Page:United States Statutes at Large Volume 82.djvu/533

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[82 STAT. 491]
[82 STAT. 491]
PUBLIC LAW 90-000—MMMM. DD, 1968

82 STAT. ]

PUBLIC LAW 90-44S-A\]G. I, 196ff


such terms and conditions as lie may require, upon completion of the project or sooner, and may cancel any part or all of a loan if he determines that it cannot be recovered from the proceeds of any permanent loan made to finance the rehabilitation or construction of the housing. (2) The Secretary shall determine prior to the making of any loan that the nonprofit organization meets such requirements with respect to financial responsibility and stability jvs he may prescribe. (3) There are authorized to be appropriated for the purposes of this Appropriation, subsection not to exceed $7,500,000 for the fiscal year ending June 80, 1969, and not to exceed $10,000,000 for the fiscal year ending June 30, 1970. Any amounts so appropriated shall remain available until expended, and any amounts authorized for any fiscal year under this paragraph but not appropriated may be appropriated for any succeeding fiscal year. (4) All funds appropriated for the purposes of this subsection shall LOW and Modl>e deposited in a fund which shall be known as the IJOW and Modemte sponso^'Fund. Income Sponsor Fund, and which shall be available without fiscal year limitation and be administered by the Secretary as a revolving fund for carrying out the purfjoses of this subsection. Sums received in repayment of loans made under this subsection shall be deposited in such fund. NATIONAL IIOMEOWNERSIIIP



SEC. 107. (a)(1) There is hereby created a body corporate to be known as the "National Homeownership Foundation" (hereinafter referred to as the Foundation") to carry out a continuing program of encouraging private and ]>ublic organizations at the national, community, and neighborhood levels to provide increased homeownership and housing opportunities in urban and rural areas for lower income families through such means as— (A) encouraging the investment in, and spcmsoring of, housing for lower income families; (B) encouraging the establishment of programs of assistance and counseling to lower income families to enable them better to achieve and afford adequate housing; (C) providing a broad range of technical assistance through publications and advisory services to public and private organizations which are carrynig out, or are desirous of carrying out, programs to expand homeownership and housing opportunities for lower income families; and (D) providing grants and loans to public and private organizations carrying out homeownership and housing opportunity programs for lower income families to help cover some of the expenses of such programs. (2) The Foundation shall be deemed to be a corporation without members organized and established under the provisions of the Dis76 Stat. 265. trict of C^olumbia Nonprofit Corporation Act, with all the rights, D.C. Code 29powers, and responsibilities thereof except as limited by this section looi and any amendments thereto. This section shall constitute the articles of incorporation and charter of the Foundation, which shall not be an ngency or instrumentality of the United States Government. The Congress expressly reserves the exclusive right to alter or amend this charter. The Foundation shall have succession until dissolved by Act of Congress. The Foundation shall maintain its principal office in the District of Columbia. (3) No part of the net earnings of the Foundation shall inure to the Administration benefit of any private person, and no substantial part of its activities and^educationnai shall be devoted to attempting to influence legislation. The Founda- foundation.