PL 106-377 Sec 235

Public Law 106–377

106th Congress

An Act

Making appropriations for the Departments of Veterans Affairs and Housing and Urban Development, and for sundry independent agencies, boards, commissions, corporations, and offices for the fiscal year ending September 30, 2001, and for other purposes.

PERMANENT EXTENSION OF FHA MULTIFAMILY MORTGAGE CREDIT DEMONSTRATIONS

SEC. 235. Section 542 of the Housing and Community Development Act of 1992 (12 U.S.C. 1707 note) is amended—

(1) in subsection (a)—

(A) in the first sentence, by striking “demonstrate the effectiveness of providing” and inserting “provide”; and

(B) in the second sentence, by striking “demonstration” and inserting “the”;

(2) in subsection (b)—

(A) in paragraph (1), by striking “determine the effectiveness of “ and inserting “provide”; and

(B) by striking paragraph (5), and inserting the following new paragraph:

“(5) INSURANCE AUTHORITY.—Using any authority provided in appropriation Acts to insure mortgages under the National Housing Act, the Secretary may enter into commitments under this subsection for risk-sharing units.”;

(3) in subsection (c)—

(A) in paragraph (1), by striking “test the effectiveness of “ and inserting “provide”; and

(B) by striking paragraph (4) and inserting the following new paragraph:

“(4) INSURANCE AUTHORITY.—Using any authority provided in appropriation Acts to insure mortgages under the National Housing Act, the Secretary may enter into commitments under this subsection for risk-sharing units.”;

(4) by striking subsection (d);

(5) by striking “pilot” and “PILOT” each place such terms appear; and

(6) in the section heading, by striking “DEMONSTRATIONS” and inserting “PROGRAMS”.