42 U.S.C. § 12853 — National Homeownership Trust Fund

(a) Establishment: This section creates a revolving fund in the U.S. Treasury, called the National Homeownership Trust Fund. (b) Assets: The Fund holds (1) any amount Congress approves under section 12857 for this subchapter, (2) any amount the Trust gets back as repayment for assistance payments, and (3) any amount the Trust receives under subsection (d). (c) Use of amounts: As far as appropriations Acts approve, the Fund is available to the Trust to carry out this subchapter. (d) Investment of excess amounts: Any Fund money the Trust decides is more than currently needed must be invested in obligations of the United States, or of a U.S. agency, guaranteed as to principal and interest. (e) Demonstration programs: Using no more than $20,000,000 of the money appropriated for the Fund in fiscal year 1991, the Secretary had to run demonstration programs combining housing and economic development activities: (1) in Milwaukee, Wisconsin, up to $4,200,000, to develop, rehabilitate, and revitalize two vacant structures in a blighted minority neighborhood; (2) in Washington, D.C., up to $10,000,000, for nonprofit neighborhood groups to acquire and rehabilitate vacant housing for resale or rent to low- and moderate-income families, and for related neighborhood economic development; (3) in Philadelphia, Pennsylvania, up to $1,000,000, for technical assistance and organizational support to a citywide community development corporation that helps neighborhood community development corporations; and (4) in other areas, as the Secretary decides.