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 97 STAT. 1226 PUBLIC LAW 98-181—NOV. 30, 1983 "Net appreciated value. " Ante, p. 1218. Consumer protections and disclosure requirements. Ante, pp. 1223, 1225. "(2) bears interest at a rate which meets criteria prescribed by the Secretary; "(3) provides for amortization over a period of not to exceed 30 years, but the actual term of the mortgage (excluding any refinancing) may be not less than 10 nor more than 30 years, and contains such provisions relating to refinancing of the principal balance of the mortgage and any contingent deferred interest as the Secretary may provide; and "(4) meets such other conditions as the Secretary may require by regulation. "(b) The mortgagee's share of a property's or stock's net appre- ciated value shall be payable upon sale or transfer (as defined by the Secretary) of the property or stock or payment in full of the mort- gage, whichever occurs first. For purposes of this section, the term net appreciated value' means the amount by which the sales price of the property or stock (less the mortgagor s selling costs) exceeds the value of the property or stock at the time the commitment to insure is issued (with adjustments for capital improvements stipu- lated in the loan contract). If there has been no sale or transfer at the time the mortgagee's share of net appreciated value becomes payable, the sales price for purposes of this section shall be deter- mined by means of an appraisal conducted in accordance with procedures approved by the Secretary and provided for in the mortgage. "(c) In the event of a default, the mortgagee shall be entitled to receive the benefits of insurance in accordance with section 204(a), but such insurance benefits shall not include the mortgagee's share of net appreciated value. The term 'original principal obligation of the mortgage' as used in section 204 shall not include the mortga- gee's share of net appreciated value. "(d) Mortgages insured pursuant to this section which contain provisions for sharing appreciation or which otherwise require or permit increases in the outstanding loan balance which are author- ized under this section or under applicable regulations shall not be subject to any State constitution, statute, court decree, common law, rule, or public policy limiting or prohibiting increases in the out- standing loan balance after execution of the mortgage. "(e) In carrying out the provisions of this section, the Secretary shall encourage the use of insurance under this section by low and moderate income tenants who would otherwise be displaced by the conversion of their rental housing to condominium or cooperative ownership. "(f) The Secretary shall prescribe adequate consumer protections and disclosure requirements with respect to mortgages insured under this section, and may prescribe such other terms and condi- tions as may be appropriate to carry out the provisions of this section. "(g) The aggregate number of mortgages and loans insured under this section, section 245(c), and section 251 in any fiscal year may not exceed 10 percent of the aggregate number of mortgages and loans insured by the Secretary under this title during the preceding fiscal year.". SHARED APPRECIATION MORTGAGES FOR MULTIFAMILY HOUSING SEC. 445. Title II ot the National Housing Act is amended by adding at the end thereof the following new section:

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 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1227 SHARED APPRECIATION MORTGAGES FOR MULTIFAMILY HOUSING "SEC. 253. (a) Notwithstanding any provision of this title that is inconsistent with this section, the Secretary may insure, under any provision of this title providing for insurance of mortgages on properties including 5 or more family units, a mortgage secured by a first lien on the property that (1) provides for the mortgagee to share in a predetermined percentage of the property's net appreciated value; and (2) meets such other conditions, including limitations on the rate of interest which may be charged, as the Secretary may require by regulation. "(b) The mortgagee's share of a property's net appreciated value shall be payable upon maturity or upon payment in full of the loan or sale or transfer (as defined by the Secretary) of the property, whichever occurs first. The term of the mortgage shall not be less than 15 years, and shall be repayable in equal monthly installments of principal and fixed interest during the mortgage term in an amount which would be sufficient to retire a debt with the same principal and fixed interest rate over a period not exceeding 30 years. In the case of a mortgage which will not be completely amortized during the mortgage term, the principal obligation of the mortgage may not exceed 85 percent of the estimated value of the property or project. For purposes of this section, the term 'net appreciated value' means the amount by which the sales price of the property (less the mortgagor's selling costs) exceeds the value (or replacement cost, as appropriate) of the property at the time the commitment to insure is issued (with adjustments for capital im- provements stipulated in the loan contract). If there has been no sale or transfer at the time the mortgagee's share of net appreciated value becomes payable, the sales price for purposes of this section shall be determined by means of an appraisal conducted in accord- ance with procedures approved by the Secretary and provided for in the mortgage. "(c) In the event of a default, the mortgagee shall be entitled to receive the benefits of insurance in accordance with section 204, but such insurance benefits shall not include the mortgagee's share of net appreciated value. The term 'original principal obligation of the mortgage' as used in section 204(a) shall not include the mortgagee's share of net appreciated value. "(d) The Secretary shall establish by regulation the maximum percentage of net appreciated value which may be payable to a mortgagee as the mortgagee's share. The Secretary shall also estab- lish disclosure requirements applicable to mortgagees making mort- gage loans pursuant to this section, to assure that mortgagors are informed of the characteristics of such mortgages. "(e) Mortgages insured pursuant to this section which contain provisions for sharing appreciation or which otherwise require or permit increases in the outstanding loan balance which are author- ized under this section or under applicable regulations shall not be subject to any State constitution, statute, court decree, common law, rule, or public policy limiting or prohibiting increases in the out- standing loan balance after execution of the mortgage. "(f) The number of dwelling units included in properties covered by mortgages insured pursuant to this section in any fiscal year may not exceed 5,000. ". 12 USC 1715Z-18. "Net appreciated value. " 12 USC 1710. Regulations. Disclosure requirements. Dwelling units, limitation.

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Page:United States Statutes at Large Volume 97.djvu/1260

 97 STAT. 1228 PUBLIC LAW 98-181—NOV. 30, 1983 12 USC 1713. 12 USC 1715k. 12 USC 1715Z. 12 USC 1715v. 12 USC 1713 note. INSURANCE OF MORTGAGES NOT PROVIDING FOR COMPLETE AMORTIZATION SEC. 446. (a) The first sentence of the first undesignated paragraph of section 207(c)(3) of the National Housing Act is amended by inserting immediately after "periodic payments" the following: "(unless otherwise approved by the Secretary)". (c) Section 220(d)(4) of such Act is amended by inserting after "periodic payments" the following: "(unless otherwise approved by the Secretary)". (d) Section 221(d)(6) of such Act is amended by inserting after "periodic payments" the following: "(unless otherwise approved by the Secretary)". (e) Section 231(c)(5) of such Act is amended by inserting after "periodic payments" the following: "(unless otherwise approved by the Secretary)". (f) The aggregate number of dwelling units included in properties covered by mortgages insured pursuant to the authority granted in the amendments made by this section in any fiscal year may not exceed 10,000. 12 USC 1709. Ante, pp. 1223, 1213, 1225, 1227. PREMIUM CHARGES FOR INSURANCE OF ALTERNATIVE MORTGAGE INSTRUMENTS SEC. 447. The first proviso in section 203(c) of the National Hous- ing Act is amended by inserting after "fixed for insurance" the following: "(1) under section 245, 247, 251, 252, or 253, or any other financing mechanism providing alternative methods for repayment of a mortgage that is determined by the Secretary to involve addi- tional risk, or (2)". Report to Congress. 12 USC 1709 note. REPORT ON HOME EQUITY CONVERSION MORTGAGES FOR THE ELDERLY SEC. 448. The Secretary of Housing and Urban Development shall evaluate the existing use of home equity conversion mortgages for the elderly and, not later than the expiration of the 1-year period following the date of the enactment of this Act, submit to the Congress a report setting forth the results of such evaluation. Such report shall include— (1) an evaluation of whether the use of such mortgages improves the financial situation, or otherwise meets the special needs, of elderly homeowners; (2) an evaluation of any risks incurred by mortgagors as a result of the use of such mortgages, and any recommendations of the Secretary for appropriate safeguards to be included in such mortgages to minimize such risks; (3) an evsduation of the potential for acceptance of such mortgages in the private market; and (4) any recommendations of the Secretary for the establish- ment of a Federal program of insuring such mortgages.

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 PUBLIC LAW 98-181—NOV. 30, 1983 PART B—FLOOD AND PROPERTY INSURANCE PROGRAMS 97 STAT. 1229 FLOOD INSURANCE SEC. 451. (a) Section 1319 of the National Flood Insurance Act of 1968 is amended by striking out "November 30, 1983" and inserting in lieu thereof "September 30, 1985". (b) Section 1336(a) of such Act is amended by striking out "Novem- ber 30, 1983" and inserting in lieu thereof "September 30, 1985". (c) Section 1376(c) of such Act is amended— (1) by striking out "and" after "1981,"; and (2) by inserting the following before the period at the end thereof ", not to exceed $49,752,000 for the fiscal year 1984, and such sums as may be necessary for Hscal year 1985". (d)(1) The National Flood Insurance Act of 1968 is amended by striking out "Secretary" and "Secretary's" each place they appear therein (other than as a reference to a Secretary other than the Secretary of Housing and Urban Development) and inserting in lieu thereof "Director" and "Director's", respectively. (2) Section 1304(a) of such Act is amended by striking out "Secre- tary of Housing and Urban Development" and inserting in lieu thereof "Director of the Federal Emergency Management Agency". (3) Section 1333 of such Act is amended by inserting "original exclusive" before "jurisdiction". (4) Section 1340(a)(2) of such Act is amended by striking out "officers and employees of the Department of Housing and Urban Development, and". (5) Section 1341 of such Act is amended by inserting "original exclusive" before "jurisdiction". (6) Section 1360(a)(2) of such Act is amended by striking out "within fifteen years following such date" and inserting in lieu thereof "by September 30, 1985". (7) Section 1360 of such Act is amended by adding at the end thereof the following new subsection: "(d) The Director shall, not later than September 30, 1984, submit to the Congress a plan for bringing all communities containing flood-risk zones into full program status by September 30, 1987.". (8) Section 137(KaX6) of such Act is amended to read as follows: "(6) the term 'Director' means the Director of the Federal Emergency Management Agency.". (e)(1) The Flood Disaster Protection Act of 1973 is amended by striking out "Secretary" and "Secretary's" each place they appear therein (other than as a reference to a Secretary other than the Secretary of Housing and Urban Development) and inserting in lieu thereof "Director" and "Director's", respectively. (2) Section 3(a)(6) of such Act is amended to read as follows: "(6) 'Director' means the Director of the Federal Emergency Management Agency.", (f) Section 15(e) of the Federal Flood Insurance Act of 1956 is amended by striking out "Secretary" the first and third places it appears therein and inserting in lieu thereof "Director of the Federal Emergency Management Agency". (g)(1) The premium rates charged for flood insurance under any program established pursuant to the National Flood Insurance Act of 1968 may not be increased during the period beginning on the date of the enactment of this Act and ending on September 30, 1984. Ante, p. 746. Ante, p. 746. 42 USC 4127. 42 USC 4001 note. 42 USC 4011. 42 USC 4053. 42 USC 4071. 42 USC 4072. 42 USC 4101. Plan, submittal to Congress. 42 USC 4121. 42 USC 4003, 4012a, 4105-4107, 4128. 42 USC 4003. 42 USC 2414. 42 USC 4015 note. 42 USC 4001 note.

