Sec. 505. Use of mortgage interest savings for affordable housing programs
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For each year, the Secretary of the Treasury shall determine the amount of revenues accruing to the general fund of the Treasury by reason of the enactment of section 602 that remain after use of such revenues in accordance with section 604 and shall credit an amount equal to such remaining revenues as follows: The Secretary shall credit the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4568 ) with an amount equal to 60 percent of the amount of such remaining revenues.
The Secretary shall credit an amount equal to 30 percent of the amount of such remaining revenues to the Secretary of Housing and Urban Development for use only for providing tenant- and project-based rental assistance under section 8 of the United States Housing Act of 1937 ( 42 U.S.C. 1437f ). The Secretary shall credit an amount equal to 10 percent of the amount of such remaining revenues to the Public Housing Capital Fund under section 9(d) of the United States Housing Act of 1937 ( 42 U.S.C. 1437g(d) ).
Not later than the expiration of the 6-month period beginning on the date of the enactment of this Act, the Secretary of Housing and Urban Development shall revise the regulations relating to the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4568 ) to provide that such section is carried out with the maximum amount of flexibility possible while complying with such section, which shall include revising such regulations— to increase the limitation on amounts from the Fund that are available for use for operating assistance for housing; to allow public housing agencies and tribally designated housing entities to be recipient of grants amounts from the Fund that are allocated to a State or State designated entity; and eliminate the applicability of rules for the Fund that are based on the HOME Investment Partnerships Act ( 42 U.S.C. 1721 et seq.).
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- 42 USC 1721
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Sec. 505
Use of mortgage interest savings for affordable housing programs
Cite42 USC 1721
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