Page:United States Statutes at Large Volume 90 Part 1.djvu/1128

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PUBLIC LAW 94-000—MMMM. DD, 1976

90 STAT. 1078

PUBLIC LAW 94-375—AUG. 3, 1976 HOME OWNER'S LOAN

ACT

SEC. 22. The tM^elfth undesignated paragraph of section 5(c) of the Home Owner's Loan Act of 1933 (12 U.S.C. 1464(c)) is amended by adding in the first sentence, immediately after the words "made pursuant to either of such sections" and before the period the following language: "and in the share capital and capital reserve of the Inter-American Savings and Loan Bank". RESEARCH

AUTHORIZATION

Appropriation SEC. 23. (a) Section 501 of the Housing and Urban Development authorization. Act of 1970 is amended by striking out the second sentence and insert12 USC 1701Z-1. ing in lieu thereof the following: "There are authorized to be appro-

priated for activities under this title not to exceed $65,000,000 for the fiscal year 1977.". 12 USC 1701Z-3. (b) Section 504(b) of such Act is amended by striking out the first, third, and fourth sentences. (c) Section 502(f) of such Act is amended by striking out the 12 USC 1701Z-2. period at the end of the second sentence and inserting in lieu thereof the following: "and such departments and agencies are hereby authorized to execute such contracts and grants.". NATIONAL INSTITUTE or

BUILDING

SCIENCES

SEC. 24. Section 809(h) of the Housing and Community Develop12 USC 1701J-2. ment Act of 1974 is amended by inserting ", and $5,000,000 for each of the fiscal years 1977 and 1978" immediately after "fiscal year 1976". RURAL HOUSING

Interest rates. 42 USC 1490a. 42 USC 1490. 42 USC 1480.

42 USC 1490.

SEC. 25. (a) Section 521(a)(1) of the Housing Act of 1949 is amended by striking out "rate determined annually by the Secretary of the Treasury" and inserting in lieu thereof "rate determined by the Secretary of the Treasury upon the request of the Secretary". (b) Section 620(3)(B) of such Act is amended by inserting "for lower and moderate-income families" immediately after "has a serious lack of mortgage credit". (c) Section 510 of such Act is amended by redesignating subsections (f) and (g) as subsections (h) and (i), respectively, and by inserting the following new subsections immediately after subsection (e): "(f) continue processing as expeditiously as possible applications on hand received prior to the time an area has been determined by the Secretary not to be 'rural' or a 'rural area', as those terms are defined in section 520, and make loans or grants to such applicants who are found to be eligible on the same basis as though the area were still rural; "(g) notwithstanding that an area ceases, or has ceased, to be 'rural', in a 'rural area', or an eligible area, make assistance under this title available in connection with transfers and assumptions of property securing any loan made, insured, or held by the Secretary or in connection with any property held by the Secre: tary under this title on the same basis as though the area were still rural;". COUNSELING

SEC. 26. Title V of the Housing and Urban Development Act of 12 USC 1701Z-1. 1970 is amended by adding at the end thereof the following new section: