Page:United States Statutes at Large Volume 102 Part 5.djvu/170

 102 STAT. 4176

PUBLIC LAW 100-689—NOV. 18, 1988 mined that services necessary to provide such assistance are available from such entity and that comparably effective services are not available, or cannot be obtained cost-effectively, from the entities described in subclauses (i) through (iv) of this clause.", (b) INDEPENDENT LIVING PROGRAMS.—Section 1520(a) is amend-

ed— (1) in paragraph (1), by striking out "public" and all that follows through "organizations" and inserting in lieu thereof "entities described in paragraph (7) of this subsection"; and (2) by adding at the end the following new paragraph: "(7) Entities described in this paragraph are (A) public or nonprofit agencies or organizations, and (B) for-profit entities in cases in which the Administrator determines that services comparable in effectiveness to services available from such an entity are not available, or cannot be obtained cost-effectively from, public or nonprofit agencies or through facilities of the Department of Medicine and Surgery.". TITLE in—HOME LOAN GUARANTY PROGRAM

Real property.

SEC. 301. INTEREST RATE REQUIREMENTS FOR VENDEE LOANS. Section 1833(a) is amended by adding at the end the following new paragraph: "(7) The Administrator shall make a loan to finance the sale of real property described in paragraph (1) of this subsection at an interest rate that is lower than the prevailing mortgage market interest rate in areas where, and to the extent, the Administrator determines, in light of prevailing conditions in the real estate market involved, that such lower interest rate is necessary in order to market the property competitively and is in the interest of the long-term stability and solvency of the Veterans' Administration Loan Guaranty Revolving Fund established by section 1824(a) of this title.". SEC. 302. CREDITWORTHINESS DETERMINATIONS AND FEES WITH RESPECT TO ASSUMPTIONS OF VENDEE LOANS.

Section 1814 is amended— (1) in subsection (a)(D, in the matter preceding clause (A)— (A) by striking out " I f and inserting in lieu thereof "Except as provided in subsection (f) of this section, i f; and (B) by striking out "guaranteed, insured, or direct housing loan obtained by a veteran" and inserting in lieu thereof "loan guaranteed, insured, or made"; and (2) by striking out subsection (f) and inserting in lieu thereof the following: "(fKD This section shall apply— "(A) in the case of loans other than loans to finance the purchase of real property described in section 1833(a)(l) of this title, only to loans for which commitments are made on or after March 1, 1988; and "(B) in the case of loans to finance the purchase of such property, only to loans which are closed more than 45 days after the date of the enactment of the Veterans' Benefits and Programs Improvement Act of 1988. "(2) This section shall not apply to a loan which the Administrator has sold without recourse.".

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