Page:United States Statutes at Large Volume 101 Part 3.djvu/624

 101 STAT. 1922

PUBLIC LAW 100-242—FEB. 5, 1988

SEC. 443. PERMANENT AUTHORITY TO PURCHASE SECOND MORTGAGES ON SINGLE-FAMILY PROPERTIES. (a) 12 USC 1717.

NATIONAL

MORTGAGE

ASSOCIATION.—Section

302(b)(5)(A)(i) of the Federal National Mortgage Association Charter Act is amended by striking "through March 15, 1988,". (b)

12 USC 1454.

FEDERAL

FEDERAL

HOME

LOAN

MORTGAGE

CORPORATION.—Section

305(a)(4)(A)(i) of the Federal Home Loan Mortgage Corporation Act is amended by striking "through March 15, 1988,. SEC. 444. PERIOD FOR APPROVAL OF ACTIONS OF FNMA.

12 USC 1723a.

Section 309(i) of the Federal National Mortgage Association Charter Act is amended in the second sentence by inserting before the period at the end the following: ", but such 45-day period may not be extended for any other reason or for any period in addition to or other than such 15-day period". SEC. 445. PROHIBITION OF OPERATIONS.

12 USC 1454.

LIMITATION

ON

FHLMC

MORTGAGE

Section 305 of the Federal Home Loan Mortgage Corporation Act is amended by adding at the end the following new subsection: "(c) The Board of Directors may not impose any annual limitation on the maximum aggregate principal amount of mortgages purchased by the Corporation.". SEC. 446. LIMITATION ON GNMA GUARANTEES OF MORTGAGE-BACKED SECURITIES.

12 USC 1721.

Section 306(g)(2) of the Federal National Mortgage Association Charter Act is amended to read as follows: "(2) Notwithstanding any other provision of law and subject only to the absence of qualified requests for guarantees, to the authority provided in this subsection, and to any funding limitation approved in appropriation Acts, the Association shall enter into commitments to issue guarantees under this subsection in an aggregate amount of $150,000,000,000 for fiscal year 1988, and $156,000,000,000 for fiscal year 1989.".

TITLE V—COMMUNITY DEVELOPMENT AND MISCELLANEOUS PROGRAMS Disadvantaged persons.

Subtitle A—Community and Neighborhood Development and Preservation SEC. 501. COMMUNITY DEVELOPMENT AUTHORIZATIONS.

42 USC 5303.

(a) COMMUNITY DEVELOPMENT BLOCK GRANTS.—The second sentence of section 103 of the Housing and Community Development Act of 1974 is amended to read as follows: "There are authorized to be appropriated for purposes of assistance under sections 106 and 107 $3,000,000,000 for fiscal year 1988, and $3,000,000,000 for fiscal year 1989.". (b) DISCRETIONARY FUND.—

42 USC 5307.

(1) The first sentence of section 107(a) of the Housing and Community Development Act of 1974 is amended to read as follows: "Of the total amount provided in appropriation Acts under section 103 for fiscal years 1988 and 1989, $60,000,000

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