Page:United States Statutes at Large Volume 122.djvu/2875

 12 2 STA T . 2 85 2 PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 (i)5-YEAR RE INV E STM ENT P ERI OD.—Dur i ngthe 5- y e a r p eri odf o l lo w ing the date of ena c t m ent of thi sA ct , any re v enue generated from the sale, rental, redevelopment, reha b ilitation, or any other eligible use thatisine x cess of the cost to ac q uire and redevelop (including reasonable development fees) or rehabilitate an abandoned or foreclosed upon home or residential property shall be provided to and used by the S tate or unit of general local government in accordance with, and in furtherance of, the intent and provisions of this section. (ii) DEPOSITS IN T H E TREAS U RY.— ( I ) P RO F ITS.— U pon the expiration of the 5- year period set forth under clause (i), any revenue generated from the sale, rental, redevelopment, rehabilitation, or any other eligible use that is in excess of the cost to acquire and redevelop (including reasonable development fees) or rehabilitate an abandoned or foreclosed upon home or residential property shall be deposited in the T reasury of the United States as miscellaneous receipts, unless the Secretary approves a request to use the funds for purposes under this Act. (II) O THER AMOUNTS.—Upon the expiration of the 5-year period set forth under clause (i), any other revenue not described under subclause (I) generated from the sale, rental, redevelopment, rehabilitation, or any other eligible use of an aban- doned or foreclosed upon home or residential prop- erty shall be deposited in the Treasury of the United States as miscellaneous receipts. ( B ) OTHER REVENUES.—Any revenue generated under subparagraphs (A), ( C ) or (D) of subsection (c)( 3 ) shall be provided to and used by the State or unit of general local government in accordance with, and in furtherance of, the intent and provisions of this section. (e) R U L ES OF CONSTRU C TION.— ( 1 )IN G ENERAL.— E xcept as otherwise provided by this section, amounts appropriated, revenues generated, or amounts otherwise made available to States and units of general local government under this section shall be treated as though such funds were community development bloc k grant funds under title I of the H ousing and Community Development Act of 1 974 (4 2 U.S.C. 53 0 1 et seq.). (2) N O MATCH.—No matching funds shall be required in order for a State or unit of general local government to receive any amounts under this section. (f) AUTHORITY TO SPECIFY ALTERNATIVE RE Q UIREMENTS.— (1) IN GENERAL.—In administering any amounts appro- priated or otherwise made available under this section, the Secretary may specify alternative requirements to any provision under title I of the Housing and Community Development Act of 1974 (except for those related to fair housing, non- discrimination, labor standards, and the environment) in accordance with the terms of this section and for the sole purpose of expediting the use of such funds. Sta t e a ndloc al g o v e r n m ent s. State and local governments.

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