(B) limiting or altering in any way the im-
munities that are available under applicable law 
for Federal officials and employees not de-
scribed in this subsection. 
SEC. 4. CAPITALIZATION OF THE CORPORATION. 
(a) IN GENERAL.—The Corporation shall have cap-
ital stock subscribed to by the United States Government 
in such amount as the President may determine to be ap-
propriate, to the extent provided in advance in an appro-
priation Act for any fiscal year. 
(b) CERTIFICATES.—Certificates evidencing shares of 
nonvoting capital stock of the Corporation shall be issued 
by the Corporation to the President of the United States, 
or to such other person or persons as the President may 
designate from time to time, to the extent of payments 
made for the capital stock of the Corporation. 
(c) PUBLIC DEBT TRANSACTION.—For the purpose 
of purchasing shares of capital stock of the Corporation, 
the Secretary of the Treasury may use as a public-debt 
transaction the proceeds of any securities issued under 
chapter 31 of title 31, United States Code. 
(d) REPORTS.— 
(1) IN GENERAL.—The Board of Directors shall 
submit to the Director of the Office of Management 
and Budget and to the Secretary of the Treasury
quarterly reports and an annual report on the ex-
penses of the Corporation during the period covered 
by the report, the financial condition of the Corpora-
tion as of the end of such period, the results of the 
Corporation’s operations during such period, and the 
progress made during such period in fulfilling the 
mission and purposes of the Corporation, together 
with a copy of the Corporation’s financial operating 
plans and forecasts for the annual or quarterly pe-
riod (as the case may be) succeeding the period cov-
ered by the report. 
(2) PUBLIC AVAILABILITY.—Each report sub-
mitted to the Director of the Office of Management 
and Budget and to the Secretary of the Treasury 
under paragraph (1) shall be made available to the 
public. 
(e) 
TERMINATION
OF
AUTHORITY
TO
ISSUE 
STOCK.—No shares of capital stock of the Corporation 
may be issued after the end of the 10-year period begin-
ning on the date of the enactment of this Act. 
(f) REVENUE USED TO RETIRE STOCK.—Any net 
revenue of the Corporation in excess of amounts required 
to meet on-going expenses and investments shall be paid 
to the Secretary of the Treasury to redeem the capital
stock of the Corporation and shall be deposited in the gen-
eral fund of the Treasury. 
SEC. 5. MISSION, PURPOSE, AND DUTIES OF THE CORPORA-
TION. 
(a) MISSION.—The primary mission and purpose of 
the Corporation shall be the economic stabilization and re-
development of areas within Louisiana that were dev-
astated or significantly distressed by Hurricane Katrina 
or Hurricane Rita. 
(b) ECONOMIC STABILIZATION.—In executing its eco-
nomic stabilization mandate, the Corporation shall, after 
consultation with State and local officials and pursuant 
to agreement that eligible properties are not likely to be 
redeveloped without Corporation assistance, locate and ac-
quire real property (commercial and residential) in such 
a manner and subject to such conditions that, upon the 
consummation of any acquisition of real property securing 
a mortgage loan— 
(1) the mortgagee’s debt shall be considered 
paid in full by the mortgagor; and 
(2) all title and interest in the real property se-
curing such mortgage loan passes to the Corpora-
tion. 
(c) REDEVELOPMENT.—In executing its redevelop-
ment mandate, the Corporation shall, after consultation
with State and local officials, carry out the following ac-
tivities: 
(1) Package for sale acquired real property in 
substantial tracts of land. 
(2) Make improvements to such tracts of land 
so as to make the land suitable for sale and develop-
ment, including such basic improvements as the fol-
lowing: 
(A) Construction and reconstruction of 
neighborhood roads. 
(B) Repair or replacement of water and 
wastewater infrastructure. 
(C) Similar activities necessary to maxi-
mize the return on acquired real property. 
(3) Through a competitive bidding process, dis-
pose of such acquired properties in a profitable man-
ner. 
(4) In consultation with State and local offi-
cials, provide for the protection and preservation of 
historical and other sites of cultural significance in 
such a manner that promotes local heritage and in-
terest. 
(d) OFFICE OF INTERNAL AUDIT.—