Page:United States Statutes at Large Volume 93.djvu/1166

 93 STAT. 1134

42 USC 1485. 42 USC 1487.

PUBLIC LAW 96-153—DEC. 21, 1979

inserting in lieu thereof "not to exceed $3,000,000 for the fiscal year ending September 30, 1979, and not to exceed $1,000,000 for the fiscal year ending September 30, 1980". (f) Section 5150t))(5) of such Act is amended by striking out "November 30, 1979" and inserting in lieu thereof "September 30, 1980". (g) Section 517(a)(1) of such Act is amended by striking out "November 30, 1979" and inserting in lieu thereof "September 30, 1980". INTEREST RATE; DEFINITION OF LOW INCOME

42 USC 1490a.

12 USC 1709-1. 12 USC 1709.

Definitions. 42 USC 1471.

SEC. 502. (a) Section 521(a)(1)(A) of the Housing Act of 1949 is amended by inserting before the period at the end of the first sentence the following: ", except that such loans to provide housing and related facilities for persons or families of moderate income shall bear interest at the rate established by the Secretary of Housing and Urban Development under section 3(a) of Public Law 90-301 with respect to maximum interest rates established for mortgages insured under section 2O30b) of the National Housing Act if the Secretary determines that the borrower can afford such higher interest charges". 0?) Section 501(b) of such Act is amended by adding at the end thereof the following: "(4) For the purpose of this title, the term 'persons of low income' and the term 'persons and families of low income' means families and persons whose income do not exceed 80 per centum of the median income for the area, as determined by the Secretary with adjustments for smaller and larger families, except that (A) if the Secretary determines that it is impracticable to use the median income for any area, the Secretary may use for such area the median income of all the nonmetropolitan areas in the State, and (B) the Secretary may establish income ceilings higher or lower than 80 per centum of median income on the basis of his findings that such variations are necessary because of prevailing levels of construction costs, unusually high or low family incomes, or other factors. "(5) For the purpose of this title, the term 'income' means income from all sources of each member of a household, as determined in accordance with criteria prescribed by the Secretary.". PREPAYMENT AND REFINANCING OF LOANS UNDER SECTIONS 514 AND 515

42 USC 1472.

42 USC 1484. 42 USC 1485.

SEC. 503. (a) Section 502(b)(2) of the Housing Act of 1949 is amended by inserting the following before the semicolon at the end thereof: ", except that any prepayment of a loan made or insured under section 514 or 515 shall be subject to the provisions of subsection (c)". Ob) Section 502 of such Act is amended by inserting the following new subsection at the end thereof: "(c)(1) Except as provided in paragraph (2), the Secretary may not accept an offer to prepay, or request refinancing in accordance with subsection 0t))(3) of, any loan made or insured under section 514 or 515 of this title pursuant to a contract entered into before or after the date of enactment of this subsection, unless the Secretary takes appropriate action which will obligate the borrower (and successors in interest thereof) to utilize the assisted housing and related facilities for the purposes specified in section 514 or 515, as the case may be, for a period of— "(A) fifteen years from the date on which the loan was made in the case of a loan made or insured pursuant to a contract entered

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