-CITE-
    42 USC CHAPTER 49 - NATIONAL HOUSING PARTNERSHIPS           01/02/2006

-EXPCITE-
    TITLE 42 - THE PUBLIC HEALTH AND WELFARE
    CHAPTER 49 - NATIONAL HOUSING PARTNERSHIPS

-HEAD-
                CHAPTER 49 - NATIONAL HOUSING PARTNERSHIPS            

-MISC1-
    Sec.                                                     
    3931.       Congressional statement of purpose.                   
    3932.       Creation of corporations.                             
                  (a)  Authorization.                                 
                  (b)  Creation of additional corporations.           
                  (c)  Creation of corporations and organization of
                        other partnerships, joint ventures, or
                        associations by private persons.              
    3933.       Organization of corporation.                          
                  (a)  Appointment of incorporators; Chairman; initial
                        board of directors.                           
                  (b)  Action by incorporators; filing articles of
                        incorporation.                                
                  (c)  Initial offering of stock in corporation and of
                        interests in partnership; terms of offering.  
    3934.       Board of Directors; membership; appointment; term.    
    3935.       Financing the corporation.                            
    3936.       Purposes and powers of corporation.                   
                  (a)  Building, rehabilitation, acquisition, and
                        financing of housing and related facilities
                        for families and individuals of low or
                        moderate income; acquisition and disposal of
                        property; funds.                              
                  (b)  Authorization to enter into partnerships,
                        limited partnerships, joint ventures, and
                        other associations; manager or general partner
                        of partnership, venture, or association;
                        research and studies; technical assistance;
                        loans or grants; hire or acceptance of
                        services of consultants, experts, advisory
                        boards and panels.                            
                  (c)  Exercise of powers conferred upon stock
                        corporation by District of Columbia Business
                        Corporation Act.                              
                  (d)  Labor standards.                               
                  (e)  Maximum combined outstanding equity commitment.
    3937.       National housing partnership.                         
                  (a)  Formation of limited partnership; partnership
                        agreement.                                    
                  (b)  Applicability of other laws; legal status of
                        limited partnership.                          
                  (c)  Authorization to enter into partnerships,
                        limited partnerships, or joint ventures
                        organized under State or local laws for
                        purpose of engaging in low and moderate income
                        housing developments, projects, or
                        undertakings.                                 
                  (d)  General partner; capital of partnership;
                        contribution of partners.                     
                  (e)  Partnership agreement; participation in low and
                        moderate income housing developments,
                        projects, or undertakings; limitation on
                        aggregate initial equity investment.          
                  (f)  Partnership agreement; authorization for
                        stockholders to become limited partners;
                        inclusion of other limited partners;
                        acquisition of assignor's stock by assignee of
                        limited partner; approval of substitution or
                        addition of partnership member.               
                  (g)  Liability of corporation as general partner;
                        treatment of interest of limited partner in
                        partnership.                                  
                  (h)  Execution of certificate of partnership and
                        amendments.                                   
    3938.       Annual report of corporation; audit of accounts.      
    3939.       Applicability of antitrust laws.                      
    3940.       Reservation of right to repeal, alter, or amend
                 chapter.                                             
    3941.       State or local taxation or regulation; access to
                 judicial process.                                    

-End-

-CITE-
    42 USC Sec. 3931                                            01/02/2006

-EXPCITE-
    TITLE 42 - THE PUBLIC HEALTH AND WELFARE
    CHAPTER 49 - NATIONAL HOUSING PARTNERSHIPS

-HEAD-
    Sec. 3931. Congressional statement of purpose

-STATUTE-
      The Congress finds that the volume of housing being produced for
    families and individuals of low or moderate income must be
    increased to meet the national goal of a decent home and a suitable
    living environment for every American family, and declares that it
    is the policy of the United States to encourage the widest possible
    participation by private enterprise in the provision of housing for
    low or moderate income families. The Congress has therefore
    determined that one or more private organizations should be created
    to encourage maximum participation by private investors in programs
    and projects to provide low and moderate income housing.

