Page:United States Statutes at Large Volume 103 Part 2.djvu/1026

 103 STAT. 2036 PUBLIC LAW 101-235—DEC. 15, 1989 "(A) that the appraisals of properties to be insured by the Federal Housing Administration shall be performed in accord- ance with generally accepted appraisal standards, such as the appraisal standards promulgated by the Appraisal Foundation a not-for-profit corporation established on November 30, 1987 under the laws of Illinois; and "(B) that each appraisal be a written statement used in connection with a real estate transaction that is independently an impartially prepared by a licensed or certified appraiser setting forth an opinion of defined value of an adequately described property as of a specific date, supported by presen- tation and analysis of relevant market information. "(2) The Appraisal Subcommittee of the Federal Financial Institu- tions Examination Council shall include the Secretary or his designee. ". SEC. 143. EUMINATION OF PRIVATE INVESTOR-OWNERS FROM SINGLE FAMILY MORTGAGE INSURANCE PROGRAM. (a) RETENTION OP PUBLIC AND NONPROFIT INVESTOR OWNERS. — 12 USC 1709. Section 203(g)(3) of the National Housing Act is amended— State and local (1) in subparagraph (A), by striking the semicolon at the end governments. and inserting the following: ", or any other State or local government or an agency thereof;"; and (2) in subparagraph (B), by striking the semicolon at the end and inserting the following: ", or other private nonprofit organization that is exempt from taxation under section 501(c)(3) of the Internal Revenue Code of 1986 and intends to sell or lease the mortgaged property to low or moderate-income persons, as determined by the Secretary;". (b) ELIMINATION OP PRIVATE INVESTOR-OWNERS. — Section 203(g) of the National Housing Act, as amended by subsection (a), is further amended— (1) by striking paragraph (2); and (2) by redesignating paragraphs (3) and (4) as paragraphs (2) and (3), respectively. 12 USC 1709 (c) APPLICABILITY,—The amendments made by this section shall note. apply only with respect to— (1) mortgages insured— (A) pursuant to a conditional commitment issued on or after the date of the enactment of this Act; or (B) in accordance with the direct endorsement program, if the approved underwriter of the mortg^ee signs the ap- praisal report for the property on or after the date of the enactment of this Act; and (2) the approval of substitute mortgagors, if the original mort- gagor was subject to such amendments. 12 USC 1709 (d) TRANSITION PROVISIONS.— Any mortgage insurance provided ^ote. under title II of the National Housing Act, as it existed immediately before the date of the enactment of this Act, shall continue to be governed (to the extent applicable) by the provisions amended by subsections (a) €uid (b) as such provisions existed immediately before such date.

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