79 STAT.]
PUBLIC LAW 8 9 - 1 1 7 - A U G U S T 10, 1965
489
(4) by inserting before the semicolon at the end of paragraph (1) of section 22(a) a colon and the following: Provided, That such conveyance or delivery of title shall be subject to the rights of third parties vested pursuant to paragraph (9) of section 15".
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TITLE VI—COLLEGE HOUSING I N C R E A S E I N AUTHORIZATION FOR COLLEGE H O U S I N G LOANS
SEC. 601. Section 401(d) of the Housing Act of 1950 is amended by yJl^H^^^f^' striking out "through 1964, each place it appears, and inserting in lieu 12 USC 1749. thereof "through 1968". I N T E R E S T RATE O N COLLEGE H O U S I N G
LOANS
SEC. 602. (a) Effective with respect to loan contracts entered into after the date of the enactment of this Act, section 401(c) of the Housing Act of 1950 is amended by striking out "the higher of (1) 2 % per centum per annum, or" and inserting m lieu thereof "the lower of (1) 8 per centum per annum, or". (b) Effective with respect to notes or other obligations financing loan contracts entered into after the date of the enactment of this Act, section 401(e) of such Act is amended by striking out "the higher of (1) 21/^ per centum per annum, or" and inserting in lieu thereof "the lower of (1) 2% per centum per annum, or". PARTICIPATION
BY N E W COLLEGES A N D CERTAIN P U B L I C AND TECHNICAL INSTITUTIONS
VOCATIONAL
S E C 603. Clause (1) of section 404(b) of the Housing Act of 1950 is amended to read as follows: " (1)(A) any educational institution which offers, or provides satisfactory assurance to the Administrator that it will offer within a reasonable time after completion of a facility for which assistance is requested under this title, at least a two-year program acceptable for full credit toward a baccalaureate degree (including any public educational institution, or any private educational institution no part of the net earnings of which inures to the benefit of any private shareholder or individual), or (B) any public educational institution which (i) is administered by a college or university which is accredited by a nationally recognized accrediting agency or association, (ii) offers technical or vocational instruction, and (iii) provides residential facilities for some or all of the students receiving such instruction,". TECHNICAL
Ji stan 304^^
AMENDMENTS
SEC. 604. (a) The second paragraph of section 404(b) of the Housing Act of 1950 is amended by inserting after "would provide housing," the following: "or to a student housing cooperative corporation described in clause (5) of this subsection,". (b) Section 401(g) of such Act is amended by striking out " I n the case" and inserting in lieu thereof "Except as otherwise provided in the second paragraph of section 404(b), in the case". TITLE YII—COMMUNITY F A C I L I T I E S PURPOSE
SEC. 701. The purpose of this title is to assist and encourage the communities of the Nation fully to meet the needs of their citizens by 49-850 0-66—34
^9 Stat. 644.
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