Title 42 — The Public Health and WelfareRelease 119-73

§12853 National Homeownership Trust Fund

Title 42 › Chapter CHAPTER 130— - NATIONAL AFFORDABLE HOUSING › Subchapter SUBCHAPTER III— - NATIONAL HOMEOWNERSHIP TRUST DEMONSTRATION › § 12853

Last updated Apr 6, 2026|Official source

Summary

Creates a revolving fund in the U.S. Treasury called the National Homeownership Trust Fund. The fund gets money from three sources: amounts Congress approves under section 12857, repayments the Trust receives, and earnings the Trust gets from its investments. The money can be used by the Trust to carry out the programs covered by this subchapter, as long as Congress approves the funds. Any extra money the Trust does not need right away must be invested in U.S. government or U.S. agency securities that guarantee principal and interest. The Secretary must use up to $20,000,000 of what was appropriated for the Fund in fiscal year 1991 for demonstration projects that link housing and economic development. That includes up to $4,200,000 for Milwaukee to fix two vacant buildings, up to $10,000,000 in Washington, D.C. for nonprofit groups to buy and rehab vacant housing for low- and moderate-income families and neighborhood development, up to $1,000,000 in Philadelphia for technical support to a citywide community development group, and other areas the Secretary picks.

Full Legal Text

Title 42, §12853

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

(a)There is established in the Treasury of the United States a revolving fund, to be known as the National Homeownership Trust Fund.

(b)The Fund shall consist of—

(1)any amount approved in appropriation Acts under section 12857 of this title for purposes of carrying out this subchapter;

(2)any amount received by the Trust as repayment for payments made under this subchapter; and

(3)any amount received by the Trust under subsection (d).

(c)The Fund shall, to the extent approved in appropriations Acts, be available to the Trust for purposes of carrying out this subchapter.

(d)Any amounts in the Fund determined by the Trust to be in excess of the amounts currently required to carry out the provisions of this subchapter shall be invested by the Trust in obligations of, or obligations guaranteed as to both principal and interest by, the United States or any agency of the United States.

(e)Using not more than $20,000,000 of any amounts appropriated for the Fund under section 12857 of this title in fiscal year 1991, the Secretary shall carry out demonstration programs for combining housing activities and economic development activities, as follows:

(1)In Milwaukee, Wisconsin, in an amount not to exceed $4,200,000, for development, rehabilitation, and revitalization of 2 vacant structures in a blighted minority neighborhood.

(2)In Washington, District of Columbia, in an amount not to exceed $10,000,000, for nonprofit neighborhood-based groups to acquire and rehabilitate vacant public and private housing for resale or rent to low- and moderate-income families and to the extent of and subject to engage in neighborhood-based economic development activities.

(3)In Philadelphia, Pennsylvania, in an amount not to exceed $1,000,000, for technical assistance and organizational support for a community development corporation that is a city-wide public/private partnership engaged in the provision of technical assistance to neighborhood community development corporations.

(4)In other areas, as the Secretary may determine.

Reference

Citations & Metadata

Citation

42 U.S.C. § 12853

Title 42 — The Public Health and Welfare

Last Updated

Apr 6, 2026

Release point: 119-73