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 97 STAT. 1230 PUBLIC LAW 98-181—NOV. 30, 1983 Report to Congress. 42 USC 4001 note. (2) The Federal Insurance Administrator shall, not later than June 30, 1984, submit to the Congress a report with respect to the premium rate structure for flood insurance made available pursuant to the National Flood Insurance Act of 1968. Such report shall include an explanation of any increases in such premiums that the Administrator anticipates will be made before October 1, 1985. Ante, p. 746. 12 USC 1749bbb et seq. 12 USC 1749bbb-2. 12 USC 1749bbb-10b. 12 USC 1749bbb-17. CRIME AND RIOT INSURANCE SEC. 452. (a)(1) Section 1201(b)(l) of the National Housing Act is amended by striking out "this title shall terminate on November 30, 1983," and inserting in lieu thereof the following: "part B shall terminate on November 30, 1983, and parts A, C, and D shall terminate on September 30, 1984,". (2) Section 1201(b) of such Act is amended by adding at the end thereof the following new paragraph: "(3) The Administrator shall notify participating insurers under part B that the reinsurance authority of the Administrator under such part shall terminate on November 30, 1983.". (b)(1) Title XII of such Act is amended by striking out "Secretary" and "Secretary's" each place they appear therein (other than as a reference to a Secretary other than the Secretary of Housing and Urban Development) and inserting in lieu thereof "Director and "Director's", respectively. (2) Section 1203(a) of such Act is amended— (A) by striking out "and" at the end of paragraph (15); (B) by striking out the period at the end of paragraph (16) and inserting "; and ' in lieu thereof; and (C) by adding at the end thereof the following new paragraph: "(17) 'Director' means the Director of the Federal Emergency Management Agency.". (3) Section 1232(2) of such Act is amended by striking out "officers and employees of the Department of Housing and Urban Develop- ment, and'. (4) Section 1247 of such Act is amended by inserting "of the Secretary of Housing and Urban Development" after "regulations)". 42 USC 4122 note. STUDY OF SINKHOLE INSURANCE SEC. 453. The Director of the Federal Emergency Management Agency may make a grant to a nonprofit organization, educational institution or affiliated agency or entity, or State or local agency to finance a study of the feasibility of expanding the national flood insurance program to cover damage or loss arising from sinkholes. There is authorized to be appropriated not to exceed $1,000,000 to carry out the provisions of this section. PART C—REGULATORY AND OTHER PROGRAMS REAL ESTATE SETTLEMENT PROCEDURES 12 USC 2602. SEC. 461. (a) Section 3 of the Real Estate Settlement Procedures Act of 1974 is amended— (1) by striking out "and" at the end of paragraph (5); (2) by striking out the period at the end of paragraph (6) and inserting in lieu thereof a semicolon; and (3) by adding the following new paragraphs at the end thereof:

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 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1231 "(7) the term 'controlled business arrangement' means an arrangement in which (A) a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct or beneficial ownership interest of more than 1 percent in a provider of settlement services; and (B) either of such persons directly or indirectly refers such business to that provider or affirmatively influences the selection of that provider; and "(8) the term 'associate' means one who has one or more of the following relationships with a person in a position to refer settlement business: (A) a spouse, parent, or child of such person; (B) a corporation or business entity that controls, is controlled by, or is under common control with such person; (C) an employer, officer, director, partner, franchisor, or franchisee of such person; or (D) anyone who has an agreement, arrange- ment, or understanding, with such person, the purpose or sub- stantial effect of which is to enable the person in a position to refer settlement business to benefit financially from the refer- rals of such business.". (b) Section 8(c) of such Act is amended— (1) by striking out "or" before "(3)"; (2) by redesignating clause (4) as clause (5); (3) by inserting the following after "brokers," at the end of clause (3): "(4) controlled business arrangements so long as (A) at or prior to the time of the referral a disclosure is made of the existence of such an arrangement to the person being referred and, in connection with the referral, such person is provided a written estimate of the charge or range of charges generally made by the provider to which the person is referred, except that where a lender makes the referral, this requirement may be satistied as part of and at the time that the estimates of settlement charges required under section 5(c) are provided, (B) such person is not required to usc any particular provider of settlement services, and (C) the only thing of value that is received from the arrangement, other than the payments per- mitted under this subsection, is a return on the ownership interest or franchise relationship,"; and (4) by inserting the following new sentence at the end thereof: "For purposes of the preceding sentence, the following shall not be considered a violation of clause 4(B): (i) any arremgement that requires a buyer, borrower, or seller to pay for the services of an attorney, credit reporting agency, or real estate appraiser chosen by the lender to represent the lender's interest in a real estate transaction, or (ii) any arrangement where an attorney or law firm represents a client in a real estate transaction and issues or arranges for the issuance of a policy of title insurance in the transaction directly as agent or through a separate corporate title insurance agency that may be established by that attorney or law firm and operated as an adjunct to his or its law practice.". (c) Section 8(d) of such Act is amended by striking out paragraph (2) and inserting in lieu thereof the following: •'(2) Any person or persons who violate the prohibitions or limita- tions of this section shall be jointly and severally liable to the person or persons charged for the settlement service involved in the viola- "Controlled business arrangement; "Associate." 12 USC 2607. 12 USC 2604. Violations.

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 97 STAT. 1232 PUBLIC LAW 98-181—NOV. 30, 1983 Ante, p. 1231. Court costs and attorney fees. 12 USC 2614. tion in an amount equal to three times the amount of any charge paid for such settlement service. "(3) No person or persons shall be liable for a violation of the provisions of section 8(c)(4)(A) if such person or persons proves by a preponderance of the evidence that such violation was not intentional and resulted from a bona fide error notwithstanding maintenance of procedures that are reasonably adapted to avoid such error. "(4) The Secretary, the Attorney General of any State, or the insurance commissioner of any State may bring an action to enjoin violations of this section. "(5) In any private action brought pursuant to this subsection, the court may award to the prevailing party the court costs of the action together with reasonable attorneys fees. "(6) No provision of State law or regulation that imposes more stringent limitations on controlled business arrangements shall be construed as being inconsistent with this section.". (d) Section 16 of such Act is amended to read as follows: 12 USC 2607, 2608. 12 USC 2617. Investigations. Effective date. 12 USC 2602 note. JURISDICTION OP COURTS "SEC. 16. Any action pursuant to the provisions of section 8 or 9 may be brought in the United States district court or in any other court of competent jurisdiction, for the district in which the property involved is located, or where the violation is alleged to have occurred, within one year from the date of the occurrence of the violation, except that actions brought by the Secretary, the Attorney General of any State, or the insurance commissioner of any State may be brought within 3 years from the date of the occurrence of the violation.". (e) Section 19 of such Act is amended by adding the following new subsection at the end thereof: "(c)(1) The Secretary may investigate any facts, conditions, prac- tices, or matters that may be deemed necessary or proper to aid in the enforcement of the provisions of this Act, in prescribing of rules and regulations thereunder, or in securing information to serve as a basis for recommending further legislation concerning real estate settlement practices. To aid in the investigations, the Secretary is authorized to hold such hearings, administer such oaths, and require by subpena the attendance and testimony of such witnesses and production of such documents as the Secretary deems advisable. "(2) Any district court of the United States within the jurisdiction of which an inquiry is carried on may, in the case of contumacy or refusal to obey a subpena of the Secretary issued under this section, issue an order requiring compliance therewith; and any failure to obey such order of the court may be punished by such court as a contempt thereof.". (f) The amendments made by this section shall become effective on January 1, 1984. Appropriation authorization. 12 USC 1701J-2. NATIONAL INSTITUTE OF BUILDING SCIENCES SEC. 462. Section 809(h) of the Housing and Community Develop- ment Act of 1974 is amended by adding at the end thereof the following new sentences: "In addition to the amounts authorized to be appropriated under the first sentence of this section, there is authorized to be appropriated to the Institute to carry out the

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 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1233 provisions of this section not to exceed $250,000 for fiscal year 1984. Any amount appropriated under the preceding sentence shall be made available for expenditure or obligation by the Institute only to the extent of an equal amount received by the Institute after the effective date of this sentence from persons or entities other than the Federal Government.". SOLAR ENERGY AND ENERGY CONSERVATION BANK SEC. 463. (a)(1) Section 504(6) of the Solar Energy and Energy Conservation Bank Act is amended— 12 USC 3602. (A) by inserting after subparagraph (G) the following new subparagraphs: "(H) air-conditioning systems having better than average energy efficiency ratings; "(I) any residential energy audit;"; (B) by redesignating subparagraphs (H) and (I) as subpara- graphs (J) and (K), respectively; and (C) in subparagraph (K), as so redesignated in this para- graph— (i) by striking out "any residential energy audit,"; and (ii) by striking out "(H)" and inserting in lieu thereof " (J)". (2) Section 504(7) of the Solar Energy and Energy Conservation Bank Act is amended— (A) by inserting after subparagraph (I) the following new suljparagraphs: "(J) air-conditioning systems having better than average energy efficiency ratings; "(K) any commercial energy audit;"; (B) by redesignating subparagraphs (J) and (K) as subpara- graphs (L) and (M), respectively; and (C) in subparagraph (M), as so redesignated in this para- graph— (i) by striking out ", and any commercial energy audit,"; and (ii) by striking out "(J)" and inserting in lieu thereof "(L)". (b) Section 508(f) of such Act is amended by adding at the end 12 USC 3606. thereof the following new sentence: "Each such advisory committee shall meet at the call of its chairperson or a majority of its members, and shall meet not less than twice during each year.". (c)(1) Section 511(a) of such Act is amended— 12 USC 3609. (A) by striking out "and" at the end of paragraph (3); (B) by striking out the period at the end of paragraph (4) and inserting in lieu thereof "; and"; and (C) by adding at the end thereof the following new paragraph: "(5) in the case of a residential building with 2 to 4 dwelling units and an owner or tenant whose income exceeds 150 percent of the median area income, or in the case of a residential building that is available for rent and is owned by a person whose income exceeds 150 percent of the median area income— "(A) an amount equal to 20 percent of the cost of the residential energy conservation improvements; or "(B) the sum of $400 times the number of dwelling units in such building in the case of an owner, or $400 in the case of a tenant, whichever is less.".

