Page:United States Statutes at Large Volume 88 Part 1.djvu/743

 88 STAT. ]

PUBLIC LAW 93-383-AUG. 22, 1974

699

TRANSFER OF P R E - 1965 I N S U R E D H O U S I N G LOANS TO THE RURAL H O U S I N G INSURANCE FUND

SEC. 517. Section 517(b) of the Housing Act of 1949 is amended ^"'^' P- ^^^• by adding at the end thereof the following new sentences: "The notes held in the Agricultural Credit Insurance Fund (7 U.S.C. 1929) which evidence loans made or insured by the Secretary under section 514 or 515(b), the rights and liabilities of that Fund under insurance Anfe^^p^elT.'*' contracts relating to such loans held by insured investors, the mortgages securing the obligations of the borrowers under such loans heldin that Fund or by insured investors, and all rights to subsequent collections on and proceeds of such notes, contracts, and mortgages, are hereby transferred to the Rural Housing Insurance Fund and for the purposes of this title and any other Act shall be subject to the provisions of this section as if created pursuant thereto. The Rural Housing Insurance Fund shall compensate the Agricultural Credit Insurance Fund for the aggregate unpaid principal balance plus accrued interest of the notes so transferred.". MOBILE H O M E S

SEC. 518. Title V of the Housing Act of 1949 (as amended by sections 515 and 516(a) of this Act) is amended by adding at the end 698?'^' ^^* ''^^' thereof the following new section: "MOBILE HOMES

"SEC. 527. (a) As used in this title, the term 'housing' shall, notwithstanding any other provision of this title and to the extent deemed practicable by the Secretary, include mobile homes and mobile home sites. "(b) With respect to mobile homes and mobile home sites financed under this title, the Secretary shall— "(1) prescribe minimum property standards to assure the livability and durability of the mobile home and the suitability of the site on which it is to be located, and " (2) obtain assurances from the borrower that the mobile home will be placed on a site which complies with standards prescribed by the Secretary and with applicable local requirements. Loans under this title for the purchase of mobile homes and sites shall be made on the same terms and conditions as are applicable under section 2 of the National Housing Act to obligations financing the purchase of mobile homes and lots on which to place such homes."

"s^usc^ugog.

^"^^' P* ^^^•

CONTRACT SERVICES AND FEES

SEC. 519. (a) Section 506(a) of the Housing Act of 1949 is amended by striking out ", as may be required by the Secretary, by competent employees of the Secretary" and inserting in lieu thereof "as required by the Secretary". (b) Section 5l7(j)(3) of such Act is amended by inserting after "borrowers," the following: "and other services customary in the industry, construction inspections, commercial appraisals, servicing of loans, and other related program services and expenses,".

^2 USC i476.

42 USC i487.

STATE A N D LOCAL AGENCIES

SEC. 520. Section 501(c) of the Housing Act of 1949 is amended by adding at the end thereof the following: "If an applicant is a State or local public agency—

42 USC 1471.

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