Page:United States Statutes at Large Volume 62 Part 1.djvu/1303

 62 STAT.] 80TH CONG. , 2D SESS.-CH. 832 -AUG. 10, 1948 (k) (1) Section 203 (c) is amended (1) by striking out in the last sentence the words "section or section 210" and inserting in lieu thereof the word "title"; and (2) by striking out in said sentence the words "under this section". (2) Sections 203 (c) and 603 (c) of such Act are amended by striking out in the last sentence and in the next to the last sentence, respectively, the following: "and a mortgage on the same property is accepted for insurance at the time of such payment,". (1) Section 204 (a) is amended- (1) By striking out, in the last sentence, the following: "prior to July 1, 1944,"; (2) By inserting between the first and second provisos in the last sentence the following: "And provided further, That with respect to mortgages which are accepted for insurance under section 203 (b) (2) (D) or under the second proviso of section 207 (c) (2) of this Act, there may be included in the debentures issued by the Administrator on account of the cost of foreclosure (or of acquiring the property by other means) actually paid by the mortgagee and approved by the Administrator an amount, not in excess of two-thirds of such cost or $75 whichever is the greater:". (m) Section 207 (b) is amended by amending paragraph numbered (1) to read as follows: "(1) Federal or State instrumentalities, municipal corporate instrumentalities of one or more States, or limited dividend or redevelopment or housing corporations restricted by Federal or State laws or regulations of State banking or insurance depart- ments as to rents, charges, capital structure, rate of return, or methods of operation; or". (n) Section 207 (c) is amended- (1) By amending the first sentence to read as follows: "(c) To be eligible for insurance under this section a mortgage on any property or project shall involve a principal obligation in an amount- "(1) not to exceed $5,000,000, or, if executed by a mortgagor coming within the provisions of paragraph numbered (b) (1) of this section, not to exceed $50,000,000; "(2) not to exceed 80 per centum of the amount which the Administrator estimates will be the value of the property or project when the proposed improvements are completed, including the land; the proposed physical improvements; utilities within the boundaries of the property or project; architects' fees; taxes and interest accruing during construction; and other miscella- neous charges incident to construction and approved by the Administrator: Provided,That, except with respect to a mortgage executed by a mortgagor coming within the provisions of para- graph numbered (b) (1) of this section, such mortgage shall not exceed the amount which the Administrator estimates will be the cost of the completed physical improvements on the property or project, exclusive of public utilities and streets and organization and legal expenses: And providedfurther, That, notwithstanding any of the provisions of this paragraph numbered (2), a mort- gage with respect to a project to be constructed in a locality or metropolitan area where, as determined by the Administrator, there is a need for new dwellings for families of lower income at rentals comparable to the rentals proposed to be charged for the dwellings in such project (or, in the case of a mortgage with respect to a project of a nonprofit cooperative ownership housing corporation the permanent occupancy of the dwellings of which 1273 52 Stat. 11. 12U. S .. §1709 (c). 52 Stat. 11; 55 Stat. 57. 12U. .c.C. 170 (c), 1738 (c). 52 Stat. 12; 55 Stat. 365. 12 U. S .. §1710(a). 52 Stat. 13; 57 Stat. 570. 12U.S. . 1710(a). Ante, pp. 1272, 120; infa. 52 Stat. 17 . 12U. s. c. 11713 (b) (1). Government instru- mentalities, etc. 52 Stat. 18 . 12U. S. c. 1713 (c). Ante, p . 1209. Eligibility provi- sions for mortgage in- surance. Limitation on amount of mortgage. sapra. Nonprofit coopera. tive projects, etc.

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