Volume 97 · 197
Public Law 98–35
To provide Tor the temporary extension of certain insurance programs relating to housing and community development, and for other purposes.
Approved May 26, 1983
Statutory text
Joint Resolution
To provide Tor the temporary extension of certain insurance programs relating to housing and community development, and for other purposes.
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled,
Section 1. extension of federal housing administration mortgage insurance programs
Section 2(a) of the National Housing Act is amended
by striking out “May 21, 1983” in the first sentence and inserting in lieu thereof “October 1, 1983”.
Section 217 of such Act is amended by striking out “May 20,
1983” and inserting in lieu thereof “September 30, 1983”.
Section 221(f) of such Act is amended by striking out “May 20,
1983” in the fifth sentence and inserting in lieu thereof “September 30, 1983”.
Section 235 of such Act is amended—
in subsection (m), by striking out “May 20, 1983” and inserting in lieu thereof “September 30, 1983”; and
in subsection (q)(1), by striking out “May 20, 1983” and inserting in lieu thereof “September 30, 1983”.
Section 236(n) of such Act is amended by striking out “May 20,
1983” and inserting in lieu thereof “September 30, 1983”.
Section 244(d) of such Act is amended—
by striking out “May 20, 1983” in the first sentence and inserting in lieu thereof “September 30, 1983”; and
by striking out “May 21, 1983” in the second sentence and inserting in lieu thereof “October 1, 1983”.
Section 245(a) of such Act is amended by striking out “May 20,
1983” and inserting in lieu thereof “September 30, 1983”.
Section 809(f) of such Act is amended by striking out “May 20,
1983” in the second sentence and inserting in lieu thereof “September 30, 1983”.
Section 810(k) of such Act is amended by striking out “May 20,
1983” in the second sentence and inserting in lieu thereof “September 30, 1983”.
Section 1002(a) of such Act is amended by striking out “May 20,
1983” and inserting in lieu thereof “September 30, 1983”.
Section 1101(a) of such Act is amended by striking out
“May 20, 1983” in the second sentence and inserting in lieu thereof “September 30, 1983”.
Sec. 2. extension of flexible interest rate authority
Section 3(a)(1) of the Act entitled “An Act to amend chapter 37 of title 38 of the United States Code with respect to the
veterans’ home loan program, to amend the National Housing Act with respect to interest rates on insured mortgages, and for other
purposes”, approved May 7, 1968 (12 U.S.C. 1709–1(1)), is amended by striking out “May 21, 1983” and inserting in lieu thereof “October 1, 1983”.
Sec. 3. extension of rural housing authorities
Section 515(b)(5) of the Housing Act of 1949 is amended by striking out “May 20, 1983” and inserting in lieu thereof “September 30, 1983”.
Section 517(a)(1) of such Act is amended by striking out “May 20, 1983” and inserting in lieu thereof “September 30, 1983”.
Section 523(f) of such Act is amended by striking out “May 20, 1983” each place it appears and inserting in lieu thereof “September 30, 1983”.
Sec. 4. extension of flood, crime, and riot insurance programs
Section 1319 of the National Flood Insurance Act of
1968 is amended by striking out “May 20, 1983” and inserting in lieu thereof “September 30, 1983”.
Section 1336(a) of such Act is amended by striking out “May 20, 1983” and inserting in lieu thereof “September 30, 1983”.
Section 1201(b)(1) of the National Housing Act is amended by striking out “May 20, 1983” and inserting in lieu thereof “September 30, 1983”.
Sec. 5. exemption of certain federal home loan mortgage corporation securities from securities regulations
Section 306 of the Federal Home Loan Mortgage Corporation
Act is amended by adding at the end thereof the following new subsection:
“(g) All securities issued or guaranteed by the Corporation (other than securities guaranteed by the Corporation that are backed by mortgages not purchased by the Corporation) shall, to the same extent as securities that are direct obligations of or obligations guaranteed as to principal or interest by the United States, be deemed to be exempt securities within the meaning of the laws administered by the Securities and Exchange Commission”.
Sec. 6. extension of experimental housing allowance supply program
Section 504(b) of the Housing and Urban Development
Act of 1970 is amended—
by inserting “(1)” after “(b)”; and
by adding at the end thereof the following new paragraph: “(2) Notwithstanding the provisions of paragraph (1), the Secretary shall, to the extent approved in appropriation Acts, extend the annual contributions contracts for the experimental housing allowance supply program through September 30, 1989, on the same terms and conditions as the original contracts, for the sole purpose of providing assistance for homeowners participating in such program on June 1, 1983. In extending such contracts, the Secretary may, to the extent approved in appropriation Acts, use authority available under section 5(c) of the United States Housing Act of 1937.”.
The amendments made by this section shall become effective
Effective date.
on October 1, 1983.
Approved May 26, 1983.