Page:United States Statutes at Large Volume 79.djvu/498

 458

42 USC 1 4 0 1465. "
 * 5

PUBLIC LAW 89-117-AUGUST10, 1965

[79 STAT.

otherwise payable for the project shall be increased by an amount equal to the total amount of the grants under this section and that no part of the total amount of such grants shall be required to be contributed as part of the local grant-in-aid. " (b) A grant authorized by this section may be made to an individual or family whose income does not exceed $3,000 a year, and such grant may be in the amount which does not exceed the lesser of (1) the actual (and approved) cost of the repairs and improvements involved, or (2) $1,500, I n case the income of the individual or family exceeds $3,000 a year, a grant may be made under this section, subject to the limitations specified in clauses (1) and (2) of the preceding sentence, but only in an amount not to exceed that portion of the cost of the repairs and improvements which cannot be paid for with any available loan that can be amortized as part of such individual's or family's monthly housing expense without requiring such monthly housing expense to exceed 25 per centum of such individual's or family's monthly income." (b) Any contract with a local public agency which was executed under title I of the Housing Act of 1949 before the date of enactment of this Act may be amended to provide for grants authorized by section 115 of the Housing Act of 1949. MORTGAGE R E L I E F FOR H O M E O W N E R S W H O ARE U N E M P L O Y E D AS THE R E S U L T OF THE CLOSING OF A FEDERAL I N S T A L L A T I O N

48 Stat, 1246. 58 Stat. 284;' 72 Stat. 'i203,' ^ 3 8 "use 1801^^ 1825.

mora't^rium^ °^

SEC. 107. (a) For the purposes of this section— (1) The term "mortgage" means a mortgage which (A) is insured under the National Housing Act, or (B) secures a home loan guaran^eed OT iusured under the Servicemen's Readjustment Act of 1944 or chapter 37 of title 38, United States Code. (^) The term "Federal mortgage agency" means— (A) the Federal Housing Commissioner when used in connection with mortgages insured under the National Housing Act, and (B) the Administrator of Veterans' Affairs when used in connection with mortgages securing home loans guaranteed or insured under the Servicemen's Readjustment Act of 1944 or chapter 37 of title 38, United States Code. (3) The term "distressed mortgagor" means an individual who— (A) is unemployed, although willing to work, as the result of the closing (in whole or in part) of a Federal installation, and (B) is the owner-occupant of a dwelling upon which there is a mortgage securing a loan which is in default because of the inability of such individual to make payments of principal and/or interest under such mortgage. (b)(1) Any distressed mortgagor, for the purpose of avoiding foreclosure of his mortgage, may apply to the appropriate Federal mortgage agency for a determination that suspension of his obligation to make payments of principal and/or interest under such mortgage during a temporary period is necessary in order to avoid such foreclosure. (^) Upon Tcceipt of au application made under this subsection by a distressed mortgagor, the Federal mortgage agency shall issue to such mortgagor a certificate of moratorium if it determines, after consultation with the interested mortgagee, that— (A) the mortgagor is not in default with respect to any condition or covenant of the mortgage other than that requiring the payment of installments of principal and/or interest under the mortgage, and

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