458
PUBLIC LAW 91-351-JULY 24, 1970
[84 STAT.
controlling intent of Congress that if any provision of this title, or the application thereof to any person or circumstances, is held invalid, the remainder of this title, or the application of such provision to persons or circumstances other than those as to which it is held invalid, shall not be affected thereby. TITLE IV—GOVEKNMENT N A T I O N A L M O E T G A G E ASSOCIATION SPECIAL ASSISTANCE FUNDS 75 Stat, 175;
- \2 USC V720
80 Stat. 738; ® ^ ^^^-
82 Stat. 477;
- \? u s c m5z.
Ante, p. 450.
§^0.401. (a) Section 305(c) of the National Housing Act is amended by striking out "by $500,000,000 on July 1, 1969" and inserting in lieu thereof "by $2,000,000,000 on July 1, 1969". (b) Section 305(g) of such Act is amended— (1) by striking out "$2,500,000,000" and inserting in lieu thereof "$1,750,000,000"; (2) by striking out "at par"; and (3) by striking out in the first sentence all that follows the word "exceed" and inserting in lieu thereof "the dollar limitation on maximum principal obligation that would be applicable to such mortgage if insured under section 235(i) of the National Housing Act."
SEC. 402. The second sentence of section 302(b)(1) of the National Housing Act (as redesignated by section 201 of this Act) is amended by inserting after " (1) " the following: "is insured under section 236 or". TITLE V—FUNDS FOR FINANCING MIDDLE-INCOME HOUSING FINDINGS AND PURPOSE
SEC. 501. The Congress finds that— (1) periodic episodes of monetary stringency and high interest rates make it extremely difficult for families of middle income to obtain mortgage credit at rates which they can afford to pay; (2) periods of monetary stringency and high interest rates are directly related to the Government's monetary and fiscal policies; (3) a disproportionate share of the burden of sustaining these anti-inflationary policies of the Government falls on families of middle income who are buyers or prospective buyers of homes; and (4) the Government has a responsibility to lessen the disproportionate burden which such families bear as a result of such policies. I t is the purpose of this title to provide, during periods of high mortgage interest rates, a source of mortgage credit for such families which is within their financial means. MORTGAGE CREDIT FOR MIDDLE-INCOME FAMILIES
Interest sub^'12 USCTi^oV-
g^c. 502. Title II of the National Housing Act is amended by adding ^ 116W section 243 as follows:
1715Z-7.
" H O M E O W N E R S H I P FOR MIDDLE-INCOME FAMILIES
"SEC. 243. (a) Whenever he determines such action to be necessary in furtherance of the purposes set forth in section 501 of the Emergency Home Finance Act of 1970, the Secretary is authorized to make, and to contract to make, periodic assistance payments on behalf of families of middle income. The assistance shall be accomplished through interest subsidy payments to the Federal National Mortgage
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