Page:United States Statutes at Large Volume 78.djvu/822

 780 75 Stat. 158. 12 USC 1715x.

PUBLIC LAW 88-560-SEPT. 2, 1964

(c) Section 233 of such Act is further amended by striking out subsections (e) and (f) and inserting in lieu thereof the following: "(e) Any mortgagee or lender under a mortgage insured under subsection (b) shall be entitled to insurance benefits determined in the same manner as such benefits would be determined if such mortgage or loan were insured under the section of this title for which it otherwise would have been eligible except for the experimental feature of the property involved." (d) Section 233 of such Act is further amended by redesignating subsections (g) and (h) as subsections (f) and (g), respectively, and by striking out "subsections (e) and (f) " in the first sentence of the subsection so redesignated as subsection (f) and inserting in lieu thereof "subsection (e)". MORTGAGE INSURANCE

75 Stat. 160. 12 USC 1715y

[78 STAT.

FOR

CONDOMINIUMS

SEC. 119, (a) Section 234 of the National Housing Act is amended— (1) by striking out the heading and inserting in lieu thereof "MORTGAGE INSURANCE FOR CONDOMINIUMS";

(2) by striking out "structure" each place it appears and inserting in lieu thereof "project" (and by striking out "structures" in the last sentence of subsection (c) and inserting in lieu thereof "projects"); (3) by striking out "the term 'mortgage' for the purposes of this section" in subsection (b) and inserting in lieu thereof "the term 'mortgage' for the purposes of subsection (c) "; (4)(A) by striking out "this section" each time it appears in subsection (c) and inserting in lieu thereof "this subsection"; (B) by striking out "under another section" in the first sentence of subsection (c) and inserting in lieu thereof "under any section"; 12 USC i7i5e. ^5^ l^y striking out "section 213" each time it appears in subsection (c) and inserting in lieu thereof "section 213(a)(1) and (2) "; (6) by striking out the third sentence of subsection (c) and inserting in lieu thereof the following: "To be eligible for insurance pursuant to this subsection, a mortgage shall (A) involve a principal obligation in an amount not to exceed $30,000, and not to exceed the sum of (i) 97 per centum of $15,000 of the amount which the Commissioner estimates will be the appraised value of the family unit including common areas and facilities as of the date the mortgage is accepted for insurance, (ii) 90 per centum of such value in excess of $15,000 but not in excess of $20,000, and (iii) 75 per centum of such value in excess of $20,000, and (B) have a maturity satisfactory to the Commissioner, but not to exceed, in any event, thirty-five years from the date of the beginning of amortization of the mortgage or three-fourths of the Commissioner's estimate of the remaining economic life of the project, whichever is the lesser."; (7) by redesignating subsection (d) as subsection (g), by redesignating subsections (e) and (f) as subsections (i) and (j), respectively, and by inserting after subsection (c) the following new" subsections: " (d) In addition to individual mortgages insured under subsection (c), the Commissioner is authorized, in his discretion and under such terms and conditions as he may prescribe, to insure blanket mortgages (including advances on such mortgages during construction) which cover multifamily projects to be constructed or rehabilitated in cases where the mortgage is held by a mortgagor, approved by the Commissioner, which—

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