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 97 STAT. 1234 12 USC 3609. Installation warranties. 12 USC 3612. 42 USC 8811. 42 USC 8815. 12 USC 3618. Regulations. PUBLIC LAW 98-181—NOV. 30, 1983 (2) Section 511 of such Act is amended by adding at the end thereof the following new subsection: "(d) The Board may not limit the amount of financial assistance that may be provided under this subtitle for the purchase or instal- lation of residential or commercial energy conserving improvements on the basis of the proiected amount of energy conserved as a result of such improvements.'. (c)(1) Section 514(a)(2) of such Act is amended to read as follows: "(2)(A) the contractor who installs residential or commercial energy conserving improvements in a building shall, in connec- tion with such improvements, warrant in writing that the owner or tenant receiving the proceeds of such loan shall (for those improvements found within 1 year of installation to be defective due to materials manufacture, design, or installation) at a minimum be entitled to obtain within a reasonable period of time and at no charge appropriate replacement parts, materials, or installation; and "(B) in the case of energy conserving improvements installed by an owner or tenant without the assistance of a contractor, such owner or tenant shall certify to the financial institution that he or she has obtained warranties as appropriate from the supplier for the energy conserving measures;'. (2) Section 514(b)(4) of such Act is amended by inserting before the semicolon at the end thereof the following: "unless such residential energy conserving improvements are installed in a building which is either located in an area which is" not served by a public utility described in section 211(a) of such Act or which is located in an area served by such a public utility but in which no list has been made public by the public utility under section 215(a)(3) of such Act or by the Secretary of Energy". (3) Section 514(b)(5) of such Act is amended to read as follows: "(5)(A) the contractor who installs residential or commercial energy conserving improvements in a building shall, in connec- tion with such improvements, warrant in writing that the owner or tenant receiving the proceeds of such loan shall (for those improvements found within 1 year of installation to be defective due to materials manufacture, design, or installation) at a minimum be entitled to obtain within a reasonable period of time and at no charge appropriate replacement parts, materials, or installation; and "(B) in the case of energy conserving improvements installed by an owner or tenant without the assistance of a contractor, such owner or tenant shall certify to the financial institution that he or she has obtained warranties as appropriate from the supplier for the energy conserving measures;'. (e) Section 520 of such Act is amended— (1) by inserting "(a)" after the section designation; and (2) by adding at the end thereof the following new subsection: "(b) Not later than 90 days after the effective date of this subsec- tion, the Board shall issue regulations that— "(1) permit the provision of financial assistance under this subtitle for the purchase and installation of solar ener^ sys- tems of the active type, and the purchase and installation of passive and active type solar space heating and water heating in new and existing residential buildings and multifamily residen- tial buildings;

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 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1235 "(2) do not prohibit the use of tax-exempt financing in connec- tion with any purchase or installation of residential or commer- cial energy conserving improvements or solar energy systems assisted under this subtitle; "(3) provide that a residential energy audit shall not be required as a condition of the receipt of financial assistance by an owner or tenant of a residential building under this subtitle, except that such regulations may require such audit with respect to any such building located in an area in which an audit is available under the provisions of title II or VII of the National Energy Conservation Policy Act; "(4)(A) establish a maximum limitation on the percentage or amount of any financial assistance provided under this subtitle that may be used for administrative expenses, which limitation shall be 12 percent (or such higher percentage as the Secretary may determine to be appropriate), or $20,000, whichever amount is greater; and "(B) provide that not more than one-half of any such amount may be used by any State for its administrative expenses, except that if any State is the sole administrative entity in such State with respect to financial assistance under this subtitle such State may usc all of such amount for such expenses; "(5) establish criteria for the allocation of financial assistance under this subtitle among eligible financial institutions; and "(6) provide that any amount of unexpended financial assist- ance under this subtitle that is recaptured by the Board shall be reallocated by the Board to eligible financisd institutions under this subtitle.". (f)(1) Section 1071 of the Omnibus Budget Reconciliation Act of 1981 is amended— (A) by striking out "such fiscal year" and inserting in lieu thereof "of fiscal years 1982 and 1983"; and (B) by inserting after "$50,000,000" the following: ", and for fiscal year 1984 not to exceed $35,000,000, ". (2) Section 522 of the Solar Energy and Energy Conservation Bank Act is amended— (A) by striking out the hyphen before paragraph (1) in subsec- tion (a) and all that follows through the period at the end of subsection (b) and inserting in lieu thereof the following: "and of solar energy systems such sums as may be necessary for fiscal year 1985."; and (B) by redesignating subsection (c) as subsection (b). Residential energy audit. 42 USC 8211, 8281. 12 USC 3620 note. 12 USC 3620. WEATHERIZATION PROGRAM SEC. 464. Section 422 of the Energy Conservation in Existing Buildings Act of 1976 is amended to read as follows: 42 USC 6872. AUTHORIZATION OF APPROPRIATIONS "SEC. 422. Of the funds authorized by section 1005(1) of the Omnibus Budget Reconciliation Act of 1981 for energy conservation for fiscal year 1984, not less than $190,000,000 is authorized to be appropriated to carry out the weatherization program under this part. There is authorized to be appropriated such sums as may be necessary for fiscal year 1985 to carry out such weatherization 42 USC 7270 note.

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 97 STAT. 1236 PUBLIC LAW 98-181—NOV. 30, 1983 program. Any amount appropriated under this section shall remain available until expended.'. COUNSEUNG SEC. 465. Section 106(a)(3) of the Housing and Urban Development 12 USC 1701X. Act of 1968 is amended— (1) by striking out "1982" and inserting in lieu thereof "1984"; and (2) by striking out "$4,000,000" and inserting in lieu thereof " $3,500,000". RESEARCH AUTHORIZATION SEC. 466. (a) Section 501 of the Housing and Urban Development 12 USC ITOlz-l. Act of 1970 is amended by striking out the second sentence and inserting in lieu thereof the following: "There are authorized to be appropriated for activities under this title not to exceed $19,000,000 for fiscal year 1984, and such sums as may be necessary for fiscal year 1985. Of the amount appropriated under the preceding sen- tence for fiscal year 1984, not less than $2,000,000 shall be provided for implementation 6f a research program to be developed in consul- tation with public housing agencies, which program shall identify current problems of public housing management, specific solutions to such problems, and incentives to encourage implementation of such solutions.". (b) Title V of the Housing and Urban Development Act of 1970 is amended by adding at the end thereof the following new section: 12 USC 170lz-10a. BIENNIAL SURVEY OF ECONOMIC AND HOUSING MARKET CONDITIONS "SEC. 512. The Secretary shall, not less than biennially, survey national, regional, and local economic and housing market condi- tions in a manner that provides data comparable to the data collected in such survey conducted in 1981.". NATIONAL HOUSING PARTNERSHIPS SEC. 467. Section 906(a)(l) of the Housing and Urban Development 42 USC 3936. Act of 1968 is amended— (1) by striking out "or" after "building" and inserting in lieu thereof a comma; and (2) by inserting after "rehabilitation" the following ", acquisi- tion, and financing". REPORT REGARDING PROGRAM CHANGES Transmittal to SEC. 468. The Secretary of Housing and Urban Development shall, Congress. ^ot later than March 1, 1984, transmit a report to both Houses of the Congress that describes— (1) the standards utilized by the Department of Housing and Urban Development to make determinations concerning whether program requirements and changes to those require- ments are implemented through the use of regulations, hand- books, memoranda, telegrams, or other forms of formal or informal notices; and (2) the system currently utilized by the Department to assure that changes in the operation of departmental programs that

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Page:United States Statutes at Large Volume 97.djvu/1269

 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1237 substantially affect the eligibility, rights, or benefits of persons applying for or receiving assistance under any such programs are subject to requirements of notice and publication, especially those requirements specified in subsections (b) through (e) of section 553 of title 5, United States Code. PERIODIC REPORT ON RESIDENTIAL MORTGAGE DEUNQUENCIES AND FORECLOSURES SEC. 469. As soon as practicable following the date of the enact- ment of this Act, the Secretary of Housing and Urban Development, with the cooperation of the Federal Home Loan Bank Board, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Comptroller of the Currency, shall develop a method of accurately reporting to the Congress on a periodic basis with respect to residential mortgage delinquencies and foreclosures. Each such report shall include information with respect to the number of residential mortgage foreclosures, and the number of sixty- and ninety-day residential mortgsige delinquencies, in the Nation and in each State. 12 USC 1701p-l. PUBLIC NOTICE AND COMMENT REGARDING DEPARTMENT DEMONSTRATION PROGRAMS SEC 470. (a) No demonstration program not expressly authorized in law may be commenced by the Secretary of Housing and Urban Development until (1) a description of such demonstration program is published in the Federal Register, which description may be included in a notice of funding availability; and (2) there expires a period of sixty calendar days following the date of such publication, during which period the Secretary shall fully consider any public comments submitted with respect to such demonstration program. (b) Nothing in this section may be considered to authorize the conducting of any demonstration program by the Secretary of Hous- ing and Urban Development. Publication in Federal Register. 42 USC 3542. MULTIFAMILY MORTGAGE FORECLOSURE SEC. 471. Section 364 of the Multifamily Mortgage Foreclosure Act of 1981 is amended by adding at the end thereof the following new 12 USC 3703. sentence: "If the Secretary forecloses on any such mortgage pursu- ant to such other foreclosure procedures available, the provisions of section 367(b) may be applied at the discretion of the Secretary.". 12 USC 3706. ALTERNATIVE MORTGAGE TRANSACTIONS SEC. 472. Section 805(a) of the Alternative Mortgage Trsmsaction Parity Act of 1982 is amended by inserting after "transactions" the 12 USC 3804. following: "(or to any class or type of alternative mortgage transaction)". DUE-ON -SALE CLAUSE PROHIBITIONS SEC, 473. Section 341(d) of the Thrift Institutions Restructuring Act is amended by striking out "A lender" and inserting in lieu 12 USC l701j-3. thereof the following: "With respect to a real property loan secured by a lien on residential real property containing less than five dwelling units, including a lien on the stock allocated to a dwelling

