Page:United States Statutes at Large Volume 106 Part 5.djvu/144

 106 STAT. 3782 PUBLIC LAW 102-550—OCT. 28, 1992 are issued after the expiration of the 12-month period beginning on the date of the enactment of this Act. SEC. 507. AUTHORITY TO DECREASE INSURANCE PREMIUM CHARGES. (a) PERMANENT PROVISIONS.— Section 203(c)(2) of the National Housing Act (12 U.S.C. 1709(c)(2)) is amended— (1) in subparagraph (A), by striking "equal to" and inserting "not exceeding"; and (2) in subparagraph (B)— (A) in the matter preceding clause (i), by striking "equal to" and inserting "not exceeding"; and (B) in clause (ii), by strij^ng "equal to 0.55 percent" and inserting "not exceeding 0.55 percent". (b) TRANSITION PROVISIONS.— Section 2103(b) of the Omnibus Budget Reconciliation Act of 1990 (12 U.S.C. 1709 note) is amended— (1) in paragraph (1)— (A) in subparagraph (A), by striking "equal to" and inserting "not exceeding"; and (B) in subparagraph (B), in the matter preceding clause (i), by striking "equal to" and inserting "not exceeding"; and (2) in paragraph (2)— (A) in subparagraph (A), by striking "equal to" and inserting "not exceeding"; and (B) in subparagraph (B), in the matter preceding clause (i), by striking "equal to" and inserting "not exceeding". SEC. 508. STATUTE OF LIMITATIONS ON PAYMENT OF DISTRIBUTIVE SHARES. (a) DISTRIBUTION OF SHARES. —Section 205(c) of the National Housing Act (12 U.S.C. 1711(c)) is amended by adding at the end the following two new sentences: "The Secretary shall not distribute any share to an eligible mortgagor under this subsection beginning on the date which is 6 years after the date the Secretary first transmitted written notification of eligibility to the last known address of the mortgagor, unless the mortgagor has applied in accordance with procedures prescribed by the Secretary for payment of the share within the 6-year period. The Secretary shall transfer any amounts no longer eligible for distribution under the previous sentence from the Participating Reserve Account to the General Surplus Account.". 12 USC 1711 (b) EXCEPTION. — Notwithstanding the 6-year limitation on dis- "°*®- tribution of shares of the Participating Reserve Account under section 205(c) of the National Housing Act, the Secretary shall distribute a share to an otherwise eligible mortgagor in accordance with section 205(c), if the mortgagor applies for pa}anent of the share within 1 year after the date of enactment of this Act in accordance with procedures in effect on such date. SEC. 509. MORTGAGE LIMITS FOR MULTIFAMILY PROJECTS. (a) SECTION 207 LIMITS. —Section 207(c)(3) of the National Housing Act (12 U.S.C. 1713(c)(3)) is amended— (1) by striking "$25,350", "$28,080", "$33,540", "$41,340", and "$46,800" and inserting "$30,420", "$33,696", "$40,248", " $49,608", and "$59,160", respectively; and

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