rural housing

rural housing Sec. 413. (a) Sections 513, 515(b)(5), and 517(a)(1) of the Housing Act of 1949 are each amended by striking out “January 1, 1970” wherever it appears and inserting in lieu thereof “October 1, 1973”. (b) Section 517(c) of such Act is amended by striking out all that follows “section” and inserting in lieu thereof a period. (c) Section 517 of such Act is amended by adding at the end thereof the following new subsection: “(k) Any sale by the Secretary of loans individually or in blocks, pursuant to subsections (c) and (g), shall be treated as a sale of assets for the purposes of the Budget and Accounting Act, 1921, notwithstanding the fact that the Secretary, under an agreement 83 Stat. 399 with the purchaser, holds the debt instruments evidencing the loans and holds or reinvests payments thereon as trustee and custodian for the purchaser.” (d) Section 517 of such Act is further amended by adding at the end thereof (after subsection (k), as added by subsection (c) of this section) the following new subsection: “(l) The Secretary may also, upon the application of lenders, builders, or sellers and upon compliance with requirements specified by him, make commitments upon such terms and conditions as he shall prescribe to make or insure loans under this section to eligible applicants.” (e)(1) Section 517 of such Act is further amended by adding at the end thereof (after subsection (l), as added by subsection (d) of this section) the following new subsection: “(m) The assets and liabilities of, and authorizations applicable to, the Rural Housing Direct Loan Account are hereby transferred to the Fund, and such Account is hereby abolished. Such assets and their proceeds, including loans made out of the Fund pursuant to this section, shall be subject to all of the provisions of this section.” (2) The first sentence of section 517(d) of such Act is amended— (A) by striking out “(a) and (b)” and inserting in lieu thereof “(a), (b), and (m)”; and (B) by inserting “or otherwise acquired by” after “loans made from”. (3) Section 518 of such Act is repealed. (4) Section 519 of such Act is amended by striking out “or the Rural Housing Direct Loan Account” and “or Account”. (f)(1) Title V of such Act is amended by adding at the end thereof a new section as follows: “financial assistance to nonprofit organizations to provide sites for rural housing for low- and moderate-income families “Sec. 524. (a) The Secretary may make loans, on such terms and conditions and in such amounts as he deems necessary, to public or private nonprofit organizations for the acquisition and development of land as building sites to he subdivided and sold to families, nonprofit organizations, and cooperatives eligible for assistance under section 235 or 236 of the National Housing Act or section 521 of this Act. Such a loan shall bear interest at a rate prescribed by the Secretary taking into consideration a rate determined annually by the Secretary of the Treasury as the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such loans, adjusted to the nearest one-eighth of 1 per centum, and shall be repaid within a period not to exceed two years from the making of the loan or within such additional period as may be authorized by the Secretary in any case as being necessary to carry out the purposes of this section. “(b) In determining whether to extend financial assistance under this section, the Secretary shall take into consideration, among other factors, (1) the suitability of the area to the types of dwellings which can feasibly he provided, and (2) the extent to which the assistance will (i) facilitate providing needed decent, safe, and sanitary housing, (ii) be utilized efficiently and expeditiously, and (iii) fulfill a need in the area which is not otherwise being met through other programs, including those being carried out by other Federal, State, or local agencies.” 83 Stat. 400 (2) Section 517 (b) of such Act, is amended by striking out “and 515” and inserting “, 515”, and by adding after “(b)(4)),” the following: “and 524,”.