Public Law 93-234 - Flood Disaster Protection Act of 1973

Public Law 93-234 (87 Stat 975).pdf

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Public Law 93-234 - Flood Disaster Protection Act of 1973

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87 STAT.]

PUBLIC LAW 93-234-DEC. 31, 1973

975

thereof the following new sentence: "Effective with respect to compensation for weeks of unemployment beginning before April 1,1974, and
beginning after December 31,1973 (or, if later, the date established
pursuant to State law), the State may by law provide that the determination of whether there has been a State 'on' or 'off' indicator
be^nning or ending any extended benefit period shall be made under
this subsection as if paragraph (1) did not contain subparagraph
(A) thereof.".
Approved December 31, 1973.
Public Law 93-234
AN ACT
To expand the national flood insurance program by substantially increasing
limits of coverage and total amount of insurance authorized to be outstanding
and by requiring knownflood-pronecommunities to participate in the program, and for other purposes.

December 31, 1973
[H. R. 8449]

Be it enacted hy the Senate and House of Representatives of the
Flood Disaster
United States of America in Congress assembled^ That this Act may Protection
Act of
be cited as the "Flood Disaster Protection Act of 1973".
1973.
FINDINGS A N D DECLARATION OF PURPOSE

SEC. 2. (a) The Congress finds that—
(1) annual losses throughout the Nation from floods and mudslides are increasing at an alarming rate, largely as a result of
the accelerating development of, and concentration of population
in, areas of flood and mudslide hazards;
(2) the availability of Federal loans, grants, guaranties,
insurance, and other forms of financial assistance are often
determining factors in the utilization of land and the location
and construction of public and of private industrial, commercial,
and residential facilities;
(3) property acquired or constructed with grants or other
Federal assistance may be exposed to risk of loss through floods,
thus frustrating the purpose for which such assistance was
extended;
(4) Federal instrumeiitalities insure or otherwise provide
financial protection to banking and credit institutions whose assets
include a substantial number of mortgage loans and other indebtedness secured by property exposed to loss and damage from
floods and mudslides;

976

PUBLIC LAW 93-234-DEC. 31, 1973
'

A

'

[87

STAT.

(5) the Nation cannot afford the tragic losses of life caused
annually by flood occurrences, nor the increasing losses of property suffered by flood victims, most of whom are still inadequately
compensated despite the provision of costly disaster relief benefits ; and
(6) it is in the public interest for persons already living in
flood-prone
areas to have both an opportunity to purchase flood
insurance and access to more adec[uate limits of coverage, so that
they will be indemnified for their losses in the event of future
flood disasters,
(b) Tlie purpose of this Act, therefore, is to—
(1) substantially increase the limits of coverage authorized
under the national flood insurance program;
(2) provide for the expeditious identification of, and the dissemination of information concerning, flood-prone areas;
(3) require States or local communities, as a condition of
future Federal financial assistance, to participate in the flood
insurance program and to adopt adequate flood plain ordinances
with effective enforcement provisions consistent with Federal
standards to reduce or avoid future flood losses; and
(4) require the purchase of flood insurance by property owners
•who are being assisted by Federal programs or by lederally
supervised, reflated, or insured agencies or institutions in the
acquisition or improvement of land or facilities located or to be
V located in identified areas having special flood hazards.
DEFIXITIOXS

„

SKC. 8. (a) As used in this Act, unless the context otlierwise requires,
the term—
(1) "community" means a State or a political subdivision
thereof which has zoning and building code jurisdiction over a
particular area having special flood hazards ;
(2) "Federal agency" means any department, agency, corporation, or other entity or instrumentality of the executive branch
of the Federal Grovernment, and includes the Federal National
Mortgage Association and the Federal Home Loan ^Mortgage
Corporation;
(8) "financial assistance" means any form of loan, grant, guaranty, insurance, payment, rebate, subsidy, disaster assistance loan
or grant, or any other form of direct or indirect Federal assistance,
other than general or special revenue sharing or formula grants
made to States;

