In addition to any authority provided before October 1, 1981, the Secretary of Housing
and Urban Development may, on and after October 1, 1981, enter into contracts for
periodic payments to the Federal Financing Bank to offset the costs to the Bank of
purchasing obligations (as described in the first sentence of section 2294(b) of this title) issued by local public housing agencies for purposes of financing
public housing projects authorized by section 1437c(c) of Title 42. Notwithstanding any other provision of law, such contracts may be entered into only
to the extent approved in appropriation Acts, and the aggregate amount which may be
obligated over the duration of such contracts may not exceed $400,000,000. There are hereby authorized to be appropriated any amounts necessary to provide
for such payments. The authority to enter into contracts under this subsection shall be in lieu of
any authority (except for authority provided specifically to the Secretary before
October 1, 1981) of the Secretary to enter into contracts for such purposes under
section 2294(b) of this title.
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