development assistance

development assistance Sec. 311. Chapter 2 of part I of the Foreign Assistance Act of 1961 is amended— (1) by amending section 209(c) to read as follows: “(c) It is the sense of the Congress that the President should increase, to the extent practicable, the funds provided by the United States to multilateral lending institutions and multilateral organiza-89 STAT. 861tions in which the United States participates for use by such institutions and organizations in making loans to foreign countries.”; (2) by amending section 214— (A) in subsection (c), by inserting “and for each of the fiscal years 1976 and 1977, $25,000,000,” immediately after “$19,000,000,”; and (B) in subsection (d), by inserting “and for each of the fiscal years 1976 and 1977, $7,000,000,” immediately after “$6,500,000”; (3) in section 221, by striking out “$355,000,000” and inserting in lieu thereof “$430,000,000”; (4) in section 222(c), by striking out “$550,000,000” and inserting in lieu thereof “$600,000,000”; and (5) in section 223— (A) by striking out “June 30, 1976” in subsection (i) and inserting in lieu thereof “September 30, 1978”; and (B) by adding at the end thereof the following new subsection: “(j) Guaranties shall be issued under sections 221 and 222 only for housing projects which (1) except for regional projects, are in countries which are receiving, or which in the previous two fiscal years have received, development assistance under chapter 1 of part I of this Act, (2) are coordinated with and complementary to such assistance, and (3) are specifically designed to demonstrate the feasibility and suitability of particular kinds of housing or of financial or other institutional arrangements. Of the aggregate face value of housing guaranties hereafter issued under this title, not less than 90 per centum shall be issued for housing suitable for families with income below the median income (below the median urban income for housing in urban areas) in the country in which the housing is located. The face value of guaranties issued with respect to housing in any country shall not exceed $25,000,000 in any fiscal year, and the average face value of guaranties issued in any fiscal year shall not exceed $15,000,000. Notwithstanding the provisions of the first sentence of this subsection, the President is authorized to issue housing guaranties until September 30, 1977, as follows: In Israel, not exceeding a face amount of $50,000,000, and in Portugal, not exceeding a face amount of $20,000,000.”.