Page:United States Statutes at Large Volume 102 Part 1.djvu/1054

 102 STAT. 1016

PUBLIC LAW 100-404—AUG. 19, 1988 RENTAL HOUSING ASSISTANCE (RESCISSION)

The limitation otherwise applicable to the maximum payments that may be required in any fiscal year by all contracts entered into under section 236 of the National Housing Act (12 U.S.C. 1715z-l) is reduced in fiscal year 1989 by not more than $2,000,000 in uncommitted balances of authorizations provided for this purpose in appropriations Acts. HOUSING FOR THE ELDERLY OR HANDICAPPED FUND

12 USC I70lq "°*«-

In fiscal year 1989, $480,106,000 of direct loan obligations may be made under section 202 of the Housing Act of 1959, as amended (12 U.S.C. 170 Iq), utilizing the resources of the fund authorized by subsection (a)(4) of such section, in accordance with paragraph (C) of such subsection: Provided, That such commitments shall be available only to qualified nonprofit sponsors for the purpose of providing 100 per centum loans for the development of housing for the elderly or handicapped, with any cash equity or other financial commitments imposed as a condition of loan approval to be returned to the sponsor if sustaining occupancy is achieved in a resisonable period of time: Provided further, That the full amount shall be available for permanent financing (including construction financing) for housing projects for the elderly or handicapped: Provided further. That 25 percent of the direct loan authority provided herein shall be used only for the purpose of providing loans for projects for the handicapped, with the mentally ill homeless handicapped receiving priority: Provided further. That the Secretary may borrow from the Secretary of the Treasury in such amounts as are necessary to provide the loans authorized herein: Provided further. That, notwithstanding any other provision of law, the receipts and disbursements of the aforesEud fund shall be included in the totals of the Budget of the United States Government: Provided further, That, notwithstanding section 202(a)(3) of the Housing Act of 1959, loans made in fiscal year 1989 shall bear an interest rate which does not exceed 9.25 per centum, including the allowance adequate in the judgment of the Secretary to cover administrative costs and probable losses under the program. CONGREGATE SERVICES

For contracts with and payments to public housing s^encies and nonprofit corporations for congregate services programs in accordance with the provisions of the Congregate Housing Services Act of 1978, $5,400,000, to remain available until September 30, 1990. PAYMENTS FOR OPERATION OF LOW-INCOME HOUSING PROJECTS

For payments to public housing agencies and Indian housing authorities for operating subsidies for low-income housing projects as authorized by section 9 of the United States Housing Act of 1937, as amended (42 U.S.C. 1437g), $1,617,508,000.

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