scarce fuel supplies** The Congress further finds and declares that the future welfare of the Nation and the well-being of its citizens depend on the establishment and maintenance of viable urban communities as social, economic, and political entities, and require—
(1) systematic and sustained action by Federal, State, and local governments to eliminate blight, to conserve and renew older urban areas, to improve the living environment of low- and moderate-income families, and to develop new centers of population growth and economic activity;
(2) substantial expansion of and greater continuity in the scope a
Stored review status: release_metadata_unconfirmed. The source passage cites 42 U.S.C. § 5301. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
§ 5301. Congressional findings and declaration of
purpose
(a) Critical social, economic, and environmental
problems facing Nation’s urban communities
The Congress finds and declares that the Na-
tion’s cities, towns, and smaller urban commu-
nities face critical social, economic, and envi-
ronmental problems arising in significant meas-
ure from—
(1) the growth of population in metropolitan
and other urban areas, and the concentration
of persons of lower income in central cities;
(2) inadequate public and private investment
and reinvestment in housing and other phys-
ical facilities, and related public and social
services, resulting in the growth and persist-
ence of urban slums and blight and the
marked deterioration of the quality of the
urban environment; and
(3) increasing energy costs which have seri-
ously undermined the quality and overall ef-
fectiveness of local community and housing
development activities.
(b) Establishment and maintenance of viable
urban communities; systematic and sus-
tained action by Federal, State, and local
governments; expansion of and continuity in
Federal assistance; increased private invest-
ment; streamlining programs and improve-
ment of functioning of agencies; action to ad-
dress consequences of scarce fuel supplies
The Congress further finds and declares that
the future welfare of the Nation and the well-
being of its citizens depend on the establishment
and maintenance of viable urban communities
as social, economic, and political entities, and
require—
(1) systematic and sustained action by Fed-
eral, State, and local governments to elimi-
nate blight, to conserve and renew older urban
areas, to improve the living environment of
low- and moderate-income families, and to de-
velop new centers of populat
Stored review status: historical_2024_not_currentness_verified. The source passage cites 42 U.S.C. § 5301. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Congress finds that—
(1) the neighborhood housing services demonstration of the Urban Reinvestment Task Force has proven its worth as a successful program to revitalize older urban neighborhoods by mobilizing public, private, and community resources at the neighborhood level; and
(2) the demand for neighborhood housing services programs in cities throughout the United States warrants the creation of a public corporation to institutionalize and expand the neighborhood housing services program and other programs of the present Urban Reinvestment Task Force.
**(b)** The purpose of this subchapter 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 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.
Stored review status: release_metadata_unconfirmed. The source passage cites 42 U.S.C. § 8101. This identifies an authority to review, not proof of applicability.