Pub. L. 89-583, pt. I, ch. 2, tit. III, sec. 104

Sec. 104. Title III of chapter 2 of part I of the Foreign Assistance Act of 1961, as amended, which relates to investment guaranties, is amended as follows: (a) Section 221(b), which relates to general authority for investment guaranties, is amended as follows: (1) In paragraph (1), strike out “$5,000,000,000” and insert in lieu thereof “$7,000,000,000” (2) In the third proviso of paragraph (2), strike out “$300,000,000” and “$175,000,000” and insert in lieu thereof “$375,000,000” and “$215,000,000”, respectively, and strike out “Federal Housing Administration” and insert in lieu thereof “Department of Housing and Urban Development”. (3) In the fourth proviso of paragraph (2), strike out “1967” and insert in lieu thereof “1969”. (b) Section 222, which relates to general provisions, is amended by adding at the end thereof the following new subsection: “(h) In the case of any loan investment for housing guaranteed under section 221(b)(2) or section 224, the Administrator of the Agency for International Development shall prescribe the rate of interest allowable to the eligible United States investor, which rate shall not be less than one-half of 1 per centum above the then current rate of interest applicable to housing mortgages insured by the Department of Housing and Urban Development. In no event shall the Administrator prescribe an allowable rate of interest which exceeds by more than 1 per centum the then current rate of interest applicable to housing mortgages insured by such Department” (c) Section 224, which relates to housing projects in Latin American countries, is amended as follows: (1) In subsection (b)(1), strike out “Federal Housing Administration” and insert in lieu thereof “Department of Housing and Urban Development”. (2) In subsection (c), strike out “$400,000,000” and insert in lieu thereof “$450,000,000: Provided, That $300,000,000 be used for the purposes of section 224(b) (1) ”. (3) In the last proviso of subsection (c), strike out “1967” and insert in lieu thereof “1969”.