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Page:United States Statutes at Large Volume 97.djvu/1270

 97 STAT. 1238 PUBLIC LAW 98-181—NOV. 30, 1983 xuiit in a cooperative housing corporation, or on a residential manu- factured home, a lender". 12 USC 1701g-5b. 42 USC 3901. 42 USC 4501. 12 USC 1701g-5. 42 USC 4518. Ante, p. 219. Report to Congress. 42 USC 3902, 4514. Ante, p. 219. 42 USC 3902, 4514. CANCELLATION OF DEBT OWED THE TREASURY AND UQUIDATION OF NEW COMMUNITIES PROGRAM SEC. 474. (a) In order to provide for the management and orderly liquidation of the assets, and discharge the liabilities, acquired or incurred in connection with the new communities program author- ized pursueuit to title IV of the Housing and Urban Development Act of 1968 and title VII of the Housing and Urban Development Act of 1970 (hereafter referred to in this section as "title IV" and "title VII", respectively), the liquidation of the new communities program shall be carried out pursuant to the provisions of law applicable to the revolving fund (liquidating programs) established pursuant to title II of the Independent Offices Appropriations Act, 1955, upon the transfer by the Secretary of Housing and Urban Development (hereafter in this section referred to as the '*Secre- tary") of the assets and liabilities of the fund authorized under section 717 of title VII to such revolving fund, as required in title I of the Department of Housing and Urban Development-Independent Agencies Appropriation Act, 1984. The Secretary shall report to the Congress not less than sixty days prior to taking any action with respect to the disposition of real property (other than a purchase money mortgage) which involves any further potential liability of or assistance from the Department of Housing and Urban Develop- ment with respect to any property so transferred. (b) In carrying out the purposes of subsection (a), all moneys in the revolving fund (liquidating programs) shall be available for neces- sary administrative and other expenses of servicing and liquidating obligations guaranteed pursuant to section 403 and section 713 of title IV and title VII, respectively, including costs of services (includ- ing legal services) performed on a contract or fee basis, and to discharge any other liability acquired or incurred in connection with the new communities program. Notwithstanding any other provi- sion of law relating to the acquisition, handling, improvement, or disposal of real and other property by the United States, the Secre- tary of Housing and Urban Development shall also have power, for the protection of the interests of the revolving fund (liquidating programs), to pay out of any moneys in such fund all expenses or charges in connection with the acquisition, handling, improvement, or disposal of any property, real or personal, acquired by the Secre- tary either prior or subsequent to the date of the enactment of this Act as a result of recoveries under security, subrogation, or other rights in connection with the new communities program. (c) After making the transfer required in title I of the Department of Housing and Urban Development-Independent Agencies Appro- priation Act, 1984, the Secretary of Housing and Urban Develop- ment may issue obligations to the Secretary of the Treasury in an amount sufficient to enable the Secretary of Housing and Urban Development to satisfy any guarantee made pursuant to section 403 or 713 of title IV or title VlI, respectively, and otherwise carry out the functions authorized by this section. The obligations issued under this subsection shall have such maturities and bear such rate or rates of interest as shall be determined by the Secretary of the Treasury. The Secretary of the Treasury is authorized and directed to purchase any obligations so issued, and for that purpose the

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Page:United States Statutes at Large Volume 97.djvu/1271

 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1239 Secretary of the Treasury is authorized to usc as a public debt transaction the proceeds from the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities niay be issued under such chapter are extended to include purchases of obligations issued under this subsection. (d) Upon the transfer required in title I of the Department of Housing and Urban Development-Independent Agencies Appropri- ation Act, 1984, each obligation issued by the Secretary of Housing and Urban Development to the Secretary of the Treasury pursuant to section 407(a) or 717(b) of title IV or title VII, respectively, together with any promise to repay the principal and unpaid inter- est which has accrued on each obligation, and any other term or condition specified by each such obligation, is canceled. (e) Title IV, except for sections 408,411,413, 414, and 416, and part B of title VII, except for sections 724, 725, 726, and subsections (b) through (e) of section 727, are hereby repealed. Section 717 of title VII shall remain in effect until completion of the transfer required in title I of the* Department of Housing and Urban Development- Independent Agencies Appropriation Act, 1984. The Secretary may not implement the amendment to section 214 of the Housing and Community Development Act of 1980, made by section 329(a) of the Housing and Community Development Amendments of 1981, before the expiration of the one-year period following the date of the enactment of this Act. Any actions taken, prior to repeal, under the authority of any of the sections which are repealed by this section shall continue to be valid. Nothing in this subsection shall impair the validity of any guarantees which have been made pursuant to title IV or title VII and any such guarantees shall continue to be governed by the provisions of title IV or title VII, as applicable, as they existed immediately before the date of the enactment of this Act. PART D—SECONDARY MORTGAGE MARKET PROGRAMS 31 USC 3101 et se q. Ante, p. 219. 42 USC 3906, 4518. 42 USC 3901. 42 USC 4511. 42 USC 4518 note. 42 USC 1436a note. 42 USC 1436a. 42 USC 3901 note. 42 USC 3901, 4501. AMOUNT TO BE GUARANTEED UNDER THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION MORTGAGE-BACKED SECURITIES PROGRAM SEC. 481. Section 306(g)(2) of the Federal National Mortgage Asso- ciation Charter Act is amended to read as follows: "(2) Notwithstanding any other provision of law and subject only to the absence of qualified requests for guarantees, to the authority provided in this subsection, and to any funding limitation approved in appropriation Acts, the Association shall enter into commitments for each of the fiscal years 1984 and 1985 to issue guarantees under this subsection for each such Hscal year in an aggregate amount of $68,250,000,000. ". 12 USC 1721. GOVERNMENT NATIONAL MORTGAGE ASSOCIATION COMMITMENT EXTENSION SEC. 482. The commitment issued under section 305(b) of the Federal National Mortgage Association Charter Act, known as GNMA commitment numbered 926-984, to purchase a mortgage insured under such Act shall be grsmted for 43 months without the imposition of additional fees beyond the initial commitment fee. Post, p. 1240.

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Page:United States Statutes at Large Volume 97.djvu/1272

 97 STAT. 1240 PUBLIC LAW 98-181—NOV. 30, 1983 Repeals. 12 USC 1720, 1723e. 12 USC 1723e note. 12 USC 1720 note. Rural Housing Amendments of 1983. 42 USC 1441 note. 42 USC 1471. 42 USC 1437 note. Ante, p. 1179. SPECIAL ASSISTANCE AND EMERGENCY MORTGAGE PURCHASE ASSIST- ANCE FUNCTIONS OF THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SEC. 483. (a) Sections 305 and 313 of the Federal National Mort- gage Association Charter Act and section 3(b) of the Emergency Home Purchase Assistance Act of 1974 are hereby repealed. (b) Any purchase or commitment to purchase any mortgage pursu- ant to section 305 or 313 of the Federal National Mortgage Associ- ation Charter Act made before the date of the enactment of this Act, and the servicing and disposition of any such mortgage, shall con- tinue to be governed by the provisions of such sections as they existed immediately before the effective date of this section. TITLE V—RURAL HOUSING SHORT TITLE SEC. 501. This title may be cited as the "Rural Housing Amend- ments of 1983". DEFINITIONS SEC. 502. (a) Section 50T(b)(4) of the Housing Act of 1949 is amended to read as follows: "(4) For the purpose of this title, the terms 'low income families or persons' and very low-income families or persons' means those families and persons whose incomes do not exceed the respective levels established for lower income families and very low-income families by the Secretary of Housing and Urban Development under the United States Housing Act of 1937.". (b) Section 501(b)(5) of such Act is amended to read as follows: "(5) For the purpose of this title, the terms 'income' and 'adjusted income' have the meanings given by sections 3(b)(4) and 3(b)(5), respectively, of the United States Housing Act of 1937.". SECTION 502 AMENDMENTS 42 USC 1472. SEC. 503. (a) Section 502 of the Housing Act of 1949 is amended by adding at the end thereof the following: "(d) On and after the effective date of the Rural Housing Amend- Supra, ments of 1983— "(1) not less than 40 per centum of the dwelling units financed under this section shall be available only for occupancy by very low-income families or persons; and "(2) not less than 30 per centum of the dwelling units in each State financed under this section shall be available only for occupancy by very low-income families or persons. "(e)(1) A loan which may be made or insured under this section with respect to housing shall be made or insured with respect to a manufactured home or with respect to a manufactured home and lot, whether such home or such home and lot is real property, personal property, or mixed real and personal property, if— "(A) the manufactured home meets the standards prescribed pursuant to title VI of the Housing and Community Develop- 42 USC 5401. ment Act of 1974; "(B) the manufactured home, or the manufactured home and lot, meets the installation, structural, and site requirements

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Page:United States Statutes at Large Volume 97.djvu/1273

