Page:United States Statutes at Large Volume 82.djvu/593

 82 STAT. ]

PUBLIC LAW 90-448-AUG. 1, 1968

551

TITLE X—RUEAL HOUSING HOUSING

FOR LOW AND MODERATE I N C O M E

PERSONS AND

FAMILIES

SEC. 1001. Title V of the Housinsr Act of 1949 is amended by addiiis: at the end thereof the following new section:

63 Stat. 432. ^^ 1490."^^ ^ ' ' ^"

' ' L O A N S TO PROVIDE O C C U P A N T - O W N E D, R E N T A L, A N D COOPERATIVE H O U S I N G FOR LOW A N D MODERATE I N C O M E PERSONS AND F A M I L I E S

"SEC. 521. (a) Notwithstanding the provisions of sections 502, 517 (a) and 515, loans to persons of low or moderate income under section 42 USC 1472, 502 or 517(a)(1), and loans under section 515 to provide rental or ^'*^^' ^^^^' cooperative housing and related facilities for persons and families of low or moderate income or elderly persons and elderly families, shall bear interest at a rate prescribed by the Secretary at not less than a rate determined annually by the Secretary of the Treasury taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such loans, adjusted to the nearest one-eighth of 1 per centum, less not to exceed the difference between the adjusted rat^. determined by the Secretary of the Treasury and 1 per centum per annum: Provided, That such a loan may be made only when the Secretary determines that the needs of the applicant for necessary housing cannot be met with financial assistance from other sources including assistance under section 235 or 236 of the National Housing Act: Provided further, That interest on loans under Ante, v>p. ^n, section 502 or 517(a) to victims of natural disaster shall not exceed ^'^^' the rate which would be applicable to such loans under section 502 without regard to this section. "(b) Housing and related facilities provided with loans described in subsection (a) shall be located in rural areas; and applicants eligible for such loans under section 502 or 517(a)(1), or for occupancy ^^^^^f^^l^'^'^' of housing provided with such loans under section 515, shall include 1487, 1485. otherwise qualified nonrural residents who will become rural residents. "(c) There shall be reimbursed to the Rural Housing Insurance Fund by annual appropriations the amounts by which nonprincipal payments made from the fund during each fiscal year to the holders of insured loans described in subsection (a) exceed interest due from the borrowers during each year; and the Secretary from time to time may issue notes to the Secretary of the Treasury under section 517(h) to obtain amounts equal to such unreimbursed excess payments, pending the annual reimbursement by appropriation," HOUSING

FOR RURAL

TRAINEES

SEC. 1002. Title V of the Housing Act of 1949 is amended by adding after section 521 (as added by section 1001 of this Act) the following new section: " H O U S I N G FOR R U R A L TRAINEES

"SEC. 522, (a) Upon the application of any State or political subdivision thereof, or any public or private nonprofit organization, the Secretary is authorized, after consultation with the Secretary of Labor, the Secretary of Health, Education, and Welfare, the Secretary of Housing and Urban Development, and the Di^ector of the Office of Economic Opportunity, and after the Secretary determines that the housing and related facilities cannot reasonably be provided in any other way, to provide financial and technical assistance for

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