Page:United States Statutes at Large Volume 104 Part 5.djvu/825

 PUBLIC LAW 101-625—NOV. 28, 1990 104 STAT. 4147 work with eligible families to purchase these homes and suggestions for mechanisms to facilitate the efforts. The report shall also include recommendations for (A) evaluating the rehabilitation costs of the properties necessary to achieve the minimum standards, (B) developing innovative approaches for involving non-Federal entities in the sale and rehabilitation of the properties and (C) providing the means to make the older stock habitable and available. (2) The report shall also include proposals directed toward very low-income, low-income and moderate-income first-time homebuyers and the Eissistance that may be provided to such homebuyers to foster purchase. SEC. 339. LIMITATION ON GNMA GUARANTEES OF MORTGAGE-BACKED SECURITIES. Section 306(g)(2) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1721(g)(2)) is amended to read as follows: "(2) Notwithstanding any other provision of law and subject only to the absence of qualified requests for guarantees, to the authority provided in this subsection, and to the extent of or in such amounts as any funding limitation approved in appropriation Acts, the Association shall enter into commitments to issue guarantees under this subsection in an aggregate amount of $84,982,000,000 during fiscal year 1991 and $88,296,000,000 during fiscal year 1992. ". SEC. 340. INCREASE IN LOAN LIMITS FOR PROPERTY IMPROVEMENT LOAN INSURANCE. (a) STUDY.—The Secretary of Housing and Urban Development shall conduct a study regarding the need for increasing the loan limits under section 2(b) of the National Housing Act for insurable property improvement loans and the effects of such an increase. The Reports. Secretary shall submit a report to the Congress not later than 6 months after the date of the enactment of this Act regarding the findings and conclusions of the study. Qo) MAXIMUM LOAN AMOUNTS.— (1) IN GENERAL.— Section 2(b)(1) of the National Housing Act (12 U.S.C. 1703(b)(1)) is amended— (A) by striking subparagraph (A) and inserting the following new subparagraph: "(A)(i) $25,000 if made for the purpose of financing alterations, repairs and improvements upon or in connection with existing single-family structures; and "(ii) $17,500 if made for the purpose of financing alterations, repairs and improvements upon or in connection with existing manufactured homes;"; and (B) in subparagraph (B), by striking "$43,750 or an average amount of $8,750 per family unit ($50,000 and $10,000, respectively, where financing the installation of a solar energy system is involved)" and inserting "$60,000 or an average amount of $12,000 per family unit". (2) APPLICABILITY.— The amendments made by this subsection 12 USC 1703 shall apply to loans executed on or after June 1, 1991. ^°^- (c) LOAN TERM. —Section 20a)(3) of the National Housing Act (12 U.S.C. 1703(b)(3)) is amended— (1) by striking subparagraph (A) and inserting the following new subparagraph:

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