Page:United States Statutes at Large Volume 104 Part 5.djvu/969

 PUBLIC LAW 101-625—NOV. 28, 1990 104 STAT. 4291 National Affordable Housing Act, the Secretary of Agriculture shall issue any regulations necessary to carry out the amendment made by this section. SEC. 710. RURAL HOUSING INVENTORY. (a) TRANSFER FOR USE UNDER SECTION 514. — Section 510(e)(3) of the Housing Act of 1949 (42 U.S.C. 1480(e)(3)) is amended by inserting after "fifty years" the following: ", or for use as rental units under section 514 with mortgages containing repayment terms with up to 33 years,". (b) TRANSFER TO FOR-PROFIT ENTITIES. —Section 510(e) of the Housing Act of 1949 is further amended by striking "or public bodies" and inserting ", public bodies, or for-profit entities, which have good records of providing low income housing under section 515". SEC. 711. RIGHTS OF APPEAL. Section 510(g) of the Housing Act of 1949 (42 U.S.C. 1480(g)) is amended by inserting before the semicolon the following: ", except that rules issued under this subsection may not exclude from their coverage decisions made by the Secretary that are not based on objective standards contained in published regulations". SEC. 712. SECTION 515 LOANS. (a) EQUITY TAKEOUT LOANS.— Section 515(t) of the Housing Act of 1949 (42 U.S.C. 1485(t)) is amended— (1) in paragraph (3), by striking "original loan on the project" in the last sentence and inserting "original appraised value of the project"; (2) in paragraph (4)— (A) in the first sentence, by inserting "initial" before "loan"; and (B) in the second sentence, by inserting "initial payments, any accrued payments, and" after "except that such in the second sentence; and (3) by striking paragraph (8) and inserting the following new paragraph: "(8) EFFECTIVE DATE.—The requirements of this subsection shall apply to any loan obligated under this section on or after December 15, 1989. This subsection shall not require retroactive reserve account payments with respect to any loan that was obligated on or after December 15, 1989, and on or before June 16, 1990, but reserve account payments shall be required for such loans beginning on the date of the enactment of this paragraph.". (b) REUSE OF LOAN AUTHORITY.—Section 515(u) of the Housing Act of 1949 (42 U.S.C. 1485(u)) is amended by inserting at the end the following new sentence: "Any loan authority under this section appropriated or made available within limits established in appropriations Acts shall remain available until expended.". (c) ASSUMPTION OF LOANS.—Section 515 of the Housing Act of 1949 (42 U.S.C. 1485) is amended by adding at the end the following new subsection: "(v) ASSUMPTION OF LOANS.— The Secretary may provide for the assumption or transfer of a loan or loan obligation under this section to any person or entity qualified to receive a loan or loan obligation under this section in any case of default or foreclosure with respect to the original borrower. The Secretary shall provide in

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