Page:United States Statutes at Large Volume 97.djvu/1270

 97 STAT. 1238 PUBLIC LAW 98-181—NOV. 30, 1983 xuiit in a cooperative housing corporation, or on a residential manu- factured home, a lender". 12 USC 1701g-5b. 42 USC 3901. 42 USC 4501. 12 USC 1701g-5. 42 USC 4518. Ante, p. 219. Report to Congress. 42 USC 3902, 4514. Ante, p. 219. 42 USC 3902, 4514. CANCELLATION OF DEBT OWED THE TREASURY AND UQUIDATION OF NEW COMMUNITIES PROGRAM SEC. 474. (a) In order to provide for the management and orderly liquidation of the assets, and discharge the liabilities, acquired or incurred in connection with the new communities program author- ized pursueuit to title IV of the Housing and Urban Development Act of 1968 and title VII of the Housing and Urban Development Act of 1970 (hereafter referred to in this section as "title IV" and "title VII", respectively), the liquidation of the new communities program shall be carried out pursuant to the provisions of law applicable to the revolving fund (liquidating programs) established pursuant to title II of the Independent Offices Appropriations Act, 1955, upon the transfer by the Secretary of Housing and Urban Development (hereafter in this section referred to as the '*Secre- tary") of the assets and liabilities of the fund authorized under section 717 of title VII to such revolving fund, as required in title I of the Department of Housing and Urban Development-Independent Agencies Appropriation Act, 1984. The Secretary shall report to the Congress not less than sixty days prior to taking any action with respect to the disposition of real property (other than a purchase money mortgage) which involves any further potential liability of or assistance from the Department of Housing and Urban Develop- ment with respect to any property so transferred. (b) In carrying out the purposes of subsection (a), all moneys in the revolving fund (liquidating programs) shall be available for neces- sary administrative and other expenses of servicing and liquidating obligations guaranteed pursuant to section 403 and section 713 of title IV and title VII, respectively, including costs of services (includ- ing legal services) performed on a contract or fee basis, and to discharge any other liability acquired or incurred in connection with the new communities program. Notwithstanding any other provi- sion of law relating to the acquisition, handling, improvement, or disposal of real and other property by the United States, the Secre- tary of Housing and Urban Development shall also have power, for the protection of the interests of the revolving fund (liquidating programs), to pay out of any moneys in such fund all expenses or charges in connection with the acquisition, handling, improvement, or disposal of any property, real or personal, acquired by the Secre- tary either prior or subsequent to the date of the enactment of this Act as a result of recoveries under security, subrogation, or other rights in connection with the new communities program. (c) After making the transfer required in title I of the Department of Housing and Urban Development-Independent Agencies Appro- priation Act, 1984, the Secretary of Housing and Urban Develop- ment may issue obligations to the Secretary of the Treasury in an amount sufficient to enable the Secretary of Housing and Urban Development to satisfy any guarantee made pursuant to section 403 or 713 of title IV or title VlI, respectively, and otherwise carry out the functions authorized by this section. The obligations issued under this subsection shall have such maturities and bear such rate or rates of interest as shall be determined by the Secretary of the Treasury. The Secretary of the Treasury is authorized and directed to purchase any obligations so issued, and for that purpose the

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