Page:United States Statutes at Large Volume 103 Part 2.djvu/1027

 PUBLIC LAW 101-235—DEC. 15, 1989 103 STAT. 2037 TITLE II—HOUSING PRESERVATION 12 USC 1715/ note. 12 USC 1715Z note. SEC. 201. LIMITATIONS ON PREPAYMENT. Section 203(a) of the Emergency Low Income Housing Preserva- tion Act of 1987 is amended by striking "upon the expiration of the 2-year period beginning on the date of the enactment of this Act" and inserting in lieu thereof "on September 30, 1990". SEC. 202. CLARIFICATION OF APPLICABILITY TO VOLUNTARY TERMI- NATION OF INSURANCE. (a) GENERAL PREPAYMENT LIMITATION.—Section 221(a) of the Emergency Low Income Housing Preservation Act of 1987 is amend- ed by adding at the end the following new sentence: "An insurance contract with respect to eligible low-income housing m&y be termi- nated pursuant to section 229 of the National Housing Act only in accordance with a plan of action approved by the Secretary under this subtitle. (b) ALTERNATIVE PREPAYMENT LIMITATION.— Section 221(b) of the Emergency Low Income Housing Preservation Act of 1987 is amended— (1) by striking the first comma and inserting "(1)"; and (2) by inserting before the period at the end of the sentence the following: ", and (2) an insurance contract with respect to eligible low-income housing located in the geographic area sub- ject to the jurisdiction of such court may not be terminated pursuant to section 229 of the National Housing Act during the 2-year period following the date of such invalidation". (c) NOTICE OF INTENT. — Section 222 of the Emergency Low Incpme Housing Preservation Act of 1987 is amended by inserting cufter "agreement" the following: "(including a request to terminate the insurance contract pursuant to section 229 of the National Housing Act)". (d) CONFORMING AMENDMENTS.— (1) Section 250(a) of the National Housing Act is amended by inserting after "project" the second place it appears the follow- ing: "or permit a termination of an insurance contract pursucmt to section 229 of this Act". (2) Section 229 of the National Housing Act is amended b^ inserting after "section 2" the following: and except as speci- fied under section 250 of this Act and subtitle B of the Emer- gency Low Income Housing Preservation Act of 1987,". SEC. 203. INCENTIVES TO EXTEND LOW-INCOME USE. (a) LOANS.— (1) ACQUISITIONS BY PUBLIC ENTITIES.— Section 2360i>) of the National Housing Act is amended by inserting "public entity," 12 USC I7i5z-i. before "or a cooperative housing corporation". (2) CAPITAL IMPROVEMENT LOANS.—(A) Section 201(m)(2)(B) of the Housing and Community Development Amendments of 1978 12 USC is amended by striking "Reduce" and inserting "Notwithstand- I7l5z-la. ing subsection (1)(2)(B), reduce". (B) Section 201(m)(2) of the Housing and Community Develop- ment Amendments of 1978 is amended— (i) by striking "not subject to paragraph (1)"; (ii) by inserting after "residents" the second place it appears the following: ", or where appropriate to imple- 12 USC nibi note. 12 USC 1715Z-15. 12 USC 1715t.

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