Page:United States Statutes at Large Volume 103 Part 1.djvu/881

 PUBLIC LAW 101-144 —NOV. 9, 1989 103 STAT. 853 in a sufficient reduction in assistance payments to warrant such refinancing. "(B) In the case of assistance payments contracts in effect on the date of enactment of this section, the Secretary shall complete such review within 60 days in order to permit the refinancing to be completed during fiscal year 1990. "(2) REFINANCING ASSISTANCE. —In any case in which the Sec- retary determines that refinancing is warranted, the Secretary shall offer financial sissistance appropriate to encourage the refingmcing. The assistance may include the following: "(A) For lenders and mortgagees providing refinancing, the payment of reasonable mortgage or loan origination fees, discount points, and other expenses required to re- finance; and "(B) For the homeowner or cooperative member involved, the payment of an amount that does not exceed 1 percent of the principal amount refinanced. " (3) METHOD OF PAYMENT OF REFINANCING ASSISTANCE. —In any case in which the Secretary determines that refinancing is warranted, the Secretary shall provide incentives in a manner that does not increase total expenditures in fiscal year 1990. The Secretary shall structure refinancings as follows: "(A) Lenders and mortgagees providing refinancings under this subsection may charge an interest rate for re- financing that is not greater than 0.5 percent higher than the prevailing market rate for refinancing. "(B) Payments to the homeowner or cooperative member to encourage refinancing shall be paid through a reduction in the monthly payment of the homeowner or cooperative member under the mortgage, loan, or advance of credit. " (4) REVISION OF CONTRACTS AND RESCISSION OF EXCESS AMOUNTS.— "(A) The Secretary shall make such revisions in any assistance payments contract (including the amount of assistance payments made under the contract) as are nec- essary to reflect a refinancing obtained pursuant to this subsection. A revised assistance payments contract under this paragraph shall not be considered to be a new contract under this section. "(B) Any contract authority that becomes available as a result of the revision of an assistance payments contract under this paragraph shall be rescinded.'. Section 404 in title IV, General Provisions of the Dire Emergency Supplemental Appropriations and Transfers, Urgent Supplementals, and Correcting Enrollment Errors Act of 1989 (Public Law 101-45) is hereby repealed. 103 Stat. 128. If the Secretary of the Department of Housing and Urban Devel- 42 USC 4822 opment has not issued the lead-based paint technical guidelines on ' ^°*®- reliable testing protocols, safe and effective abatement techniques, cleanup methods and acceptable post-abatement lead dust levels by April 1, 1990, the Department's September 29, 1989, draft guidelines shall take effect and remain in force until revised by the Secretary. Of the amount appropriated in this Act under the heading "Annucd contributions for assisted housing" and earmarked for the modernization of existing public housing projects pursuant to sec- tion 14 of the United States Housing Act of 1937, as amended (42 U.S.C. 1437), the Secretary shall set aside and may use up to

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