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(1) by inserting “(1)” immediately following “(a)”;

(2) by striking out “October 1, 1970” and inserting in lieu thereof “January 1, 1972”; and

(3) by adding at the end thereof the following new paragraphs:

“ (2) Notwithstanding the provisions of the sections re8 ferred to in paragraph (1) and any maximum interest rates 9 established pursuant to paragraph (1), the Secretary of

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10 Housing and Urban Development and the Administrator of

11 Veterans' Affairs, respectively, are authorized, pursuant to

12 commitments issued prior to January 1, 1972, to insure or 13 guarantee mortgages and loans at whatever interest rate may 14 be agreed upon by the borrower and the lender if the lender

15 certifies it has made no charges in the nature of discounts in

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16 connection with the mortgage or loan transaction except as 17

compensation for expenses in accordance with regulations 18 prescribed by the Secretary and the Administrator.

(3) The Secretary and the Administrator shall take 20 appropriate steps to assure that prospective borrowers have 21 adequate information as to (A) the alternative methods for 22 establishing interest rates pursuant to this subsection, (B) 23 current mortgage interest rates and discounts in the area, 24 (C) the amount of any discounts to be charged each party to

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1 the transaction, expressed in terms of dollars and yield; and 2 (D) the amount of allowable settlement costs and other fees. 3 “(4) The Secretary and the Administrator shall jointly 4 report to the Congress not later than March 1, 1970, and at 5 least once during each three-month period thereafter, with 6 respect to the adequacy of the interest rates established pur7 suant to paragraph (1) in meeting the mortgage market, in8 cluding the level of discounts incident to such rates and the

9 relation of such rates and discounts to interest rates estah

10 lished in accordance with paragraph (2). The Secretary and

11 the Administrator shall also jointly report to the Congress

12 not later than July 1, 1971, evaluating the dual interest rate 13 system established by this subsection and making recom14 mnendations as to permanent legislation with respect to inter

15 est rates on Government-assisted mortgages and loans."

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19 SEC. 2. (a) With respect to housing built, rehabilitated, 20 or sold with assistance provided under the National Housing 21 Act or under chapter 37, United States Code, the Secretary of 22 Housing and Urban Development and the Administrator of 23 Veterans Affairs are respectively authorized and directed to 24 prescribe standards governing the amounts of settlement

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1 costs allowable in connection with the financing of such hous2 ing in any such area. Such standards shall3

(1) be established after consultation between the 4

Secretary and the Administrator; 5

(2) be consistent in any area for housing assisted

under the National Housing Act and housing assisted 7

under chapter 37, title 38, United States Code; and

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(3) be based on the Secretary's and the Adminis

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(b) The Secretary and the Administrator shall under13 take a joint study and make recommendations to the Con

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gress

not later than July 1, 1970, with respect to legislative

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SEC. 3. (a) (1) There is hereby established the Special Advisory Commission on Housing (hereinafter referred to as the “Commission”) consisting of thirteen members appointed by the President. Of these members of the Commission, not more than three shall be regular full-time employees of the Federal Government and not less than four shall represent the consumer. Appointment shall be

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1 made by the President, whenever practicable, after consul2 tation with the ranking majority and minority members 3 of the Housing Subcommittees of the Committees on Bank4 ing and Currency of the Senate and House of Representa

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(2) The President shall designate a Chairman and a

7 Vice Chairman of the Commission.

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(3) Each member shall serve for a term of two years or 9 until his successor has been appointed, except that no person 10 who is appointed while a full-time employee of the Fedeml 11 Government shall serve in such position after he ceases to 12 be so employed, unless he is reappointed.

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(4) A vacancy in the Commission shall not affect its

14 powers, but shall be filled in the same manner as the original

15 appointment. 16 (5) Six members of the Commission shall constitute a

17 quorum.

18 (b) Not later than November 1 of each year, the 19 Commission shall submit an annual report to the President 20 and to the Congress making recommendations on

(1) the number of new or rehabilitated housing

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units which should be provided during the next fisca

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year with and without Government assistance;

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(2) the cost to the Federal Government of meeting 6

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the recommended housing goal for the next fiscal

year; (3) the fiscal and monetary policies, both long- and 3

short-range, which are necessary to achieve recoin4

mended levels of housing production; and

(4) legislative and administrative actions necessary

or desirable to achieve the recommended housing goal. 7 The recommendations made in any such report shall be fully 8 considered and discussed in the annual housing report re

quired to be submitted pursuant to title XVI of the Housing 10 and Urban Developinent Act of 1968.

(c) Each department, agency, and instrumentality of 12 the Government is authorized and directed to furnish to

the Commission, upon request made by the Chairman or Vice Chairman, such information as the Coinmission deems

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necessary to carry out its functions under this section.

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(d) The Chairman, without regard to the provisions 17 of title 5, United States Code, governing appointments in

the competitive service, and without regard to the provisions

of chapter 51 and subchapter III of chapter 53 of such title 20 relating to classification and General Schedule pay rates, shall

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power

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(1) to appoint and fix the compensation of such staff personnel as he deems necessary,

and (2) to procure temporary and intermittent services to the same extent as is authorized by section 3109 of

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