Page:United States Statutes at Large Volume 94 Part 2.djvu/374

 94 STAT. 1652

PUBLIC LAW 96-399—OCT. 8, 1980 (2) by striking out "residing in the area of such project" in paragraph (2) and inserting in lieu thereof "residing in the same metropolitan area (or nonmetropolitan county) as the project". MORTGAGE-BACKED SECURITIES PROGRAM

Report to Congress. 12 USC 1723a note.

SEC. 330. If the Federal National Mortgage Association submits to the Secretary of Housing and Urban Development or the Secretary of the Treasury, after the date of enactment of this section, a proposal with respect to undertaking a mortgage-backed securities program, the Secretary of Housing and Urban Development or the Secretary of the Treasury, as the case may be, shall, within 90 days after submission of such proposal, approve the proposal or transmit to the Congress a report explaining why the proposal has not been approved. EXTENSION OF HUD MINIMUM PROPERTY STANDARDS; LOCAL ACCEPTABLE STANDARDS FOR MASONRY CONSTRUCTION

Thermal requirements.

Analysis, report to Congress.

Exemption.

SEC. 331. (a) Until the Secretary of Housing and Urban Development submits the report required by subsection (b) to the Congress, any final rule published for effect by the Secretary pertaining to increases in thermal requirements for the Department of Housing and Urban Development's minimum property standards shall provide for the continuation of any local acceptable standards exemptions, approved by the Secretary prior to May 31, 1979, which are applicable to masonry construction. (b) The Secretary shall conduct an analysis and, on August 1, 1981, report to Congress on the cost of constructing, heating, and cooling masonry, frame, log, and other buildings that comply with the increased thermal requirements and on the competitive economic impact of applying such increased thermal standards or permitting any exemptions from them. (c) If such analysis shows there is an economic justification for any exemption from the thermal standards, an appropriate exemption for a specific construction type in a specific geographical location may be provided by the Secretary. NEGOTIATED INTEREST RATES UNDER SECTION 203

12 USC 1709-1.

Commitment agreement. 12 USC 1709.

SEC. 332. Section 3(a) of Public Law 90-301 is amended— (1) by inserting "(1)" after "SEC. 3. (a)"; (2) by inserting ", except those provided for in paragraph (2)," in the first sentence after "for all purposes"; and (3) by adding the following new paragraph at the end thereof: "(2)(A) Notwithstanding any other provision of law, the Secretary jjj^y provide that the interest rate applicable to mortgages insured under section 203(b) of the National Housing Act shall be an interest rate specified in a commitment agreement which is negotiated between the mortgagor and mortgagee if— "(i) the mortgagee discloses to the borrower, prior to the commitment, information on the applicable maximum rate established under paragraph (1) and a good faith estimate of the prevailing number of discount points associated with such rate; "(ii) the agreement commits the mortgagee to such specified interest rate for at least 30 days after the date on which it is entered into; and

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