Page:United States Statutes at Large Volume 70.djvu/1148

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PUBLIC LAW 1020-AUG. 7, 1966

[70

STAT.

"(but, in any case where the dwelling is not approved for mortgage insurance prior to the beginning of construction, unless the construction of the dwelling was completed more than one year prior to the application for mortgage insurance, 90 per centum). (b) Section 203(h) of such Act is amended by striking out "$7,000" and inserting in lieu thereof "$12,000". RENTAL HOUSING INSURANCE

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SEC. 103. (a) Section 207(c)(2) of the National Housing Act is amended by striking out "80 per centum" and inserting in lieu thereof "90 per centum". (b) Section 207(c)(3) of such Act is amended to read as follows: "(3) not to exceed, for such part of such property or project as may be attributable to dwelling use, $2,250 per room (or $8,100 per family unit if the number of rooms in such property or project is less than four per family unit) or not to exceed $1,000 per space or $300,000 per mortgage for trailer courts or parks: Provided, That as to projects to consist of elevator type structures, the Commissioner may, in his discretion, increase the dollar amount limitation of $2,250 per room to not to exceed $2,700 per room and the dollar amount limitation of $8,100 per family unit to not to exceed $8,400 per family unit, as the case may be, to compensate for the higher costs incident to the construction of elevator type structures of sound standards of construction and design; except that the Commissioner may, by regulation, increase any of 'hg foregoing dollar amount limitations per room contained in this paragraph by not to exceed $1,000 per room in any geographical area where he finds that cost levels so require." H O U S I N G FOR THE

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ELDERLY

^^^' ^^^- (^) Section 203(b)(2) of the National Housing Act is amended by striking out the final period and inserting in lieu thereof a comma and the following: "except that with respect to a mortgage executed by a mortgagor who is sixty years of age or older as of the date the mortgage is accepted for insurance, the mortgagor's payment required by this proviso may be paid by a corporation or person other than the mortgagor under such terms and conditions as the Commissioner may prescribe." (^) Section 207(b) of such Act is amended— (1) by inserting "(except provisions relating to housing for elderly persons)" before "to take" in the unnumbered paragraph immediately following paragraph (2); and (2) by inserting "(except with respect to housing designed for elderly persons, with occupancy preference therefor, as provided in the paragraph following paragraph (3) of subsection (c)) " after "hereunder" in the second unnumbered paragraph following paragraph (2). (c) Section 207(c) of such Act is amended by striking out the unnumbered paragraph immediately following paragraph (3) and inserting in lieu thereof the following new paragraph: "Notwithstanding any of the limitations contained in paragraphs (2) and (3) of this subsection, if the entire property or project is specially designed for the use and occupancy of elderly persons in accordance with standards established by the Commissioner and the mortgagor is a financially qualified nonprofit organization acceptable to the Commissioner, the mortgage may involve a principal obligation not in excess of $8,100 per family unit for such part of such property

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