Page:United States Statutes at Large Volume 97.djvu/1273

 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1241 Energy conserving requirements. which would apply under title II of the National Housing Act; 12 USC 1707. and "(C) the manufactured home meets the energy conserving requirements established under paragraph (2), or until the energy conserving requirements are established under para- graph (2), the manufactured home meets the energy conserving requirements applicable to housing other than manufactured housing financed under this title. "(2) Energy conserving requirements established by the Secretary for the purpose of paragraph (I)(C) shall— "(A) reduce the operating costs for a borrower by maximizing the energy savings and be cost-effective over the life of the manufactured home or the term of the loan, whichever is shorter, taking into account variations in climate, types of energy used, the cost to modify the home to meet such require- ments, and the estimated value of the energy saved over the term of the mortgage; and "(B) be established so that the increase in the annual loan payment resulting from the added energy conserving require- ments in excess of those required by the standards prescribed under title VI of the Housing and Community Development Act of 1974 shall not exceed the projected savings in annual energy costs.". (b) Within 18 months from the issuance by the Secretary of Agriculture of regulations under section 502(e)(2) of the Housing Act of 1949, the Secretary of Energy, in consultation with the Secretary of Housing and Urban Development and the Secretary of Agricul- ture, shall conduct a study and transmit to the Congress a report that compares the increased construction costs, actua). annual energy use, and the projected value of energy saved over the expected life of the home or the mortgage term, whichever is shorter, of manufactured homes which are financed under titles I and II of the National Housing Act, or under title V of the Housing Act of 1949 and which are built according to national manufactured housing safety standards with other homes insured under either such Act. (c) Section 527 of such Act is repealed. (d) Section 502(a) of such Act is amended— (1) by inserting "(1)" after the subsection designation; (2) by striking out all after "making of the loan with interest" and inserting in lieu thereof a period and the following: "The Secretary may accept the personal liability of any person with adequate repayment ability who will cosign the applicant's note to compensate for any deficiency in the applicant's repayment ability. At the borrower's option, the borrower may prepay to the Secretary as escrow agent, on terms and conditions pre- scribed by him, such taxes, insurance, and other expenses as the Secretary may require in accordance with section 501(e)."; and 42 USC 1471. (3) by adding at the end thereof the following new paragraph: "(2) The Secretary may extend the period of any loan made under Loan extension this section if the Secretary determines that such extension is penod. necessary to permit the making of such loan to any person whose income does not exceed 60 per centum of the median income for the area and who would otherwise be denied such loan because the payments required under a shorter period would exceed the finan- cial capacity of such person. The aggregate period for which any 42 USC 5401. Report to Congress. 42 USC 1472 note. Ante, p. 1240. 12 USC 1702, 1707. 42 USC 1471. Repeal. 42 USC 1490g. 42 USC 1472.

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