Page:United States Statutes at Large Volume 98 Part 1.djvu/955

 PUBLIC LAW 98-369—JULY 18, 1984

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following subsections of section 103A (as modified by subparagraph (B) of this paragraph): "(I) subsection (d) (relating to residence requirements), "(II) subsection (e) (relating to 3-year requirement), "(III) subsection (f) (relating to purchase price requirement), "(IV) subsection (h) (relating to portion of loans required to be placed in targeted areas), and "(V) paragraph (1) of subsection (j) (relating to other requirements), "(iv) under which no mortgage credit certificate may be issued with respect to any residence any of the financing of which is provided from the proceeds of a qualified mortgage bond or a qualified veterans' mortgage bond, "(v) except to the extent provided in regulations, which is not limited to indebtedness incurred from particular lenders, "(vi) except to the extent provided in regulations, which provides that a mortgage credit certificate is not transferrable, and "(vii) if the issuing authority allocates a block of mortgage credit certificates for use in connection with a particular development, which requires the developer to furnish to the issuing authority and the homebuyer a certificate that the price for the residence is no higher than it would be without the use of a mortgage credit certificate. "(B) MODIFICATIONS OF SECTION 103A.—Under regulations prescribed by the Secretary, in applying section 103A for purposes of subclauses (II) and (IV) of subparagraph (A)(iii)"(i) each qualified mortgage certificate credit program shall be treated as a separate issue, "(ii) the product determined by multiplying— "(I) the certified indebtedness amount of each mortgage credit certificate issued under such program, by "(II) the certificate credit rate specified in such certificate, shall be treated as proceeds of such issue and the sum of such products shall be treated as the total proceeds of such issue, and "(iii) paragraph (1) of section 103A(e) shall be applied by substituting '100 percent' for '90 percent or more'. Clause (iii) shall not apply if the issuing authority submits a plan to the Secretary for administering the 90-percent requirement of section 103A(e)(l) and the Secretary is satisfied that such requirement will be met under such plan.

"(d) DETERMINATION OF CERTIFICATE CREDIT RATE.—For purposes

of this section— "(1) IN GENERAL.—The certificate credit rate specified in any mortgage credit certificate shall not be less than 10 percent or more than 50 percent. "(2) AGGREGATE LIMIT ON CERTIFICATE CREDIT RATES.—

98 STAT. 907

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