87 STAT.]

PUBLIC LAW 9 3 - 2 3 4 - D E C . 31, 1973

977

(4) "financial assistance for acquisition or construction purposes" means any form of financial assistance which is intended
in whole or in part for the acquisition, construction, reconstruction, repair, or improvement of any publicly or privately owned
building or mobile home, and for any machinery, equipment,
fixtures, and furnishings contained or to be contained therein, and
shall include the purchase or subsidization of mortgages or mortgage loans but shall exclude assistance for emergency work essential for the protection and preservation of life and property
performed pursuant to the Disaster Relief Act of 1970 or any 42u?c44o/'
subsequent Act of Congress which supersedes or modifies the note.
Disaster Relief Act of 1970;
(5) "Federal instrumentality responsible for the supervision,
approval, regulation, or insuring of banks, savings and loan associations, or similar institutions" means the Board of Governors
of the Federal Reserve System, the Federal Deposit Insurance
Corporation, the Comptroller of the Currency, the Federal Home
Loan Bank Board, the Federal Savings and Loan Insurance
Corporation, and the National Credit Union Administration; and
(6) "Secretary" means the Secretary of Housing and Urban
Development.
(b) The Secretary is authorized to define or redefine, by rules and
regulations, any scientific or technical term used in this Act, insofar
as sucli definition is not inconsistent with the purposes of tliis Act.
TITLE I—EXPANSION OF NATIONAL FLOOD
INSURANCE PROGRAM
IXCREASED LIMITS OF COVERAGE

SEC. 101. (a) Section 1306(b)(1)(A) of the National Flood
Insurance Act or 1968 is amended to read as follows:
" (A) in the case of residential properties—
"(i) $35,000 aggregate liability for any single-family
dwelling, and $100,000 for any residential structure containing more than one dwelling unit,
"(ii) $10,000 aggregate liability per dwelling unit for
any contents related to such unit, and
''(iii) in the States of Alaska and Hawaii, and in the
Virgin Islands and Guam, the limits provided in clause (i) of
this sentence shall be: $150,000 aggregate liability for any
single-family dwelling, and $150,000 for any residential
structure containing more than one dwelling unit;".

22.180 0 - 7 5 - 6 4

^^ ^^^ IJ^^*

978
82 Stat. 575.
42 u s e 4013.

85 Stat. 775.

83 Stat. 397.
42 u s e 4012.

PUBLIC LAW 93-234-DEC. 31, 1973

[87 STAT.

(b) Section 1306(b) (1) (B) of such Act is amended by striking out
"$30,000" and "$5,000" wherever they appear and inserting in lieu
thereof "$100,000".
(c) Section 1306(b)(1)(C) of such Act is amended to read as
follows:
" ( C ) in the case of church properties and any other properties
which may become eligible -for flood insurance under section
1305—
"(i) $100,000 aggregate liability for any single structure,
and
"(ii) $100,000 aggregate liability per unit for any contents
related to such unit; and."
R E Q U I R E M E N T TO P U R C H A S E FLOOD I N S U R A N C E

82 Stat. 572.
42 u s e 4001
note.

State-owned
property, exemption.
L i s t , publication.

SEC. 102. (a) After the expiration of sixty days following the date
of enactment of this Act, no Federal officer or agency shall approve
any financial assistance for acquisition or construction purposes for
use in any area that has been identified by the Secretary as an area
liaving special flood hazards and in which the sale of flood insurance
lias been made available under the National Flood Insurance Act of
1968, unless the building or mobile home and any personal property
to which such financial assistance relates is, during the anticipated
economic or useful life of the project, covered by flood insurance in
an amount at least equal to its development or project cost (less estimated land cost) or to the maximum limit of coverage made available with respect to the particular type of property under the National
Flood Insurance Act of 1968, whichever is less: Provided, That if the
financial assistance provided is in the form of a loan or an insurance
or guaranty of a loan, the amount of flood insurance required need
not exceed the outstanding principal balance of the loan and need
not be required beyond the term of the loan.
(b) Each Federal instrumentality responsible for the supervision,
approval, regulation, or insuring of banks, savings and loan associations, or similar institutions shall by regulation direct such institutions
not to make, increase, extend, or renew after the expiration of sixty
days following the date of enactment of this Act any loan secured by
improved real estate or a mobile home located or to be located in an
area that has been identified by the Secretary as an area having special
flood hazards and in which flood insurance has been made available
under the National Flood Insurance Act of 1968, unless the building
or mobile home and any personal property securing such loan is
covered for the term of the loan by flood insurance in an amount at
least equal to the outstanding principal balance of the loan or to the
maximum limit of coverage made available with respect to the particular type of property under the Act, whichever is less.
(c) Notwithstanding the other provisions of this section, flood
insurance shall not be required on any State-owned property that is
covered under an adequate State policy of self-insurance satisfactory
to the Secretary. The Secretary shall publish and periodically revise
the list of States to which this subsection applies.
E S T A B L I S H M E N T O r CHARGEABLE RATES

