Page:United States Statutes at Large Volume 91.djvu/1171

 PUBLIC LAW 95-128—OCT. 12, 1977

91 STAT. 1137

SINGLE FAMILY DWELLING LIMITATIONS

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SEC. 402. The first undesignated paragraph of section 5(c) of the Home Owners' Loan Act of 1933 is amended by striking out $55,000 12 USC 1464. and inserting in lieu thereof "$60,000", and by inserting "but of said 20 per centum the amount deemed to be loaned in transactions which, except for excess in amount, would be eligible for such association under provisions of this sentence (other than this exception) or under the next following sentence shall be only the outstanding amount of such excess," immediately after "improved real estate without regard to the foregoing limitations,". LENDING AUTHORITY

SEC. 403. The twenty-second undesignated paragraph of section 5(c) of the Home Owners' Loan Act of 1933 is amended by inserting "or farm" immediately after "residential". PROPERTY IMPROVEMENT LOANS

SEC. 404. The second and third undesignated paragraphs of section 5(c) of the Home Owners' Loan Act of 1933 are amended by striking out "$10,000" and inserting in lieu thereof "$15,000". MULTIFAMILY DWELLING

LIMITATIONS

SEC. 405. The first sentence of section 5(c) of the Home Owners' Loan Act of 1933 is amended by striking out ", and the Board shall by regulation limit to not more than 20 per centum of the assets of the association the aggregate amount or amounts of the investments which may be made by an association under the foregoing provisions of this sentence on the security of property which comprises or includes more than four dwelling units or does not constitute homes or combinations of homes and business property". CONFORMING AMENDMENT TO FEDERAL HOME LOAN BANK ACT

SEC. 406. Section 10(b) of the Federal Home Loan Bank Act is 12 USC 1430. amended by striking out "$55,000 (except that with respect to dwellings in Alaska, Guam, and Hawaii the foregoing limitations may, by regulation of the Board be increased by not to exceed 50 per centum)" and inserting in lieu thereof the following: "the dollar limitation under the first proviso of the first sentence of section 5(c) of the Home Owners' Loan Act of 1933, as amended,". Supra. GOVERNMENT NATIONAL MORTGAGE ASSOCIATION HOME PURCHASE ASSISTANCE



SEC. 407. (a) Section 313(a)(1) of the National Housing Act is 12 USC I723e. amended by adding at the end thereof the following: "To the extent feasible and consistent with the primary purpose of this section to stabilize housing production, the Secretary may direct the exercise of the authority conferred by this section to promote homeownership opportunities for moderate-income families.". (b) Section 313(a) of such Act is amended by adding at the end thereof the following:

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