Page:United States Statutes at Large Volume 98 Part 1.djvu/951

 PUBLIC LAW 98-369—JULY 18, 1984

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"(ii) an assessment of the compliance of such governmental unit during the preceding 1-year period preceding the date of the report with— "(I) the statement of policy on qualified mortgage bonds and mortgage credit certificates that was set forth in the previous report, if any, of an applicable elected representative of such governmental unit, and "(II) the intent of Congress that State and local governments are expected to use their authority to issue qualified mortgage bonds and mortgage credit certificates to the greatest extent feasible (taking into account prevailing interest rates and conditions in the housing market) to assist lower income families to afford home ownership before assisting higher income families."

98 STAT. 903

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(c) TREATMENT OF QUALIFIED VETERANS' MORTGAGE BONDS.—

(1) Subparagraph (C) of section 103A(c)(3) (defining qualified 26 USC 103A. veterans' mortgage bond) is amended by striking out "subsection (j)(l)" and inserting in lieu thereof "subsection (d), paragraphs (1) and (3) of subsection (j), and subsection (o)". (2) Section 103A is amended by adding at the end thereof the following new subsection: "(o) ADDITIONAL REQUIREMENTS FOR QUALIFIED VETERANS' MORTGAGE BONDS.— "(1) VETERANS TO WHOM FINANCING MAY BE PROVIDED.—An

obligation meets the requirements of this subsection only if each mortgagor to whom financing is provided under the issue is a qualified veteran. "(2) REQUIREMENT THAT STATE PROGRAM BE IN EFFECT BEFORE

JUNE 22, 1984.—An issue meets the requirements of this subsection only if it is a general obligation of a State which issued qualified veterans' mortgage bonds before June 22, 1984. "(3) VOLUME LIMITATION.—

"(A) IN GENERAL.—An issue meets the requirements of this subsection only if the aggregate amount of bonds issued £., -? pursuant thereto (when added to the aggregate amount of qualified veterans' mortgage bonds previously issued by the State during the calendar year) does not exceed the State veterans limit for such calendar year. "(B) STATE VETERANS LIMIT.—A State veterans limit for any calendar year is the amount equal to— "(i) the aggregate amount of qualified veterans bonds issued by such State during the period beginning on January 1, 1979, and ending on June 22, 1984 (not including the amount of any qualified veterans bond issued by such State during the calendar year (or portion thereof) in such period for which the amount of such bonds so issued was the lowest), divided by "(ii) the number (not to exceed 5) of calendar years after 1979 and before 1985 during which the State issued qualified veterans bonds (determined by only taking into account bonds issued on or before June 22, 1984). "(4) QUALIFIED VETERAN.—For purposes of this subsection, the term 'qualified veteran' means any veteran—

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