Page:United States Statutes at Large Volume 122.djvu/2748

 12 2 STA T . 2 7 2 5PUBLIC LA W 11 0– 2 89—J UL Y3 0, 2008 exp e ct e d t or e sul t in eli g i b le h ousing , or econo m ic a nd commu - nit y de v elopment pro j ects that support or sustain an a f fordable housing project funded by a grant under this section w hose aggregate costs total at least 10 times the grant amount .‘ ‘ (4)COM M IT M EN T F O RUS E D E A D L INE. —A mounts made available for grants under this section shall be committed for use within 2 years of the date of such allocation. T he S ecretary of the Treasury shall recapture into the Capital M agnet F und any amounts not so used or committed for use and allocate such amounts in the first year after such recapture. ‘‘( 5 ) P RO H I B ITED USES.—The Secretary shall, by regulation, set forth prohibited uses of grant amounts awarded under this section, which shall include use for— ‘‘(A) political activities ‘‘( B ) advocacy; ‘‘(C) lobbying, whether directly or through other par- ties; ‘‘( D ) counseling services; ‘‘( E ) travel expenses; and ‘‘(F) preparing or providing advice on tax returns; and for the purposes of this paragraph, the prohibited use of funds for political activities includes influencing the selection, nomination, election, or appointment of one or more candidates to any Federal, State or local office as codified in section § 501 of the I nternal R evenue Code of 1 986 (26 U .S.C. 501). ‘‘(6) ADDITIONAL LOBB Y IN G RESTRI C TIONS.— N o assistance or amounts made available under this section may be expended by an eligible grantee to pay any person to influence or attempt to influence any agency, elected official, officer or employee of a State or local government in connection with the ma k ing, award, extension, continuation, renewal, amendment, or modi- fication of any State or local government contract, grant, loan, or cooperative agreement as such terms are defined in section 1 3 52 of title 31, United States Code. ‘‘( 7 ) PROHIBITION OF CONSIDERATION OF USE FOR MEETING HOUSING GOALS OR DUTY TO SER V E.—In determining the compli- ance of the enterprises with the housing goals under this section and the duty to serve underserved markets under section 1335, the Director of the Federal H ousing Finance Agency may not consider any Capital Magnet Fund amounts used under this section for eligible activities under subsection (f). The Director of the Federal Housing Finance Agency shall give credit toward the achievement of such housing goals and such duty to serve underserved markets to purchases by the enterprises of mort- gages for housing that receives funding from Capital Magnet Fund grant amounts, but only to the extent that such purchases by the enterprises are funded other than with such grant amounts. ‘‘(8) ACCOUNTABILITY OF RECI P IENTS AND GRANTEES.— ‘‘(A) TRAC K ING OF FUNDS.—The Secretary of the Treasury shall— ‘‘(i) re q uire each grantee to develop and maintain a system to ensure that each recipient of assistance from the Capital Magnet Fund uses such amounts in accordance with this section, the regulations issued under this section, and any requirements or conditions under which such amounts were provided; and Records. Re gulati o n s.

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