Page:United States Statutes at Large Volume 112 Part 5.djvu/587

 PUBLIC LAW 105-368—NOV. 11, 1998 112 STAT. 3345 the loan documents, through the date of the public sale (as authorized under such documents and State law); and "(B) the amount realized at such sale. "§3775. Audit "During each of the first 3 years of operation of a multifamily transitional housing project with respect to which a loan is guaranteed under this subchapter, there shall be an annual, independent audit of such operation. Such audit shall include a detailed statement of the operations, activities, and accomplishments of such project during the year covered by such audit. The party responsible for obtaining such audit (and paying the costs therefor) shall be determined before the Secretary issues a guarantee under this subchapter.". (b) CLERICAL AMENDMENT. — The table of sections at the beginning of chapter 37 is amended by adding at the end the following new items: "SUBCHAPTER VI—LOAN GUARANTEE FOR MULTIFAMILY TRANSITIONAL HOUSING FOR HOMELESS VETERANS "3 771. Definitions. "3772. General authority. "3773. Requirements. "37 74. Default. "3775. Audit.". SEC. 602. VETERANS HOUSING BENEFIT PROGRAM FUND ACCOUNT CONSOLIDATION. (a) CONSOLIDATION OF HOUSING LOAN REVOLVING FUNDS. — Subchapter III of chapter 37 is amended— (1) by striking sections 3723, 3724, and 3725; and (2) by inserting after section 3721 the following new section: "§ 3722. Veterans Housing Benefit Program Fund "(a) There is hereby established in the Treasury of the United States a fund known as the Veterans Housing Benefit Program Fund (hereafter in this section referred to as the 'Fund'). "(b) The Fund shall be available to the Secretary, without fiscal year limitation, for all housing loan operations under this chapter, other than administrative expenses, consistent with the Federal Credit Reform Act of 1990. "(c) There shall be deposited into the Fund the following, which shall constitute the assets of the Fund: "(1) Any amount appropriated to the Fund. "(2) Amounts paid into the Fund under section 3729 of this title or any other provision of law or regulation established by the Secretary imposing fees on persons or other entities participating in the housing loan programs under this chapter. "(3) All other amounts received by the Secretary on or after October 1, 1998, incident to housing loan operations under this chapter, including— "(A) collections of principal and interest on housing loans made by the Secretary under this chapter; "(B) proceeds from the sale, rental, use, or other disposition of property acquired under this chapter; "(C) proceeds from the sale of loans pursuant to sections 3720(h) and 3733(a)(3) of this title; and "(D) penalties collected pursuant to section 3710(g)(4)(B) of this title.

