Page:United States Statutes at Large Volume 103 Part 1.djvu/377

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 349 "(i) Assets of the subsidiary are consolidated with the assets of the savings association in determining the savings association's qiiaUfied thrift investments; or "(ii) Residential mortgage loans originated by the subsidiary are included pursuant to paragraph (4)(C)(iii)(I) in determining the savings association's qualified thrift investments. "(B) In determining the amount of a savings association's portfolio assets and qualified thrift investments, consistent accounting principles shall be applied. "(6) SPECIAL RULES FOR PUERTO RICO AND VIRGIN ISLANDS SAV- INGS ASSOCIATIONS.— "(A) PUERTO RICO SAVINGS ASSOCIATIONS.— W ith respect to any savings association headquartered and operating pri- marily in Puerto Rico— "(i) the term 'qualified thrift investments' includes, in addition to the items specified in paragraph (4)— "(I) the aggregate amount of loans for personal, family, educational, or household purposes made to persons residing or domiciled in the Common- wealth of Puerto Rico; and "(II) the aggregate amount of loans for the ac- quisition or improvement of churches, schools, or nursing homes, and of loans to small businesses, located within the Commonwealth of Puerto Rico; and "(ii) the aggregate amount of loans related to the purchase, acquisition, development and construction of 1- to 4-family residential real estate— "(I) which is located within the Commonwealth of Puerto Rico; and "(II) the value of which (at the time of acquisi- tion or upon completion of the development and construction) is below the median value of newly constructed 1- to 4-family residences in the Commonwealth of Puerto Rico, which may be taken into account in determining the amount of the qualified thrift investments and of such sav- ings association shall be doubled. "(B) VIRGIN ISLANDS SAVINGS ASSOCIATIONS. — W ith respect to any savings association headquartered and operating primarily in the Virgin Islands— "(i) the term 'qualified thrift investments' includes, in addition to the items specified in paragraph (4)— "(I) the aggregate amount of loans for personal, family, educational, or household purposes made to persons residing or domiciled in the Virgin Islands; and "(II) the aggregate amount of loans for the ac- quisition or improvement of churches, schools, or nursing homes, and of loans to small businesses, located within the Virgin Islands; and "(ii) the aggregate amount of loans related to the purchase, acquisition, development and construction of 1- to 4-family residential real estate— "(I) which is located within the Virgin Islands; and

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