Sec. 205. Capital Magnet Fund
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/bill/117/hr/4497/ih/section-205·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There is authorized to be appropriated for the Capital Magnet Fund under section 1339 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4569 ) $12,000,000,000 and any amounts made available pursuant to this subsection shall remain available until expended. Of any amounts made available pursuant to this section, not less than 10 percent shall be available without regard to any requirement regarding minimum grant amount and only for eligible uses within or directly benefitting— any county that has consistently had 20 percent or more of the population living in poverty during the 30-year period preceding the date of enactment of this Act, as measured by the 1990 and 2000 decennial census and the most recent annual Small Area Income and Poverty Estimates as estimated by the Bureau of the Census; any census tract having a poverty rate of at least 20 percent as measured by the 2014–2018 5-year data series available from the American Community Survey of the Census Bureau; or any territory or possession of the United States.
Not less than 15 percent of all amounts made available pursuant to this section shall be used only for activities relating to climate and natural disaster resilience and water and energy efficiency and, at the Secretary’s discretion, other strategies to enhance the environmental sustainability of housing production and design. All laborers and mechanics employed by contractors and subcontractors in the performance of construction work financed in whole or in part with amounts made available pursuant to this section shall be paid wages at rates not less than those prevailing on similar construction in the locality as determined by the Secretary of Labor in accordance with subchapter IV of chapter 31 of title 40, United States Code.
The preceding sentence shall apply to the rehabilitation of residential property only if such property contains not less than 12 units. The Secretary of Labor shall have, with respect to such labor standards, the authority and functions set forth in Reorganization Plan Numbered 14 of 1950 (15 Fed. Reg. 3176; 64 Stat. 1267) and section 2 of the Act of June 13, 1934, as amended (48 Stat. 948; 40 U.S.C. 276(c) ). Paragraph
(1)shall not apply to any individual who— performs services for which the individual volunteered; does not receive compensation for such services or is paid expenses, reasonable benefits, or a nominal fee for such services; and is not otherwise employed at any time in the construction work.
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U.S. Code
4 references not yet in our index
- 15 FR 3176
- 64 Stat. 1267
- 48 Stat. 948
- 40 USC 276(c)
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Sec. 205
Capital Magnet Fund
Fed. Reg.15 FR 3176
Stat.64 Stat. 1267
Stat.48 Stat. 948
Cite40 USC 276(c)
Cites 5Cited by 0 across 0 sources