Page:United States Statutes at Large Volume 94 Part 2.djvu/1385

 PUBLIC LAW 96-499—DEC. 5, 1980

94 STAT. 2663

"(g) LIMITATION ON AGGREGATE AMOUNT OF QUALIFIED MORTGAGE BONDS ISSUED DURING ANY CALENDAR YEAR.—

"(1) IN GENERAL.—An issue meets the requirements of this subsection only if the aggregate amount of bonds issued pursuant thereto, when added to the aggregate amount of quahfied mortgage bonds previously issued by the issuing authority during the calendar year, does not exceed the applicable limit for such authority for such calendar year. "(2) APPLICABLE LIMIT FOR STATE HOUSING AGENCY.—For purposes of this subsection— "(A) IN GENERAL.—The applicable limit for any State housing finance agency for any calendar year shall be 50 percent of the State ceiling for such year. "(B) SPECIAL RULE WHERE MORE THAN i AGENCY.—If any

State has more than 1 State housing finance agency, all such agencies shall be treated as a single agency. "(3) APPLICABLE LIMIT FOR OTHER ISSUERS.—For purposes of this subsection— "(A) IN GENERAL.—The applicable limit for any issuing authority (other than a State housing finance agency) for any calendar year is an amount which bears the same ratio to 50 percent of the State ceiling for such year as— "(i) the average annual aggregate principal amount of mortgages executed during the immediately preceding 3 calendar years for single-family owner-occupied residences located within the jurisdiction of such issuing authority, bears to "(ii) an average determined in the same way for the entire State. "(B) OVERLAPPING JURISDICTIONS.—For purposes of subparagraph (A)(i), if an area is within the jurisdiction of 2 or more governmental units, such area shall be treated as only within the jurisdiction of the unit having jurisdiction over the smallest geographical area unless such unit agrees to surrender all or part of such jurisdiction for such calendar year to the unit with overlapping jurisdiction which has the next smallest geographical area. "(4) STATE CEILING.—For purposes of this subsection, the State ceiling applicable to any State for any calendar year shall be the greater of— "(A) 9 percent of the average annual aggregate principal amount of mortgages executed during the immediately preceding 3 calendar years for single-family owner-occupied residences located within the jurisdiction of such State, or "(B) $200,000,000. "(5) SPECIAL RULE FOR STATES WITH CONSTITUTIONAL HOME RULE

CITIES.—For purposes of this subsection— "(A) IN GENERAL.—The applicable limit for any constitutional home rule city for any calendar year shall be determined under subparagraph (A) of paragraph (3) by substituting '100 percent' for '50 percent'. "(B) COORDINATION WITH PARAGRAPHS (2) AND (3).—In the

case of any State which contains 1 or more constitutional home rule cities, for purposes of applying paragraphs (2) and (3) with respect to issuing authorities in such State other than constitutional home rule cities, the State ceiling for any calendar year shall be reduced by the aggregate applicable

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