Page:United States Statutes at Large Volume 92 Part 2.djvu/835

 PUBLIC LAW 95-557—OCT. 31, 1978

92 STAT. 2115

TITLE VI—NEIGHBORHOOD REINVESTMENT CORPORATION

Neighborhood Reinvestment Corporation Act.

SHORT TITLE

SEC. 601. This title may be cited as the "Neighborhood Reinvestment 42 USC 8101 Corporation Act". °ot«FINDINGS AND PURPOSE

SEC. 602. (a) The Congress finds that— (1) the neighborhood housing services demonstration of the Urban Reinvestment Task Force has proven its worth as a successful program to revitalize older urban neighborhoods by mobilizing public, private, and community resources at the neighborhood level; and (2) the demand for neighborhood housing services programs in cities throughout the United States warrants the creation of a public corporation tx) institutionalize and expand the neighborhood housing services program and other programs of the present Urban Reinvestment Task Force. (b) The purpose of this title is to establish a public corporation which will continue the joint efforts of the Federal financial supervisory agencies and the Department of Housing and Urban Development to promote reinvestment in older neighborhoods by local financial institutions working cooperatively with community people and local government, and which will continue the nonbureaucratic approach of the Urban Reinvestment Task Force, relying largely on local initiative for the specific design of local programs.

42 USC 8101.

ESTABLISHMENT OF CORPORATION

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SEC. 603. (a) There is established a National Neighborhood Rein- 42 USC 8102. vestment Corporation (hereinafter referred to as the "corporation") which shall be a body corporate and shall possess the powers, and shall be subject to the direction and limitations specified herein. (b) The corporation shall implement and expand the demonstration Duties, activities carried oiit by the Urban Reinvestment Task Force. (c) The corporation shall maintain its principal office in the District Offices, of Columbia or at such other place the corporation may from time to time prescribe. (d) The corporation, including its franchise, activities, assets, and income, shall be exempt from all taxation now or hereafter imposed by the United States, by any territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority, except that any real property of the corporation shall be subject to State, territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed. BOARD OF D I R E C TO R S;

ESTABLISHMENT

SEC. 604. (a) The corporation shall be under the direction of a board of directors made uj) of the following members: (1) the Chairman of the Federal Home Loan Bank Board; (2) the Secretary of Housing and Urban Development; (3) a member of the Board of Governors of the Federal Reserve System, to be designated by the Chairman of the Board of Governors of the Federal Reserve System;

Membership. 42 USC 8103.

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