Page:United States Statutes at Large Volume 73.djvu/699

 73 S T A T. ]

PUBLIC LAW 8 6 - 3 7 2 - S E P T. 23, 1969

"(iv) not exceed 90 per centum of the Commissioner's estimate of the value of the property or project when the proposed repair and rehabilitation is completed if the proceeds of the mortgage are to be used for the repair and rehabilitation of a property or project: Provided, That such property or project when constructed, or repaired and rehabilitated, shall be for use as rental accommodations for ten or more families eligible for occupancy as provided in this section: And provided further, That the Commissioner may, in his discretion, require the mortgagor to be regulated or restricted as to rents or sales, charges, capital structure, rate of return, and methods of operation, and for such purpose the Commissioner may make such contracts with and acquire for not to exceed $100 such stock or interest in any such mortgagor as the Commissioner may deem necessary to render effective such restrictions or regulations, with such stock or interest being paid for out of the Section 221 Housing Insurance Fund and being required to be redeemed by the mortgagor at par upon the termination of all obligations of the Commissioner under the insurance; and*'. (d) Section 221(f) of such Act is amended by inserting the following before the period at the end thereof: "and may include such commercial and community facilities as the Commissioner deems adequate to serve the occupants". (e) Section 221(g)(2) of such Act is amended by striking out "paragraph (3) " and inserting in lieu thereof "paragraph (3) or (4)". (f) Section 212(a) of such Act is amended by adding at the end thereof the following new sentence: "The provisions of this section shall apply to the insurance under section 221 of any mortgage described in subsection (d)(4) thereof."

661

12 USC i7is/.

^^ ^^^ i7i5c.

SERVICEMEN'S HOUSING MORTGAGE INSURANCE

SEC. 111. Section 222(b) of the National Housing Act is amended— (1) by inserting "or 203(i)" after "203(b)" in paragraph (1); and (2) by striking out "$17,100" in paragraph (2) and inserting in lieu thereof the following: "$20,000, except that in the case of a mortgage meeting the requirements of section 203(i) such principal obligation shall not exceed $9,000".

^ 1 Stat. 295. '^ "^^ ^^'^""•

BUILDER'S COST CERTIFICATION

SEC. 112. (a) Section 227(a) of the National Housing Act is amended by striking out clause (iv') and all that follows and inserting in lieu thereof the following: "(iv) under section 221 if the mortgage meets the requirements of paragraph (3) or paragraph (4) of subsection (d) thereof, (v) under section 231, or (vi) under section 810 if the mortgage meets the requirements of subsection (f)". (b) The last two sentences of section 227(c) of such Act are each amended by striking out "under section 220" and inserting in lieu thereof "under section 220, section 221 if the mortgage meets the requirements of paragraph (4) of subsection (d) thereof, or section 231,".

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