Urban Lending Act

[AI summary unavailable — showing source text] Urban Lending Act - Amends the Home Owners' Loan Act of 1933 to remove restrictions on the amounts which a Federal savings and loan association may invest in loans for residential construction and rehabilitation. Authorizes such an institution to invest not more than five percent of its assets in, or interest in real property in a geographical area of a neighborhood receiving concentrated development assistance from a local government under title I of the Housing and Community Development Act of 1974. Permits an association whose general reserves, surplus, and undivided profits aggregate a sum in excess of five percent of its withdrawable accounts to invest in obligations of its home State and political subdivisions thereof, if such investment is prudent.…