Page:United States Statutes at Large Volume 106 Part 2.djvu/712

 106 STAT. 1592 PUBLIC LAW 102-389—OCT. 6, 1992 a principal obligation (including such initial service charges, appraisal, inspection, and other fees as the Secretary shall approve) in an amount— "(A) not to exceed the lesser of— "(i) in the case of the 1-family residence, 95 percent of the median 1-family house price in the area (as determined by the Secretary); in the case of a 2-family residence, 107 percent of such median price; in the case of a 3- family residence, 130 percent of such median price; or in the case of a 4-family residence, 150 percent of such median price; or "(ii) 75 percent of the dollar amount limitation determined under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (as adjusted annually under such section) for a residence of the applicable size; except that the applicable dollar amount limitation in effect for any area under this subparagraph (A) may not be less than the dollar amount limitation in effect under this section for the area on May 12, 1992; and "(B) except as otherwise provided in this paragraph (2), not to exceed an amount equal to the sum of— "(i) 97 percent of $25,000 of the appraised value of the property, as of the date the mortgage is accepted for insurance; "(ii) 95 percent of such value in excess of $25,000 but not in excess of $125,000; and "(iii) 90 percent of such value in excess of $125,000.". The second sentence of section 2(b)(2) of the National Housing Act (12 U.S.C. 1703(b)(2)) is amended by striking "but not" and all that follows through "203(b)(2)'' and inserting "but in no case may such limits, as so increased, exceed the lesser of (A) 185 percent of the dollar amount specified, or (B) the dollar amount specified as increased by the same percentage by which 95 percent of the median one-family house price in the area (as determined by the Secretary) exceeds $67,500". Section 255(g) of the National Housing Act (12 U.S.C. 1715z- 20(g)) is amended by striking "for a l-family residence" and inserting "for 1-family residences in the area in which the dwelling subject to the mortgage under this section is located". FEDERAL DEPOSIT INSURANCE CORPORATION.— (1) ELIGIBLE CONDOMINIUM PROPERTY. — Section 40(p)(4) of the Federal Deposit Insurance Act (12 U.S.C. 1831q(p)(4)) is amended by striking subparagraph (B) and inserting the following new subparagraph: "(B) that has an appraised value that does not exceed the applicable dollar amount specified in the first sentence of section 203(b)(2) of the National Housing Act, as such dollar amount is increased on an area-by-area basis under such section for areas with high prevailing housing sales prices, except that for purposes of this paragraph no such increase may exceed 150 percent of Uie dollar amount specified in section 203(b)(2).". (2) ELIGIBLE MULTIFAMILY HOUSING PROPERTY.— Section 40(p)(5) of the Federal Deposit Insurance Act (12 U.S.C. 1831q(p)(5)) is amended by striking subparagraph (B) and inserting the following new subparagraph:

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