Page:United States Statutes at Large Volume 84 Part 1.djvu/520

 462 Settlement c o s t s study, recommendations to Congress,

PUBLIC LAW 91-351-JULY 24, 1970

[84 STAT.

(b) The Secretary and the Administrator shall undertake a joint study and make recommendations to the Congress not later than one year after the date of enactment of this Act with respect to legislative and administrative actions which should be taken to reduce mortgage settlement costs and to standardize these costs for all geographic areas. E M E R G E N C Y R E L I E F FROM I N T E R E S T RATE C O N F L I C T B E T W E E N FEDERAL LAW A N D STATE L A W

42 USC 14501469c. 42 USC 1430.

SEC. 702. Notwithstanding any other law, from the date of enactment of this title until July 1, 1972, loans to local public agencies under title I of the Housing Act of 1949 and to local public housing agencies under the United States Housing Act of 1937 may, when determined by the Secretary of Housing and Urban Development to be necessary because of interest rate limitations of State laws, bear interest at a rate less than the applicable going Federal rate but not less than 6 per centum per annum. TREASURY BORROWING AUTHORITY FOR N E W COMMUNITIES PROGRAM

82 Stat. 515. 42 USC 3906.

40 Stat. 288. 31 USC 774.

SEC. 703. Section 407(a) of the Housing and Urban Development Act of 1968 is amended by adding at the end thereof the following: "The Secretary may issue obligations to the Secretary of the Treasury in an amount outstanding at any one time sufficient to enable the Secretary to carry out his functions with respect to the guarantees authorized by this title. The obligations issued under this subsection shall have such maturities and bear such rate or rates of interest as shall be determined by the Secretary of the Treasury. The Secretary of the Treasury is authorized and directed to purchase any obligations of the Secretary issued under this subsection, and for such purpose the Secretary of the Treasury is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as now or hereafter in force, and the purposes for which securities may be issued under such Act are extended to include purchases of the Secretary's obligations hereunder." REAL ESTATE LOANS BY N A T I O N A L

78 Stat. 807; !2 Stat. 609.

BANKS

SEC. 704. Section 24 of the Federal Reserve Act (12 U.S.C. 371) is amended— (1) by striking out "80 per centum" and "twenty-five years" in clause (3) of the third sentence of the first paragraph and inserting in lieu thereof "90 per centum" and "thirty years", respectively; and (2) by striking out "thirty-six months", each place it appears in t]ie first sentence of the third paragraph, and inserting in lieu thereof "sixty months". E X T E N S I O N o r T I M E FOR C O N T I N U A N C E OF CERTAIN

82 Stat. 8.

SEC. 705. Section 408(c)(2) of the National Housing Act (12 U.S.C. 1730a(c)(2)) is amended by striking "two" and inserting in lieu thereof "five". STATE-WIDE L E N D I N G FOR FEDERAL SAVINGS A N D LOAN

76 Stat. 778; 78 Stat. 805. 12 USC 1464.

ACTIVITIES

ASSOCIATIONS

SEC. 706. Section 5(c) of the Home Owners' Loan Act of 1933 is amended (1) by adding after "their home office" in the first sentence

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