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68 Stat. 626. 42 USC 1460. Report to Congress.

PUBLIC LAW 91-609-DEC. 31, 1970

[84 STAT.

apply to projects assisted under this Act as if such projects were being carried out in urban renewal areas as part of urban renewal projects within the meaning of section 110 of the Housing Act of 1949. (f) The Secretary shall report annually to the Congress with respect to the status of demonstration projects funded by him and shall make such recommendations to the Congress as he deems necessary to further the purposes of this section. TITLE VI—CKIME INSURANCE FINDINGS AND PURPOSE

82 Stat. 556. 12 USC 1749bbb note.

SEC. 601. Section 1102(b) of the Housing and Urban Development Act of 1968 is amended by striking out "and" immediately before " (2) ", and by inserting before the period at the end thereof the following: "; and (3) provide direct insurance through the facilities of the Federal Government in the case of properties for which statewide programs and the Federal reinsurance program either do not make crime insurance available or offer such insurance to property owners only at prohibitive cost". AMENDMENTS TO TITLE XII OF THE NATIONAL HOUSING ACT

12 USC i7 49bbb.

SEC. 602. (a) Section 1201 of the National Housing Act is amended to read as follows: " P R O G R A M AUTHORITY

12 USC 1749bbb12 USC 1749bbb-

Definitions. 12 USC 1749bbb-

"SEC. 1201. (a) The Secretary is authorized to establish and carry out the programs provided for in parts A, B, C, and D of this title. " (b)(1) The powers of the Secretary under this title shall terminate on April 30, 1975, except to the extent necessary— " (A) to continue reinsurance and direct insurance in accordance with the provisions of sections 1223(b) and 1231(c) until April 30, 1978; " (B) to process, verify, and pay claims for reinsured losses and directly insured losses and perform other necessary functions in connection therewith; and " (C) to complete the liquidation and termination of the reinsurance and direct insurance programs. "(2) On April 30, 1978, or as soon thereafter as possible, the Secretary shall submit to the Congress, for its approval, a plan for the liquidation and termination of the reinsurance and direct insurance programs." (b) Section 1203(a) of such Act is amended by redesignating paragraphs (1) through (13) as paragraphs (4) through (16), respectively, and by inserting immediately after and below "the term—" the following new paragraphs: "(1) 'affordable rate' means such premium rate as the Secretary determines would permit the purchase of a specific type of insurance coverage by a reasonably prudent person in similar circumstances with due regard to the costs and benefits involved; "(2) 'crime insurance' means insurance against losses resulting from robbery, burglary, larceny, and similar crimes, and may include broad form personal theft insurance, mercantile open stock insurance, mercantile robbery and mercantile safe burglary insurance, storekeepers burglary and robbery insurance, office burglary and robbery insurance, and may include business interruption insurance as the Secretary may designate; the term does not include automobile insurance or losses resulting from embezzlement:

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