-SOURCE-
    (Pub. L. 90-448, title IX, Sec. 901, Aug. 1, 1968, 82 Stat. 547.)

-End-

-CITE-
    42 USC Sec. 3932                                            01/02/2006

-EXPCITE-
    TITLE 42 - THE PUBLIC HEALTH AND WELFARE
    CHAPTER 49 - NATIONAL HOUSING PARTNERSHIPS

-HEAD-
    Sec. 3932. Creation of corporations

-STATUTE-
    (a) Authorization
      There is hereby authorized to be created a private corporation
    for profit (hereinafter in this chapter referred to as the
    "corporation"). The corporation will not be an agency or
    establishment of the United States Government. The corporation
    shall be subject to the provisions of this chapter and, to the
    extent consistent with this chapter, to the District of Columbia
    Business Corporation Act.
    (b) Creation of additional corporations
      Whenever the President finds it in the national interest to do
    so, he may cause the creation of an additional corporation or
    additional corporations to carry out the purposes of this chapter.
    All the provisions of this chapter shall thereupon become
    applicable to each such corporation, and to the limited partnership
    formed by it pursuant to section 3937 of this title.
    (c) Creation of corporations and organization of other
      partnerships, joint ventures, or associations by private persons
      Nothing in this chapter shall be construed to preclude private
    persons from creating other corporations and organizing other
    partnerships, joint ventures, or associations for the purposes set
    forth in this chapter as the purposes of the corporation and the
    partnership described in section 3937 of this title.

-SOURCE-
    (Pub. L. 90-448, title IX, Sec. 902, Aug. 1, 1968, 82 Stat. 547.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      The District of Columbia Business Corporation Act, referred to in
    subsec. (a), is act June 8, 1954, ch. 269, 68 Stat. 179, as
    amended, which is not classified to the Code.

-End-

-CITE-
    42 USC Sec. 3933                                            01/02/2006

-EXPCITE-
    TITLE 42 - THE PUBLIC HEALTH AND WELFARE
    CHAPTER 49 - NATIONAL HOUSING PARTNERSHIPS

-HEAD-
    Sec. 3933. Organization of corporation

-STATUTE-
    (a) Appointment of incorporators; Chairman; initial board of
      directors
      The President of the United States shall appoint, by and with the
    advice and consent of the Senate, incorporators of the corporation,
    one of whom shall be designated by the President to serve as
    chairman. The incorporators shall serve as the initial board of
    directors until the first annual meeting of stockholders or until
    their successors are elected and have qualified.
    (b) Action by incorporators; filing articles of incorporation
      The incorporators shall take whatever actions are necessary or
    appropriate to establish the corporation, including the filing of
    articles of incorporation as approved by the President.
    (c) Initial offering of stock in corporation and of interests in
      partnership; terms of offering
      The incorporators shall also arrange for an initial offering of
    shares of stock in the corporation and of interests in the
    partnership described in section 3937 of this title. If the
    incorporators deem it advisable in order to carry out the purposes
    of this chapter, the initial offering may be made upon terms which
    require the purchase of other securities of the corporation or of
    interests in such partnership.

-SOURCE-
    (Pub. L. 90-448, title IX, Sec. 903, Aug. 1, 1968, 82 Stat. 547.)

-End-

-CITE-
    42 USC Sec. 3934                                            01/02/2006

-EXPCITE-
    TITLE 42 - THE PUBLIC HEALTH AND WELFARE
    CHAPTER 49 - NATIONAL HOUSING PARTNERSHIPS

-HEAD-
    Sec. 3934. Board of Directors; membership; appointment; term

-STATUTE-
      The corporation shall have a board of directors (hereinafter in
    this section referred to as the "board"), consisting of fifteen
    members. Three members of the board shall be appointed by the
    President of the United States, by and with the advice and consent
    of the Senate, effective on the date on which the other members are
    elected, and for terms of three years or until their successors
    have been appointed and have qualified, except that the first three
    members of the board so appointed shall continue in office for
    terms of one, two, and three years, respectively, and any member so
    appointed to fill a vacancy shall be appointed only for the
    unexpired term of the director whom he succeeds. Twelve members of
    the board shall be elected by the stockholders.

