Page:United States Statutes at Large Volume 104 Part 5.djvu/1075

 PUBLIC LAW 101-625—NOV. 28, 1990 104 STAT. 4397 (E) was in existence and generally recognized as a colonia before the date of the enactment of this Act. (2) NONPROFIT ORGANIZATION. — The term "nonprofit organization" means an organization described in section 501(c) of the Internal Revenue Code of 1986 and exempt from taxation under section 501(a) of such Code. (3) PERSONS OF LOW AND MODERATE INCOME.—The term "persons of low and moderate income" has the meaning given the term in section 102(a) of the Housing and Community Development Act of 1974 (42 U.S.C. 5302(a)). (4) UNITED STATES-MEXICO BORDER REGION.—The term "United States-Mexico border region" means the area of the United States within 150 miles of the border between the United States and Mexico, except that the term does not include any standard metropolitan statistical area that has a population exceeding 1,000,000. (f) APPLICABILTTY. — T his Act shall apply only with respect to fiscal years 1991, 1992, and 1993. SEC. 917. NEIGHBORHOOD REINVESTMENT CORPORATION. 42 USC 8107 (a) FINDINGS. —The Congress finds that— (1) protecting the existing stock of unsubsidized privately held lower income housing through the rehabilitation and revitalization of declining neighborhoods is essential to a national housing policy that seeks to increase the availability of affordable housing for low- and moderate-income families; (2) the Neighborhood Reinvestment Corporation, the anchor of the national neighborhood housing services network, was chartered by Congress more than 10 years ago to revitalize neighborhoods for the benefit of current residents by mobilizing public, private, and community resources at the neighborhood level; (3) the national neighborhood housing services network has proven its worth as a successful cost-effective program relying largely on local initiative for the specific design of local programs; (4) the national neighborhood housing services network has had more than 10 years of experience in revitalizing declining neighborhoods, creating housing for low- and moderate-income families, and equipping residents with skills and resources required to maintain safe and healthy communities; and (5) expanding upon the existing capabilities, resources, and potential of the national neighborhood housing services network is a cost-effective response to the Eiffordable housing and neighborhood revitalization needs confronting the Nation, and is a strong preventive measure in addressing the national tragedy of homelessness. (b) PURPOSE.—It is the purpose of this section to authorize appropriations for the Neighborhood Reinvestment Corporation for fiscal years 1991 and 1992 to permit the corporation— (1) to carefully expand the capacities of the national neighborhood housing services network; (2) to begin to meet the urgent need for neighborhood housing services and mutual housing associations in neighborhoods across the Nation as the effort to preserve affordable housing for low- and moderate-income American families increases;

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