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Title 42 — The Public Health and WelfareRelease 119-73

§12851 National Homeownership Trust

Title 42 › Chapter CHAPTER 130— - NATIONAL AFFORDABLE HOUSING › Subchapter SUBCHAPTER III— - NATIONAL HOMEOWNERSHIP TRUST DEMONSTRATION › § 12851

Last updated Apr 6, 2026|Official source

Summary

Creates the National Homeownership Trust inside the Department of Housing and Urban Development to help first-time homebuyers. It is run by a seven-member board: the Secretary of Housing and Urban Development (who is the chair), the Secretary of the Treasury, the chair of the FDIC board, the chair of the Federal Housing Finance Board, the chairs of the boards of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, and one consumer representative appointed by the President with the Senate’s approval. The Trust has the same legal powers as the Government National Mortgage Association under 12 U.S.C. 1723a(a). Board members get no extra pay for serving but may be reimbursed for travel and per diem under 5 U.S.C. 5703. The board may hire an executive director, staff, and set their pay from the National Homeownership Trust Fund.

Full Legal Text

Title 42, §12851

The Public Health and Welfare — Source: USLM XML via OLRC

(a)There is established the National Homeownership Trust, which shall be in the Department of Housing and Urban Development and shall provide assistance to first-time homebuyers in accordance with this subchapter.
(b)The Trust shall be governed by a Board of Directors, which shall be composed of—
(1)the Secretary of Housing and Urban Development, who shall be the chairperson of the Board;
(2)the Secretary of the Treasury;
(3)the chairperson of the Board of Directors of the Federal Deposit Insurance Corporation;
(4)the chairperson of the Federal Housing Finance Board;
(5)the chairperson of the Board of Directors of the Federal National Mortgage Association;
(6)the chairperson of the Board of Directors of the Federal Home Loan Mortgage Corporation; and
(7)1 individual representing consumer interests, who shall be appointed by the President of the United States, by and with the advice and consent of the Senate.
(c)The Trust shall have the same powers as the powers given the Government National Mortgage Association in section 1723a(a) of title 12.
(d)Members of the Board of Directors shall receive no additional compensation by reason of service on the Board, but shall be allowed travel expenses, including per diem in lieu of subsistence, as provided for employees of the Federal Government or in the same manner as persons employed intermittently in the Government service are allowed under section 5703 of title 5, as appropriate.
(e)(1)The Board of Directors may appoint an executive director of the Trust and fix the compensation of the executive director, which shall be paid from amounts in the National Homeownership Trust Fund.
(2)Subject to such rules as the Board of Directors may prescribe, the Trust may appoint and hire such staff and provide for offices as may be necessary to carry out its duties. The Trust may fix the compensation of the staff, which shall be paid from amounts in the National Homeownership Trust Fund.

Legislative History

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Short Title

For

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of this subchapter as the “National Homeownership Trust Act”, see

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note set out under section 12701 of this title.

Reference

Citations & Metadata

Citation

42 U.S.C. § 12851

Title 42 — The Public Health and Welfare

Last Updated

Apr 6, 2026

Release point: 119-73