668
PUBLIC LAW 93-383-AUG. 22, 1974
Ante, p. 654.
Ante. p. 659.
tlve date of such section 3(1) (other than by reason of the provisions relating to welfare assistance payments), the required adjustment shall be made, in accordance with regulations of the Secretary, as follows: (A) the first adjustment shall not exceed $5 and shall become effective as of the month following the month of the first review of the family's income pursuant to section 6(c)(2) of such Act which occurs at least six months after the effective date of such section 3(1), and (B) subsequent adjustments, each of which shall not exceed $5, shall be made at six-month intervals over whatever period is necessary to effect the full required increase in the family's rental charge. EXEMPTIONS
42 USC 1437f note.
[88 STAT.
OF CERTAIN
PROJECTS FROM R E N T A L
FORMULA
SEC, 203. The rental or income contribution provisions of the United States Housing Act of 1937, as amended by section 201 of this Act, shall not preclude the use of special schedules of required payments as approved by the Secretary for participants in mutual help housing projects who contribute labor, land, or materials to the development of such projects. REPEAL OF S P E C I F I C A T I O N REQUIREMENTS I N CONSTRUCTION
42^ ijsc 141 Id
CONTRACTS
^^^' ^^^- Section 815 of the Housing Act of 1954 is repealed.
145Sa. RETROACTIVE E F F E C T OF REPEAL OF SECTION 1 0 (j)
^^42 USC 1410
42 USC 1410.
SEC. 205. Section 206(c) of the Housing Act of 1961 (Public Law 87_7o^ approved June 30, 1961, 75 Stat. 165) is amended by adding at the end thereof the following sentence: "The Secretary of Housing and Urban Development is authorized to agree with a public housing agency to the amendment of any annual contributions contract containing the provision prescribed in section 10(j) of the United States Housing Act of 1937 (as in effect prior to the enactment of the Housing and Community Development Act of 1974), so as to delete such provision and waive any rights of the United States that are accrued or may accrue under such provision." AMENDMENT TO N A T I O N A L B A N K
ACT
SEC. 206. The sixth sentence of paragraph "Seventh" of section 5136 of the Revised Statutes, as amended (12 U.S.C. 24), is amended— (1) by striking out "1421a(b) of title 42" wherever it appears and inserting in lieu thereof "6(g) of the United States Housing Ante,
p. 659.
Act
of 1937"
(2) by striking out "either" before clause (1); (3) by striking out "(which obligations shall have a maturity of not more than eighteen months)" in clause (1); (4) by striking out "or" before clause (2); and (5) by inserting before the colon before the first proviso the following: ", or (3) by a pledge of both annual contributions under an annual contributions contract containing the covenant by the Secretary which is authorized by section 6(g) of the United States Housing Act of 1937, and a loan under an agreement between the local public housing agency and the Secretary in which the public housing agency agrees to borrow from the Secretary, and the Secretary agrees to lend to the public housing agency, prior to the maturity of the obligations involved, moneys in an amount which (together with any other moneys irrevocably committed under the annual contributions contract to the payment of principal and interest on such obligations) will suffice to pro-
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