-SOURCE-
    (Pub. L. 90-448, title IX, Sec. 904, Aug. 1, 1968, 82 Stat. 547.)

-End-

-CITE-
    42 USC Sec. 3935                                            01/02/2006

-EXPCITE-
    TITLE 42 - THE PUBLIC HEALTH AND WELFARE
    CHAPTER 49 - NATIONAL HOUSING PARTNERSHIPS

-HEAD-
    Sec. 3935. Financing the corporation

-STATUTE-
      The corporation shall have the power to create and issue the
    number of shares stated in its articles of incorporation. Such
    shares may be divided into one or more classes, any or all of which
    classes may consist of shares with par value or shares without par
    value, with such designations, preferences, voting powers, and
    special or relative rights and such limitations, restrictions, or
    qualifications thereof as shall be stated in the articles of
    incorporation. The articles of incorporation may limit or deny the
    voting power of the shares of any class.

-SOURCE-
    (Pub. L. 90-448, title IX, Sec. 905, Aug. 1, 1968, 82 Stat. 548.)

-End-

-CITE-
    42 USC Sec. 3936                                            01/02/2006

-EXPCITE-
    TITLE 42 - THE PUBLIC HEALTH AND WELFARE
    CHAPTER 49 - NATIONAL HOUSING PARTNERSHIPS

-HEAD-
    Sec. 3936. Purposes and powers of corporation

-STATUTE-
    (a) Building, rehabilitation, acquisition, and financing of housing
      and related facilities for families and individuals of low or
      moderate income; acquisition and disposal of property; funds
      In order to achieve the objectives and carry out the purposes of
    this chapter, the corporation is authorized to - 
        (1) plan, initiate, and carry out, pursuant to Federal programs
      or otherwise, the building, rehabilitation, acquisition, and
      financing of housing and related facilities primarily for the
      benefit of families and individuals of low or moderate income;
        (2) buy, own, manage, lease, or otherwise acquire or dispose of
      property in connection with the developments, projects, or
      undertakings referred to in paragraph (1);
        (3) provide such funds as may be necessary to accomplish the
      developments, projects, or undertakings referred to in paragraph
      (1); and
        (4) for the purpose of generating income to support the
      building or rehabilitation of housing primarily for the benefit
      of families and individuals of low or moderate income (A) design,
      develop, manufacture and sell products and services for use in
      the construction, sale, or financing of housing, and (B) design
      and develop commercial, industrial, or retail facilities that are
      not directly related to housing, except that the development and
      preservation of housing for families and individuals of low or
      moderate income shall be the primary activity of the corporation.
    (b) Authorization to enter into partnerships, limited partnerships,
      joint ventures, and other associations; manager or general
      partner of partnership, venture, or association; research and
      studies; technical assistance; loans or grants; hire or
      acceptance of services of consultants, experts, advisory boards
      and panels
      Included in the activities authorized to the corporation for the
    accomplishment of the purposes indicated in subsection (a) of this
    section are, among others not specifically named - 
        (1) to enter into partnerships, limited partnerships, joint
      ventures, and other associations with individuals, corporations,
      and private and governmental agencies, organizations, and
      institutions;
        (2) to act as manager or general partner of any such
      partnership, venture, or association;
        (3) to conduct or contract for research and studies related to
      the development, demonstration, and evaluation of improved
      techniques and methods of constructing, rehabilitating, and
      maintaining housing;
        (4) to provide technical assistance to nonprofit corporations,
      limited dividend corporations, and others with respect to the
      planning, refinancing, construction, rehabilitation, maintenance,
      and management of housing for low and moderate income families
      and individuals;
        (5) to make loans or grants including grants of interests in
      housing and related facilities, to nonprofit corporations,
      limited dividend corporations, and others, in carrying out its
      activities under subsection (a) of this section; and
        (6) to hire or accept the voluntary services of consultants,
      experts, advisory boards, and panels to aid the corporation in
      carrying out the purposes of this chapter.
    (c) Exercise of powers conferred upon stock corporation by District
      of Columbia Business Corporation Act
      To carry out the foregoing purposes and engaged in the foregoing
    activities, the corporation shall have the usual powers conferred
    upon a stock corporation by the District of Columbia Business
    Corporation Act.
    (d) Labor standards
      Nothing in this chapter shall have the effect of waiving or
    otherwise affecting the applicability of the provisions of sections
    3141-3144, 3146, and 3147 of title 40, or any other law requiring
    compliance with labor standards, in the case of any construction to
    which such provisions would otherwise apply.
    (e) Maximum combined outstanding equity commitment
      The combined outstanding equity commitment of the corporation and
    the partnership with respect to activities undertaken under
    subsection (a)(4) of this section may not exceed (1) 7 percent of
    their total combined equity commitment outstanding during the first
    12-month period following October 17, 1984; (2) 14 percent of their
    total combined equity commitment outstanding during the second 12-
    month period following October 17, 1984; or (3) 20 percent of
    their total combined equity commitment outstanding at any time
    thereafter.

