Page:United States Statutes at Large Volume 106 Part 5.djvu/140

 106 STAT. 3778 PUBLIC LAW 102-550—OCT. 28, 1992 8(v) of the United States Housing Act of 1937 and section 203 of this Act to enhance the cost effectiveness of the Federal response to troubled multifamily housing. ". SEC. 406. FLEXIBLE SUBSIDY PROGRABl Section 201(d)(6) of the Housing and Community Development Amendments of 1978 (12 U.S.C. 1715z-la(d)(6)) is amended by inserting before the period at the end the following: "; and except that the Secretary snail review and approve or disapprove each plan not later than the expiration of the 30-day perioa beginning upon the date of submission of the plan to the Secretary by the owner, but if the Secretary fails to inform the owner of approval or disapproval of the plan within such period the plan shall be considered to have been approved". SEC. 407. CAPACITY STUDY. Section 110(a) of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12710(a)) is amended— (1) by striking ", and"; and (2) by striking the period at the end and inserting the following: ", and the ability to respond to areas identified as 'material weaknesses' by the Office of the Inspector General in financial audits or other reports.". SEC. 408. FLEXIBLE SUBSIDY PROGRAM. (a) AUTHORIZATION OF APPROPRIATIONS. —Section 201(j)(5) of the Housing and Community Development Amendments of 1978 (12 U.S.C. 1715z-la(i)(5)) is amended to read as follows: "(5) There is authorized to be appropriated for assistance under the flexible subsidy fund not to exceed $52,200,000 for fiscal year 1993 and $54,392,400 for fiscal year 1994.". (b) USE OF SECTION 236 RENTAL ASSISTANCE FUND AMOUNTS FOR FLEXIBLE SUBSIDY PAYMENTS. —Section 236(0(3) of the National 12 USC 1715Z-1. Housing Act (12 U.S.C. 1715z-la(0(3)) is amended by striking "September 30, 1992" and inserting "September 30, 1994". TITLE V—MORTGAGE INSURANCE AND SECONDARY MORTGAGE MARKET Subtitle A—^FHA Mortgage Insurance Programs SEC. 50L LIMITATION ON INSURANCE AUTHORITY. Section 531(b) of the National Housing Act (12 U.S.C. 1735f- 9(b)) is amended to read as follows: " (b) Notwithstanding any other provision of law and subject only to the absence of qualified requests for insurance, to the authority provided in this Act, and to the limitation in subsection (a), the Secretary shall enter into commitments to insure mortgages under this Act with an aggregate principal amount of $65,905,824,960 during fiscal year 1993 and $68,673,868,600 during fiscal year 1994.". SEC. 502. FEDERAL HOUSING ADMINISTRATION ADVISORY BOARD. Section 202(b) of the National Housing Act (12 U.S.C. 1708(b)) is amended by adding at the end the following new paragraph:

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