SEC-917 -- NEIGHBORHOOD REINVESTMENT CORPORATION. 

 
 (a) Findings.-The Congress finds that-
 
 (1) protecting the existing stock of unsubsidized privately held lower
income housing through the rehabilitation and revitalization of
declining neighborhoods is essential to a national housing policy that
seeks to increase the availability of affordable housing for low and
moderate-income families;
 
 (2) the Neighborhood Reinvestment Corporation, the anchor of the
national neighborhood housing services network, was chartered by
Congress more than 10 years ago to revitalize neighborhoods for the
benefit of current residents by mobilizing public, private, and
community resources at the neighborhood level;
 
 (3) the national neighborhood housing services network has proven its
worth as a successful cost-effective program relying largely on local
initiative for the specific design of local programs;
 
 (4) the national neighborhood housing services network has had more
than 10 years of experience in revitalizing declining neighborhoods,
creating housing for low and moderate-income families, and equipping
residents with skills and resources required to maintain safe and
healthy communities; and
 
 (5) expanding upon the existing capabilities, resources, and potential
of the national neighborhood housing services network is a
cost-effective response to the affordable housing and neighborhood
revitalization needs confronting the Nation, and is a strong preventive
measure in addressing the national tragedy of homelessness.
 
 (b) Purpose.-It is the purpose of this section to authorize
appropriations for the Neighborhood Reinvestment Corporation for fiscal
years 1991 and 1992 to permit the corporation-
 
 (1) to carefully expand the capacities of the national neighborhood
housing services network;
 
 (2) to begin to meet the urgent need for neighborhood housing services
and mutual housing associations in neighborhoods across the Nation as
the effort to preserve affordable housing for low and moderate-income
American families increases;
 
 (3) to increase and provide ongoing technical and capacity development
assistance to neighborhood housing services and related public-private
partnership-based nonprofit institutions involved in the revitalization
of neighborhoods for the benefit of current residents, rehabilitation,
preservation of existing housing stock, and production of additional
housing opportunities for low and moderate-income families;
 
 (4) to expand the loan purchase capacity of the national neighborhood
housing services secondary market, operated by Neighborhood Housing
Services of America, for loans made by neighborhood housing services to
residents who are unable to meet conventional lending standards, and
other loans for community development purposes;
 
 (5) to provide increased capacity development and matching grants to
preserve existing privately held unsubsidized rental housing affordable
to low and moderate-income households and to create flexible strategies
effective in the diverse economic and geographic environments of the
Nation;
 
 (6) to make grants to provide incentives to extend low-income housing
use in connection with properties subject to prepayment pursuant to the
Low-Income Housing Preservation and Resident Ownership Act of 1990;
 
 (7) to increase the resources available to neighborhood housing
services network programs for the purchase of multifamily and
single-family properties owned by the Secretary of Housing and Urban
Development for rehabilitation (if necessary) and sale to low- and
moderate-income families;
 
 (8) to expand the national mutual housing association demonstration by
providing technical assistance and matching grants to assist low- and
moderate-income families to participate in such associations;
 
 (9) to increase resources available to neighborhood housing services
network programs for foreclosure intervention and prevention; and
 
 (10) to create additional neighborhood housing services partnership
organizations to serve rural communities, Native Americans, Native
Hawaiians, and other communities in need.
 
 (c) Authorization of Appropriations.-Section 608(a) of the Neighborhood
Reinvestment Corporation Act (42 U.S.C. 8107(a)) is amended to read as
follows:
 
 "(a)(1) There are authorized to be appropriated to the corporation to
carry out this title $35,000,000 for fiscal year 1991 and $36,500,000
for fiscal year 1992. Not more than 15 percent of any amount
appropriated under this paragraph for any fiscal year may be used for
administrative expenses.
 
 "(2) Of the amount appropriated pursuant to this subsection for each
of the fiscal years 1991 and 1992, amounts appropriated in excess of the
amount necessary to continue existing services of the Neighborhood
Reinvestment Corporation in revitalizing declining neighborhoods shall
be available-
 
 "(A) to expand the national neighborhood housing services network and
to assist network capacity development, including expansion of rental
housing resources;
 
 "(B) to expand the loan purchase capacity of the national neighborhood
housing services secondary market operated by Neighborhood Housing
Services of America;
 
 "(C) to make grants to provide incentives to extend low-income housing
use in connection with properties subject to prepayment pursuant to the
Low-Income Housing Preservation and Resident Ownership Act of 1990;
 
 "(D) to increase the resources available to the national neighborhood
housing services network programs for the purchase of multifamily and
single-family properties owned by the Secretary of Housing and Urban
Development for rehabilitation (if necessary) and sale to low- and
moderate-income families; and
 
 "(E) to provide matching capital grants, operating subsidies, and
technical services to mutual housing associations for the development,
acquisition, and rehabilitation of multifamily and single-family
properties (including properties owned by the Secretary of Housing and
Urban Development) to ensure affordability by low- and moderate-income
families.".