-SOURCE-
    (Pub. L. 90-448, title IX, Sec. 906, Aug. 1, 1968, 82 Stat. 548;
    Pub. L. 98-181, title IV, Sec. 467, Nov. 30, 1983, 97 Stat. 1236;
    Pub. L. 98-479, title I, Sec. 104(c)(1), (2), Oct. 17, 1984, 98
    Stat. 2225.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      The District of Columbia Business Corporation Act, referred to in
    subsec. (c), is act June 8, 1954, ch. 269, 68 Stat. 179, as
    amended, which is not classified to the Code.

-COD-
                               CODIFICATION                           
      In subsec. (d), "sections 3141-3144, 3146, and 3147 of title 40"
    substituted for "the Davis-Bacon Act (40 U.S.C. 267a - 276a-5)",
    meaning 40 U.S.C. 276a - 276a-5, on authority of Pub. L. 107-217,
    Sec. 5(c), Aug. 21, 2002, 116 Stat. 1303, the first section of
    which enacted Title 40, Public Buildings, Property, and Works.

-MISC1-
                                AMENDMENTS                            
      1984 - Subsec. (a)(4). Pub. L. 98-479, Sec. 104(c)(1), added par.
    (4).
      Subsec. (e). Pub. L. 98-479, Sec. 104(c)(2), added subsec. (e).
      1983 - Subsec. (a)(1). Pub. L. 98-181 inserted references to
    acquisition and financing.

-End-

-CITE-
    42 USC Sec. 3937                                            01/02/2006

