Sec. 211. Establishment

439 words·~2 min read·/bill/113/hr/2767/ih/section-211

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There is hereby established the Federal Housing Administration, which shall be a body corporate without capital stock and shall have succession until dissolved by Act of Congress. The FHA shall be established as a wholly owned Government corporation subject to chapter 91 of title 31, United States Code (commonly referred to as the Government Corporation Control Act), except as otherwise provided in this subtitle. The FHA shall be an agency of the United States, except that the FHA shall not be considered an agency for purposes of holding, managing, and disposing of assets acquired by the FHA under the provisions of this title or the National Housing Act .

For purposes of this subsection, the term holding, managing, and disposing of assets includes the powers to— deal with, complete, reconstruct, rent, renovate, modernize, insure, make contracts for the management of, establish suitable agencies for the management of, or exercise discretion to sell for cash or credit or lease, any acquired property; pursue collection by way of compromise or otherwise all assigned and transferred claims; and at any time, upon default, foreclose on any property secured by any assigned or transferred mortgage.

The FHA shall operate and conduct its business as a self-sufficient entity in accordance with section 235(c). The FHA shall maintain its principal office in the District of Columbia and shall be deemed, for purposes of venue in civil actions, to be a resident of the District of Columbia. The FHA may establish other offices in such other places as the FHA considers appropriate in the conduct of its business. The FHA, including its franchise, activities, income, and assets, shall be exempt from all taxation now or hereafter imposed by any taxing authority in the United States, except that any real property of the FHA (other than real property that the FHA uses as an office) shall be subject to taxation to the same extent according to its value as any taxing authority taxes other real property.

No person shall, except the body corporate established under this section, after the date of the enactment of this Act, use the words Federal Housing Administration or the initials FHA as the name or part thereof under which such person shall do business. Violations of paragraph

(1)may be enjoined by any court of general jurisdiction at the suit of the FHA. In any such suit, the FHA may recover any actual damages resulting from such violation, and, in addition, shall be entitled to punitive damages (regardless of the existence or nonexistence of actual damages) of not more than $100 for each day during which such violation is committed or repeated.