Page:United States Statutes at Large Volume 94 Part 2.djvu/361

 PUBLIC LAW 96-399—OCT. 8, 1980 (i) Section 810(k) of such Act is amended "October 15, 1980" in the second sentence and thereof "September 30, 1981". (j) Section 1002(a) of such Act is amended "October 15, 1980" in the second sentence and thereof "September 30, 1981". (k) Section 1101(a) of such Act is amended "October 15, 1980" in the second sentence and thereof "September 30, 1981".

94 STAT. 1639

by striking out 12 USC i748h-2. inserting in lieu by striking out 12 USC i749bb. inserting in lieu by striking out 12 USC I749aaa. inserting in lieu

FLEXIBLE INTEREST RATE AUTHORITY

SEC. 302. (a) Section 3(a) of Public Law 90-301 is amended by striking out "October 16, 1980" and inserting in lieu thereof "October 1, 1981". (b) Section 3(a) of such Public Law is amended— (1) by inserting after "finds necessary to meet the mortgage market," in the first sentence thereof the following: "taking into consideration the yields on mortgages in the primary and secondary markets,"; (2) by inserting after "finds necessary to meet the loan market" in the second sentence the following: ", taking into consideration the yields on home improvement and manufactured home loans"; and (3) by adding the following new sentence at the end thereof: "In setting such rates, the Secretary shall seek to minimize uncertainty and speculation in connection with mortgage and loan transactions insured under the National Housing Act, and when effective rates on home mortgages and other such loans are rising, the Secretary shall exercise the authority to set the interest rates for such mortgage and loan insurance programs with sufficient frequency to promote the objective that discount points payable in connection with mortgages and lo£ms insured pursuant to such progremas should be minimized.".

12 USC 1709-1.

12 USC 1701.

RESEARCH AUTHORIZATIONS

SEC. 303. The second sentence of section 501 of the Housing and Urban Development Act of 1970 is amended by striking out "and not 12 USC I70iz-l. to exceed $50,300,000 for the fiscal year 1980" and inserting in lieu thereof "not to exceed $50,300,000 for the fiscal year 1980, and not to exceed $51,000,000 for the fiscal year 1981". AUTHORIZATION FOR FLOOD INSURANCE STUDIES

SEC. 304. Section 1376(c) of the National Flood Insurance Act of 1968 is amended by striking out "and not to exceed $74,000,000 for the 42 USC 4127. fiscal year 1980" and inserting in lieu thereof "not to exceed $74,000,000 for the fiscal year 1980, and not to exceed $61,600,000 for the fiscal year 1981". FEDERAL HOUSING ADMINISTRATION GENERAL INSURANCE FUND

SEC. 305. Section 519(f) of the National Housing Act is amended by 12 USC I735c. striking out all that follows "General Insurance Fund not to exceed" and inserting in lieu thereof "$1,738,000,000.".

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