Page:United States Statutes at Large Volume 85.djvu/805

 85 STAT. ]

PUBLIC LAW 92-213-DEC. 22, 1971

775

Public Law 92-213 JOINT RESOLUTION

Decer^^er

22. 1971

To extend the authority of the Secretary of Housing and Urban Development [s. j. Res. i76] with respect to interest rates on insured mortgages, to extend and modify certain provisions of the National Flood Insurance Act of 1968, and for other purposes. Resolved by the Senate and House of Representatives States of America In Congress assembled,

of the United certauf laws extension.

r L?: X I B L E IX T E R E S T RATE

AUTHORITY

1. Section 3(a) of the Act entitled "An Act to amend chapter 37 of title 38 of the United States Code with respect to the veterans' home loan program, to amend the National Housing Act with respect to interest rates on insured mortgages, and for other purposes", approA'ed May 7, 1968, as amended (12 L'i'.S.C. 1709-1), is amended by striking out '"January 1, 1972" and inserting in lien thereof "June 30, 1972". SECTION

AMENDMENTS

TO

THE

FEDERAL

FLOOD

INSURANCE

ACT

OF

19

84 Stat. 4 6 1.

68

SEC. 2. (a) Section 1336(a) of the Housing and Urban Development Act of 1968 is amended by striking out "December 31, 1971" and inserting in lieu thereof "December 31, 1973". (b) The provisions of section 1314(a)(2) of such Act shall not apply with respect to any loss, destruction, or damage of real or personal property that occurs on or before December 31, 1973. (c)(1) Section 1305(a) of such Act is amended by striking out "and" after "families" and inserting in lieu thereof ", church properties, and". (2) Section 1306(b)(1)(C) of such Act is amended by inserting "church properties, and" immediately before "any other properties which may become".

^^ J*!^* 396^' §2 Stat. 579. 42 USC 4012.

42 USC 4013.

'I'EMPORARY WAIVER OF CERTAIN' LIMITATIOX'S APPLICABLE TO THE P U R CHASE OF MORTGAGES BY THE G O V E R X M E N T N A T I O N A L MORTGAGE ASSOCIATION'"

SEC. 3. When the Secretary of Housing and Urban Development determines that such action is necessary to avoid excessive discounts on federally insured or guaranteed mortgages, the Government National Mortgage Association may, for a period of 6 months after the date of approval of this joint resolution, issue commitments to purchase mortgages with original principal obligations not more than 50 per centum in excess of the limitations imposed by clause (3) of the proviso to the first sentence of section 302(b)(1) of the National Ilousing Act, and it may purchase the mortgages so committed to be ^^ ^r^sss^^' purchased. 84 stat! 450I 12 USC 1717. EXTEXSIOX' OF DATES APPLICABLE TO CERTAIN PROVISIONS OF LAW RELATING TO THE TAXATION OF N A T I O N A L B A N K S

SEC. 4. (a) The Act entitled "An Act to clarify the liability of national banks for certain taxes", approved December 24, 1969 (83 Stat. 434), is amended by striking out "1972" in sections 2(b) and ^^^l^^^^ ^^^ 3(a) and inserting in lieu thereof "1973". (b) The Board of Governors of the Federal Reserve System shall study. make a study of the probable impact on the revenues of State and local governments of the extension under subsection (a) of the termination date of interim provisions regarding intangible personal prop-

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