Page:United States Statutes at Large Volume 98 Part 2.djvu/1065

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PUBLIC LAW 98-000—MMMM. DD, 1984

PUBLIC LAW 98-479—OCT. 17, 1984

98 STAT. 2225

(4) Section 2360')(4)(B) of the National Housing Act is amended to read as follows: "(B) bear interest at a rate not to exceed such percent per annum on the amount of the principal obligation outstanding at any time as the Secretary determines is necessary to meet the mortgage market, taking into consideration the yields on mortgages in the primary and secondary markets; and". (5) Section 244(d) of the National Housing Act is amended to read as follows: "(d) No mortgage, advance, or loan shall be insured pursuant to this section after September 30, 1985, except pursuant to a commitment to insure made before that date.". (6) The section heading of section 526 of the National Housing Act is amended to read as follows: "MINIMUM PROPERTY STANDARDS". (7) Section 531 of the National Housing Act is amended by striking out "title 11" each place it appears and inserting in lieu thereof "this Act". (8) Section 1101(c)(4) of the National Housing Act is amended to read as follows: "(4) bear interest at such rate as may be agreed upon by the mortgagor and the mortgagee.". (b) Section 7(o)(6)(C) of the Department of Housing and Urban Development Act is amended by striking out "3 of Public Law 90-301" and inserting in lieu thereof "235 or 236 of the National Housing Act". (c)(1) Section 906(a) of the Housing and Urban Development Act of 1968 is amended— (A) by striking out "and" at the end of paragraph (2); (B) by striking out the period at the end of paragraph (3) and inserting in lieu thereof "; and"; and (C) by adding at the end thereof the following new paragraph; "(4) for the purpose of generating income to support the building or rehabilitation of housing primarily for the benefit of families and individuals of low or moderate income (A) design, develop, manufacture and sell products and services for use in the construction, sale, or financing of housing, and (B) design and develop commercial, industrial, or retail facilities that are not directly related to housing, except that the development and preservation of housing for families and individuals of low or moderate income shall be the primary activity of the corporation.". (2) Section 906 of the Housing and Urban Development Act of 1968 is amended by adding at the end thereof the following: "(e) The combined outstanding equity commitment of the corporation and the partnership with respect to activities undertaken under subsection (a)(4) may not exceed (1) 7 percent of their total combined equity commitment outstanding during the first 12-month period following the date of enactment of this subsection; (2) 14 percent of their total combined equity commitment outstanding during the second 12-month period following the date of enactment of this subsection; or (3) 20 percent of their total combined equity commitment outstanding at any time thereafter.". (3) Section 908(a) of the Housing and Urban Development Act of 1968 is amended— (A) by inserting "(1)" after "(a)"; and (B) by adding at the end thereof the following:

12 USC I7i5z-i.

12 USC 1715Z-9.

12 USC 1735f-4. 97 Stat. 1208. 12 USC 173.5f-9. 12 USC 1749aaa.

42 USC 3535.

42 USC 3936.

42 USC 3938.