(1) The Federal Savings and Loan Insurance Corporation with respect to insured institutions, the Board of Governors of the Federal Reserve System with respect to State member insured banks, and the Federal Deposit Insurance Corporation with respect to State nonmember insured banks shall by appropriate rule, regulation, order, or otherwise regulate investment in State housing corporations.
(2) A State housing corporation in which financial institutions invest under the authority of this section shall make available to the appropriate Federal supervisory agency referred to in paragraph (1) such information as may be necessary to insure that investments are properly made in accordance with this section.
For the purposes of this section and any Act amended by this section
The term insured institution has the same meaning as in section 401(a) of the National Housing Act [12
U.S.C. 1724 (a)
The terms State member insured banks and State nonmember insured banks have the same meaning as when used in the Federal Deposit Insurance Act [12
(3) The term State housing corporation means a corporation established by a State for the limited purpose of providing housing and incidental services, particularly for families of low or moderate income.
(4) The term State means any State, the District of Columbia, Guam, the Commonwealth of Puerto Rico, and the Virgin Islands.