Neighborhood Reinvestment Corporation Act

Summary

Neighborhood Reinvestment Corporation Act - Declares it to be the purpose of this Act to establish a public corporation to continue the efforts of Federal financial supervisory agencies and the Department of Housing and Urban Development to promote reinvestment in older neighborhoods by local financial institutions working cooperatively with community people and local government and to continue the nonbureaucratic approach of the Urban Reinvestment Task Force. Establishes the National Neighborhood Reinvestment Corporation. Names the board of directors of the Corporation. Opens all meetings of the board to public observation unless a board majority votes to close a specific meeting. Empowers the Corporation to continue the work of the Urban Reinvestment Task Force in establishing Neighborhood Housing Services Programs, in providing grants and technical assistance to selected neighborhood preservation projects, and in supporting Neighborhood Housing Services of America. Requires the Corporation, in making grants, to determine reporting and management restrictions or requirements on recipients and to assure that recipients make information necessary to determine compliance with Federal laws available to the Corporation. Enumerates the Corporation's powers, including the power to invest funds of the Corporation. Authorizes specified Federal departments and Federal banks to provide services to the Corporation with or without reimbursement. Directs the Corporation to publish an annual report to the President and the Congress. Requires an annual audit of the Corporation. Authorizes appropriations through fiscal year 1981 to carry out the purposes of this Act. Requires the Corporation to prepare annual business-type budgets for submission to the Office of Management and Budget. Requires inclusion of such budget as part of the President's annual budget to Congress.

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1 official file

• Introduced in House

  summary · EN · 12 October 1977

  Open at official source

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