Page:United States Statutes at Large Volume 89.djvu/314

 89 STAT. 254

PUBLIC LAW 94-50—JULY 2, 1975 tion the urgent needs of the many low- and moderate-income families that currently occupy such multifamily properties. NONAPPLICABILITY OP OTHER LAWS

12 USC 2711.

SEC. 112. Notwithstanding any provision of law which limits the nature, amount, term, form, or rate of interest, or the nature, amount, or form of security of loans or advances of credit, loans, or advances of credit may be made in accordance with the provisions of this title without regard to such provision of law. FEDERAL DEPOSIT INSURANCE CORPORATION

12 USC 2712.

ADVANCES

SEC. 113. Notwithstanding any other provision of law, the Federal Deposit Insurance Corporation is authorized, upon such terms and conditions as the Corporation may prescribe, to make such advances to any insured bank as the Corporation determines may be necessary or appropriate to facilitate participation by such bank in the program authorized by this title. For the purpose of obtaining such funds as it determines are necessary for such advances, the Corporation may borrow from the Treasury as authorized in section 14 of the Federal Deposit Insurance Act (12 U.S.C. 1824; 64 Stat. 890), and the Secretary of the Treasury is authorized and directed to make loans to the Corporation for such purpose in the same manner as loans may be made for insurance purposes under such section, subject to the maximum limitation on outstanding aggregate loans there provided. TITLE II—AMENDMENTS TO THE EMEEGENCY HOME PURCHASE ASSISTANCE ACT O F 1974 ACTIVATION OF PROGRAM

12 USC 2723e.

SEC 201. Section 313(a)(1) of the National Housing Act is amended by inserting "or other economic conditions" immediately after "governmental actions". LIMITATION ON INTEREST RATE

12 USC 1709.

SEC. 202. Section 313(b)(C) of the National Housing Act is amended to read as follows: "(C) such mortgage involves an interest rate not in excess of that which the Secretary may prescribe, taking into account the cost of funds and administrative costs under this section, but in no event shall such rate exceed the lesser of (i) 71/^ per centum per annum, or (ii) the rate set by the Secretary applicable to mortgages insured under section 203(b) of the National Housing Act, and no State or local usury law or comparable law establishing interest rates or prohibiting or limiting the collection or amount of discount points or other charges in connection with mortgage transactions or any State law prohibiting the coverage of mortgage insurance required by the Association shall apply to transactions under this section;". GUARANTEE AUTHORITY

SEC. 203. Section 313(d)(1) of the National Housing Act is amended— (1) by striking out "purchased" in the first sentence and inserting "eligible for purchase" in lieu thereof; and

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