Page:United States Statutes at Large Volume 94 Part 2.djvu/377

 PUBLIC LAW 96-399—OCT. 8, 1980

94 STAT. 1655

median one-family house price in the area, as determined by the Secretary;". (e) The Secretary of Housing and Urban Development shall conduct a study of the appropriate role of mortgage and loan insurance programs administered by the Federal Housing Administration— (1) in assisting various income groups to obtain homeownership; (2) in assuring an adequate level of new home construction; (3) in assuring an adequate flow of capital into mortgage markets; and (4) in moderating housing costs. In conducting such study, the Secretary shall examine the desirability and feasibility of establishing mortgage limits for the mortgage insurance programs on an area-by-area basis and the desirability and feasibility of doing so by relating such limits to housing sales price data or indices. The Secretary shall prepare a report (including such recommendations as the Secretary deems appropriate) based upon such study and transmit it to the Congress by March 1, 1981.

Study.

Report to Congress

AMENDMENTS TO THE PROGRAM ESTABLISHED BY THE EMERGENCY HOME PURCHASE ASSISTANCE ACT OF 1974

SEC. 337. (a) Section 3(b) of the Emergency Home Purchase Assistance Act of 1974 is amended by striking out "October 16, 1980" and inserting in lieu thereof "October 1, 1981". (b) Section 313 of the National Housing Act is amended— (1) by inserting "and if the Secretary determines that the implementation of this section will not significantly worsen inflationary conditions," after "1968," in the first sentence of subsection (a)(1); (2) by striking out "mortgages" in the first sentence of subsection (a)(1) and inserting in lieu thereof "mortgages and securities"; (3) by striking out "mortgages (1)" in the first sentence of subsection Ob) and inserting in lieu thereof "(1) mortgages"; (4) by striking out "or (2)" in the first sentence of subsection (b) and inserting in lieu thereof ", (2) securities guaranteed by the Association and backed by loans and advances of credit insured under title I of the National Housing Act, or guaranteed under chapter 37 of title 38, United States Code, and made for the purchase of a manufactured home and lot, or manufactured home, or (3) mortgages"; (5) by inserting "or guaranteed under title V of the Housing Act of 1949" before "or by qualified" in the first sentence of subsection (b); (6) by striking out all that follows "such mortgage involves an original principal obligation not to exceed" in clause (B) of the second sentence of subsection Ob) and inserting in lieu thereof the following: ", for that part of the property attributable to dwelling use in the case of a more than four-family residence, the per unit limitations under the section of the National Housing Act under which the project mortgage is insured or, in the case of a manufactured home loan or advance of credit, the limitation contained in section 2(b) of this Act;"; (7) by striking out in clause (C) of the second sentence of subsection Ob) "such mortgage involves an interest rate not in excess of that which the Secretary may prescribe, taking into account the cost of funds and administrative costs under this

Ante, p. 1364. 12 USC I723e.

12 USC 1702. 38 USC 1801 et
 * ^942 USC 1471.

12 USC 1701. 12 USC 1703.

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