Sec. 220. Funding
211 words·~1 min read·
/bill/113/hr/2767/ih/section-220A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There is authorized to be appropriated for each fiscal year to the FHA, for salaries, expenses, and technology for the management and operations of the FHA an amount not exceeding the amount of the negative subsidy credited to the negative subsidy receipt account not needed for reserves of the funds of the FHA pursuant to sections 256 and 259. Amounts credited to the financing account of the FHA, established pursuant to title V of the Congressional Budget Act of 1974, shall be permanently and indefinitely available for payment of any claim that the FHA approves under a contract of insurance or other credit enhancement instrument pursuant to this title.
To the extent that such amounts are insufficient for such purpose, the FHA may borrow from the Treasury pursuant to title V of the Congressional Budget Act of 1974. Upon exercising the authority referred to in subparagraph (A), the FHA shall submit to the Congress— notice of such exercise of authority and the extent of the borrowing undertaken; a plan for repayment to the Treasury of the amounts borrowed, specifying the time and amounts of such payments; and if such borrowing is for the Mutual Mortgage Insurance Fund, how the FHA will comply with the capital restoration plan required under section 257(c).