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(B) any savings and loan association the

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accounts of which are insured by the Federal

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Savings and Loan Insurance Corporation;

(C) any thrift or home financing institution

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which is a member of a Federal home loan bank;

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(3) A residential property shall be deemed to be

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mortgagor's. occupancy of the property, that mortgagor (i) has vacated such property, and (ii) has

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defaulted on the mortgage secured by the property;

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the mortgagor's occupancy of the property, that mortgagor has substantially reduced the level of operating services or other services below an adequate level, and that mortgagor (i) has defaulted on the

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mortgage secured by the property; and (ii) is more

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than six months in arrears in payment of real prop

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erty taxes on such property.

(4) The term “Corporation” means the Neighborhood Protection Corporation established under section 4.

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ESTABLISHMENT OF NEIGHBORHOOD PROTECTION

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SEC. 4. (a) There is established a corporation to be

8 known as the Neighborhood Protection Corporation, which 9 shall be an independent agency of the United States. Neither 10 the Corporation nor any of its functions, powers, or duties,

11 shall be transferred to or consolidated with any other depart

12 ment, agency, or establishment of the Federal Government.

13 The Corporation shall maintain its principal office in the

14 District of Columbia and shall be deemed, for purposes of

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venue in civil actions, to be a resident thereof. Agencies or 16 offices may be established by the Corporation in such other 17 place or places as it may deem necessary or appropriate in

18 the conduct of its business.

19 (b) There shall be a President of the Corporation, who 20 shall be appointed by the President of the United States, by 21 and with the advice and consent of the Senate, and who shall 22 serve as chief executive officer of the Corporation. There shall 23 be a First Vice President of the Corporation, who shall be 24 appointed by the President of the United States, by and with

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1 the advice and consent of the Senate, and who shall serve

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as President of the Corporation during the absence or dis

3 ability of or in the event of a vacancy in the office of the

4 President of the Corporation, and who shall at other times

5 perform such functions as the President of the Corporation

6 may from time to time prescribe.

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(c) (1) There shall be a Board of Directors of the Cor

8 poration consisting of the President of the Corporation who

9 shall serve as the Chairman, the First Vice-President, who

10 shall serve as Vice-Chairman, the Secretary of Housing and 11 Urban Development, the Secretary of Agriculture, the Ad

12 ministrator of Veterans Affairs, and four additional persons

13 appointed by the President of the United States, by and with

14 the advice and consent of the Senate. Of the nine members

15 of the Board, not more than five shall be members of any

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one political party. The terms of the Directors shall be at

17 the pleasure of the President of the United States, and the 18 Directors, in addition to their duties as members of the

19 Board, shall perform such additional duties and may hold 20 such other offices in the Corporation as the President of the 21 Corporation may from time to time prescribe. A majority of

22 the Board of Directors shall constitute a quorum. The Board

23 of Directors shall adopt, and may from time to time amend,

24 such bylaws as are necessary for the proper management and 25 functioning of the Corporation.

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(2) The members of the Board who are not otherwise

? employed by the United States shall receive compensation 3 for service as members at the rate provided for individuals

4 occupying a position under level II of the Executive Sched

5 ule (5 U.S.C. 5313). 6 (3) No director, officer, attorney, agent, or employee 7 of the Corporation shall in any manner, directly or indirectly, 8 participate in the deliberation upon, or the determination of, 9 any question affecting his personal interests, or the interests 10 of any corporation, partnership, or association in which he 11 has a direct or indirect personal interest.

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13 SEC. 5. (a) In order to provide for an effective demon14 stration program, the Corporation shall carry out its func15 tions in three metropolitan housing market areas. In select16 ing the areas for the purpose of such demonstration, the 17 Board of Directors should take into account the necessity for 18 local cooperation and assistance and the extent to which ap19

propriate local officials in any area being considered for se20 lection have demonstrated an interest in cooperating with 21 and assisting the Corporation in carrying out its functions. 22 The Board of Directors shall establish policies which require 23 the officers and employees of the Corporation to consult, on a 24 continuing basis, .with local officials and affected residents of

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a selected area with respect to matters of mutual interest and

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(b) The Corporation shall, for the purpose of the dem4 onstration program, limit its activities to metropolitan hous

5 ing market areas where the abandonment of residential prop

6 erty as defined in section 3 is substantial.

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(c) In carrying out its functions under section 6, not8 withstanding the provisions of such section, the Corporation

9 shall

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(1) comply with any applicable community development plan or program;

(2) comply with any applicable housing plan or

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program, and

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(3) hold public hearings in any case where con15 demnation proceedings or a change in land use is pro16 posed by the Corporation if such hearings are not 17 required by local law in such a case. 18 (d) Upon the expiration of five full calendar years fol19 lowing the date of enactment of this Act, the Corporation 20 may not exercise its power to acquire real property, except

21 in the case of an acquisition in connection with a default on a

22 mortgage held by it.

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FUNCTIONS OF THE CORPORATION

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SEC. 6. (a) Whenever the Corporation has probable cause to believe that a residential property is abandoned, the

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