Page:United States Statutes at Large Volume 62 Part 1.djvu/1302

 PUBLIC LAWS-CH. 832-AUG. 10, 1948 56 Stat. 303 . 12U.S.C.§1743 (c)-(f). Ante, p. 1269. 52 Stat. 10. 12U. S.C. §1709 (b) (2) (B). 52 Stat. 11 . 12U..C.. 1709 (b) (2) (C). 52 Stat. 11 . 12U.S.. 1709 (b) (3). 52 Stat. 11 . 12U .S. C. 1709 (b) (2) (C). Single-family dwelling. Amount less than $6,000 . Conditions. 52 Stat 11. 12U.S.C.§1709 (b) (3). Supra. 52 Stat. 11 . 12U.S.C. 1709 (5). Supr. shall be provided under such regulations and procedures as may be prescribed by the Administrator. "(d) The provisions of subsections (c), (d), (e), and (f) of section 608 shall be applicable to mortgages insured under this section." TITLE II AMENDMENTS (g) Section 203 (b) (2) (B) is amended by striking out "$5,400" and inserting in lieu thereof "$6,300". (h) Section 203 (b) (2) (C) is amended- (1) By striking out "$8,600" and inserting in lieu thereof "$9,500"; (2) By striking out "$6,000" in each place where it appears and inserting in lieu thereof "$7,000"; (3) By striking out "$10,000" and inserting in lieu thereof "$11,000". (i) Section 203 (b) is amended by striking out in paragraph numbered (3) the following: "of the character described in paragraph (2) (B) of this subsection" and inserting in lieu thereof the following: on property approved for insurance prior to the beginning of construction. (j) Section 203 (b) is amended as follows: (1) By striking out the period at the end of paragraph (2) (C), inserting in lieu thereof a comma and the word 'or", and adding the following new paragraph: "(D) not to exceed $6,000 and not to exceed 90 per centum of the appraised value, as of the date the mortgage is accepted for insurance (or 95 per centum if, in the determination of the Admin- istrator, insurance of mortgages involving a principal obligation in such amount under this paragraph would not reasonably be expected to contribute to substantial increases in costs and prices of housing facilities for families of moderate income), of a property, urban, suburban, or rural, upon which there is located a dwelling designed principally for a single-family residence which is approved for mortgage insurance prior to the beginning of construction: Provided, That the Administrator may by regu- lation provide that the principal obligation of any mortgage eligible for insurance under this paragraph shall be fixed at a lesser amount than $6,000 where he finds that for any section of the country or at any time a lower-cost dwelling for families of lower income is feasible without sacrifice of sound standards of construction, design, and livability: And provided further, That with respect to mortgages insured under this paragraph the mortgagor shall be the owner and occupant of the property at the time of the insurance and shall have paid on account of the prop- erty at least 10 per centum (or 5 per centum, in the case of a 95 per centum mortgage insured pursuant to this paragraph (D)) of the appraised value in cash or its equivalent, or shall be the builder constructing the dwelling in which case the principal obligation shall not exceed 85 per centum of the appraised value of the property." (2) By striking out the period at the end of paragraph numbered (3), and adding a comma and the following: "or not to exceed thirty years in the case of a mortgage insured under paragraph (2) (D) of this subsection." (3) By striking out the period at the end of paragraph numbered (5), and adding a comma and the following: "or not to exceed 4 per centum per annum in the case of a mortgage insured under paragraph (2) (D) of this subsection, or not to exceed such per centum per annum, not in excess of 5 per centum, as the Administrator finds necessary to meet the mortgage market." 1272 [62 STAT.

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