82 Stat. 576.
42 u s e 4015.

SEC. 103. Section 1308 of the National Flood Insurance Act of
1968 is amended by striking out subsection (c) and inserting in lieu
thereof the following new subsection:
"(c) Notwithstanding any other provision of this title, the chargeable rate with respect to any property, the construction or substantial
improvement of Avhich the Secretary determines has been started after

87

STAT.]

979

PUBLIC LAW 93-234-DEC. 31, 1973

December 31, 1974, or the effective date of the initial rate map published by the Secretary under paragraph (2) of section 1360 for the
area in which such property is located, whichever is later, shall not
be less than the applicable estimated risk premium rate for such area
(or subdivision thereof) under section 1307(a) (1).''.

82 Stat. 587.
42 u s e 4 1 0 1 .

42 u s e 4014.

FINANCING

SEC. 104. Section 1309(a) of the National Flood Insurance Act of
Stat. 577.
1968 is amended by striking out all after the semicolon and inserting 82
42 u s e 4016.
in lieu thereof the following: "except that the total amount of notes
and obligations which may be issued by the Secretary pursuant to
such authority (1) without the approval of the President, may not
exceed $500,000,000, and (2) with the approval of the President, may
to connot exceed $1,000,000,000. The Secretary shall report to the Committee g r Report
e s s i o n a l comon Banking and Currency of the House of Representatives and the m i t t e e s .
Committee on Banking, Housing and Urban Affairs of the Senate
at any time when he requests the approval of the President in accordance with the preceding sentence,".
PROGRAM

EXPIRATION

SEC. 105. Section 1319 of the National Flood Insurance Act of 1968
is amended to read as follows:
'PROGRAM

82 Stat. 5 8 1 .
42 u s e 4026.

EXPIRATION

"SEC. 1319. No new contract for flood insurance under this title shall
be entered into after June 30,1977.".
EMERGENCY IMPLEMENTATION or

PROGRAM

SEC. 106. Subsection (a) of section 1336 of the National Flood
Insurance Act of 1968 is amended by striking the date "December 31,
1973" and inserting in lieu thereof "December 31,1975".
DEFINITION o r

FLOOD

,

83 Stat. 396;
85 Stat. 7 7 5 .
42 u s e 4056.

^^

SEC, 107. Section 1370(b) of the National Flood Insurance Act of
1968 is amended by inserting "proximately" before "caused".

82 Stat. 588;
83 Stat. 3 9 7 .
42 u s e 4 1 2 1 .

EXTENSION or FLOOD INSURANCE PROGRAM TO COVER LOSSES FROM EROSION
A N D U N D E R M I N I N G OF S H O R E L I N E S

SEC. 108. (a) Section 1302 of the National Flood Insurance Act of
1988 is amended by adding at the end thereof the following new subsection :
" ( g ) The Congress also finds that (1) the damage and loss which
may result from the erosion and undermining of shorelines by waves
or currents in lakes and other bodies of water exceeding anticipated
cyclical levels is related in cause and similar in effect to that which
results directly from storms, deluges, overflowing; waters, and other
forms of flooding, and (2) the problems involved m providing protection against this damage and loss, and the possibilities for making such
protection available through a Federal or federally sponsored program, are similar to those which exist in connection with efforts to
provide protection against damage and loss caused by such other forms
of flooding. I t is therefore the further purpose of this title to make
available, by means of the methods, procedures, and instrumentalities
which are otherwise established or available under this title for purposes of the flood insurance program, protection against damage and
loss resulting from the erosion and undermining of shorelines by waves

