Page:United States Statutes at Large Volume 78.djvu/819

 78 STAT. ]

PUBLIC LAW 88-560-SEPT. 2, 1964

777

S U P P L E M E N T A R Y COOPERATIVE LOANS U N D E R SECTION 2 1 3 (j) 179. SEC. 109. (a) Section 2 1 3 (j)(l) of the National Housing Act is 75 Stat. 1715e. 12 USC amended— (1) by striking out "or" at the end of clause (A); (2) by striking out the period at the end of clause (B) and inserting in lieu thereof "; or"; and (3) by adding at the end thereof the following new clause: " (C) Cooperative purchases and resales of memberships in order to provide necessary refinancing for resales of memberships which involve increases in equity; but in such resales by the cooperative the downpayments by the new members shall not be less than those made on the original sales of such memberships." (b) Section 305(e) of such Act is amended by adding at the end yj^stat^^eeg^'' thereof the following new sentence: "Without regard to any of the 12 USC 1720. limitations of this subsection except the total amount of authorizations available, the Association is authorized to enter into advance commitment contracts and purchase transactions on supplementing cooperative loans with respect to which the Federal Housing Commissioner shall have issued, pursuant to section 213(j), either a commitment to insure or a statement of eligibility; but such commitments and purchases shall be made solely where there is a management-type cooperative involved which is certified by the Federal Housing Commissioner as a consumer cooperative." MORTGAGE L I M I T S UNDER SECTION 2 2 0 SALES H O U S I N G MORTGAGE INSURANCE PROGRAM

SEC. 110. Section 220(d)(3)(A)(i) of the National Housing Act is amended by striking out "$25,000", "$27,500", "$30,000", "$35,000", and "$35,000" and inserting in lieu thereof "$30,000", "$32,500", "$32,500", "$37,500", and "$37,500", respectively.

12 USC 1715k.

MORTGAGE L I M I T S UNDER SECTION 2 2 0 M U L T I F A M I L Y H O U S I N G MORTGAGE INSURANCE PROGRAM

S E C 111. Section 220(d)(3)(B)(i) of the National Housing Act is amended by striking out "$20,000,000" and inserting in lieu thereof "$30,000,000".

73 Stat. ess.

LOANS TO COVER THE COST OF P U B L I C IMPROVEMENTS

SEC. 112. (a) The second sentence of section 220(h)(1) of the National Housing Act is amended to read as follows: "As used in this subsection— " (A) the term 'home improvement loan' means a loan, advance of credit, or purchase of an obligation representing a loan or advance of credit made— " (i) for the purpose of financing the improvement of an existing structure (or in connection with an existing structure) which was constructed not less than ten years prior to the making of such loan, advance of credit, or purchase, and which is used or will be used primarily for residential purposes: Provided, That a home improvement loan shall include a loan, advance, or purchase with respect to the improvement of a structure which was constructed less than ten years prior to the making of such loan, advance, or purchase if the proceeds are or will be used primarily for major structural improvements, or to correct defects which were not known at the time of the completion of the structure or

75 Stat. 154,

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