Page:United States Statutes at Large Volume 88 Part 1.djvu/770

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PUBLIC LAW 93-383-AUG. 22, 1974 ii

Time limita tion.

Appropriation.

Ante, p. 653.

[88 STAT.

HOUSING AIXOWANCES

"SEC. 504. (a) The Secretary is authorized to undertake on an experimental basis programs to demonstrate the feasibility of providing housing allowance payments to assist families in meeting rental or homeownership expenses. " (b) For the purpose of carrying out this section, the Secretary is authorized to make, and to contract to make, housing allowance payments to or on behalf of participating families. No housing allowance payments shall be made after July 1, 1985. There are authorized to be appropriated such sums as may be necessary to carry out the provisions of this section, including such sums as may be necessary to make payments as provided for in contracts entered into under this section and such sums as may be necessary to cover administrative costs. The aggregate amount of contracts to make housing allowance payments shall not exceed amounts approved in appropriation Acts, and payments pursuant to such contracts shall not exceed $40,000,000 per annum. After January 1, 1975, the Secretary shall not enter into contracts under the United States Housing Act of 1937 to carry out the purposes of this section. The Secretary may contract with public or private agencies for the performance of administrative functions in connection with the programs authorized by this section. "(c) The Secretary shall report to the Congress on his findings pursuant to this section not later than eighteen months after the enactment of the Housing and Community Development Act of 1974." FEDERAL HOME LOAN MORTGAGE CORPORATION AMENDMENTS

12 USC 1454.

12 USC 1701 and note.

12 USC ' " 17U.'"" 1709,

12 USC 1464.

12 USC 24.

"^''^'

SEC. 805. (a) Section 305(a)(1) of the Federal Home Loan Mortgage Corporation Act is amended— (1) by striking out ", and to hold" and inserting in lieu thereof the following: ". The Corporation may hold"; and (2) by striking out the period after "therein" and inserting in lieu thereof the following: ", and the servicing on any such mortgage may be performed by the seller or by a financial institution qualified as a seller under the provisions of the preceding sentence, or by a mortgagee approved by the Secretary of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act, with which institution or mortgagee the seller may contract." (b) Section 305(a)(2) of such Act is amended— (1) by striking out "75 per centum" each place it appears in the first sentence and inserting in lieu thereof "80 per centum"; (2) by striking out "private" in clause (C) of the first sentence; (3) by striking out "10 per centum" in the third sentence and inserting in lieu thereof "20 per centum"; and (4) by striking out "which are comparable to the limitations which would be applicable if the mortgage were insured by the Secretary of Housing and Urban Development under section 203 (b) or 207 of the National Housing Act" in the fourth sentence and inserting in lieu thereof the following: ", but such limitations shall not exceed the limitations contained in the first proviso to the first sentence of section 5(c) of the Home Owners' Loan Act ^ f ^933„^

^p^ ^-j^^ Section 5136 of the Revised Statutes is amended by inserting immediately after "Government National Mortgage Association" in paragraph Seventh thereof the following: ", or mortgages, obligations, or other securities which are or ever have been sold by the Federal Home Loan Mortgage Corporation pursuant to section 305 or section 306 of the Federal Home Loan Mortgage Corporation Act".

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