 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1241 Energy conserving requirements. which would apply under title II of the National Housing Act; 12 USC 1707. and "(C) the manufactured home meets the energy conserving requirements established under paragraph (2), or until the energy conserving requirements are established under para- graph (2), the manufactured home meets the energy conserving requirements applicable to housing other than manufactured housing financed under this title. "(2) Energy conserving requirements established by the Secretary for the purpose of paragraph (I)(C) shall— "(A) reduce the operating costs for a borrower by maximizing the energy savings and be cost-effective over the life of the manufactured home or the term of the loan, whichever is shorter, taking into account variations in climate, types of energy used, the cost to modify the home to meet such require- ments, and the estimated value of the energy saved over the term of the mortgage; and "(B) be established so that the increase in the annual loan payment resulting from the added energy conserving require- ments in excess of those required by the standards prescribed under title VI of the Housing and Community Development Act of 1974 shall not exceed the projected savings in annual energy costs.". (b) Within 18 months from the issuance by the Secretary of Agriculture of regulations under section 502(e)(2) of the Housing Act of 1949, the Secretary of Energy, in consultation with the Secretary of Housing and Urban Development and the Secretary of Agricul- ture, shall conduct a study and transmit to the Congress a report that compares the increased construction costs, actua). annual energy use, and the projected value of energy saved over the expected life of the home or the mortgage term, whichever is shorter, of manufactured homes which are financed under titles I and II of the National Housing Act, or under title V of the Housing Act of 1949 and which are built according to national manufactured housing safety standards with other homes insured under either such Act. (c) Section 527 of such Act is repealed. (d) Section 502(a) of such Act is amended— (1) by inserting "(1)" after the subsection designation; (2) by striking out all after "making of the loan with interest" and inserting in lieu thereof a period and the following: "The Secretary may accept the personal liability of any person with adequate repayment ability who will cosign the applicant's note to compensate for any deficiency in the applicant's repayment ability. At the borrower's option, the borrower may prepay to the Secretary as escrow agent, on terms and conditions pre- scribed by him, such taxes, insurance, and other expenses as the Secretary may require in accordance with section 501(e)."; and 42 USC 1471. (3) by adding at the end thereof the following new paragraph: "(2) The Secretary may extend the period of any loan made under Loan extension this section if the Secretary determines that such extension is penod. necessary to permit the making of such loan to any person whose income does not exceed 60 per centum of the median income for the area and who would otherwise be denied such loan because the payments required under a shorter period would exceed the finan- cial capacity of such person. The aggregate period for which any 42 USC 5401. Report to Congress. 42 USC 1472 note. Ante, p. 1240. 12 USC 1702, 1707. 42 USC 1471. Repeal. 42 USC 1490g. 42 USC 1472.

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Page:United States Statutes at Large Volume 97.djvu/1274

 97 STAT. 1242 PUBLIC LAW 98-181—NOV. 30, 1983 42 USC 1474. 42 USC 1476. Report to Congress. loan may be extended under this paragraph may not exceed 5 years.". REHABILITATION LOANS SEC. 504. The first and second sentences of section 504(a) of the Housing Act of 1949 are amended to read as follows: "The Secretary may make a loan, grant, or combined loan and grant to an eligible very low-income applicant in order to improve or modernize a rural dwelling, to make the dwelling safer or more sanitary, or to remove hazards. The Secretary may make a loan or grant under this subsection to the applicant to cover the cost of any or all repairs, improvements, or additions such as repairing roofs, providing sani- tary waste facilities, providing a convenient and sanitary water supply, repairing or providing structural supports, or making simi- lar repairs, additions, improvements, including all preliminary and installation costs in obtaining central water and sewer service. The maximum amount of a grant, a loan, or a loan and grant shall not exceed such limitations as the Secretary determines to be appropriate. ". TECHNICAL SERVICES AND RESEARCH SEC. 505. Section 506(b) of the Housing Act of 1949 is amended by adding at the end thereof the following: "In carrying out this subsection, the Secretary may permit demonstrations involving innovative housing units and systems which do not meet existing published standards, rules, regulations, or policies if the Secretary finds that in so doing, the health and safety of the population of the area in which the demonstration is carried out will not be adversely affected, except that the aggregate expenditures for such demonstra- tions may not exceed $10,000,000 in any fiscal year. The Secretary shall report to the Congress at the close of each fiscal year on the results of such demonstrations.". 42 USC 1479. 12 USC 1707. Ante, p. 1240. Ante, p. 1210. Repeal. 42 USC 14901. STANDARDS FOR ADEQUATE HOUSING SEC. 506. (a) Section 509(a) of the Housing Act of 1949 is amended by adding at the end thereof the following: "The Secretary shall approve a residential building as meeting such standards if the building is constructed in accordance with (1) the minimum standards prescribed by the Secretary, (2) the minimum property standards prescribed by the Secretary of Housing and Urban Devel- opment for mortgages insured under title II of the National Housing Act, (3) the standards contained in any of the voluntary national model building codes, or (4) in the case of manufactured housing, the standards referred to in section 502(e) of this Act. To the maximum extent feasible, the Secretary shall promote the use of energy saving techniques through standards established by such Secretary for newly constructed residential housing assisted under this title. Such standards shall, insofar as is practicable, be consistent with the standards established pursuant to section 526 of the National Hous- ing Act and shall incorporate the energy performance requirements developed pursuant to such section.". (b) Section 529 of such Act is repealed.

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Page:United States Statutes at Large Volume 97.djvu/1275

 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1243 GENERAL AUTHORITY OF THE SECRETARY SEC. 507. (a) Section 510(e) of such Act is amended by adding 42 USC 1480. before the semicolon at the end thereof the following: 'and the authority of the Secretary under this paragraph includes the authority to transfer section 502 inventory properties for usc as 42 USC 1472. rental or cooperative units under section 515 with mortgages con- 42 USC 1485. taining repayment terms with up to fifty years to private nonprofit organizations or public bodies. Such a transfer may be made even where rental assistance may be required so long as the authority to provide such assistance is available after taking into account the requirements of section 521(d)(l)- Where the Secretary determines Post, p. 1249. the transfer will contribute to the provision of housing for very low- income persons and families, the transfer may be made at the lesser of the appraised value or the Farmers Home Adminstration's investment". (b) Section 510 of such Act is amended by redesignating subsection 42 USC 1480. (j) as subsection (k) and inserting after subsection (i) the following new subsection: "(j) utilize the services of fee inspectors and fee appraisers to expedite the processing of applications for loans and grants under this title, which services shall be utilized in any case in which a county or district office is unable to expeditiously process such loan and grant applications, and to include the cost of such services in the amount of such loans and grants; and". AMENDMENT TO SECTION 511 SEC. 508. The second sentence of section 511 of the Housing Act of 1949 is repealed. 42 USC 1481. REPEAL OF SECTION 512 SEC. 509. Section 512 of the Housing Act of 1949 is repealed. 42 USC 1482. DETERMINATION OF NEED FOR HOUSING UNDER SECTIONS 514 AND 516 SEC. 510. Section 514 of the Housing Act of 1949 is amended by 42 USC 1484. adding the following new subsection at the end thereof: "(h) In making available assistance in any area under this section or section 516, the Secretary shall— 42 USC 1486. "(1) in determining the need for the assistance, take into consideration the housing needs only of domestic farm labor, including migrant farmworkers, in the area; and "(2) in determining whether to provide such assistance, make such determination without regard to the extent or nature of other housing needs in the area.'. AUTHORIZATIONS SEC. 511. (a) Section 513 of the Housing Act of 1949 is amended to 42 USC 1483. read as follows: " PROGRAM LEVELS AND AUTHORIZATIONS "SEC. 513. (a) The Secretary may insure and guarantee loans under this title during fiscal years 1984 and 1985 in an aggregate amount not to exceed such sums as may be approved in an appropri- ation Act.

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Page:United States Statutes at Large Volume 97.djvu/1276

 97 STAT. 1244 PUBLIC LAW 98-181—NOV. 30, 1983 "(b) There are authorized to be appropriated for fiscal years 1984 and 1985— "(1) such sums as may be necessary for grants pursuant to 42 USC 1474. section 504; "(2) such sums as may be necessary for the purposes of section 42 USC 1479. 509(c); "(3) such sums as may be necessary to meet pa3anents on notes or other obligations issued by the Secretary under section 42 USC 1481. 511 equal to (A) the aggregate of the contributions made by the Secretary in the form of credits on principal due on loans made 42 USC 1473. pursuant to section 503, and (B) the interest due on a similar sum represented by notes or other obligations issued by the Secretary; "(4) such sums as may be necessary for financial assistance 42 USC 1486. pursuant to section 516; "(5) such sums as may be necessary for the purposes of section 42 USC 1490c. 523; 42 USC 1490e. "(6) such sums as may be necessary for purposes of section 525 (a); "(7) not to exceed $100,000,000 for each such year for grants Post, p. 1249. under section 531, of which 5 per centum shal} be available for technical assistance; and "(8) such sums as may be required by the Secretary to admin- ister the provisions of sections 235 and 236 of the National 12 USC 1715z, Housing Act and section 8 of the United States Housing Act of 1715Z-1. 1937. 42 USC 1437f. «'(g) -pjjg Secretary may enter into rented assistance contracts aggregating such sums as may be approved in appropriation Acts Post, p. 1248. under section 521(a)(2)(A) during fiscal years 1984 and 1985.". Ante, p. 746. (b) Section 515(b)(5) of such Act is amended by striking out "November 30, 1983" and inserting in lieu thereof September 30, 1985". Ante, p. 746. (c) Section 517(a)(l) of such Act is amended by striking out "November 30, 1983" and inserting in lieu thereof September 30, 1985". Ante, p. 746. (d) Section 523(f) of such Act is amended— 42 USC 1490c. (1) by striking out the first sentence; and (2) by striking out "November 30, 1983" and inserting in lieu thereof "September 30, 1985". (e) Section 523(g) of such Act is amended— (1) by striking out "fiscal year 1982" in the second sentence and inserting in lieu thereof fiscal year 1985"; and (2) by striking out the first sentence. Rent increases, limitations. 42 USC 1485. SECTION 515 AMENDMENTS SEC. 512. (a) Section 515 of the Housing Act of 1949 is amended by adding at the end thereof the following: "(g) The Secretary shall limit increases in rents on or after the date of enactment of this subsection for newly constructed or sub- stantially rehabilitated projects assisted under this section to the lesser of the actual operating cost increases incurred or the amount of operating cost increases incurred with respect to comparable rental dwelling units of various sizes and types in the same market area which are suitable for occupancy by families and persons assisted under this section. Where no comparable dwelling units exist in the same market area, the Secretary shall have authority to

