housing and other credit guaranty programs

housing and other credit guaranty programs Sec. 115. (a) Sections 221 and 222 of the Foreign Assistance Act of 1961 are amended to read as follows: “Sec. 221. Housing Guaranties.— The Congress recognizes that shelter requirements are among the most fundamental of human needs. Shelter for most people in the developing countries consists largely of domestic materials assembled by local labor. While recognizing that most financing for such housing must come from domestic resources, the Congress finds that carefully designed programs involving United States capital and expertise can increase the availability of domestic financing for improved housing and related services for low-income people by demonstrating to local entrepreneurs and institutions that providing low-cost housing can be financially viable. The Congress reaffirms, therefore, that the United States should continue to assist developing countries in marshalling resources for low-cost housing. Particular attention should be given to programs which will support pilot projects for low-cost shelter or which will have a maximum demonstration impact on local institutions and national policy. The Congress declares that the long run goal of all such programs should be to develop domestic construction capabilities and to stimulate local credit institutions to make available domestic capital and other management and technological resources required for effective low-cost shelter programs and policies. “Sec. 222. Authorization.— (a) To carry out the policy of section 221, the President is authorized to issue guaranties to eligible investors92 STAT. 951 (as defined in section 238(c)) assuring against losses incurred in connection with loans made for projects meeting the criteria set forth in section 221, The total principal amount of guaranties issued under this title or heretofore issued under prior housing guaranty authorities, which are outstanding at any one time, shall not exceed $1,180,000,000. The authority of this section shall continue until September 30, 1980. The President may issue regulations from time to time with regard to the terms and conditions upon which such guaranties shall be issued and the eligibility of lenders. “(b) Activities carried out under this section shall emphasize— “(1) projects which provide improved home sites to poor families on which to build shelter, and related services; “(2) projects comprised of expandable core shelter units on serviced sites; “(3) slum upgrading projects designed to conserve and improve existing shelter; “(4) shelter projects for low income people designed for demonstration or institution building purposes; and “(5) community facilities and services in support of projects authorized under this section to improve the shelter occupied by the poor. “(c) In issuing guaranties under this section with respect to projects in a country which require the use or conservation of energy, the President shall give consideration to the use of solar energy technologies, where such technologies are economically and technically feasible. Technologies which may be used include solar hot water systems, solar heating and cooling, passive solar heating, biomass conversion, photovoltaic and wind applications, and community-scale solar thermal applications.”. (b) Section 222A(h) of such Act is amended by striking out “September 30, 1978” and inserting in lieu thereof “September 30, 1979”. (c) Section 223(a) of such Act is amended by striking out “221, 222,” and inserting in lieu thereof “222”. (d) Section 223(b) of such Act is amended in the first sentence— (1) by striking out “221 or” the first place it appears; (2) by striking out “221 and section 222 and of” and inserting in lieu thereof “222 and administering housing guaranties heretofore authorized under this title and under”; (3) by striking out “section 221 or” the second place it appears; and (4) by inserting “this title or” immediately after “heretofore pursuant to”. (e) Section 223(c) of such Act is amended by striking out “section 221 or” and by inserting “under this title or” immediately after “heretofore”. (f) Section 223 (d) of such Act is amended— (1) by striking out “221, 222, 222A,” and inserting in lieu thereof “222 or 222A”; and (2) by inserting “under this title or” immediately after “heretofore”. (g) Section 223(f) of such Act is amended in the first sentence by striking out “section 221 or”. (h) Section 223(g) of such Act is amended by inserting “heretofore under this title or” immediately after “outstanding”. 92 STAT. 952 (i) Section 223 (i) of such Act is repealed. (j) Section 223(j) of such Act is amended by striking out “sections 221 and” in the first sentence and inserting in lieu thereof “section”. (k) Section 620(1) of such Act is amended by striking out “221 (b) (1)” both places it appears and inserting in lieu thereof “234 (a)(1)”.