VETERANS HOUSING BENEFIT PROGRAM FUND ACCOUNT CONSOLIDATION.

SEC. 602. VETERANS HOUSING BENEFIT PROGRAM FUND ACCOUNT CONSOLIDATION. (a) Consolidation of Housing Loan Revolving Funds.— Subchapter III of chapter 37 is amended— (1) by striking sections 3723, 3724, and 3725; and (2) by inserting after section 3721 the following new section: “§ 3722. Veterans Housing Benefit Program Fund “(a) There is hereby established in the Treasury of the United States a fund known as the Veterans Housing Benefit Program Fund (hereafter in this section referred to as the ‘Fund’). “(b) The Fund shall be available to the Secretary, without fiscal year limitation, for all housing loan operations under this chapter, other than administrative expenses, consistent with the Federal Credit Reform Act of 1990. “(c) There shall be deposited into the Fund the following, which shall constitute the assets of the Fund: “(1) Any amount appropriated to the Fund. “(2) Amounts paid into the Fund under section 3729 of this title or any other provision of law or regulation established by the Secretary imposing fees on persons or other entities participating in the housing loan programs under this chapter. “(3) All other amounts received by the Secretary on or after October 1, 1998, incident to housing loan operations under this chapter, including— “(A) collections of principal and interest on housing loans made by the Secretary under this chapter; “(B) proceeds from the sale, rental, use, or other disposition of property acquired under this chapter; “(C) proceeds from the sale of loans pursuant to sections 3720(h) and 3733(a)(3) of this title; and “(D) penalties collected pursuant to section 3710(g)(4)(B) of this title. 112 STAT. 3346 “(d) Amounts deposited into the Fund under paragraphs (2) and (3) of subsection (c) shall be deposited in the appropriate financing or liquidating account of the Fund. “(e) For purposes of this section, the term ‘housing loan’ shall not include a loan made pursuant to subchapter V of this chapter.”. (b) Transfers of Amounts into Veterans Housing Benefit Program Fund.— All amounts in the following funds are hereby transferred to the Veterans Housing Benefit Program Fund: (1) The Direct Loan Revolving Fund, as such fund was continued under section 3723 of title 38, United States Code (as such section was in effect on the day before the effective date of this title). (2) The Department of Veterans Affairs Loan Guaranty Revolving Fund, as established by section 3724 of such title (as such section was in effect on the day before the effective date of this title). (3) The Guaranty and Indemnity Fund, as established by section 3725 of such title (as such section was in effect on the day before the effective date of this title). (c) Repeal of Authority to Sell Participation Certificates and of Obsolete Requirement to Credit Proceeds.— (1) Repeal of authority to sell participation certificates.— Section 3720 is amended by striking subsection (e). (2) Repeal of obsolete requirement to credit proceeds.— Section 3733 is amended by striking subsection (e). (d) Submission of Summary Financial Statement on Housing Programs.— Section 3734 is amended by adding at the end the following new subsection: “(c) The information submitted under subsection (a) shall include a statement that summarizes the financial activity of each of the housing programs operated under this chapter. The statement shall be presented in a form that is simple, concise, and readily understandable, and shall not include references to financing accounts, liquidating accounts, or program accounts.”. (e) Conforming and Clerical Amendments.— (1) Conforming amendments to chapter 37.— Chapter 37 is amended as follows: (A) Section 3703(e)(1) is amended by striking “3729(c)(1)” and inserting “3729(c)”. (B) Section 3711(k) is amended by striking “and section 3723 of this title” both places it appears. (C) Section 3727(c) is amended by striking “funds established pursuant to sections 3723 and 3724 of this title, as applicable” and inserting “fund established pursuant to section 3722 of this title”. (D) Section 3729 is amended— (i) in subsection (c)— (I) by striking “(c)(1)” and inserting “(c)”; and (II) by striking paragraphs (2) and (3); and (ii) in subsection (a)(1), by striking “(c)(1)” and inserting “(c)”. (E) Section 3733(a)(6) is amended by striking “Department of Veterans Affairs Loan Guaranty Revolving Fund established by section 3724(a)” and inserting “Veterans112 STAT. 3347Housing Benefit Program Fund established by section 3722(a)”. (F) Section 3734, as amended by subsection (d), is further amended— (i) in subsection (a)— (I) by striking “Loan Guaranty Revolving Fund and the Guaranty and Indemnity Fund” in paragraph (1) and inserting “Veterans Housing Benefit Program Fund”; and (II) by striking “funds,” in paragraph (2) and inserting “fund,”; (ii) in subsection (b), by striking “each fund” in the matter preceding paragraph (1) and inserting “the fund”; and (iii) in subsection (b)(2)— (I) by striking subparagraph (B); (II) by redesignating subparagraphs (C), (D), (E), (F), and (G) as subparagraphs (B), (C), (D), (E), and (F), respectively; and (III) in subparagraph (B), as so redesignated, by striking “subsections (a)(3) and (c)(2) of section 3729” and inserting “section 3729(a)(3)”. (G) Section 3735(a)(3)(A)(i) is amended by striking “Loan Guaranty Revolving Fund and the Guaranty and Indemnity Fund” and inserting “Veterans Housing Benefit Program Fund”. (2) Other conforming amendment.— Section 2106(e) is amended by striking “, as appropriate, deposited in either the direct loan or loan guaranty revolving fund established by section 3723 or 3724 of this title, respectively” and inserting “deposited in the Veterans Housing Benefit Program Fund established by section 3722 of this title”. (3) Technical and clerical amendments.— (A) The heading for section 3734 is amended to read as follows: “§ 3734. Annual submission of information on the Veterans Housing Benefit Program Fund and housing programs”. (B) The heading for section 3763 is amended to read as follows: “§ 3763. Native American Veteran Housing Loan Program Account”. (C) The table of sections at the beginning of chapter 37 is amended— (i) by inserting after the item relating to section 3721 the following new item: “3722. Veterans Housing Benefit Program Fund. ”; (ii) by striking the items relating to sections 3723, 3724, and 3725; (iii) by striking the item relating to section 3734 and inserting the following: “3734. Annual submission of information on the Veterans Housing Benefit Program Fund and housing programs.”; and 112 STAT. 3348 (iv) by striking the item relating to section 3763 and inserting the following: “3763. Native American Veteran Housing Loan Program Account.”. (f) Effective Date.— This title and the amendments made by this title shall take effect on October 1, 1998.