-EXPCITE-
    TITLE 42 - THE PUBLIC HEALTH AND WELFARE
    CHAPTER 49 - NATIONAL HOUSING PARTNERSHIPS

-HEAD-
    Sec. 3937. National housing partnership

-STATUTE-
    (a) Formation of limited partnership; partnership agreement
      The corporation is authorized to arrange for the formation, as a
    separate organization, of a limited partnership (hereinafter in
    this chapter referred to as the "partnership") under the District
    of Columbia Uniform Limited Partnership Act for the purpose of
    engaging in any of the activities authorized for the corporation
    under section 3936 of this title, and to enter into a partnership
    agreement governing the affairs of such limited partnership.
    (b) Applicability of other laws; legal status of limited
      partnership
      The partnership shall be subject to the provisions, to the extent
    consistent with this chapter, of (1) the District of Columbia
    Uniform Limited Partnership Act and (2) those provisions of the
    District of Columbia Uniform Partnership Act made applicable by
    section 6(2) of that Act. Notwithstanding any inconsistency between
    the provisions of such Acts, or of any other law, and the
    provisions of this section, the partnership organized pursuant to
    this section shall be deemed to have the legal status of a limited
    partnership.
    (c) Authorization to enter into partnerships, limited partnerships,
      or joint ventures organized under State or local laws for purpose
      of engaging in low and moderate income housing developments,
      projects, or undertakings
      The partnership is authorized to enter into partnerships, limited
    partnerships, or joint ventures organized under applicable State or
    local law for the purpose of engaging in low and moderate income
    housing developments, projects, or undertakings in particular
    localities.
    (d) General partner; capital of partnership; contribution of
      partners
      The corporation shall be the general partner in the partnership.
    The capital of the partnership and the contributions of the
    partners shall be in such amounts and at such times as are set
    forth in or pursuant to the partnership agreement.
    (e) Partnership agreement; participation in low and moderate income
      housing developments, projects, or undertakings; limitation on
      aggregate initial equity investment
      The partnership agreement shall include provisions designed to
    assure that (1) the partnership shall participate in low and
    moderate income housing developments, projects, or undertakings in
    a manner designed to encourage the participation therein of local
    interests, and (2) in any such development, project, or undertaking
    the partnership shall not subscribe to more than 25 per centum
    (including equity investments made in services or property) of the
    aggregate initial equity investment unless, in the judgment of the
    corporation as general partner, the balance of the required equity
    investment is not readily obtainable from other responsible
    investors residing or doing business in the local community.
    (f) Partnership agreement; authorization for stockholders to become
      limited partners; inclusion of other limited partners;
      acquisition of assignor's stock by assignee of limited partner;
      approval of substitution or addition of partnership member
      The partnership agreement may without limitation (1) permit each
    of the stockholders of the corporation to become a member of the
    partnership as a limited partner, (2) authorize the inclusion of
    other limited partners in addition to the stockholders of the
    corporation, (3) provide that the assignee of the partnership
    interest of a limited partner of the partnership who is also a
    stockholder of the corporation may not become a substituted limited
    partner unless he also acquires the assignor's stock of the
    corporation, and (4) include provisions requiring that the
    corporation as a general partner approve the substitution or
    addition of a member of the partnership.
    (g) Liability of corporation as general partner; treatment of
      interest of limited partner in partnership
      A corporation which is a limited partner in the partnership shall
    not become liable as a general partner by reason of the fact that
    (1) such corporation is a holder of shares of voting stock of the
    corporation constituting not more than 5 per centum of the total
    number of outstanding shares of such stock and exercises any of the
    rights (including voting rights) of a holder of such shares, and/or
    (2) a person who is an officer or director of such corporation (or
    of another corporation which controls or is subject to the control
    of, or is under common control with, such corporation) is a
    director of the corporation and performs the duties of that office.
    The interest of a limited partner in the partnership shall not be
    treated as a stock interest in the corporation, notwithstanding
    that such interest of a limited partner may be proportionate to his
    stock interest in the corporation.
    (h) Execution of certificate of partnership and amendments
      The certificate of the partnership and any amendment thereof
    required by the District of Columbia Uniform Limited Partnership
    Act shall be executed and acknowledged by the corporation as member
    and by each other member of the partnership or his attorney-in-fact
    duly authorized by power of attorney in writing. The corporation
    may execute and acknowledge the certificate and any amendment
    thereof as attorney-in-fact for any member, member to be
    substituted or added, or assigning member, by whom the certificate
    or amendment is required to be executed and acknowledged and who
    has appointed the corporation as such attorney.

-SOURCE-
    (Pub. L. 90-448, title IX, Sec. 907, Aug. 1, 1968, 82 Stat. 549.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      The District of Columbia Uniform Limited Partnership Act,
    referred to in subsecs. (a) and (h), is Pub. L. 87-716, Sept. 28,
    1962, 76 Stat. 655, as amended, which is not classified to the
    Code.
      The District of Columbia Uniform Partnership Act, referred to in
    subsec. (b), is Pub. L. 87-709, Sept. 27, 1962, 76 Stat. 636, as
    amended, which is not classified to the Code.

