Page:United States Statutes at Large Volume 92 Part 3.djvu/1084

 92 STAT. 3716

PUBLIC LAW 95-630—NOV. 10, 1978 "(P)

N 12 USC 1701.

STATE HOUSING CORPORATION INVESTMENTS.—Invest-

ments in, commitments to invest in, loans to, o r commitments to lend to any State housing corporation, provided that such obligations or loans are secured directly, or indirectly through an agent or fiduciary, by a first lien on improved real estate which is insured under the provisions of the National Housing Act, as amended, and that in the event of default, the holder of such obligations or loans would have the r i g h t directly, or indirectly through an agent or fiduciary, to cause to be subject to the satisfaction of such obligations or loans the real estate described in the first lien or the insurance proceeds under the National Housing Act. "(2)

L O A N S OR INVESTMENTS LIMITED TO 20 PER CENTUM OF

ASSETS.—The following loans or investments are x)ermitted, b u t authority conferred in the following subparagraph s is limited to not in excess of 20 p e r centum of the assets of the association for each subparagraph: " (A) OTHER REAL ESTATE LOANS.—Loans on security of first

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liens upon improved real estate; but the amount deemed to be loaned in transactions which, except for excess i n amount, would be eligible for such association under subparagraph s (1)(B) or (1)(I) shall be only the outstanding amount of such excess. " (B) PARTICIPATION LOANS.—Without regard to the area restriction contained in subparagraph (1)(B), investments for the making or purchase of participation interests in first liens on residential real property. "(3)

LOANS OR INVESTMENTS LIMITED TO 5 PER CENTUM

or

ASSETS.—The following loans or investments are permitted, b u t the authority conferred in the following subparagraph s is limited to not in excess of 5 p e r centum of assets of the association for each subparagraph: " (A) EDUCATION LOANS.—Loans made for the payment of expenses of college, university, or vocational education. " (B) L A N D ACQUISITION.—An association whose general reserves, surplus, and undivided profits aggregate a sum in excess of 5 p e r centum of its withdrawable accounts is authorized to invest in, subject to the area restriction contained in subparagraph (1)(B), loans to finance the acquisition and development of l and for p r i m a r y residential usage. "(C)

H O U S I N G FACILITIES FOR THE AGING.—Subject to the

area restriction contained in subparagraph (1)(B), amortized loans which are secured by first liens upon improved real estate used to provide housing facilities for the aging. "(D)

42 USC 5301.

COMMUNITY

DEVELOPMENT

INVESTMENTS.—Invest-

ments in real property and obligations secured by liens on real property located within a geographic area or neighborhood receiving concentrated development assistance by a local government under title I of the Housing and Community Development Act of 1974, as amended b u t no investment i n real property may exceed an aggregate investment of 2 per centum of the assets of the association. " (E) NONCONFORMING LOANS.—Loans upon the security of or respecting real property or interests therein used for primarily residential or farm purposes that do not comply with the limitations of this section.

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