Page:United States Statutes at Large Volume 91.djvu/1172

 91 STAT. 1138 Regulations.

12 USC 1723e. 42 USC 1437f.

12 USC 1723e note.

PUBLIC LAW 95-128—OCT. 12, 1977 "(3) In carrying out the authority conferred by this section, the Secretary may require the Association to utilize a part of the authority to purchase mortgages under this section for the purchase of mortgages executed to finance the rehabilitation or acquisition and rehabilitation of housing in older or declining neighborhoods to the extent such action is feasible and consistent with the primary purpose of this section, and for the purpose of this paragraph, the Secretary is authorized to prescribe such regulations as may be appropriate.". (c)(1) Section 313(b)(B) of such Act is amended by inserting after "$42,000" the following: "($49,000 in the case of any property with respect to which assistance payments pursuant to section 8 of the United States Housing Act of 1937 are being or will be made and which is located in any geographical area where the Secretary authorizes an increase on the basis of a finding that cost levels so require)". (2) Section 313(b)(D) of such Act is amended by inserting after "Secretary" the following: "and $55,000 in the case of any property with respect to which assistance payments pursuant to section 8 of the United States Housing Act of 1937 are being or will be made and which is located in any geographical area where the Secretary authorizes an increase on the basis of a finding that cost levels so require". (d) Section 313(g) of such Act is amended by adding at the end thereof the following: "The Association's purchases and commitments under this section during fiscal year 1978 may not exceed $7,500,000,000.". (e) Section 3(b) of the Emergency Home Purchase Assistance Act of 1974 is amended by striking out "October 1, 1977" and inserting in lieu thereof "October 1, 1978". L I M I T ON AMOUNT OF A CONVENTIONAL MORTGAGE W H I C H MAY BE PURCHASED BY FEDERAL NATIONAL MORTGAGE ASSOCIATION OR FEDERAL H O M E LOAN MORTGAGE CORPORATION

12 USC 1717. 12 USC 1454. 12 USC 1723a. Review; study.

Transmittal to Congress.

SEC. 408. (a) The last sentence of section 302(b)(2) of the National Housing Act is amended by inserting "by more than 25 per centum" (b) The last sentence of section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act is amended by inserting "by more than 25 per centum" after "exceed". (c) Section 309(h) of the National Housing Act is amended by inserting at the end thereof the following: "Pursuant to the authority provided in this subsection, the Secretary shall conduct a review of the financial operations of the corporation and undertake a study of the extent to which the activities of the corporation meet the purposes of this title. Such review and study shall be completed and transmitted to the Congress on or before July 1, 1978.". TITLE V—RURAL HOUSING AUTHORIZATIONS

42 USC 1483.

42 USC 1485.

SEC. 501. (a) Section 513 of the Housing Act of 1949 is amended— (1) by striking out "September 30, 1977" in clauses (b), (c), and (d), and inserting in lieu thereof "September 30, 1978"; and (2) by striking out "$80,000,000" in clauses (b) and (c) and inserting in lieu thereof "$105,000,000". (b) Section 515(b)(5) of such Act is amended by striking out "September 30, 1977" and inserting in lieu thereof "September 30, 1978".

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