Page:United States Statutes at Large Volume 101 Part 3.djvu/558

 101 STAT. 1856

12 USC I70lq note, 12 USC I70lq.

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PUBLIC LAW 100-242—FEB. 5, 1988

accordance with subparagraph (A) using the 3-month period immediately preceding the fiscal year in which the request for a commitment is submitted.". (2) MAXIMUM RATE.—Section 223(a) of the Housing and Urban-Rural Recovery Act of 1983 is amended by striking paragraph (2). (d) INTEREST RATE ON NOTES.—The second sentence of section 202(a)(4)(B)(i) of the Housing Act of 1959 is amended to read as follows: "Such notes or other obligations shall bear interest at a rate determined by the Secretary of the Treasury taking into consideration the average yield, during the 3-month period immediately preceding the fiscal year in which the loan is made, on the most recently issued 30-year marketable obligations of the United States.". (e) APPEAL OF CANCELLATION OF LOAN AUTHORITY.—Section 202 of

the Housing Act of 1959 is amended by adding at the end the following new subsection: "(n) The Secretary shall notify the project sponsor not less than 30 days prior to canceling any loan authority provided under this section. During the 30-day period following the receipt of a notice under paragraph (1), a sponsor may appeal the proposed cancellation of loan authority. Such appeal, including review by the Secretary, shall be completed not later than 45 days after the appeal is filed.'^. (f) PRIORITY.—Section 202(a) of the Housing Act of 1959 is amended by adding at the end the following new paragraph: "(8) In reviewing applications for loans under this section, the Secretary shall give a priority to any project that will provide housing designed to replace a structure that is owned by a public housing agency, contains not less than 100 dwelling units, is used for Termination housing only elderly families, and is to be demolished. The requiredate. ^ ments of this paragraph shall not apply after September 30, 1988.". SEC. 162. HOUSING FOR THE HANDICAPPED. 12 USC I70iq (a) FINDINGS AND PURPOSE.— note. (1) The Congress finds that—. (A) housing for nonelderly handicapped families is assisted under section 202 of the Housing Act of 1959 and section 8 of the United States Housing Act of 1937; (B) the housing programs under such sections are den^,:..,v*} signed and implemented primarily to assist rental housing '"^ * for elderly and nonelderly families and are often inappropriate for dealing with the specialized needs of the physically impaired, the developmentally disabled, and the chronically mentally ill; (C) the development of housing for nonelderly handicapped families under such programs is often more expensive than necessary, thereby reducing the number of such families that can be assisted with available funds; (D) the program under section 202 of the Housing Act of 1959 can continue to provide direct loans to finance group residences and independent apartments for nonelderly handicapped families, but can be made more efficient and less costly by the adoption of standards and procedures applicable only to housing for such families; (E) the cost containment policies currently being imple.i.,, f mented in the development of small group homes (i) do not .

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