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42 U.S.C. § 12858 — Transition

submitted 36 years ago by Pub. L. 101-625 to r/title-42-THE-PUBLIC-HEALTH-AND-WELFARE · 166 words · no verdicts yet

in plain englishAI-generated · not legal advice

When the Trust ends, the Secretary takes over the Board's remaining duties. Existing assistance keeps following the rules that applied before the Trust ended. Leftover Fund money eventually goes to the Treasury's general fund.

(a) Authority of Secretary: Once the Trust terminates under section 12859, the HUD Secretary takes over any authority the Board of Directors and the Trust had, as needed to wrap up the Trust's outstanding business. (b) Applicability of Trust provisions: After the Trust ends, any assistance under this subchapter still follows the same rules that would have applied if the Trust had not ended. (c) Certification of Fund to Treasury: Once the Secretary decides the National Homeownership Trust Fund is no longer needed, the Secretary must certify any money left in the Fund to the Treasury Secretary, who then deposits it into the Treasury's general fund as miscellaneous receipts.
the actual law source: uscode.house.gov ↗public domain
(a) Authority of Secretary

Upon the termination of the Trust as provided in section 12859 of this title, the Secretary of Housing and Urban Development shall exercise any authority of the Board of Directors and the Trust in accordance with the provisions of this subchapter as may be necessary to provide for the conclusion of the outstanding affairs of the Trust.

(b) Applicability of Trust provisions

Any assistance under this subchapter shall, after termination of the Trust, be subject to the provisions of this subchapter that would have applied to such assistance if the termination had not occurred.

(c) Certification of Fund to Treasury

Upon a determination by the Secretary of Housing and Urban Development that the National Homeownership Trust Fund is no longer necessary, the Secretary shall certify any amounts remaining in the Fund to the Secretary of the Treasury and the Secretary of the Treasury shall deposit into the general fund of the Treasury as miscellaneous receipts any amounts remaining in the Fund.

Source credit: (Pub. L. 101–625, title III, § 309, Nov. 28, 1990, 104 Stat. 4133.)

history & why it existsrecord from the source credit
  • 1990Enacted · Pub. L. 101-625 · 104 Stat. 4133

A history note hasn’t been published yet. The record shows enactment by Pub. L. 101-625 on 1990-11-28.

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