-End-

-CITE-
    42 USC Sec. 3938                                            01/02/2006

-EXPCITE-
    TITLE 42 - THE PUBLIC HEALTH AND WELFARE
    CHAPTER 49 - NATIONAL HOUSING PARTNERSHIPS

-HEAD-
    Sec. 3938. Annual report of corporation; audit of accounts

-STATUTE-
      (a)(1) The corporation shall submit an annual report to the
    President for transmittal to the Congress within six months after
    the end of its fiscal year. The report shall include a
    comprehensive and detailed report of the operations, activities,
    and financial condition of the corporation and the partnership
    under this chapter.
      (2) The report shall contain a description of the activities
    undertaken under section 3936(a)(4) of this title, and shall
    specify, as a percentage of equity and in dollars, the extent of
    the corporation's and the partnership's investment in housing for
    the benefit of families and individuals of low or moderate income,
    the extent of the corporation's and the partnership's investment in
    other housing, and the extent of the corporation's and the
    partnership's activities which are undertaken under section
    3936(a)(4) of this title.
      (b) The accounts of the corporation and of the partnership shall
    be audited annually in accordance with generally accepted auditing
    standards by independent certified public accountants or
    independent licensed public accountants certified or licensed by a
    regulatory authority of a State or other political subdivision of
    the United States.

-SOURCE-
    (Pub. L. 90-448, title IX, Sec. 908, Aug. 1, 1968, 82 Stat. 550;
    Pub. L. 98-479, title I, Sec. 104(c)(3), Oct. 17, 1984, 98 Stat.
    2225.)

-MISC1-
                                AMENDMENTS                            
      1984 - Subsec. (a). Pub. L. 98-479 designated existing provisions
    as par. (1) and added par. (2).

                   TERMINATION OF REPORTING REQUIREMENTS               
      For termination, effective May 15, 2000, of provisions in subsec.
    (a) of this section relating to transmittal of annual report to
    Congress, see section 3003 of Pub. L. 104-66, as amended, set out
    as a note under section 1113 of Title 31, Money and Finance, and
    item 2 on page 182 of House Document No. 103-7.

-End-

-CITE-
    42 USC Sec. 3939                                            01/02/2006

-EXPCITE-
    TITLE 42 - THE PUBLIC HEALTH AND WELFARE
    CHAPTER 49 - NATIONAL HOUSING PARTNERSHIPS

-HEAD-
    Sec. 3939. Applicability of antitrust laws

-STATUTE-
      Nothing contained herein shall affect the applicability of the
    Federal antitrust laws to the activities of the corporation and the
    partnership created under this chapter and of the persons
    participating therein or in partnerships, limited partnerships, or
    joint ventures with either of them.

-SOURCE-
    (Pub. L. 90-448, title IX, Sec. 909, Aug. 1, 1968, 82 Stat. 550.)

-End-

-CITE-
    42 USC Sec. 3940                                            01/02/2006

-EXPCITE-
    TITLE 42 - THE PUBLIC HEALTH AND WELFARE
    CHAPTER 49 - NATIONAL HOUSING PARTNERSHIPS

-HEAD-
    Sec. 3940. Reservation of right to repeal, alter, or amend chapter

-STATUTE-
      The right to repeal, alter, or amend this chapter at any time is
    expressly reserved.

-SOURCE-
    (Pub. L. 90-448, title IX, Sec. 910, Aug. 1, 1968, 82 Stat. 550.)

-End-

-CITE-
    42 USC Sec. 3941                                            01/02/2006

-EXPCITE-
    TITLE 42 - THE PUBLIC HEALTH AND WELFARE
    CHAPTER 49 - NATIONAL HOUSING PARTNERSHIPS

-HEAD-
    Sec. 3941. State or local taxation or regulation; access to
      judicial process

-STATUTE-
      Nothing contained in this chapter shall preclude a State or other
    local jurisdiction from imposing, in accordance with the laws of
    such State or other local jurisdiction, any valid nondiscriminatory
    tax, obligation, or regulation on the partnership as a taxable and
    or legal entity, but no limited partner of the partnership not
    otherwise subject to taxation or regulation by or judicial process
    of a State or other local jurisdiction shall be subject to taxation
    or regulation by or subject to or denied access to judicial process
    of such State or other local jurisdiction, or be subject or denied
    access to any greater extent, because of activities of the
    corporation or partnership within such State or other local
    jurisdiction.

-SOURCE-
    (Pub. L. 90-448, title IX, Sec. 912, as added Pub. L. 91-351, title
    VIII, Sec. 711, July 24, 1970, 84 Stat. 463.)

-End-