; relating to alternative uses of multifamily projects to prevent default). (b) Repeal of Assignment Provisions Effective upon the date of the enactment of this Act, section 204(a)(1)(B) of the National Housing Act ( 12 U.S.C. 1710(a) ) is amended by striking the last sentence. (c) Applicability The repeals under subsections (a) and (b) shall not affect any legally binding obligations entered into pursuant to the provisions repealed before the applicable effective date under such subsections. Any mortgage insurance, funds, or activities subject, before repeal, to a provision of law repealed by such subsections shall continue to be governed by the provision as it existed immediately before repeal, except that the FHA may exercise any authority under such provision otherwise transferred to the FHA by this title. (d) References After the expiration of the transition period, any reference in Federal law to the Secretary of Housing and Urban Development, in connection with any function of the Secretary transferred under subsection (a) or any other provision of this subtitle, shall be deemed to be a reference to the FHA. 555. Wind-up of HUD affairs (a) Abolishment of positions Effective upon the expiration of the transition period, any offices of the Department of Housing and Urban Development responsible for functions transferred pursuant to section 554(a), to the extent of such functions, and the position of the Federal Housing Commissioner in the Department of Housing and Urban Development, are abolished. (b) Disposition of Affairs During the transition period, the Secretary of Housing and Urban Development, solely for the purpose of winding up the affairs of the Department relating to the functions transferred under section 554— (1) shall manage the employees of the Department responsible for such functions and provide for the payment of the compensation and benefits of any such employee which accrue before the effective date of the transfer of such employee under section 557