Page:United States Statutes at Large Volume 115 Part 1.djvu/696

 115 STAT. 674 PUBLIC LAW 107-73 —NOV. 26, 2001 of cases of acquired immunodeficiency syndrome (AIDS) required under such clause. (b) The amount of the allocation and grant for any State described in subsection (a) shall be an amount based on the cumulative number of AIDS cases in the areas of that State that are outside of metropolitan statistical areas that qualify under clause (i) of such section 854(c)(1)(A) in fiscal year 2002, in proportion to AIDS cases among cities and States that qualify under clauses (i) and (ii) of such section and States deemed eligible under subsection (a). SEC. 204. (a) Section 225(a) of the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 2000, Public Law 106-74 (113 Stat. 1076), is amended by inserting "and fiscal year 2002" after "fiscal year 2001". North Carolina. (b) Notwithstanding any other provision of law, the Secretary of Housing and Urban Development shall allocate to Wake County, North Carolina, the amounts that otherwise would be allocated for fiscal year 2002 under section 854(c) of the AIDS Housing Opportunity Act (42 U.S.C. 12903(c)) to the City of Raleigh, North Carolina, on behalf of the Raleigh-Durham-Chapel Hill, North Carolina Metropolitan Statistical Area. Any amounts allocated to Wake County shall be used to carry out eligible activities under section 855 of such Act (42 U.S.C. 12904) within such metropolitan statistical area. SEC. 205. Section 106(c)(9) of the Housing and Urban Development Act of 1968 (12 U.S.C. 1701x(c)(9)) is repealed. SEC. 206. Section 251 of the National Housing Act (12 U.S.C. 1715Z-16) is amended— (1) in subsection (b), by striking "issue regulations" and all that follows and inserting the following: "require that the mortgagee make available to the mortgagor, at the time of loan application, a written explanation of the features of an adjustable rate mortgage consistent with the disclosure requirements applicable to variable rate mortgages secured by a principal dwelling under the Truth in Lending Act."; and (2) by adding the following new subsection at the end: "(d)(1) The Secretary may insure under this subsection a mortgage that meets the requirements of subsection (a), except that the effective rate of interest— "(A) shall be fixed for a period of not less than the first 3 years of the mortgage term; "(B) shall be adjusted by the mortgagee initially upon the expiration of such period and annually thereafter; and "(C) in the case of the initial interest rate adjustment, is subject to the 1 percent limitation only if the interest rate remained fixed for five or fewer years. "(2) The disclosure required under subsection (b) shall be required for a mortgage insured under this subsection.". SEC. 207. (a) Section 203(c) of the National Housing Act (12 U.S.C. 1709(c)) is amended— (1) in paragraph (1), by striking "and (k)" and inserting "or (k)"; and (2) in paragraph (2)— (A) by inserting after "subsection (v)" the following: "and each mortgage that is insured under subsection (k) or section 234(c),"; and

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