Session Laws

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Paragraph (b) of section 8 of chapter 708 of the acts of 1966 is hereby amended by striking out the sixth sentence, as most recently amended by chapter 318 of the acts of 1987, and inserting in place thereof the following sentence:- The aggregate principal amount of such notes and bonds of the MHFA issued to make mortgage loans pursuant to section five, outstanding at any one time shall not exceed the sum of two billion seven hundred million dollars of which one hundred and fifty million dollars shall be used only to make mortgage loans in cities and towns which have been found to have a rate of unemployment at least six percentum in the issue of "Area Trends in Employment and Unemployment" published by the United States Department of Labor for the October preceding the making of any such loan.

SECTION 2. Said paragraph (b) of said section 8 of said chapter 708 is hereby further amended by striking out the last sentence, as most recently amended by section 5 of chapter 259 of the acts of 1985, and inserting in place thereof the following sentence:- The aggregate principal amount of notes and bonds of the MHFA and the MHMFA issued to make loans pursuant to section five A of this chapter and chapter eight hundred and forty-six of the acts of nineteen hundred and seventy-four outstanding at any one time shall not exceed the sum of one billion three hundred million dollars.