12 2 STA T . 2 7 2 3PUBLIC LA W 11 0– 2 89—J UL Y 30 , 2008 sub s ection( c ) t ra ns f er to suc h affor d ab l e housin g trust fund the aggregate a m ount allocated p ursuant to subsection (c) in such y ear .N ot w ithstanding any other pro v ision of law , assistance provided using amounts transferred to such affordable housing trust fund pursuant to this subsection may not be used for any of the activities specified in clauses (i) through (vi) of subsection (c)( 9 )( D ). ‘ ‘(i) FUNDI N GAC C O UN TAB I L IT Y AND TR AN SP AR E NCY. — Any grant under this section to a grantee by a S tate or State designated entity, any assistance provided to a recipient by a State or State designated entity, and any grant, award, or other assistance from an affordable housing trust fund referred to in subsection (h) shall be considered a Federal award for purposes of the Federal Funding Accountability and Transparency Act of 20 0 6 ( 31U .S. C . 6101 note). Upon the re q uest of the Director of the O ffice of M anagement and B udget, the Secretary shall obtain and provide such information regarding any such grants, assistance, and awards as the Director of the Office of Management and Budget considers necessary to comply with the requirements of such Act, as applicable, pursuant to the preceding sentence. ‘ ‘ SEC.13 3 9 .C APIT A LM A GN ET FU N D . ‘‘(a) E STABLIS HM ENT.—There is established in the Treasury of the United States a trust fund to be k nown as the Capital Magnet Fund, which shall be a special account within the Community Development Financial I nstitutions Fund. ‘‘(b) DEPOSITS TO TRUST FUND.—The Capital Magnet Fund shall consist of— ‘‘(1) any amounts transferred to the Fund pursuant to section 133 7; and ‘‘(2) any amounts as are or may be appropriated, trans - ferred, or credited to such Fund under any other provisions of law. ‘‘(c) E X PENDITURES FROM TRUST FUND.—Amounts in the Capital Magnet Fund shall be available to the Secretary of the Treasury to carry out a competitive grant program to attract private capital for and increase investment in— ‘‘(1) the development, preservation, rehabilitation, or pur- chase of affordable housing for primarily e x tremely low-, very low-, and low-income families; and ‘‘(2) economic development activities or community service facilities, such as day care centers, workforce development cen- ters, and health care clinics, which in con j unction with afford- able housing activities implement a concerted strategy to sta- bili z e or revitalize a low-income area or underserved rural area. ‘‘(d) FEDERAL ASSISTANCE.—For purposes of the application of Federal civil rights laws, all assistance provided using amounts in the Capital Magnet Fund shall be considered Federal financial assistance. ‘‘(e) ELIGIBLE G RANTEES.—A grant under this section may be made, pursuant to such requirements as the Secretary of the Treasury shall establish for experience and success in attracting private financing and carrying out the types of activities proposed under the application of the grantee, only to— ‘‘(1) a Treasury certified community development financial institution; or Requir e m e nts.G r a nts. 12USC4569 . Re co r d s.
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