101 STAT. 1938
PUBLIC LAW 100-242—FEB. 5, 1988
"(1) The Secretary may not sell any loan made under this section.". SEC. 519. LOAN CANCELLATION.
The Secretary of Housing and Urban Development shall cancel the indebtedness represented by loan number 070024914 under section 312 of the Housing Act of 1964. The obligor on such loan is relieved of all liability to the Government for the outstanding principal balance on such loan, for the amount of accrued interest on such loan, and for any other fees and charges payable in connection therewith. This section shall be effective only to such extent or in such amounts as may be approved in appropriation Acts. SEC. 520. NEIGHBORHOOD REINVESTMENT CORPORATION.
(a) COMPOSITION OF BOARD.—Section 604 of the Neighborhood
42 USC 8103. r:,
42 USC 8107.
Reinvestment Corporation Act is amended— (1) by inserting before the semicolon in subsection (a)(1) the following: "or a member of the Federal Home Loan Bank Board to be designated by the Chairman"; (2) by striking out subsection (a)(3) and inserting in lieu thereof the following: "(3) the Chairman of the Board of Gov*-' ernors of the Federal Reserve System, or a member of the Board of Governors of the Federal Reserve System to be designated by the Chairman;"; (3) by inserting before the semicolon in subsection (a)(4) the following: "or the appointive member of the Board of Directors of the Federal Deposit Insurance Corporation if so designated by the Chairman"; and (4) by striking out "Administrator" in subsection (a)(6) and inserting in lieu thereof the word "Chairman"; and by inserting after "Administration" the following: "or a member of the Board of the National Credit Union Administration to be designated by the Chairman.". (b) AUTHORIZATION OF APPROPRIATIONS.—Section 608(a) of the Neighborhood Reinvestment Corporation Act is amended to read as follows: "(a) There are authorized to be appropriated to the corporation to carry out this title $19,000,000 for fiscal year 1988, and $19,000,000 for fiscal year 1989.". SEC. 521. NEIGHBORHOOD DEVELOPMENT DEMONSTRATION PROGRAM.
42 USC 5318 note.
Section 123(g) of the Housing and Urban-Rural Recovery Act of 1983 is amended to read as follows: "(g) There are authorized to be appropriated to carry out this section $2,000,000 for fiscal year 1988, and $2,000,000 for fiscal year 1989.". SEC. 522. PARK CENTRAL NEW COMMUNITY PROJECT.
12 USC 1439. Contracts.
213 of the Housing
Community Development Act of 1974 is amended by adding at the end the following new subsection: "(e) From budget authority made available in appropriation Acts for fiscal year 1988, the Secretary shall enter into an annual contributions contract for a term of 180 months to obligate sufficient funds to provide assistance payments pursuant to section 8(b)(1) of the United States Housing Act of 1937 on behalf of 500 lower income families from budget authority made available for fiscal year 1988,