Page:United States Statutes at Large Volume 108 Part 1.djvu/38

 108 STAT. 12 PUBLIC LAW 103-211—FEB. 12, 1994 12 USC 1709 note. 12 USC 1709. Mortgage insurance. Rehabilitation loans. 12 USC 1715y. 12 USC 1709 note. Effective date. FEDERAL HOUSING ADMINISTRATION For higher mortgage limits and improved access to mortgage insurance for victims of the January 1994 earthquake in Southern California, title II of the National Housing Act, as amended, is further amended, as follows: (1) In section 203(h), by— (A) striking out "section 102(2) and 401 of the Disaster Relief and Emergency Assistance Act" and inserting "Robert T. Stafford Disaster Relief and Emergency Assistance Act"; and (B) adding the following new sentence at the end thereof: "In any case in which the single family residence to be insured under this subsection is within a jurisdiction in which the President has declared a major disaster to have occurred, the Secretary is authorized, for a temporanr Period not to exceed 18 months from the date of such 'residential declaration, to enter into agreements to insure a mortgage which involves a principal obligation of up to 100 percent of the dollar limitation determined under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act for single family residence, and not in excess of 100 percent of the appraised value.". (2) In section 203(k), by adding at the end thereof the following new paragraph: "(6) The Secretary is authorized, for a temporary period not to exceed 18 months from the date on which the President has declared a major disaster to have occurred, to enter into agreements to insure a rehabilitation loan under this subsection which involves a principal obligation of up to 100 percent of the dollar limitation determined under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act for a residence of the applicable size, if such loan is secured by a structure and property that are within a jurisdiction in which the President has declared such disaster, pursuant to the Robert T. Stafford Disaster Relief and Emergency Assistance Act, and if such loan otherwise conforms to the loan-to-value ratio and other requirements of this subsection.". (3) In section 234(c), by inserting after "203(b)(2)" in the third sentence the phrase: "or pursuant to section 203(h) under the conditions described in section 203(h)". Eligibility for loans made under the authority granted by the preceding paragraph shall be limited to persons whose principal residence was damaged or destroyed as a result of the January 1994 earthquake in Southern California: Provided, That the provisions under this heading shall be effective only for the 18-month period following the date of enactment of this Act. COMMUNITY PLANNING AND DEVELOPMENT COMMUNITY DEVELOPMENT GRANTS For an additional amount for "Community development grants", as authorized under title I of the Housing and Community Development Act of 1974, for emergency expenses resulting from the January 1994 earthquake in Southern Cfalifomia or the Midwest Floods of 1993, $500,000,000, to remain available until September 30, 1996 for all activities eligible under such title I except those activi-

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