42 u s e 4001,

980

PUBLIC LAW 93-234-DEC. 31, 1973

82 Stat. 588;
!3 Stat. 397.
42 u s e 4 1 2 1 .
"Flood."

or currents in lakes and other bodies of water exceeding anticipated
cyclical levels.".
(b) Section 1370 of such Act is amended by adding at the end thereof the following new subsection:
"(c) The term 'flood' shall also include the collapse or subsidence
of land along the shore of a lake or other body of water as a result of
erosion or undermining caused by waves or currents of Avater exceeding anticipated cyclical levels, and all of the provisions of this title
shall apply with respect to such collapse or subsidence in the same
manner and to the same extent as with respect to floods described in
paragraph (1), subject to and in accordance with such regulations,
modifying the provisions of this title (including the provisions relating to land management and use) to the extent necessary to insure
that they can be eifectively so applied, as the Secretary may prescribe
to achieve (with respect to such collapse or subsidence) the purposes
of this title and the objectives of the program.".
E S T I M A T E S OF P R E M I U M

82 Stat. 576.
42 u s e 4014.

Ante,

p . 975.

[87 STAT.

RATES

SEC. 109. Section 1307 of the National Flood Insurance Act of 1968
is amended by adding at the end thereof the following new subsection :
" ( d ) Notwithstanding any other provision of law, any structure
existing on the date of enactment of the Flood Disaster Protection
Act of 1973 and located within Avoyelles, Evangeline, Rapides, or
Saint Landry Parish in the State of Ivouisiana, wmich the Secretary
determines is subject to additional flood hazards as a result of the construction or operation of the Atchafalaya Basin Levee System, shall
be eligible for flood insurance under this title (if and to the extent it
is eligible for such insurance under the other provisions of this title)
at premium rates that shall not exceed those which would be applicable
if such additional hazards did not exist.".
APPEALS

82 Stat. 587.
42 u s e 4 1 0 1 .

SEC. 110. Chapter I I I of the National Flood Insurance Act of 1968
is amended by adding at the end thereof tlie following neAv section:
aA P P E A L S

42 u s e 4102.
Publication in
Federal Register.

Flood elevation
determinations,
publication.

"SEC. 1363. (a) In establishing projected flood elevations for land
use purposes with respect to any community pursuant to section 1361,
the Secretary shall first propose such determinations by publication
for comment in the Federal Register, by direct notification to the chief
executive officer of the community, and by publication in a prominent
local newspaper.
"(b) The Secretary shall publish notification of flood elevation
determinations in a prominent local newspaper at least twice during
the ten-day period following notification to the local government.
During the ninety-day period following the second publication, any
owner or lessee of real property within the community who believes
his property rights to be adversely affected by the Secretary's proposed
determination may appeal such determination to the local government. The sole basis for such appeal shall be the possession of knowledge or information indicating that the elevations being proposed by
the Secretary with respect to an identified area having special flood
hazards are scientifically or technically incorrect, and the sole relief
which shall be granted under the authority of this section in the event
that such appeal is sustained in accordance with subsection (e) or (f)
is a modification of the Secretary's proposed determination
accordingly.

87

STAT.]

