Page:United States Statutes at Large Volume 79.djvu/494

 454

73 Stat. 667. 12 USC 170 Iq. . „ Txor..,„, _

PUBLIC LAW 89-117-AUGUST10, 1965

[79 STAT.

(C) a private nonprofit corporation, a public body or agency, or a cooperative housing corpK)ration, which is a borrower under SBction 202 of the Housing Act of 1959 and has been approved for receiving the benefits of this section: Provided, That, with respect to properties financed with loans under such section made on or before the date of the enactment of this Act, payments shall not be made with respect to more than 20 per centum of the dwelling units in any property so financed. (2) Of the amounts approved in appropriation Acts pursuant to subsection (a) for payments under this section in any year, not more than 5 per centum in the aggregate shall be paid with respect to properties of housing owners as defined in paragraph (1)(A) of this subsection, and not more than 5 per centum in the aggregate shall be paid with respect to properties of housing owners as defined in paragraphs (1)(B) and (1)(C) of this subsection. EXTENSION OP FHA SECTION 2 21 PROGRAMS; MODIFICATION OF INTEREST R A T E; POOLING OF MORTGAGES FOR SALE

SEC. 102. (a) The fifth sentence of section 221(f) of the National 78 Stat, 779. Housing Act is amended by striking out "subsection (d)(2) or (d)(4) 12 USC 1715i. after September 30, 1965, or under subsection (d)(3) after September 30, 1965," and inserting in lieu thereof "this section after October 1, 1969,". 75 Stat. 152. (^\y^ ^\^Q pToviso in section 221(d)(5) of such Act is amended by striking out "not less than the annual rate of interest determined" and inserting in lieu thereof "not less than the lower of (A) 3 per centum per annum, or (B) the annual rate of interest determined". 73 Stat. 661; (Q\ The third sentence of section 212(a) of such Act is amended by 12 USC 1715c. striking out "described in subsection (d)(3) " and all that follows and inserting in lieu thereof "described in subsection (d)(3) or (d)(4)." 78 Stat. 800^ (d) Section 302(c) of such Act is amended by inserting before the 12 uTer 1717. sQ- " ,o T last sentence thereof the following: "If there shall be included within one or more of the trusts or other agencies created pursuant to the authority of this subsection any mortgages bearing a below-market interest rate and insured under section 221(d)(3) after the date of the enactment of the Housing and Urban Development Act of 1965, there are authorized to be appropriated from time to time such amounts as may be necessary to reimburse the Association for the amount of the differential (including interest, other costs, and a fair proportion of administrative expense) between (1) the total outlay with respect to outstanding participations or other instruments which, at the time of issuance, were predicated upon or otherwise related to such below-market interest rate mortgages, and (2) the total receipts from such'mortgages."

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