Page:United States Statutes at Large Volume 91.djvu/1164

 91 STAT. 1130

PUBLIC LAW 95-128—OCT. 12, 1977 SECTION 2 3 5 ASSISTANCE FOR COOPERATIVES

12 USC I7l5z.

SEC. 205. Section 235(b)(2)(A) of the National Housing Act is amended by inserting "or section 221(d)(3)" immediately after "financed with a mortgage insured under section 213". SECTION 2 3 0 OPERATING SUBSIDIES

Monthly assistance payment. Contracts. 12 USC 1715Z-1.

Effective date. 12 USC 1715Z-1 note.

SEC. 206. (a) Section 236(f)(3) of the National Housing Act is amended by striking out the second and third sentences and inserting in lieu thereof the following: "The Secretary is authorized to make, and shall contract to make to the extent of the moneys in the reserve fund established under subsection (g) and to the further extent of funds authorized in appropriation Acts, an additional monthly assistance payment to the project owner up to the amount by which the sum of the cost of utilities and local property taxes exceeds the initial operating expense level. Such payment shall be used by the project owner solely to effect, and there shall be, a reduction in the basic rental charges established for the project. Any contract to make additional monthly assistance payments shall be for a one-year period and shall be adjusted periodically to provide, to the extent approved in appropriation Acts, for continuation of the payments and for an appropriate adjustment in the amount of the assistance payments.". (b) Section 236(f)(3) of such Act is further amended by striking out "only if the Secretary finds that the increase in the cost of utilities or local property taxes is reasonable and is" in the last sentence and inserting in lieu thereof "unless the Secretary finds that the increase in the cost of utilities or local property taxes is not reasonable or not". (c) Section 236(g) of such Act is amended by striking out "1974" in the fourth sentence and inserting in lieu thereof "1977". (d) The amendments made by this section shall become effective on October 1, 1977, and shall apply to assistance payments pursuant to section 236(f)(3) of the National Housing Act with respect only to periods commencing on or after such date. HOUSING ASSISTANCE PLANS

Funds, allocation and reservation. 42 USC 1439.

Ante, p. 1114.

SEC. 207. Section 213(d)(1) of the Housing and Community Development Act of 1974 is amended by inserting after the first sentence the following new sentence: "The Secretary shall assure, to the maximum extent practicable in carrying out the national housing and community development objectives, that funds available for each housing assistance program referred to in subsection (a) shall be allocated or reserved in accordance with goals described in local, State, or other housing assistance plans approved by the Secretary pursuant to section 104, and shall be utilized to meet needs reflected in data referred to in the preceding sentence.". NEW COMMUNITIES

42 USC 4521.

SEC. 208. Section 720(a) of the Housing and Urban Development Act of 1970 is amended by striking out "October 1, 1977" and inserting in lieu thereof "October 1, 1978".

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