Page:United States Statutes at Large Volume 73.djvu/695

 ta S T A T. ]

PUBLIC LAW 86-372-SEPT. 23, 1969

menced after the effective date of this subsection, the mortgage on such project shall be eligible for insurance under this section only in those cases where the construction was subject to inspection by the Commissioner and where there was compliance with the provisions of section 212 of this title. As to any project on which construction was commenced prior to the effective date of this subsection, such inspection, and compliance with the provisions of section 212 of this title, shall not be a prerequisite."

667

12 USC i7i5c.

INCREASED MORTGAGE AMOUNTS IN ALASKA, GUAM, AND HAWAII

SEC. 106. The first sentence of section 214 of the National Housing ^^^3 Stat. 57; 66 Act is amended by inserting after "maximum or maxima otherwise 12" use i7i5d. applicable" the following: "(including increased mortgage amounts in geographical areas where cost levels so require)". FHA MORTGAGE INSURANCE AUTHORIZATION

SEC. 107. (a) Section 217 of the National Housing Act is amended by striking out "$7,000,000,000" and inserting in lieu thereof "$15,000,000,000". (b) Section 217 of such Act is further amended by adding at the end thereof a new paragraph as follows: " I t is further the intent and purpose of this section to limit by law the aggregate amount of the balances of insured mortgages and the principal amount of all commitments to insure which may be outstanding under this Act (except section 2 and section 803). I n the administration of this Act the Commissioner shall not hereafter enter into any type of agreement or other undertaking to insure a mortgage if a commitment to insure such mortgage would oe unlawful under the limit so established."

12 USC 17l5h.

^2 Stat. i76. ''^ s*«*' ^o^^-

REPEAL o r OBSOLETE PROVISIONS

SEC. 108. Section 218 of the National Housing Act is repealed, SECTION 220 MORTGAGE INSURANCE

ff ^^^ fJfj^ 12 USC 1715k.

SEC. 109. (a)(1) Clause (i) of subsection (d)(3)(A) of section 220 of the National Housing Act is amended by striking out all that gj^f |^^*- 296; 72 precedes the second semicolon and inserting in lieu thereof the following: " (A)(i) involve a principal obligation (including such initial service charges, appraisal, inspection, and other fees as the Commissioner shall approve) in an amount not to exceed $22,500 in the case of property upon which there is located a dwelling designed principally lor a one-family residence; or $25,000 in the case of a two-family residence; or $30,000 in the case of a three-family residence". (2) Clause (i) of subsection (d)(3)(A) of section 220 of such Act is further amended— (A) by striking out "85 per centum" and inserting in lieu thereof "90 per centum"; and (B) by striking out "$16,000" each place it appears and inserting in lieu thereof "$18,000". (3) Subsection (d)(3)(A) ( i i) of section 220 of such Act is amended by inserting before the semicolon at the end thereof a colon and the following: Provided, That such 85 per centum limitation shall not be applicable if the mortgagor and mortgagee assume responsibility in a manner satisfactory to the Commissioner for the reduction of the

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