Page:United States Statutes at Large Volume 93.djvu/1153

 PUBLIC LAW 96-153—DEC. 21, 1979

93 STAT. 1121

AIDING MEMBERS OF THE FEDERAL HOME LOAN BANK SYSTEM

SEC. 324. Section 11(h) of the Federal Home Loan Bank Act is 12 USC 1431. amended by inserting after "in the stock of the Federal National Mortgage Association," the following: "in stock, obligations, or other securities of any small business investment company formed pursuant to section 301(d) of the Small Business Investment Act of 1958, for 15 USC 681. the purpose of aiding m e m b e r s of the Federal Home Loan Bank System,". SMALL BUSINESS INVESTMENT COMPANIES

SEC. 325. Section 5(c)(4) of the H o m e Owners' Loan Act of 1933 is 12 USC 1464. amended by adding at the end thereof the following: "(E) S M A L L BUSINESS INVESTMENT C O M P A N I E S. — A n associ-

ation may invest in stock, obligations, or other securities of any small business investment company formed pursuant to section 301(d) of the Small Business Investment Act of 1958, 15 USC 681. for the purpose of aiding m e m b e r s of the Federal Home Loan Bank System, b u t no association may m a k e any investment under this subparagraph if its aggregate o u t s t and i n g investment under this subparagraph would exceed 1 per c e n t u m of the assets of such association.". SINGLE FAMILY LOAN LIMITATION

SEC. 326. Paragraph (1)(B) of section 5(c) of the H o m e Owners' Loan Act of 1933 is amended by striking out "$60,000" and inserting in lieu 12 USC 1464. thereof "$75,000". STOCK TO ADVANCES RATIO

SEC. 327. Section 6(c)(2)(ii) of the Federal H o m e Loan Bank Act is 12 USC 1426. amended by striking out "twelve" and inserting in lieu thereof "twenty". PAPERWORK REDUCTION

SEC. 328. Section 905 of the Housing and Community Development Amendments of 1978 is amended to read as follows: 92 Stat. 2126. 42 USC 3541. "PAPERWORK

REDUCTION

" SEC. 905. (a) The Congress finds and declares— "(1) that various d e part m e n t s, agencies, and i n s t r u m e n t a l i t i e s of the Federal Government with responsibilities involving housing and housing finance programs, require, approve, use or otherwise employ a variety of different forms as residential mortgages (or deeds of t r u s t or similar security i n s t r u m e n t s) as notes secured by those mortgages, and for applications, appraisals and other purposes, and that such duplication of forms constitutes a paperwork b u r d e n that adds to the costs imposed on the Nation's homeowners and home buyers; "(2) that unnecessary paperwork impairs the effectiveness of Federal housing and housing finance programs; "(3) that both single-family and multi-family program s a r e affected; and

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