PUBLIC LAW 9 3 - 2 3 4 - D E C . 31, 1973

981

"(c) Appeals by private persons shall be made to the chief execu- ,fy^'^"'e,g^ng
tive officer of the community, or to such agency as he shall publicly ^^""'" pe"on»designate, and shall set forth the data that tend to negate or contradict
the Secretary's finding in such form as the chief executive officer may
specify. The community shall review and consolidate all such appeals
and issue a written opinion stating whether the evidence presented is
sufficient to justify an appeal on behalf of such persons by the community in its own name. Whether or not the community decides to
appeal the Secretary's determination, copies of individual appeals
shall be sent to the Secretary as they are received by the community,
and the community's appeal or a copy of its decision not to appeal
shall be filed with the Secretary not later than ninety days after the
date of the second newspaper publication of the Secretary's
notification.
" ( d ) I n the event the Secretary does not receive an appeal from the R e v i e w .
community within the ninety days provided, he shall consolidate and
review on their own merits, in accordance with the procedures set forth
in subsection (e), the appeals filed within the community by private
persons and shall make such modifications of his proposed determinations as may be appropriate, taking into account the written opinion,
if any, issued by the community in not supporting such appeals. The
Secretary's decision shall be in written form, and copies thereof shall
be sent both to the chief executive officer of the community and to
each individual appellant.
"(e) Upon appeal by any community, as provided by this section,
the Secretary shall review and take fully into account any technical
or scientific data submitted by the community that tend to negate or
contradict the information upon which his proposed determination
is based. The Secretary shall resolve such appeal by consultation with
officials of the local government involved, by administrative liearing,
or by submission of the conflicting data to an independent scientific
body or appropriate Federal agency for advice. Until the conflict in
data is resolved, and the Secretary makes a final determination on the
basis of his findings in the Federal Register, and so notifies the governing body of the community, flood insurance previously available
within the community shall continue to be available, and no person
shall be denied the right to purchase such insurance at chargeable
rates. The Secretary shall make his determination within a reasonable time. The community shall be given a reasonable time after the
Secretary's final determination in which to adopt local land use and
control measures consistent with the Secretary's determination. The ^'^.^°'^^."°"'
v a i l a b i l i""
ty.
reports and other information used by the Secretary in making his a°"°"'°'^'
final determination shall be made available for public inspection and
shall be admissible in a court of law in the event the community seeks
judicial review as provided by this section.
"(f) Any appellant aggrieved by any final determination of the
Secretary upon administrative appeal, as provided by this section,
may appeal such determination to the United States district court
for the district within which the community is located not more than
sixty days after receipt of notice of such determination. The scope
of review by the court shall be as provided by chapter 7 of title 5,
Stat. 3 9 2 .
United State Code. During the pendency of any such litigation, all 80
5 u s e 701.
final determinations of the Secretary shall be effective for the purposes of this title unless stayed by the court for good cause shown.".
FLOOD I N S U R A N C E P R E M I U M EQUALIZATION P A Y M E N T S

SEC. 111. Section 1334 of the National Flood Insurance Act of 1968
is amended by striking out subsection (b) and by redesignating subsection " ( c ) " as subsection " ( b ) " .

H use/o54.

982

PUBLIC LAW 93-234-DEC. 31, 1973

[87

STAT.

TITLE II—DISASTEE MITIGATION REQUIREMENTS
' N O T I F I C A T I O N TO FLOOD-PRONE AREAS

82 Stat. 587.
42 u s e 4 1 0 1 .

Public hearing.

Notifications
to other community officers.

SEC. 201. (a) Not later than six months following the enactment of
this title, the Secretary shall publish information in accordance with
subsection 1360(1) of the National Flood Insurance Act of 1968, and
shall notify the chief executive officer of each known flood-prone community not already participating in the national flood insurance program of its tentative identification as a community containing one
or more areas having special flood hazards.
(b) After such notification, each tentatively identified community
shall either (1) promptly make proper application to participate in
the national flood insurance program or (2) within six months submit
technical data sufficient to establish to the satisfaction of the Secretary
that the community either is not seriously flood prone or that such flood
hazards as may have existed have been corrected by floodworks or
other flood control methods. The Secretary may, in his discretion,
grant a public hearing to any community with respect to which conflicting data exist as to the nature and extent of a flood hazard. If
the Seci'etary decides not to hold a hearing, the community shall be
given an opportunity to submit written and documentary evidence.
Whether or not such hearing is granted, the Secretary's final determination as to the existence or extent of a flood hazard area in a particular community shall be deemed conclusive for the purposes of this
Act if supported by substantial evidence in the record considered as
a whole.
(c) As information becomes available to the Secretary concerning
the existence of flood hazards in communities not known to be flood
prone at the time of the initial notification provided for by subsection
(a) of this section he shall provide similar notifications to the chief
executive officers of such additional communities, which shall then be
subject to the requirements of subsection (b) of this section.
(d) Formally identified flood-prone communities that do not qualify
for the national flood insurance program within one year after such
notification or bv the date specified in section 202, whichever is later,
shall thereafter be subject to the provisions of that section relating to
flood-prone communities which are not participating in the program.
E F F E C T OF N O N P A R T I C I P A T I O N I N FLOOD I N S U R A N C E PROGRAM

