Page:United States Statutes at Large Volume 86.djvu/706

 664

Restrictions. Ante, p p. 657, 663; Post, p. 6 6 5.

75 Stat. 314. 7 USC 1983.

PUBLIC LAW 92-419-AUG. 30, 1972

[86 STAT.

business, industry, and employment and improving the economic and environmental climate in rural areas or through joint grants to applicants eligible under subsection (c) for such purposes, including in the case of loans or grants the development, construction, or acquisition of land, buildings, plants, equipment, access streets and roads, parking areas, utility extensions, necessary water supply and waste disposal facilities, renning, service and fees. (1) No financial or other assistance shall be extended under any provision of sections 30J:(b), 31B, and 312(b) that is calculated to or is likely to result in the transfer from one area to another of any employment or business activity provided by operations of the applicant, but this limitation shall not be construed to prohibit assistance for the expansion of an existing business entity through the establishment of a new branch, affiliate, or subsidiary of such entity if the establishment of such branch, affiliate, or subsidiary will not result in an increase in unemployment in the area of original location or in any other area where such entity conducts business operations unless there is reason to believe that such branch, affiliate, or subsidiary is being established with the intention of closing down the operations of the existing business entity in the area of its original locaticm or in any other area where it conducts such operations. (2) No financial or other assistance shal I be extended under any provision of sections 304(b), 310B, and 312(b) which is calculated to or likely to result in an increase in the production of goods, materials, or commodities, or the availability of services or facilities in the area, when there is not sufficient demand for such goods, materials, commodities, services, or facilities, to employ the efficient capacity of existing competitive commercial or industrial enterprises, unless such financial or other assistance will not have an adverse effect upon existing competitive enterprises in the area. (3) No financial or other assistance, shall be extended under any provision of sections 304(b), 3101^, and 312(b) if the Secretary of Ijabor certifies within 60 days after the matter has been submitted to him by the Secretary of Agriculture that the provisions of paragraph (1) and (2) of this subsection have not been complied with. The Secretary of Labor shall, in cooperation with the Secretary of Agriculture, develop a system of certification which will insure the expeditious processing of requests for assistance under this section." (b) Section 333 of the Consolidated Farmors Home Administration Act of 1901 is amended by inserting "310B," in paragraph (b) after•'306,". SEC. 119. GUARANTEED RITRAI. HOITSTNG LOANS.—Subtitle A of

7 USC 1922.

79 Stat. 4 9 8. 42 USC 1487.

48 Stat. 1246. 12 USC 1701. 63 Stat. 432, 433. 42 USC 1471, 1472. 42 USC 1471.

the

Consolidated Farmers Home Administration Act of 1961 is amended by adding at the end thereof a new section as follows: "SEC. 310C. (a) Rural Housing Loans which (1) are guaranteed by the Secretary under section 517(a)(2) of the Housing Act of 1949, (2) are made by other lenders approved by the Secretary to provide dwellings in rural areas for the applicants' own use, and (3) bear interest and other charges at rates not above the maximum rates prescribed by the Secretary of Housing and Urban Development for loans made by private lenders for similar purposes and guaranteed by the Secretary of Housing and Urban Development under the National Housing Act or superseding legislation shall not be subject to sections 501(c) and 502(b)(3) of the Housing Act of 1949." " (b) For the purposes of title V of the Housing Act of 1949, as amended, a guarantee of payment given under the color of law by the Department of Hawaiian Home Lands (or its successor in function) shall be found by the Secretary reasonably to assure repayment of any indebtedness so guaranteed." .,-..,,.,...

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