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HOUSE COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS

HENRY S. REUSS, Wisconsin, Chairman

THOMAS L. ASHLEY, Ohio

WILLIAM S. MOORHEAD, Pennsylvania
FERNAND J. ST GERMAIN, Rhode Island
HENRY B. GONZALEZ, Texas
JOSEPH G. MINISH, New Jersey
FRANK ANNUNZIO, Illinois
JAMES M. HANLEY, New York
PARREN J. MITCHELL, Maryland
WALTER E. FAUNTROY,

District of Columbia

STEPHEN L. NEAL, North Carolina
JERRY M. PATTERSON, California
JAMES J. BLANCHARD, Michigan
CARROLL HUBBARD, JR., Kentucky
JOHN J. LAFALCE, New York

GLADYS NOON SPELLMAN, Maryland
LES AUCOIN, Oregon

DAVID W. EVANS, Indiana

NORMAN E. D'AMOURS, New Hampshire

STANLEY N. LUNDINE, New York

JOHN J. CAVANAUGH, Nebraska

MARY ROSE OAKAR, Ohio

JIM MATTOX, Texas

BRUCE F. VENTO, Minnesota
DOUG BARNARD, Georgia
WES WATKINS, Oklahoma
ROBERT GARCIA, New York
MIKE LOWRY, Washington

J. WILLIAM STANTON, Ohio
CHALMERS P. WYLIE, Ohio

STEWART B. MCKINNEY, Connecticut
GEORGE HANSEN, Idaho
HENRY J. HYDE, Illinois
RICHARD KELLY, Florida

JIM LEACH, Iowa

THOMAS B. EVANS, JR., Delaware
S. WILLIAM GREEN, New York
RON PAUL, Texas

ED BETHUNE, Arkansas
NORMAN D. SHUMWAY, California
CARROLL A. CAMPBELL, JR.,

South Carolina

DON RITTER, Pennsylvania

JON HINSON, Mississippi

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LETTERS OF TRANSMITTAL

DECEMBER 1979. To: All Members of the Committee on Banking, Finance and Urban Affairs:

I hereby transmit for the use of the Committee on Banking, Finance, and Urban Affairs a revised Committee Print entitled, "Basic Laws and Authorities on Housing and Community Development." This compilation of laws and authorities is being updated in response to the numerous requests from Members of Congress and the public. The revision is made necessary by laws enacted, and numerous Executive Orders issued, since January 3, 1978, the date of our last revision.

The laws, Executive Orders, and other authorities contained in this Committee Print are those which authorize the functions and activities of the Department of Housing and Urban Development, or which are closely related to those functions and activities. They are arranged in accordance with their subject matter and are divided into the general categories of "Housing," "Community Development" and other "General Laws Applicable to Housing and Community Development Activities."

The Committee has been assisted in the preparation of this revised compilation by the Office of General Counsel in the Department of Housing and Urban Development. As in past years, the excellent technical assistance provided by this Office has proved invaluable.

Sincerely,

HENRY S. REUSS, Chairman.

DECEMBER 1979.

Hon. HENRY S. REUSS,

Chairman, Committee on Banking, Finance and Urban Affairs.
U.S.House of Representatives, Washington, D.C.

DEAR MR. CHAIRMAN: Transmitted herewith for your consideration is an extensive revision of the Committee publication "Basic Laws and Authorities on Housing and Community Development."

Due to the increased volume and the rapidly changing nature of laws and authorities relating to housing and community development, periodic revisions of this compilation of "Basic Laws" is necessary. In transmitting this revised compilation. I would like to acknowledge the excellent assistance in its preparation we received from the Office of General Counsel, Department of Housing and Urban Development. Sincerely,

THOMAS L. ASHLEY,

Jhairman, Subcommittee on Housing
and Community Development.

VI

Part I-Basic Laws and Authorities on Housing-Continued
Rehabilitation Act of 1973..........

Commission on mortgage interest rates_
Right of redemption_

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Page

385

385

386

387

387

391

453

1 452

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Mobile home construction and safety standards_

Secondary market for mortgage loans.

Federal National Mortgage Association-FNMA.
Government National Mortgage Association—GNMA.
Federal Home Loan Mortgage Corporation-FHLMC.
Participation sales...

Interest rates-Federal-State conflict.

Rural, defense and veterans housing programs.

Department of Agriculture-FmHA.

Department of Defense...

Veterans' Administration..

National financial institutions_

Department of Treasury,

Investment powers.

Federal Home Loan Bank_

Federal savings and loan associations_

Federal financing bank....

National housing partnerships..

Federal Reserve

Mortgage Disclosure

Financial privacy.

Index ___

Part II-Basic Laws and Authorities on Community Development:

Growth policy and planning....

479

485

491

495

503

537

549

553

557

562

568

571

1575

583

583

601

615

627

645

654

658

694

700

701

751

776

776

785

797

809

831

839

844

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