SEC. 202. (a) No Federal officer or agency shall approve any financial
assistance for acquisition or construction purposes on and after July 1,
1975, for use in any area that has been identified by the Secretary as an
area having special flood hazards unless the community in which such
area is situated is then participating in the national flood insurance
program.
(b) Each Federal instrumentality responsible for the supervision,
approval, regulation, or insuring of banks, savings and loan associations, or similar institutions shall by regulation prohibit such institutions on and after July 1, 1975, from making, increasing, extending,
or renewing any loan secured by improved real estate or a mobile home
located or to be located in an area that has been identified by the
Secretary as an area having special flood hazards, unless the community in which such area is situated is then participating in the
national flood insurance program.
REPEAL OF DISASTER ASSISTANCE P E N A L T Y
Repeal.
82 Stat. 579.
42 u s e 4 0 2 1 .

^

•

SEC. 203. Section 1314 of the National Flood Insurance Act of 1968
is repealed.

87 STAT. ]

PUBLIC LAW 93-234-DEC. 31, 1973

983

ACCELERATED I D E N T I F I C A T I O N OF FLOOD-RISK ZONES

SEC. 204. (a) Section 1360 of the National Flood Insurance Act of
1968 is amended by inserting the designation " ( a ) " after "SEC. 1360."
and adding at the end thereof the following new subsections:
" ( b ) The Secretary is directed to accelerate the identification of
risk zones within flood-prone and mudslide-prone areas, as provided
by subsection (a)(2) of this section, in order to make known the
degree of hazard within each such zone at the earliest possible date.
To accomplish this objective, the Secretary is authorized, without
regard to sections 3648 and 3709 of the Kevised Statutes, as amended
(31 U.S.C. 529 and 41 U.S.C. 5), to make grants, provide technical
assistance, and enter into contracts, cooperative agreements, or other
transactions, on such terms as he may deem appropriate, or consent to
modifications thereof, and to make advance or progress payments in
connection therewith.
"(c) The Secretary of Defense (through the Army Corps of Engineers) , the Secretary of the Interior (through the United States
Geological Survey), the Secretary of Agriculture (through the Soil
Conservation Service), the Secretary of Commerce (through the
National Oceanic and Atmospheric Administration), the head of the
Tennessee Valley Authority, and the heads of all other Federal agencies
engaged in the identification or delineation of flood-risk zones within
the several States shall, in consultation with the Secretary, give the
highest practicable priority in the allocation of available manpower
and other available resources to the identification and mapping of
flood hazard areas and flood-risk zones, in order to assist the Secretary
to meet the deadline established by this section.".

^ stau ssr.
,
^^'^^l^^ ^^n^"^'
l^c.V^uthoHll'tion.

