Page:United States Statutes at Large Volume 110 Part 1.djvu/859

 PUBLIC LAW 104-120—MAR. 28, 1996 110 STAT. 835 (ii) provided under the Balanced Budget Downpay- ment Act, I; or (iii) provided in any appropriation Act enacted after the date of the enactment of this Act; and (B) are provided for use in conjunction with properties that are eligible for assistance under the Low-Income Housing Preservation and Resident Homeownership Act of 1990 or the Emergency Low Income Housing Preservation Act of 1987. SEC. 3. COMMUNITY DEVELOPMENT BLOCK GRANTS. (a) DIRECT HOMEOWMERSHIP ACTIVITIES.— Notwithstanding the amendments made by section 907(b)(2) of the Cranston-Gonzalez National Affordable Housing Act, section 105(a)(25) of the Housing and Community Development Act of 1974, as in existence on September 30, 1995, shall apply to the use of assistance made available under title I of the Housing and Community Development Act of 1974 during fiscal year 1996. (b) INCREASE IN CUMULATIVE LIMIT.— Section 108(k)(l) of the Housing and Community Development Act of 1974 (42 U.S.C. 5308(k)(l)) is amended by striking "$3,500,000,000 " and inserting " $4,500,000,000 ". SEC. 4. EXTENSION OF RURAL HOUSING PROGRAMS. (a) UNDERSERVED AREAS SET-ASIDE.—Section 509(f)(4)(A) of the Housing Act of 1949 (42 U.S.C. 1479(f)(4)(A)) is amended— (1) in the first sentence, by striking "fiscal years 1993 and 1994" and inserting "fiscal year 1996"; and (2) in the second sentence, by striking "each". (b) RURAL MULTIFAMILY RENTAL HOUSING. — Section 515(b)(4) of the Housing Act of 1949 (42 U.S.C. 1485(b)(4)) is amended by striking "September 30, 1994" and inserting "September 30, 1996". (c) RURAL RENTAL HOUSING FUNDS FOR NONPROFIT ENTITIES.— The first sentence of section 515(w)(l) of the Housing Act of 1949 (42 U.S.C. 1485(w)(l)) is amended by striking "fiscal years 1993 and 1994" and inserting "fiscal year 1996". SEC. 5. LOAN GUARANTEES FOR MULTIFAMILY RENTAL HOUSING IN RURAL AREAS. (a) IN GENERAL. —The provisions of section 5 of the bill, H.R. 1691 (104th Congress), as passed the House of Representatives on October 30, 1995, are hereby enacted into law. (b) TECHNICAL AMENDMENT.— Section 538 of the Housing Act of 1949 (as added by the amendment made pursuant to subsection (a) of this section) is amended by striking "Homesteading and Neighborhood Restoration Act of 1995" each place it appears and inserting "Housing Opportunity Program Extension Act of 1996". SEC. 6. EXTENSION OF FHA MORTGAGE INSURANCE PROGRAM FOR HOME EQUITY CONVERSION MORTGAGES. (a) EXTENSION OF PROGRAM. —The first sentence of section 255(g) of the National Housing Act (12 U.S.C. 1715z-20(g)) is amended by striking "September 30, 1996" and inserting "September 30, 2000". (b) LIMITATION ON NUMBER OF MORTGAGES.—The second sentence of section 255(g) of the National Housing Act (12 U.S.C. 1715z-20(g)) is amended by striking "30,000" and inserting "50,000". 42 USC 5305 note. Incorporation. 42 USC 1490P-2. 42 USC 1490p-2.

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