Page:United States Statutes at Large Volume 101 Part 3.djvu/616

 101 STAT. 1914

PUBLIC LAW 100-242—FEB. 5, 1988 (2) For purposes of a mortgage insured or held by the Secretary under title II of the National Housing Act, the term "any person" shall mean any person or entity which owns a project, as identified in the regulatory agreement, including but not limited to any stockholder holding 25 percent or more interest of a corporation that owns the project; any beneficial owner under any business or trust; any officer, director, or partner of an entity owning the project; and any heir, assignee, successor in interest, or agent of any owner. (b) INITIATION OF PROCEEDINGS AND TEMPORARY RELIEF.—The

Attorney General, upon request of the Secretary, shall have the exclusive authority to authorize the initiation of proceedings under this section. Pending final resolution of any action under this section, the court may grant appropriate temporary or preliminary relief, including restraining orders, injunctions, and acceptance of satisfactory performance bonds, to protect the interests of the Secretary and to prevent use of assets or income in violation of the regulatory agreement and any applicable regulation and to prevent loss of value of the realty and personalty involved. (c) AMOUNT RECOVERABLE.—In any judgment favorable to the

United States entered under this section, the Attorney General may recover double the value of the assets and income of the project that the court determines to have been used in violation of the regulatory agreement or any applicable regulation, plus all costs relating to the action, including but not limited to reasonable attorney and auditing fees. Notwithstanding any other provision of law, the Secretary may apply the recovery, or any portion of the recovery, to the project or to the applicable insurance fund under the National Housing Act. (d) TIME LIMITATION.—Notwithstanding any other statute of limitations, the Secretary may request the Attorney General to bring an action under this section at any time up to and including 6 years after the latest date that the Secretary discovers any use of project assets and income in violation of the regulatory agreement or any applicable regulation. (e) CONTINUED AVAILABILITY OF OTHER REMEDIES.—The remedy provided by this section is in addition to any other remedies available to the Secretary or the United States. SEC. 422. MISCELLANEOUS MORTGAGE INSURANCE PROVISIONS. (a) MORTGAGE INSURANCE FOR CONDOMINIUMS.—Section 234(e)(3)

12 USC I7l5y.

of the National Housing Act is amended by inserting after '-design;" the following: "except that each of the foregoing dollar amounts is increased to the amount established for a comparable unit in section 221(d)(3)(ii);". (b) MORTGAGE INSURANCE FOR CERTAIN PROPERTIES WITHIN AN

12 USC 1709.

INDIAN RESERVATION.—Section 203(q)(l) of the National Housing Act is amended by striking "Secretary may" and inserting "Secretary shall". SEC. 423. C A L C U L A T I O N OF MAXIMUM MORTGAGE AMOUNT UNDER SINGLE FAMILY INSURANCE PROGRAM.

Section 203(b)(2) of the National Housing Act is amended by inserting after the first sentence the following: "For purposes of the preceding sentence, the term 'area' means a county, or a metropolitan statistical area as established by the Office of Management and Budget, whichever results in the higher dollar amount.".

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