PUBLIC LAW 104-37 —OCT. 21, 1995
109 STAT. 317
RURAL HOUSING INSURANCE FUND PROGRAM ACCOUNT
(INCLUDING TRANSFERS OF FUNDS)
For gross obligations for the principal amount of direct and
guaranteed loans as authorized by title V of the Housing Act of
1949, as amended, to be available from funds in the rural housing
insurance fund, as follows: $2,700,000,000 for loans to section 502
borrowers, as determined by the Secretary, of which $1,700,000,000
shall be for unsubsidized guaranteed loans; $35,000,000 for section
504 housing repair loans; $15,000,000 for section 514 farm labor
housing; $150,000,000 for section 515 rental housing; $600,000 for
site loans: Provided, That notwithstanding section 520 of the Housing Act of 1949, the Secretary of Agriculture may make loans
under section 502 of such Act for properties in the Pine View
West Subdivision, located in Gibsonville, North Carolina, in the
same manner as provided under such section for properties in
rural areas.
For the cost of direct and guaranteed loans, including the
cost of modifying loans, as defined in section 502 of the Congressional Budget Act of 1974, as follows: section 502 loans,
$148,723,000, of which $2,890,000 shall be for unsubsidized guaranteed loans; section 504 housing repair loans, $14,193,000; section
514 farm labor housing, $8,629,000; section 515 rental housing,
$82,035,000: Provided, That no funds for new construction may
be available for fiscal year 1996 until the program is authorized.
In addition, for the cost (as defined in section 502 of the
Congressional Budget Act of 1974) of guaranteed loans under a
demonstration program of loan guarantees for multifamily rental
housing in rural areas, $1,000,0(^, to be derived from the amount
made available under this heading for the cost of low-income section
515 loans and to become available for obligation only upon the
enactment of authorizing legislation.
In addition, for administrative expenses necessary to carry
out the direct and guaranteed loan programs, $385,889,000, of
which $372,897,000 shall be transferred to and merged with the
appropriation for "Rural Housing and Community Development
Service, Salaries and Expenses".
RENTAL ASSISTANCE PROGRAM
For rental assistance agreements entered into or renewed
pursuant to the authority under section 521(a)(2) or agreements
entered into in lieu of forgiveness or payments for eligible households as authorized by section 502(c)(5)(D) of the Housing Act
of 1949, as amended, $540,900,000; and in addition such sums
as may be necessary, as authorized by section 521(c) of the Act,
to liquidate debt incurred prior to fiscal year 1992 to carry out
the rental assistance program under section 521(a)(2) of the Act:
Provided, That of this amount not more than $5,900,000 shall
be available for debt forgiveness or payments for eligible households
as authorized by section 502(c)(5)(D) of the Act, and not to exceed
$10,000 per project for advances to nonprofit organizations or public
agencies to cover direct costs (other than purchase price) incurred
in purchasing projects pursuant to section 502(c)(5)(C) of the Act:
Provided further, That agreements entered ifito or renewed during
fiscal year 1996 shall be funded for a five-year period, although
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