§3938 — Title 42 The Public Health and Welfare | U.S. Code

Summary

Within six months after its fiscal year ends, the corporation must send the President a report for Congress describing the corporation’s and partnership’s operations and finances. The report must show, as a percentage of equity and in dollars, investments in low- or moderate-income housing, other housing, and activities under 3936(a)(4). Accounts must be audited annually by independent certified or licensed accountants using generally accepted auditing standards.

Title 42, §3938

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

(a)(1)The corporation shall submit an annual report to the President for transmittal to the Congress within six months after the end of its fiscal year. The report shall include a comprehensive and detailed report of the operations, activities, and financial condition of the corporation and the partnership under this chapter.

(2)The report shall contain a description of the activities undertaken under section 3936(a)(4) of this title, and shall specify, as a percentage of equity and in dollars, the extent of the corporation’s and the partnership’s investment in housing for the benefit of families and individuals of low or moderate income, the extent of the corporation’s and the partnership’s investment in other housing, and the extent of the corporation’s and the partnership’s activities which are undertaken under section 3936(a)(4) of this title.

(b)The accounts of the corporation and of the partnership shall be audited annually in accordance with generally accepted auditing standards by independent certified public accountants or independent licensed public accountants certified or licensed by a regulatory authority of a State or other political subdivision of the United States.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1984—Subsec. (a). Pub. L. 98–479 designated existing provisions as par. (1) and added par. (2).

Statutory Notes and Related Subsidiaries

Termination of Reporting RequirementsFor termination, effective May 15, 2000, of provisions in subsec. (a) of this section relating to transmittal of annual report to Congress, see section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance, and item 2 on page 182 of House Document No. 103–7.

§3938 Annual report of corporation; audit of accounts