PUBLIC LAW 94-351—JULY 12, 1976 Sales Manager shall report directly to the Board of Directors of the Corporation of which the Secretary of Agriculture is a member. Such Sales Manager shall obtain, assimilate, and analyze all available information on developments related to private sales, as well as those funded by the Corporation and Public Law 480, including grade and quality as sold and as delivered and shall submit quarterly reports to the appropriate committees of Congress concerning such developments: Provided further, That not less than 7 per centum of this authorization shall be placed in reserve to be apportioned pursuant to section 3679 of the Revised Statutes, as amended, for use only in such amounts and at such times as may become necessary to carry out program operations: Provided further, That all necessary expenses (including legal and special services performed on a contract or fee basis, but not including other personal services) in connection with the acquisition, operation, maintenance, improvement, or disposition of any real or personal property belonging to the Corporation or in which it has an interest, including expenses of collections of pledged collateral, shall be considered as nonadministrative expenses for the purposes hereof. TITLE
II—RURAL DEVELOPMENT
AND
90 STAT. 859 Reports to congressional committees. 7 USC 1691-1736e.
31 USC 665.
ASSISTANCE
RURAL DEVELOPMENT AND PROTECTION FARMERS HOME ADMINISTRATION RURAL H O U S I N G
INSURANCE
FUND
For direct loans and related advances pursuant to section 517(m) of the Housing Act of 1949, as amended, $15,000,000 shall be available 42 USC 1487. from funds in the rural housing insurance fund, and for insured loans as authorized by title V of the Housing Act of 1949, as amended, 42 USC 1471. $3,196,000,000 of which not less than $2,023,000,000 shall be available for subsidized interest loans to low-income borrowers as determined by the Secretary: Provided, That unsubsidized interest guaranteed loans of not to exceed $500,000,000 shall be in addition to these amounts. For an additional amount to reimburse the rural housing insurance fund for losses sustained in prior years, but not previously reimbursed, in carrying out the provisions of title V of the Housing Act of 1949, as amended (42 U.S.C. 1483, 1487e, and 1490a (cj), including $42,788,000 as authorized by section 521(c) of the Act, $175,429,000, 42 USC 1490a. and such amounts as may be necessary to carry out a rental assistance program under section 521(a)(2) of the Housing Act of 1949, as amended. AGRICULTURAL CREDIT INSURANCE
FUND
For an additional amount to reimburse the agricultural credit insurance fund for losses sustained in prior years, but not previously reimbursed, in carrying out the provisions of the Consolidated Farm and Rural Development Act, as amended (7 U.S.C. 1988(a)), $141,189,000. Loans may be insured, or made to be sold and insured, under this Fund in accordance with and subject to the provisions of 7 U.S.C. 1928-1929, as follows: real estate loans, $520,000,000, including not less than $450,000,000 for farm ownership loans; and not less than $54,000,000 for water development, use, and conservation loans; operating loans, $625,000,000; and emergency loans in amounts necessary to meet the needs resulting from natural disasters.
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