Page:United States Statutes at Large Volume 106 Part 5.djvu/152

 106 STAT. 3790 PUBLIC LAW 102-550—OCT. 28, 1992 ''(1) The Secretary is authorized to make expenditures under this subsection with respect to any property that— "(A) is a condominium imit (including common areas) or is improved by a one-to-four family dwelling; "(B) was approved, before the beginning of construction, for mortgage insurance under this Act or for guaranty, insurance, or direct loan under chapter 37 of title 38, United States Code, or was less than a year old at the time of insurance of the mortgage and was covered by a consumer protection or warranty plan acceptable to the Secretary; and "(C) the Secretary finds to have structural defects. "(2) Expenditures under this subsection may be made for^. SEC. 516. PAYMENT OF MORTGAGE INSURANCE CLAIMS. (a) PAYMENT OP INSURANCE. —Section 204 of the National Housing Act (12 U.S.C. 1710) is amended— (1) in the fifth sentence of subsection (a), by striking ", subject to the cash adjustment hereinafi^r provided, issue to the mortgagee debentures having a total face value" and insert in lieu thereof the following: "issue to the mortgagee debentures having a par value"; (2) by striking subsection (c) and inserting the following: "(c) Debentures issued under this section— "(1) shall be in such form and amounts; "(2) shall be subject to such terms and conditions; "(3) shall include such provisions for redemption, if any, as may be prescribed by the Secretary of Housing and Urban Development, with the approval of the Secretary of the Treasury; and "(4) may be in book entry or certificated registered form, or such other form as the ^cretary of Housing and Urban Development may prescribe in regulations."; (3) in the first sentence of subsection (d)— (A) by striking "executed" and inserting "issued"; and (B) by striking ", shall be simed by the Secretary by either his written or engraved signature, and shall be negotiable" and inserting the following: "and shall be negotiable, and, if in book entry form, transferable, in the manner described by the Secretary in regulations"; and (4) by striking in the fifth sentence of subsection (d) "and such guaranty" and inserting the following: "and, in the case of debentures issued in certificated registered form, such guaranty". (b) RENTAL HOUSING INSURANCE. — Section 207 of the National Housing Act (12 U.S.C. 1713) is amended— (1) by striking in the second sentence of subsection (g) ", subject to the cash adjustment provided for in subsection (j)> issue to the mortgagee a certificate of claim as provided in subsection (h), and debentures having a total face value" and inserting the following: "issue to the mortgagee a certificate of claim as provided in subsection (h), and debentures having a par value"; (2) by striking in the first sentence of subsection (i) "shall be signed by the Secretary, by either his written or engraved signature, shall be negotiable" and inserting the following:

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