Page:United States Statutes at Large Volume 101 Part 3.djvu/658

 101 STAT. 1956 12 USC 1715Z

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12 USC 1715/

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12 USC 1715/

12 USC 1715/

PUBLIC LAW 100-242—FEB. 5, 1988

SEC. 609. NEHEMIAH HOUSING OPPORTUNITY FUND. (a) ESTABLISHMENT.—There is established in the Treasury of the United States a revolving fund, to be known as the Nehemiah Housing Opportunity Fund. The Fund shall be available to the Secretary, to the extent approved in appropriation Acts, for purposes of providing assistance under section 603. (b) ASSETS.—The Fund shall consist of— (1) any amount appropriated under section 612; (2) any amount received by the Secretary under section 604(b)(4); and (3) any amount received by the Secretary under subsection (c). (c) ADMINISTRATION.—Any amount in the Fund determined by the Secretary to be in excess of the amount currently required to carry out the provisions of this title shall be invested by the Secretary in obligations of, or obligations guaranteed as to both principal and interest by, the United States or any agency of the United States. SEC. 610. REPORT. Not later than March 1, 1990, the Secretary shall prepare and submit to the Congress a comprehensive report setting forth the activities carried out under this title. Such report shall include— (1) an analysis of the characteristics of the families assisted under this title, including family size, number of children, family income, sources of family income, race, age, and sex; (2) an analysis of the market value of homes purchased under this title; (3) an analysis of the non-Federal public and private financial or other contributions made to reduce the cost of homes constructed or substantially rehabilitated under each program; (4) an analysis of the sales prices of homes under this title; (5) an analysis of the amounts of the grants made to programs under this title; and (6) any recommendations of the Secretary for modifications in the program established by this title in order to ensure the effective implementation of such program. SEC. 611. REGULATIONS. Not later than July 1, 1988, the Secretary shall issue final regulations to carry out the provisions of this title. Any such regulations shall be issued in accordance with section 553 of title 5, United States Code, notwithstanding the provisions of subsection (a)(2) of such section. SEC. 612. AUTHORIZATION OF APPROPRIATIONS. There are authorized to be appropriated to carry out this title $25,000,000 for fiscal year 1988 and $100,000,000 for fiscal year 1989. Any amount appropriated under this section shall be deposited in the Nehemiah Housing Opportunity Fund, and shall remain available until expended. SEC. 613. SUNSET. No assistance may be provided under this title after September 30, 1989, except pursuant to a commitment made on or before such date.

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