Page:United States Statutes at Large Volume 105 Part 2.djvu/837

 PUBLIC LAW 102-233—DEC. 12, 1991 105 STAT. 1789 SEC. 617. DEFINITIONS. Section 21A(c)(9) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(c)(9)), as amended by sections 501 and 504(a)(1) of this Act, is further amended— (1) by striking subparagraph (A) and inserting the following new subparagraph: "(A) ADJUSTED INCOME AND INCOME.—The terms 'adjusted income' and 'income' shall have the meaning given such terms in section 3(b) of the United States Housing Act of 1937."; (2) by redesignating subparagraphs (D) through (P) as subparagraphs (E) through (Q), respectively; and (3) by inserting after subparagraph (C) the following new subparagraph: "(D) ELIGIBLE CONDOMINIUM PROPERTY. —The term 'eligible condominium property' means a condominium unit, as such term is defined in section 604 of the Housing and Community Development Act of 1980— "(i) to which the Corporation acquires title in its corporate capacity, its capacity as conservator, or its capacity as receiver (including its capacity as the sole owner of a subsidiary corporation of a depository institution under conservatorship or receivership, which subsidiary has as its principal business the ownership of real property); and "(ii) that has an appraised value that does not exceed the applicable dollar amount set forth in the first sentence of section 203(b)(2) of the National Housing Act (without regard to any increase of such amount for high cost areas).". SEC. 618. RISK-WEIGHTING OF HOUSING LOANS FOR PURPOSES OF CAP- Regulations. ITAL REQUIREMENTS. ^^.^^ ^^^^ (a) SINGLE FAMILY HOUSING LOANS.— (1) 50 PERCENT RISK-WEIGHTED CLASSIFICATION. — (a) IN GENERAL. — To provide consistent regulatory treatment of loans made for the construction of single family housing, not later than the expiration of the 120-day period beginning on the date of this Act each Federal banking agency shall amend the regulations and guidelines of the agency establishing minimum acceptable capital levels to provide that any single family residence construction loan described under subparagraph (B) shall be considered as a loan within the 50 percent risk-weighted category. (B) REQUIREMENTS.—Subparagraph (A) shall apply to any construction loan— (i) made for the construction of a residence consisting ^ of 1 to 4 dwelling units; (ii) under which the lender has acquired from the lender originating the mortgage loan for purchase of the residence, before the making of the construction loan— (I) documentation demonstrating that the buyer of the residence intends to purchase the residence ^„ and has the ability to obtain a mortgage loan sufficient to purchase the residence; and note.

