Page:United States Statutes at Large Volume 94 Part 2.djvu/375

 PUBLIC LAW 96-399—OCT. 8, 1980

94 STAT. 1653

"(iii) the agreement contains a commitment with respect to any discount points to be charged which shall be binding during the same period as the conunitment period with respect to the specified interest rate. "(B) The number of mortgages which are insured in accordance with this paragraph in any fiscal year may not exceed— "(i) the number of mortgages which exceeds 10 per centum of all mor^ages insured under such section 203 during the precedingfiscalyear, or "(ii) 50,000 mortgages, whichever is greater. "(C) The provisions of this paragraph shall not apply with respect to mortgages which are subject to section 245 of the National Housing Act. "(D) The Secretary shall monitor experience under this paragraph and report to (Congress by March 1, 1982, comparing the discount points and effective yields associated with mortgages insured under this paragraph with the discount points and effective yields associated with (i) mortgages in the conventional mortgage market, and (ii) other mortgages insured under section 203(b) of the National Housing Act.".

Mortgages, limitation. 12 USC 1709.

12 USC 1715Z-10. Report to Congress.

DELETION OF REFERENCES TO REMAINING ECONOMIC LIFE

SEC. 333. (a) Section 203(b)(3) of the National Housing Act is amended by striking out the following: "or three-quarters of the Secretary's estimate of the remaining economic life of the building improvements, whichever is the lesser". (b) Section 220(h)(2)(iv) of such Act is amended by striking out the following: "or three-quarters of the remaining economic life of the structure, whichever is the lesser". (c) Section 221(d)(6) of such Act is amended by striking out ": Provided, That no mortgage insured under subsection (d)(2) shall have a maturity exceeding three-quarters of the Secretary's estimate of the remaining economic life of the building improvements". (d) Section 221(i)(2)(A)(iv) of such Act is amended by striking out "the lesser o f and by striking out "or three-quarters of the Secretary's estimate of the remaining economic life of the building improvements". (e) Section 234(c) of such Act is amended by striking out the following: "or three-fourths of the Secretary's estimate of the remaining economic life of the project, whichever is the lesser". (f) Section 240(c)(5) of such Act is amended by striking out the following "or three-quarters of the remaining economic life of the home, whichever is the lesser".

12 USC 1709.

12 USC I7i5k. 12 USC 1715Z.

12 USC I7i5y. 12 USC i7i5z-5.

CONGRESSIONAL REVIEW

SEC. 334. (a) Section 7(o)(3) of the Department of Housing and Urban Development Act is amended by striking out "20" each place it 42 USC 3535 appears and inserting in lieu thereof "30". (b) The amendment made by subsection (a) shall apply only to rules 42 USC 3535 and regulations which are published as final on or after the date of note. enactment of this Act.

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