(a)      For a community development project, the Administration may issue securities backed by mortgage loans guaranteed by the Government National Mortgage Association.

      (b)      (1)      Notwithstanding inconsistent provisions of this subtitle relating to bonds or notes that the Administration issues, the issuance, terms, and conditions of a security that the Administration issues under this section may be as the Administration finds necessary or desirable for guaranty by the Government National Mortgage Association.

            (2)      Except as provided by paragraph (1) of this subsection, the provisions of this subtitle that relate to bonds or notes issued by the Administration apply to securities issued under this section.