Page:United States Statutes at Large Volume 122.djvu/2856

 12 2 STA T . 2 83 3 PUBLIC LA W 11 0– 28 9—J UL Y 30, 2008 (A)bystrik i ng‘ ‘ a n d’ ’b efo re ‘‘( 2 )’’ and ( B ) by inserting before t h e p eriod at the end the fo l- lo w ing

‘‘, and ( 3 ) the pro j e c t has a blanket m ortgage ins u red by the S ecretary under subsection (d)’’; and (2) in subsection (g), by striking ‘‘, e x cept that’’ and all that follows and inserting a period . (b) DEFIN I T I O NOF M O R T GA GE. — Section 2 01 (a) of the N ational H ousing Act (12 U .S. C .1 7 07(a)) is amended— (1) before ‘‘a first mortgage’’ insert ‘‘(A)’’; (2) by striking ‘‘or on a leasehold (1)’’ and inserting ‘‘(B) a first mortgage on a leasehold on real estate (i)’’; (3) by striking ‘‘or (2)’’ and inserting ‘‘, or (ii)’’; and ( 4 ) by inserting before the semicolon the following: ‘‘, or (C) a first mortgage gi v en to secure the unpaid purchase price of a fee interest in, or long-term leasehold interest in, real estate consisting of a one-family unit in a multifamily project, including a project in which the dwelling units are attached, or are manufactured housing units, semi-detached, or detached, and an undivided interest in the common areas and facilities which serve the project’’. (c) DEFINITION OF R EA LES TATE.—Section 201 of the National Housing Act (12 U.S.C. 1707) is amended by adding at the end the following new subsection: ‘‘(g) T he term ‘real estate’ means land and all natural resources and structures permanently affixed to the land, including residential buildings and stationary manufactured housing. The Secretary may not re q uire, for treatment of any land or other property as real estate for purposes of this title, that such land or property be treated as real estate for purposes of State taxation.’’. SEC.21 1 8 . MUT U AL M OR T G AGE IN SURANCE F UN D . (a) I N G ENERAL.—Subsection (a) of section 202 of the National Housing Act (12 U.S.C. 170 8 (a)) is amended to read as follows: ‘‘(a) M U TUAL MORTGAGE INSURAN C E F UN D .— ‘‘(1) ESTA B LIS HM ENT.—Subject to the provisions of the Fed- eral Credit Reform Act of 1 9 90, there is hereby created a Mutual Mortgage Insurance Fund (in this title referred to as the ‘Fund’), which shall be used by the Secretary to carry out the provisions of this title with respect to mortgages insured under section 203. The Secretary may enter into commitments to guarantee, and may guarantee, such insured mortgages. ‘‘(2) L IMIT ON LOAN GUARANTEES.—The authority of the Secretary to enter into commitments to guarantee such insured mortgages shall be effective for any fiscal year only to the extent that the aggregate original principal loan amount under such mortgages, any part of which is guaranteed, does not exceed the amount specified in appropriations Acts for such fiscal year. ‘‘(3) FIDUCIAR Y RES P ONSIBILITY.—The Secretary has a responsibility to ensure that the Mutual Mortgage Insurance Fund remains financially sound. ‘‘(4) ANNUAL INDEPENDENT ACTUARIAL STUDY.—The Sec- retary shall provide for an independent actuarial study of the Fund to be conducted annually, which shall analy z e the finan- cial position of the Fund. The Secretary shall submit a report annually to the Congress describing the results of such study and assessing the financial status of the Fund. The report Reports.

