Page:United States Statutes at Large Volume 94 Part 1.djvu/789

 PUBLIC LAW 96-294—JUNE 30, 1980

94 STAT. 739

"(1) the term 'Bank* means the Solar Energy and Energy Definitions. Conservation Bank established under section 505 of the Solar Energy and Energy Conservation Bank Act; Ante, p. 722. "(2) the term 'Board' means the Board of Directors of the Bank; "(3) the term 'residential building' has the meaning given such term in section 504(2) of the Solar Energy and Energy Conservation Bank Act; Ante, p. 719. "(4) the term 'residential energy conserving improvements* has the meaning given such term in section 504(6) of the Solar Energy and Energy Conservation Bank Act; and "(5) the term 'solar energy system' has the meaning given such term in section 504(8) of the Solar Energy and Energy Conservation Bank Act.", (i) The section heading of section 315 of such Act is amended to read as follows: "AUTHORITY OP SOLAR ENERGY AND ENERGY CONSERVATION BANK TO PURCHASE LOANS AND ADVANCES OF CREDIT FOR ENERGY CONSERVING IMPROVEMENTS OR SOLAR ENERGY SYSTEMS". AUTHORITY OF SOLAR ENERGY AND ENERGY CONSERVATION BANK TO PURCHASE MORTGAGES SECURED BY NEWLY CONSTRUCTED HOMES WITH SOLAR ENERGY SYSTEMS

SEC 532. (a) Section 316(a) of the Federal National Mortgage Association Charter Act is amended— (1) by striking out "The Secretary'* and inserting in lieu thereof "Unless the Board of Directors of the Solar Energy and Energy Conservation Bank established in section 505 of the Solar Energy and Energy Conservation Bank Act finds it unnecessary to utilize this section in order to advance the national program of energy conservation through the use of solar energy systems in residential buildings, the Board"; (2) by striking out "Association" and inserting in lieu thereof "Bank^';and (3) by striking out "loans and advances of credits'* and inserting in lieu thereof "mortgages". (b) Section 316(b) of such Act is amended— (1) by striking out "Secretary", "Association", and "loans and advances of credit" in the first sentence and inserting in lieu thereof "Board", "Bank", and "mortgages", respectively; (2) by striking out "which are made to owners" in the first sentence and all that follows through the period at the end of such sentence and inserting in lieu thereof "which are secured by newly constructed one- to four-family dwelling units with solar energy systems and residential energy conserving improvements meeting or exceeding cost-effective e n e r ^ conservation standards established by the Secretary of Housing and Urban Development."; (3) by striking out "loan or advance of credit" the first time it appears in the second sentence and inserting in lieu thereof "mortgage"; (4) by striking out "fifteen" in paragraph (1) and inserting in lieu thereof "thirty"; (5) by striking out paragraphs (2) and (3) and inserting in lieu thereof the following new paragraphs:

12 USC 1723h.

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