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Author:Denis Jean Achille Luchaire

Works

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title: Author:Denis Jean Achille Luchaire


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Page:United States Statutes at Large Volume 97.djvu/1277

 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1245 approve such increases in accordance with the best available data regarding operating cost increases in rental dwelling units. "(h) After approving a project involving newly constructed or substantially rehabilitated units under this section, the Secretary shall limit cost increases to those approved by the Secretary. The Secretary may approve those increases only for unforeseen factors beyond the owner s control, design changes required by the Secre- tary or the local government, or changes in finanping approved by the Secretary. "(i) For the purpose of achieving the lowest cost in providing units in newly constructed projects assisted under this section, the Secre- tary shall give a preference in entering into contracts under this section for projects which are to be located on specific tracts of land provided by States, units of local government, or others if the Secretary determines that the tract of land is suitable for such housing, and that affording such preference will be cost effective, "(j) The Secretary shall assure that management fees are not excessive when a project developed under this section is managed by the developer or an affiliate of the developer. "(k) For purposes of determining the market feasibility of any project to be assisted under this section— "(1) in the case of any applicant whose project is expected to utilize rental assistance payments under section 521, the Secre- tary shall only require such applicant to demonstrate that a market exists for persons and families eligible for such rental assistance pa3nnents; and "(2) in the case of any applicant whose project is expected to utilize any assistance under a program of a State, or political subdivision thereof, that is similar to such assistance payments under section 521, the Secretary shall only require such appli- cant to demonstrate that— "(A) a market exists for persons and families eligible for such program of assistance; "(B) such program of assistance will provide rental assist- ance for a period of not less than five years, and for the term of the loan remaining after the period of such assist- ance, that an adequate rental market exists for the project without such assistance; and "(C) during the term of such rental assistance contracts, such State or political subdivision shall make available the amounts required for such rental assistance not less than annually. "(1) The Secretary shall establish standards for housing and related facilities rehabilitated or repaired with amounts received under a login made or insured under this section. Standards estab- lished by the Secretary under this subsection shall provide that except for substantial rehabilitation the particular items or systems repaired or rehabilitated must meet appropriate levels of quality or performance comparable to those levels prescribed by the Secretary of Housing and Urban Development for rehabilitation, but shall not require that such items or systems or the remainder of the property meet the standards which are applicable to new construction. The Secretary shall ensure that standards prescribed under this subsec- tion provide decent, safe, and sanitary housing and related facilities, "(m) The Secretary may not deny assistance under this section or section 521 on the basis that the project involved is to be located on more than one site. Management fees. 42 USC 1490a. Housing standards.

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Page:United States Statutes at Large Volume 97.djvu/1278

 97 STAT. 1246 PUBLIC LAW 98-181—NOV. 30, 1983 42 USC 1490a. Post, p. 1248. Income determination. 42 USC 1437 note. 42 USC 1485. "(n) The Secretary may not (1) deny assistance under this section on the basis that rental assistance payments under section 521 may be required unless the authority to provide such assistance is not available; or (2) promulgate any regulation that would have the effect of denying occupancy to eligible persons on the basis that such persons require rental assistance payments under section 521. "(o)(1) To the extent assistance is available under section 521(a)(2), not more than 25 per centum of the dwelling units which were available for occupancy under this section prior to the date of enactment of this subsection, and which will be leased on or after such effective date shall be available for leasing by low income persons and families other than very low-income persons and families. "(2) To the extent assistance is available under section 521(a)(2), not more than 5 per centum of the dwelling units which become available for occupancy under this section on or after the date of enactment of this subsection shall be available for leasing by low income persons and families other than very low-income persons and families. "(3) Units in projects financed under this section which become available for occupancy after the date of enactment of this subsec- tion shall not be available for occupancy by persons and families other than very low-income persons and families if the authority to provide assistance for such persons is available. "(p) In determining the income of a person or family occupying housing financed under this section, the Secretary shall consider the value of that person's or family's assets in the same manner as the Secretary of Housing and Urban Development considers such value for the purpose of the United States Housing Act of 1937.", (b) Section 515(b) of such Act is amended— (1) by striking out "and" at the end of clause (5); (2) by striking out the period at the end of clause (6) and inserting in lieu thereof "; and"; and (3) by adding at the end thereof the following: "(7) loans may be made to owners who are otherwise eligible under this section to purchase and convert single-family resi- dences to rental units of two or more dwellings.". (c) Section 515 of such Act is amended— (1) by striking out subsection (a)(2); (2) by redesignating subsections (a)(3) and (a)(4) as subsections (a)(2) and (a)(3), respectively; (3) by striking out subsection (b)(2); and (4) by redesignating subsections (b)(3), (b)(4), (b)(5), (b)(6), and (b)(7) as subsections (b)(2), (b)(3), (b)(4), (b)(5), and (b)(6), respectively. (d) Section 515(c) of such Act is amended by adding at the end thereof the following: "A loan may be made or insured under subsection (a) or (b) with respect to detached units, including those on scattered sites, for cooperative housing.". (e) Section 515(d)(l) of such Act is amended by inserting before the first semicolon the following: ", and such term also means manufac- tured home rental parks where either the lots or both the lots and the homes are available for usc by occupants eligible under this section".

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Page:United States Statutes at Large Volume 97.djvu/1279

 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1247 FARM LABOR HOUSING SEC. 513. Section 516 of the Housing Act of 1949 is amended by adding at the end thereof the following subsection: "(i) The Secretary shall utilize not more than 10 per centum of the amounts available for any fiscal year for purposes of this section for financial assistance to eligible private and public nonprofit agencies to encourage the development of domestic and migrant farm labor housing projects under this title.". 42 USC 1486. INSURED RURAL HOUSING LOANS SEC. 514. (a) Section 517 of the Housing Act of 1949 is amended— 42 USC 1487. (1) by striking out all after "insured" in subsection (a) and inserting in lieu thereof a period and the following: "The amount of such a loan to a low income person or family shall not exceed the amount necessary to provide adequate housing which is modest in size, design, and cost (as determined by the Secretary)."; and (2) by striking out "(b)(4)" in subsection (b) and inserting in lieu thereof "(b)(3)". (b) Section 517(j) of such Act is amended— (1) by striking out "; and" at the end of paragraph (5) and inserting in lieu thereof a period; and (2) by striking out paragraph (6). (c) Section 517(o) of such Act is repealed. (d) Section 517 of such Act is amended by adding at the end thereof the following: "(o) The Secretary shall promulgate rules which encourage the Rules. rehabilitation or purchase of existing buildings for the purpose of providing housing which is economical in cost and operation.". DEFINITION OF RURAL AREA SEC. 515. Section 520 of the Housing Act of 1949 is amended by adding at the end thereof the following new sentence: "For purposes of this title, any area classified as 'rural' or a 'rural area' prior to the receipt of data from or after the 1980 decennial census and determined not to be 'rural' or a 'rural area' as a result of such data shall continue to be so classified through the end of fiscal year 1984, if such area has a population in excess of 10,000 but not in excess of 20,000.". 42 USC 1490. SHARED HOUSING FOR THE ELDERLY AND HANDICAPPED SEC. 516. Section 521(a)(2) of the Housing Act of 1949 is amended by adding the following new subparagraph at the end thereof: "(E) In order to assist elderly or handicapped persons or families who elect to live in a shared housing arrangement in which they benefit as a result of sharing the facilities of a dwelling with others in a manner that effectively and efficiently meets their housing needs and thereby reduces their cost of housing, the Secretary shall permit rental assistance to be used by such persons or families if the shared housing arrangement is in a single-family dwelling. For the purpose of this subparagraph, the Secretary shall prescribe mini- mum habitability standards to assure decent, safe, and sanitary 42 USC 1490a.

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Page:United States Statutes at Large Volume 97.djvu/1280

 97 STAT. 1248 PUBLIC LAW 98-181—NOV. 30, 1983 housing for such families while taking into account the special circumstances of shared housing.". 42 USC 1490a. 42 USC 1484, 1485. 42 USC 1490J. RENTAL ASSISTANCE TENANT CONTRIBUTION SEC. 517. (a) Section 521(a)(2)(A) of the Housing Act of 1949 is amended by striking out the last two sentences. (b) Section 521(a) of such Act is amended by adding at the end thereof the following: "(3)(A) In the case of loans under sections 514 and 515 approved prior to the effective date of this paragraph with respect to which rental assistance is provided, the rent for tenants receiving such assistance shall not exceed the highest of (i) 30 per centum of monthly adjusted income, (ii) 10 per centum of monthly income, or (iii) if the person or family is receiving payments for welfare assist- ance from a public agency, the portion of such payments which is specifically designated by such agency to meet the person's or family's housing costs. "(B) In the case of a section 515 loan approved prior to the effective date of this paragraph with respect to which interest credits are provided, the tenant's rent shall not exceed the highest of (i) 30 per centum of monthly adjusted income, (ii) 10 per centum of monthly income, or (iii) if the person or family is receiving payments for welfare assistance from a public agency, the portion of such payments which is specifically designated by such agency to meet the person's or family's housing costs, or, where no rental assistance authority is available, the rent level established on a basis of a 1 per centum interest rate on debt service. "(C) No rent for a unit financed under section 514 or 515 shall be increcised as a result of this subsection or other provision of Federal law or Federal regulation by more than 10 per centum in any twelve-month period, unless the increase above 10 per centum is attributable to increases in income which are unrelated to this subsection or other law, or regulation. "(4) In the case of a loan with respect to the purchase of a manufactured home with respect to which rental assistance is pro- vided, the monthly payment for principal and interest on the manu- factured home and for lot rental and utilities shall not exceed the highest of (A) 30 per centum of monthly adjusted income, (B) 10 per centum of monthly income, or (C) if the person or family is receiving payments for welfare assistance from a public agency, the portion of such payments which is specifically designated by such agency to meet the person's or family's housing costs.". (c) Section 521(a)(2)(A) of such Act is amended by striking out "25 per centum of income." and inserting in lieu thereof "the highest of (ij 30 per centum of monthly adjusted income, (ii) 10 per centum of monthly income; or (iii) if the person or family is receiving payments for welfare assistance from a public agency, the portion of such payments which is specifically designated by such agency to meet the person's or family's housing costs. Any rent or contribution of any recipient shall not increase as a result of this section or any other provision of Federal law or regulation by more than 10 per centum during any twelve-month period, unless the increase above 10 per centum is attributable to increases in income which are unrelated to this subsection or other law or regulation.". (d) Section 530 of such Act is amended by striking out "25" and inserting in lieu thereof "30".

