LETTERS OF TRANSMITTAL To All Members of the Committee on Banking and Currency: I hereby transmit for the use of the Committee on Banking an Currency this Committee Print containing various Administratio proposals in the area of housing and community development su mitted to the Congress. These three bills along with section-by-sectio summaries, as well as the statement of HUD Secretary James Lynn in support of these bills before the Subcommittee on Housin on October 9, 1973, are gathered together in this document so tha the members of the Committee, as well as the public, will have re erence to the Administration's recommendations. Sincerely, WRIGHT PATMAN, Chairman. Hon. WRIGHT PATMAN, Chairman, Committee on Banking and Currency, U.S. House of Re resentatives, Washington, D.C. DEAR MR. CHAIRMAN: Enclosed for your consideration are th three major Administration bills on housing and community develop ment, H.R. 7277 the Better Communities Act, H.R. 10688 the Housin Act of 1973, and H.R. 10689 the Private Mortgage Insurance Gua antee Act of 1973, as well as the section-by-section summaries of thes bills and the statement in behalf of them by HUD Secretary Jam T. Lynn before the Subcommittee on Housing. I believe that in pul lishing these proposals in one document, it will provide an easy re erence for the members of the Committee in our consideration of thes bills this year, as well as a ready reference for the public. WILLIAM A. BARRETT, Chairman, Subcommittee on Housing. CONTENTS Section-by-section summary, Private Mortgage Insurance Guarantee Act Statement of Hon. James T. Lynn, Secretary of Housing and Urban De- velopment Before the Subcommittee on Housing, House Committee on (V) 93D CONGRESS 1ST SESSION H. R. 7277 IN THE HOUSE OF REPRESENTATIVES APRÍL 19, 1973 Mr. WIDNALL (for himself, Mr. JOHNSON of Pennsylvania, Mr. J. WILLIAM STANTON, Mr. BLACKBURN, Mr. BROWN of Michigan, Mr. WILLIAMS, Mr. WYLIE, Mrs. HECKLER of Massachusetts, Mr. CRANE, Mr. ROUSSELOT, Mr. MCKINNEY, Mr. FRENZEL, Mr. CONLAN, Mr. RONCALLO of New York, Mr. Burgener, and Mr. RINALDO) introduced the following bill; which was referred to the Committee on Banking and Currency A BILL To provide Federal revenues to State and local governments and afford them broad discretion in carrying out community development activities. 1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 3 That this Act may be cited as the "Better Communities 4 Act". 5 6 7 STATEMENT OF FINDINGS AND PURPOSE SEC. 2. (a) The Congress finds and declares that— (1) States and units of general local government are 8 the most appropriate levels of government to develop and to 9 carry out community development programs and activities. I |