amendment to make public housing agencies eligible as mortgagors under section 221(d)(3) of the national housing act

amendment to make public housing agencies eligible as mortgagors under section 221(d)(3) of the national housing act Sec. 319. (a) Section 221(d)(3) of the National Housing Act is amended by striking out “(and which certifies that it is not receiving financial assistance from the United States exclusively pursuant to the United States Housing Act of 1937)” and inserting in lieu thereof “(and, except with respect to a project assisted or to be assisted pursuant to section 8 of the United States Housing Act of 1937, which certifies that it is not receiving financial assistance from the United States exclusively pursuant to such Act)”. (b) With respect to any obligation secured by a mortgage which is insured under section 221(d)(3) of the National Housing Act and issued by a public agency as mortgagor in connection with the financing of a project assisted under section 8 of the United States Housing Act of 1937, the interest paid on such obligation shall be included in gross income for purposes of chapter 1 of the Internal Revenue Code of 1954.