EXTENSION OF PERIOD FOR INSURANCE OF NEW LOANS.

SEC. 707. EXTENSION OF PERIOD FOR INSURANCE OF NEW LOANS. Section 728(a) (42 U.S.C. 294a(a)) is amended— (1) by inserting before the period at the end of the second sentence the following: “, and if in any fiscal year no ceiling has been established, any difference carried over shall constitute the ceiling for making new loans (including loans to new borrowers) and paying installments for such fiscal year.”; and (2) in the third sentence by striking “1991,” and inserting “1994,”.