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Page:United States Statutes at Large Volume 97.djvu/1281

 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1249 (e) Section 521 of such Act is amended by adding at the end thereof the following: "(d)(l)(A) In entering into contracts for assistance under this section and utilizing rental assistance authority which becomes available, the Secretary shall first assure that expiring contracts are extended for those units occupied by persons and families of low income, and that additional assistance is used where necessary to provide the full amount authorized pursuant to existing contracts. "(B) Remaining funds shall be used for contracts which assist very low-income persons and families occupying projects receiving com- mitments under section 514, 515, or 516 after fiscal year 1983, except that up to 5 per centum of the units assisted may be occupied by persons and families of low income. "(C) To the extent any funds are available after providing assist- emce in accordance with subparagraphs (A) and (B), the Secretary shall provide additional assistance to existing projects which would become occupied and affordable by very low-income persons and families, except that up to 5 per centum of the units assisted may be Ofcupied by persons and families of low income. "(2) The Secretary shall transfer rental assistance contract authority under this section from projects where such authority is unused after initial rentup and not needed because of a lack of eligible tenants in the area to projects where such authority is needed. "(e) Any rent or contribution of any recipient shall not increase as a result of this section, any amendment thereto, or any other provision of Federal law or regulation by more than 10 per centum during any twelve-month period, unless the increase above 10 per centum is attributable to increases in income which are unrelated to this subsection or other law or regulation.". (f) The amendments made by this section shall take effect six months after the date of enactment of this Act, or upon the earlier promulgation of regulations implementing this section by the Secretary. TECHNICAL AND SUPERVISORY ASSISTANCE 42 USC 1490a. Contracts. 42 USC 1484-1486. Transfer authority. Effective date. 42 USC 1490a note. SEC. 518. (a) The last sentence of section 525(b) of the Housing Act of 1949 is amended by striking out all after "sooner" and inserting in lieu thereof a period. (b) Section 525(c) of such Act is repealed. 42 USC 1490e. CONDOMINIUM HOUSING SEC. 519. (a) Section 526 of the Housing Act of 1949 is amended— (1) by striking out "in his discretion" in subsection (a); and (2) by striking out "in his discretion" in subsection (c). 42 USC 1490f. FHA INSURANCE SEC. 520. Title V of the Housing Act of 1949 is amended by adding at the end thereof the following: FHA INSURANCE "SEC. 531. The Secretary is authorized to act as an agent of the Secretary of Housing and Urban Development to recommend insur- 42 USC 1490k. 11-194 O - 85 — 41:QL3

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Page:United States Statutes at Large Volume 97.djvu/1282

 97 STAT. 1250 PUBLIC LAW 98-181—NOV. 30, 1983 12 USC 1709. ance of any mortgage meeting the requirements of section 203 of the National Housing Act.". PROCESSING OF APPLICATION SEC. 521. Title V of the Housing Act of 1949 is amended by adding at the end thereof the following new section: ' "PROCESSING OF APPLICATIONS 42 USC 1490Z. "SEC. 532. (a) The Secretary shall, in making assistance available under this title, give a priority to applications submitted by— "(1) persons and families that have the greatest housing assistance needs because of their low income and their residing in inadequate dwellings; "(2) applicants applying for assistance for projects that will serve such persons and families; and "(3) applicants residing in areas which are the most rural in character. 42 USC 1483. "(b) In making available the assistance authorized by section 513 42 USC 1490a. and section 521(a) with respect to projects involving insured and guaranteed loans and interest credits and rental assistance pay- ments, the Secretary shall process and approve requests for such assistance in a manner that provides for a preliminary reservation of assistance at the time of initial approval of the project.". RURAL HOUSING PRESERVATION GRANT PROGRAM SEC. 522. Title V of the Housing Act of 1949 is amended by adding at the end thereof the following: HOUSING PRESERVATION GRANTS 42 USC 1490m. "SEC. 533. (a) The purpose of this section is to authorize the Secretary to make grants to eligible grantees including private nonprofit organizations, Indian tribes, general units of local govern- ment, counties. States, and consortia of other eligible grantees, in order to— "(1) rehabilitate single family housing in rural areas which is owned by low- and very low-income persons and families, and "(2) rehabilitate rental properties or cooperative housing which has a membership resale structure that enables the cooperative to maintain affordability for persons of low income in rural areas serving low- and very low-income occupants. The Secretary may also provide assistance payments as provided by Ante, p. 1181. section 8(o) of the United States Housing Act of 1937 upon the request of grantees in order to minimize the displacement of very low-income tenants residing in units rehabilitated with assistance under this section. "(b) Rehabilitation programs assisted under this section shall— "(1) be used to provide loans or grants to owners of single family housing in order to cover the cost of repairs and improvements; (2) be used to provide interest reduction payment; "(3) be used to provide loans or grants to owners of rental housing, except that rental rehabilitation assistance provided under this subsection for any structure shall not exceed 75 per

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Page:United States Statutes at Large Volume 97.djvu/1283

 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1251 1^^ centum of the total costs associated with the rehabilitation of that structure; "(4) be used to provide other comparable assistance that the Secretary deems appropriate to carry out the purpose of this section, designed to reduce the costs of such repair and rehabili- tation in order to make such housing affordable by persons of low income and, to the extent feasible, by persons and families whose incomes do not exceed 50 per centum of the area median income; "(5) benefit low- and very low-income persons and families in rural areas, without causing the displacement of current resi- dents; and "(6) raise health and safety conditions to meet those specified in section 509(a). "(c)(1) The Secretary shall allocate rehabilitation grant funds for usc in each State on the basis of a formula contained in a regulation prescribed by the Secretary using the average of the ratios between— "(A) the population of the rural areas in that State and the population of the rural areas of all States; "(B) the extent of poverty in the rural areas in that State and the extent of poverty in the rural areas of all States; and "(C) the extent of substandard housing in the rural areas of that State and the extent of substandard housing in the rural areas of all States. Any funds which are allocated to a State but uncommitted to grantees will be transferred to the State office of the Farmers Home Administration in a timely manner and be used for authorized rehabilitation activities under section 504. "(2) Unless there is only one eligible grantee in a State, a single grantee may not receive more than 50 per centum of a State's allocation. "(d)(1) Eligible grantees may submit a statement of activity to the Secretary at the time specified by the program administrator, con- taining a description of its proposed rehabilitation program. The statement shall consist of the activities each entity proposes to undertake for the fiscal year, and the projected progress in carrying out those activities. The statement of activities shall be made avail- able to the public for comment. "(2) In preparing such statement, the grantee shall consult with and consider the views of appropriate local officials. "(3) The Secretary shall evaluate the merits of each statement on the basis of such criteria as the Secretary shall prescribe, including the extent— "(A) to which the repair and rehabilitation activities will assist persons of low income who lack adequate shelter, with priority given to applications assisting the maximum number of persons and families whose incomes do not exceed 50 per centum of the area median income; "(B) to which the repair and rehabilitation activities include the participation of other public or private organizations in providing assistance, in addition to the assistance provided under this section, in order to lower the costs of such activities or provide for the leveraging of available funds to supplement the rural housing preservation grant program; Ante, p. 1242. Funding allocations. Uncommitted funds. 42 USC 1474. Activity statements by grantees. Public availability. Evaluation by Secretary.

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Page:United States Statutes at Large Volume 97.djvu/1284

 97 STAT. 1252 PUBLIC LAW 98-181—NOV. 30, 1983 Rental or cooperative housing assistance. 42 USC 2000a note. 82 Stat. 73. "(C) to which such activities will be undertaken in rural areas having populations below 10,000 or in remote parts of other rural areas; "(D) to which the repair and rehabilitation activities may be expected to result in achieving the greatest degree of repair or improvement for the least cost per unit or dwelling; "(E) to which the program would minimize displacement; "(F) to which the program would alleviate overcrowding in rural residences inhabited by low- and very low-income persons and families; "(G) to which the program would minimize the use of grant funds for administrative purposes; and "(H) to which the owner agrees to meet the requirement of subsection (e)(l)(B)(iv) for a period longer than 5 years; and shall assess the demonstrated capacity of the grantee to carry out the program as well as the financial fesisibility of the program. "(4) The amount of assistance provided under this section with respect to any housing shall be the least amount that the Secretary determines is necessary to provide, through the repair and rehabili- tation of such housing, decent housing of modest design that is affordable for persons of low income. "(e)(1) Assistance under this section may be provided with respect to rental or cooperative housing only if— "(A) the owner has entered into such agreements with the Secretary as may be necessary to assure compliance with the requirements of this section, to assure the financial feasibility of such housing, and to carry out the other provisions of this section; "(B) the owner agrees— "(i) to pass on to the tenants any reduction in the debt service payments resulting from the assistance provided under this section; "(ii) not to convert the units to condominium ownership (or in the case of a cooperative, to condominium ownership or any form of cooperative ownership not eligible for assist- ance under this section); "(iii) not refuse to rent a dwelling unit in the structure to a family solely because the family is receiving or is eligible to receive assistance under any Federal, State, or local housing assistance program; and "(iv) that the units repaired and rehabilitated with such assistance will be occupied, or available for occupancy, by persons of low income; during the 5-year period beginning on the date on which the units in the housing are available for occupancy; "(C) the unit of general local government or nonprofit organi- zation that receives the assistance certifies to the satisfaction of the Secretary that the assistance will be made available in conformity with Public Law 88-352 and Public Law 90-284; "(D) the owner agrees to enter into and abide by written leases with the tenants, which leases shall provide that tenants may be evicted only for good cause; and "(E) the unit of general local government or nonprofit organi- zation will agree to supervise repairs and rehabilitation and will agree to have a disinterested party inspect such repairs and rehabilitation.

