Page:United States Statutes at Large Volume 88 Part 2.djvu/48

 1364

22 USC 2151 note. 22 USC 2751 note. Suspension.

Effective period.

PUBLIC LAW 93-449-OCT. 18, 1974

[88

STAT.

to Turkey until and unless the President certifies to the Congress that the Government of Turkey is in compliance with the Foreign Assistance Act of 1961, the Foreign Military Sales Act, and any agreement entered into under such Acts, and that substantial progress toward agreement has been made regarding military forces m Cyprus: Provided, That the President is authorized to suspend the provisions of this section and said Acts if he determines that such suspension will further negotiations for a peaceful solution of the Cyprus conflict. Any such suspension shall be effective only until December 10, 1974 and onl^ if, during that time, Turkey shall observe the ceasefire and shall neither increase its forces on Cyprus nor transfer to Cyprus any U.S. supplied implements of war. Approved October 17, 1974. Public Law 93-449

October 18, 1974

[s. 3979]

^ ^

ACT

To increase on an emergency basis the availability of reasonably priced mortgage credit for housing.

Be it enacted by the Senate and House of Representatives Erne rgency Home United States o f America in Congress assembled.

Purcha ase Assistance Act of 1974.

'

i/ SHORT

12 USC 1723e note.

of the

/ TITLE

1. This Act may be cited as the "Emergency Home Purchase Assistance Act of 1974". SECTION

FINDINGS 12 USC 1723e note.

SEC. 2. The Congress finds and declares that— (1) in many parts of the Nation, residential mortgage credit is or is likely soon to become prohibitively expensive or unavailable at any price; (2) the unavailability of mortgage credit severely restricts housing production, causes hardship for those who wish to purchase or sell new and existing housing, and delays the achievement of the national goal of a decent home for every American family; and ^3) there is an urgent need to provide an alternate source of residential mortgage credit on an emergency basis. INTERIM

AUTHORITY

SEC. 3. (a) Title III of the National Housing Act is amended by adding at the end thereof the following new section: ((I N T E R I M 12 USC 1723e.

42 USC 1441a.

Termination.

AUTHORITY TO P U R C H A S E CERTAIN

MORTGAGES

"SEC. 313. (a)(1) Whenever the Secretary finds inflationary conditions and related governmental actions are having a severely disproportionate effect on the housing industry and the resulting reduction in the volume of home construction or acquisition threatens seriously to affect the economy and to delay the orderly achievement of the national housing goals contained in title X VI of the Housing and Urban Development Act of 1968, the Secretary shall direct the Association to begin making commitments to purchase and to purchase mortgages in accordance with the provisions of this section. " (2) The Secretary may direct the Association to terminate its activities under this section whenever he determines that the conditions

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