'

A U T H O R I T Y TO I S S U E REGULATIONS

S E C 205. (a) The Secretary is authorized to issue such regulations
as may be necessary to carry out the purpose of this Act.
(b) The head of each Federal agency that administers a program
of financial assistance relating to the acquisition, construction, reconstruction, repair, or improvement of publicly or privately owned land
or facilities, and each Federal instrumentality responsible for the
supervision, approval, regulation, or insuring of banks, savings and
loan associations, or similar institutions, shall, in cooperation with
the Secretary, issue appropriate rules and regulations to govern the
carrying out of the agency's responsibilities under this Act.

i

C O N S U L T A T I O N W I T H LOCAL OFFICIALS

SEC. 206. I n carrying out his responsibilities under the provisions
of this title and the National Flood Insurance Act of 1968 which ^2 stau^572^.
relate to notification to and identification of flood-prone areas and the note.
application of criteria for land management and use, including
criteria derived from data reflecting new developments that may indicate the desirability of modifying elevations based on previous flood
studies, the Secretary shall establish procedures assuring adequate
consultation with the appropriate elected officials of general purpose
local governments, including but not limited to those local governments whose prior eligibility under the program has been suspended.
'
Such consultation shall include, but not be limited to, fully informing
local officials at the commencement of any flood elevation study or
investigation undertaken by any agency on behalf of the Secretary
concerning the nature and purpose of the study, the areas involved,
the manner in which the study is to be undertaken, the general principles to be applied, and the use to be made of the data obtained. The

984

PUBLIC LAW 93-235-JAN. 2, 1974

[87 STAT.

Secretary shall encourage local officials to disseminate information
concerning such study widely within the community, so that interested persons will have an opportunity to bring all relevant facts and
technical data concerning the local flood hazard to the attention of the
agency during the course of the study.
TO P E R M I T N A T I O N A L B A N K S TO I N V E S T I N AGRICULTURAL
CORPORATIONS

CREDIT

SEC. 207. That paragraph "Seventh"' of section 5136 of the Revised
Statutes (12 U.S.C. 24) is amended by adding at the end thereof the
following: "Notwithstanding any other provision in this paragraph,
the association may purchase for its own account shares of stock issued
by a corporation organized solely for the purpose of making loans to
farmers and ranchers for agricultural purposes, including the breeding, raising, fattening, or marketing of livestock. However, unless the
association owns at least 80 per centum of the stock of such agricultural credit corporation the amount invested by the association at any
one time in the stock of such corporation shall not exceed 20 per
centum of the unimpaired capital and surplus of the association.".
F L E X I B L E I N T E R E S T RATE A U T H O R I T Y FOR MOBILE H O M E LOANS

82 Stat. 113;
86 Stat. 405.
56 Stat. 305;
84 Stat. 1773.
12 u s e . 1703.

S E C 208. Section 3(a) of the Act entitled "An Act to amend
chapter 37 of title 38 of the United States Code with respect to the
veterans' home loan program, to amend the National Housing Act
with respect to interest rates on insured mortgages, and for other
purposes", approved May 7, 1968, as amended (12 U.S.C. 1709-1), is
amended by adding at the end thereof the following new sentence:
"Notwithstanding the provisions of section 2(b) of the National
Housing Act regarding the maximum interest rate which may be
established for obligations with respect to which insurance is granted
to financial institutions under section 2 of such Act, the Secretary
of Housing and Urban Development is also authorized, until the
date specified in the preceding sentence, to set the maximum interest
rate for obligations with respect to which insurance is granted under
such section, and which represent loans and advances of credit made
for the purpose of financing purchases of mobile homes, at such
level as he finds necessary to meet the loan market.".
Approved December 31, 1973.

Public Law 93-235
J a n u a r y 2, 1974
[S. J . R e s . 1 8 2 ]

Economic report.
Time e x t e n s i o n .
60 Stat. 24;
70 Stat. 289.

62 Stat. 16.

JOINT RESOLUTION
Extending the datew for the transmission of the 1974 Economic Report and the
report of the Joint Economic Committee.

Resolved hy the Senate and House of Representatives of the United
/States of America in Congress assembled^ That (a) notwithstanding
the provisions of section 3(a) of the Employment Act of 1946 (15
U.S.C. 1022(a)), the President shall transmit the 1974 Economic
Keport to the Congress not later than February 1, 1974, and (b)
notwithstanding the provisions of clause (3) of section 5(b) of such
Act (15 U.S.C. 1024(b)), the Joint Economic Committee shall file
its report on the President's 1974 Economic Report with the Senate
and the House of Representatives not later than March 13, 1974.
Approved January 2, 1974.


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