Page:United States Statutes at Large Volume 79.djvu/508

 468 ^g78 Stat. 780, 12 USC i7i5y.

PUBLIC LAW 89-117-AUGUST10, 1965

[79 STAT.

(f) Section 234(e)(3) of such Act is amended— (1) by stHking out "and $18,500 per family unit with three or more bedrooms" and inserting in lieu thereof "$18,500 per family unit with three bedrooms, and $21,000 per family unit with four or more bedrooms"; and (2) by striking out "and $22,500 per family unit with three or more bedrooms" and inserting in lieu thereof "$22,500 per family unit with three bedrooms, and $25,500 per family unit with four or more bedrooms". MUTUALITY

FOR

MANAGEMENT-TYl'E

COOPEKATIVES

fn°a°ement''Hous ^^^' ^^^" ^^^ Section 213 of the National Housing Act is amended ing"rns^<^ance °"^" by adding at the end thereof the following new subsections: Fund. "(k) There is hereby created a Cooperative Management Housing 12 us^c mse. Insurance Fund (hereinafter referred to as the 'Management F u n d '). The Management Fund shall be used by the Commissioner as a revolv• ing fund for cariying out the provisions of this section with respect to mortgages or loans insured, on or after the date of the enactment of this subsection, under subsections (^a)(1), (a)(3) (if the project is acquired by a cooperative corporation), (i), and (j). The Management Fund shall also be used as a revolving fund for mortgages, loans, and commitments transferred to it pursuant to subsection (m). The Commissioner is directed to transfer to the Management Fund Post, p. 471. from the General Insurance Fund established pursuant to section 519 such amount as the Commissioner determines to be necessary and appropriate. General expenses of operation of the Federal Housing Administration relating to mortgages or loans which are the obligation of the Management F u n d may be charged to the Management Fund. General Surplus "(^j) ^j^g Commissioner shall establish in the Management Fund, as ticip^t'ing' Re^serve of the date of the enactment of this subsection, a General Surplus Accounts, count and a Participating Reserve Account. The aggregate net income thereafter received or any net loss thereafter sustained by the Management Fund, in any semiannual period, shall be credited or charged to the General Surplus Account or the Participating Reserve Account or both in such manner and amounts as the Commissioner may determine to be in accord with sound actuarial and accounting practice. Upon termination of the insurance obligation of the Management Fund by payment of any mortgage or loan insured under this section, and at such time or times prior to such termination as the Commissioner may determine, the Commissioner is authorized to distribute to the mortgagor or borrower a share of the Participating Reserve Account in such manner and amount as the Commissioner shall determine to be equitable and in accordance with sound actuarial and accounting practice: Provided, That in no event shall the amount of the distributable share exceed the aggregate scheduled annual premiums of the mortgagor or borrower to the year of payment of the share less the total amount of any share or shares previously distributed by the Commissioner to the mortgagor or borrower: And provided further. That in no event may a distributable share be distributed until any funds transferred from the General Insurance Fund to the Management Fund pursuant \o subsection (k) or (o) have been repaid in full to the General Insurance Fund. No mortgagor, mortgagee, borrower, or lender shall have any vested right in a credit balance in any such account or be subject to any liability arising out of the mutuality of the Management Fund. The determination of the Commissioner as to the amount to be paid by him to any mortgagor or borrower shall be final and conclusive.

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