12 2 STA T . 1 97 2 PUBLIC LA W 11 0– 2 46—J U NE 1 8, 2008 Subti t leD—Ho u s i ngA ssist a n c e C ouncil SEC.6301 .S HORT T I T L E. This s ubt it lemay be c ite d as the ‘ ‘ Ho usi ngA ssistance C ouncil Autho r i z ation Act o f20 0 8’ ’ . SEC. 630 2 . A SSISTA N CETOHO U SIN G ASSISTANCE COUNCIL. ( a )USE . — The S ecretary of Housing and Urban D e v elo p ment may provide financial assistance to the Housing Assistance Council for use by the Council to develop the ability and capacity of commu - nity-based housing development organizations to underta k e commu- nity development and affordable housing pro j ects and programs in rural areas. Assistance provided by the Secretary under this section may be used by the Housing Assistance Council for— ( 1 ) technical assistance , training, support, research, and advice to develop the business and administrative capabilities of rural community-based housing development organizations
(2) loans, grants, or other financial assistance to rural community-based housing development organizations to carry out community development and affordable housing activities for lo w - and moderate-income families; and ( 3 ) such other activities as may be determined by the Secretary of Housing and Urban Development and the Housing Assistance Council. (b) A UTHORIZA TIO N O F A P PROPRIATIONS.—There is authorized to be appropriated for financial assistance under this section for the Housing Assistance Council $ 10,000,000 for each of fiscal years 200 9 through 2011. SEC. 6303. AU D ITS AND RE P ORTS. (a) AU D IT.— (1) I N G ENERA L .—The financial transactions and activities of the Housing Assistance Council shall be audited annually by an independent certified public accountant or an inde- pendent licensed public accountant certified or licensed by a regulatory authority of a State or other political subdivision of the United States. (2) R E Q UIRE M ENTS OF AUDITS.—The Comptroller G eneral of the United States may rely on any audit completed under paragraph (1), if the audit complies with— (A) the annual programmatic and financial e x amina- tion re q uirements established in OMB Circular A-133; and (B) generally accepted government auditing standards. (3) REPORT TO C ONGRESS.—The Comptroller General shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on F inancial Services of the House of Representative a report detailing each audit completed under paragraph (1). (b) GAO REPORT.—The Comptroller General of the United States shall conduct a study and submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representative on the use of any funds appropriated to the Housing Assistance Council over the past 7 years. 42USC1 4 90enot e . 42 USC 1490e note. H o usi n gA ssist a n c e Counci l Aut h o r i z ation Act o f 200 8 . 42 USC 1490e note.
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