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Page:United States Statutes at Large Volume 97.djvu/1285

 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1253 "(2) Assistance under this section provided with respect to any housing other than rental or cooperative housing may be provided only if the owner complies with the requirements set forth in subparagraph (E) of paragraph (1) and any other requirements established by the Secretary to carry out the purpose of this section. "(3)(A) The Secretary shall provide that if the owner or his or her successors in interest fail to carry out the agreements described in subparagraphs (A) and (B) of paragraph (1) during the applicable period, the owner or his or her successors in interest shall make a payment to the Secretary of an amount that equals the total amount of assistance provided under this section with respect to such hous- ing, plus interest thereon (without compounding), for each year and any fraction thereof that the assistance was outstanding, at a rate determined by the Secretary taking into account the average yield on outstanding marketable long-term obligations of the United States during the month preceding the date on which the assistance was made available. "(B) Notwithstanding any other provision of law, any assistance provided under this section shall constitute a debt, which is payable in the case of any failure to carry out the agreements described in subparagraphs (A), (B), and (C) of paragraph (1), and shall be secured by the security instruments provided by the owner to the Secretary. "(f) The Secretary shall provide for such advance payments of assistance under this section as the Secretary determines is neces- sary to effectively carry out the provisions of this section. "(g) The Secretary shall, at least on an annual basis, make such review and audits as may be necessary or appropriate to determine whether the grantee has carried out its activities in a timely manner and in accordance with the requirements of this section, the degree to which the activities assisted benefitted persons of low income and very low-income who lacked adequate housing, and whether the grantee has a continuing capacity to carry out the activities in a timely manner. The Secretary may adjust, reduce, or withdraw resources made available to grantees receiving assistance under this section, or take other action as appropriate in accordance with the findings of these reviews and audits. Any amounts which became available as a result of actions under this subsection shall be reallocated in the year in which they become available to such grantee or grantees as the Secretary may determine. "(h) The Secretary is authorized to prescribe such rules and regulations and make such delegations of authority as he deems necessary to carry out this section within 90 days after the date of enactment of this section. "(i) The Secretary shall establish procedures which support national historic preservation objectives and which assure that, if any rehabilitation proposed to be assisted under this section would affect property that is included or is eligible for inclusion on the National Register of Historic Places, such activity shall not be undertaken unless (1) it will reasonably meet the standards for rehabilitation issued by the Secretary of the Interior and the appro- priate State historic preservation officer is afforded the opportunity to comment on the specific rehabilitation plan, or (2) the Advisory Council on Historic Preservation is afforded an opportunity to com- ment on cases for which the recipient of assistance, in consultation with the State historic preservation officer, determines that the proposed rehabilitation activity cannot reasonably meet such stand- ards or would adversely affect historic property as defined therein. Advance assistance payments. Review and audits. Procedures supporti ng historic preservation.

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Page:United States Statutes at Large Volume 97.djvu/1286

 97 STAT. 1254 PUBLIC LAW 98-181—NOV. 30, 1983 Report to Congress. "(j) Not later than 180 days after the close of each fiscal year in which assistance under this section is furnished, the Secretary shall submit to the Congress a report which shall contain— "(1) a description of the progress made in accomplishing the objectives of this section; and "(2) a summary of the use of such funds during the preceding year. The Secretary shall require grantees under this section to submit to him such reports, and other information as may be necessary in order for the Secretary to make the report required by this subsection.". MISCELLANEOUS SEC. 523. Title V of the Housing Act of 1949 is amended by adding at the end thereof the following: Publication in Federal Register. 42 USC 1490n. Transmittal to congressional committees. REVIEW OF RULES AND REGULATIONS "SEC. 534. (a) Notwithstanding any other provision of law, no rule or regulation pursuant to this title may become effective unless it has first been published for public comment in the Federal Register for at least 60 days, and published in final form for at least 30 days. "(b) The Secretary shall transmit to the chairman and ranking Member of the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House, all rules and regulations at least 15 days before they are sent to the Federal Register for purposes of subsection (a). "(c) The provisions of this section shall not apply to a rule or regulation which the Secretary certifies is issued on an emergency basis. 42 USC 1490o. Export-Import Bank Act Amendments of 1983. 12 USC 635 note. RECIPROCITY IN APPROVAL OF HOUSING SUBDIVISIONS AMONG FEDERAL AGENCIES "SEC. 535. The Secretary of Agriculture, the Secretary of Housing and Urban Development, and the Administrator of Veterans' Af^ fairs shall each accept an administrative approval of any housing subdivision made by any of the others so that not later than January 1, 1984, there is total reciprocity for housing subdivision approvals among the agencies which they head.". TITLE VI—EXPORT-IMPORT BANK ACT AMENDMENTS OF 1983 SHORT TITLE SEC. 601. This title may be cited as the "Export-Import Bank Act Amendments of 1983". PART A—EXPORT-IMPORT BANK ACT AMENDMENTS Ante, p. 916. EXTENSION OF THE EXPORT-IMPORT BANK ACT SEC. 611. Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) is amended by striking out "November 18, 1983" and inserting in lieu thereof "September 30, 1986".

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Page:United States Statutes at Large Volume 97.djvu/1287

 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1255 COMPETITIVE MANDATE SEC. 612. (a) The second sentence of section 2(b)(l)(A) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(l)(A)) is amended— (1) by inserting "in all its programs" after "objective"; and (2) by inserting "fully" after "which are". (b) The first sentence of section 2(b)(l)(B) of such Act (12 U.S.C. 635(b)(l)(B)) is amended by striking out "It is" and all that follows through "exports of other countries;" and inserting in lieu thereof the following: "It is further the policy of the United States that loans made by the Bank in all its programs shall bear interest at rates determined by the Board of Directors, consistent with the Bank's mandate to support United States exports at rates and on terms and conditions which are fully competitive with exports of other countries, and consistent with international agreements. For the purpose of the preceding sentence, rates and terms and condi- tions need not be equivalent to those offered by foreign countries, but should be established so that the effect of such rates, terms, and conditions for all the Bank's programs, including those for small businesses and for medium-term financing, will be to neutralize the effect of such foreign credit on international sales competition. The Bank shall consider its average cost of money as one factor in its determination of interest rates, where such consideration does not impair the Beuik's primary function of expanding United States exports through fully competitive financing. It is also the policy of the United States". (c) The first sentence of section 2(b)(l)(B) of such Act (12 U.S.C. 635(b)(l)(B)), as in effect on the day before the date of the enactment of this title, is amended by inserting "export trading companies," sifter "independent export firms,". ADVISORY COMMITTEE SEC. 613. Section 3(d) of the Export-Import Bank Act of 1945 (12 U.S.C. 635a(d)) is amended to read as follows: "(d)(l)(A) There is established an Advisory Committee to consist of twelve members who shall be appointed by the Board of Directors on the recommendation of the President of the Bank. "(B) Such members shall be broadly representative of production, commerce, finance, agriculture, labor, services, and State government. "(2) Not less than three members appointed to the Advisory Committee shall be representative of the small business community. "(3) The Advisory Committee shall meet at least once each quarter. "(4) The Advisory Committee shall advise the Bank on its pro- grams, and shall submit, with the report specified in section 2(b)(l)(A) of this Act, its own comments to the Congress on the extent to which the Bank is meeting its mandate to provide competi- tive financing to expand United States exports, and any suggestions for improvements in this regard.". Comments, submittal to (Cong ress. 12 USC 635. TERMS OF DIRECTORS SEC. 614. (a) Section 3(c) of the Export-Import Bank Act of 1945 (12 U.S.C. 635a(c)) is amended—

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Page:United States Statutes at Large Volume 97.djvu/1288

 97 STAT. 1256 PUBLIC LAW 98-181—NOV. 30, 1983 (1) by redesignating the first sentence through the seventh sentence of such section as paragraphs (1) through (7), respectively; (2) in the fifth paragraph of such section, as so redesignated by paragraph (1), by striking out "Terms of the directors shall be at the pleasure of the President of the United States, and the" and inserting in lieu thereof "The"; and (3) by adding at the end thereof the following: "(SKA) The terms of the directors, including the President and the First Vice President of the Bank, appointed under this section shall be four years, except that— "(i) during their terms of office, the directors shall serve at the pleasure of the President of the United States; "(ii) the term of any director appointed after the date of enactment of this paragraph to serve before January 20, 1985, shall expire on January 20, 1985; "(iii) of the directors first appointed to serve beginning on or after January 21, 1985, two directors (other than the President and First Vice President of the Bank) shall be appointed for terms of two years, as designated by the President of the United States at the time of their appointment; and "(iv) any director first appointed to serve for a term beginning on any date after January 21, 1985, shall serve only for the remainder of the period for which such director would have been appointed if such director's term had begun on January 21, 1985. If such term would have expired before the date on which such director's term actually begins, the term of such director shall be the four-year period, or remainder thereof, as if such director had been preceded by a director whose term had begun on January 21, 1985. "(B) Of the five members of the Board appointed by the President, not less than one such member shall be selected from among the small business community and shall represent the interests of small business. Vacancy. "(C) Any person chosen to fill a vacancy shall be appointed only for the unexpired term of the director whom such person succeeds. "(D) Any director whose term has expired may be reappointed.". 12 USC 635a (b) In order to carry out the amendment made by subsection (a) note. regarding section 3(c)(8)(B) of the Export-Import Bank Act of 1945, Ante, p. 1255. ^^le first member, other than a member who will serve as Chairman or Vice Chairman of the Bank, appointed by the President of the United States to the Board of Directors of the Export-Import Bank of the United States after the date of the enactment of this section shall be selected from among the small business community and shall represent the interests of small business. REPORT ON AUTHORITY SEC. 615. Section 7(a)(2) of the Export-Import Bank Act of 1945 (12 U.S.C. 635e(a)(2)) is amended to read as follows: "(2)(A)(i) Not later than March 31 of each fiscal year, the Presi- dent of the United States shall determine whether the authority available to the Bank for such fiscal year will be sufficient to meet the Bank's needs, particularly those needs arising from— "(I) increases in the level of exports unforeseen at the time of the original budget request for such fiscal year; "(II) any increased foreign export credit subsidies; or

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