Page:United States Statutes at Large Volume 78.djvu/821

 78 STAT. ]

PUBLIC LAW 88-560-SEPT. 2, 1964

779

thereby, or consent to the release of parts of the mortgaged property from the lien of the mortgage." (c) Section 221(d)(3) of such Act is amended by inserting before the colon at the end of the first proviso in clause (iii): ": Provided further, That in the case of any mortgagor other than a nonprofit corporation or association, cooperative (including an investor-sponsor), or public body, or a mortgagor meeting the special requirements of subsection (e)(1), the amount of the mortgage shall not exceed 90 per centum of the amount otherwise authorized under this section". (d) The last sentence of section 221(f) of such Act is amended ]>y striking out "July 1, 1965", each place it appears, and inserting in lieu thereof "September 30, 1965". MORTGAGE INSURANCE FOR

75 Stat. 150. 12 USC 171L5i.

SERVICEMEN

SEC. 115. Section 222(b) of the National Housing Act is amended— 73^stft ^eef ^' (1) by striking out "203(b) or 203 (i) " in paragraph (1) and 12 USC 1715m. inserting in lieu thereof "203(b), 203(1), or 221(d)(2), "; and ^^^^^"^^^ ^^°^' (2) by striking out "such principal obligation shall not exceed $9,000" in paragraph (2) and inserting in lieu thereof "or section 221 (d)(2) such prmcipal obligation shall not exceed the maximum limits prescribed for such section". PRIVATE F I N A N C I N G

OF SALE OF FHA-ACQUIRED PROPERTIES

SEC. 116. Section 223(c) of the National Housing Act is amended by striking out "limitation upon eligibility contained in this title II " and inserting in lieu thereof the following: "limitations or requirements contained in this title upon the eligibility of the mortgage, upon the payment of insurance premiums, or upon the terms and conditions of insurance settlement and the benefits of the insurance to be included in such settlement (except that in any case the payment of insurance shall be in debentures) ". MORTGAGE INSURANCE FOR NONPROFIT NURSING

^l\^l^\lf' 12 USC nisn.

HOMES

SEC. 117. Section 232(b)(1) of the National Housing Act is amended by inserting after "proprietary facility" the following: "or facility of a private nonprofit corporation or association".

73 Stat. 663. 12 USC I715w.

EXPERIMENTAL HOUSING

SEC. 118. (a) Section 233(a) of the National Housing Act is amended by striking o u t ", in the case of mortgages insured under subsection (b)(2) of this section, advances on such mortgages" and inserting in lieu thereof "home improvement loans, and including advances on mortgages". (b) Section 233(b) of such Act is amended to read as follows: "(b) To be eligible for insurance under this section, a mortgage shall meet the requirements of one of the other sections of this title; except that, in lieu of determining the appraised value or the replacement cost of the property in cases involving new construction or the estimated cost of repair and rehabilitation or improvement in cases involving existing properties, the Commissioner shall estimate the cost of replacing the property using comparable conventional design, materials, and construction, and any limitation upon the maximum mortgage amount available to a nonoccupant owner shall not, in the discretion of the Commissioner, be applicable to moitgages insured under this section."

^s Stat. iss. ^ ^ "^^ 171 sx.

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