Page:United States Statutes at Large Volume 79.djvu/509

 79 STAT.]

PUBLIC LAW 89-117-AUGUST 10, 1965

469

" (m) The Commissioner is authorized to transfer to the Management F u n d commitments for insurance issued under subsections (a) (1), (i), and (j) prior to the date of the enactment of this subsection, and to transfer to the Management F u n d the insurance of any mortgage or loan insured prior to the date of the enactment of this subsection under subsection (a)(1), (a)(3) (if the project is acquired by a cooperative corporation), (i), or (j), but only in cases where the consent of the mortgagee or lender to the transfer is obtained or a request by the mortgagee or lender for the transfer is received by the Commissioner within such period of time after the date of the enactment of this subsection as the Commissioner shall prescribe: Provided, That the insurance of any mortgage or loan shall not be transferred under the provisions of this subsection if on the date of the enactment of this subsection the mortgage or loan is in default and the mortgagee or lender has notified the Commissioner in writing of its intention to file an insurance claim. Any insurance or commitment not so transferred shall continue to be an obligation of the General Insurance Fund. " (n) Notwithstanding the limitations contained in other provisions of this Act, premium charges for mortgages or loans insured under this section and sections 207,231, and 232 may be payable in debentures 7352 Stat. 1(5; 663. Stat. 665, issued in connection with mortgages or loans transferred to the Man- 12 USC"l7'i3^ agement F u n d or in connection with mortgages or loans insured pur- ^^isv, i7i5w suant to commitments transferred to the Management Fund, as provided in subsection (m) of this section. "(o) Notwithstanding any other provision of this Act, the Commissioner is authorized to transfer funds between the Cooperative Management Housing Insurance Fund and the General Insurance Fund in such amounts and at such times as he may determine, taking into consideration the requirements of each such Fund, to assist in carrying out effectively the insurance programs for which such Funds were respectively established." 64 Stat. 54. (b) Section 213 of such Act is further amended— 12 USC 1715e. (1) by inserting before the period at the end of subsection (a) the following: ": Provided, That as applied to mortgages the mortgage insurance for which is the obligation of the Management Fund, the reference to the General Insurance Fund in section 207(b)(2) shall be construed to refer to the Management Fund";and (2) by inserting before the period at the end of subsection (e) the following: ": Provided, That as applied to mortgages or loans the insurance for which is the obligation of the Management F u n d (1) all references to the General Insurance Fund shall be construed to refer to the Management Fund, and (2) all references to section 207 shall be construed to refer to subsections (a)(1), (a)(3) (if the project involved is acquired by a cooperative corporation), (i), and (j) of this section". R E H A B I L I T A T I O N I N U R B A N R E N E W A L AREAS

SEC. 209. Section 2 2 0 (d)(3)(A) of the National Housing Act is ^^lS^^^\il^'' amended— 12 USC 1715k. (1) by striking out the second proviso in clause (i); and (2) by striking out clause (ii) and inserting in lieu thereof the following: " ( i i) in a case where the mortgagor is not the occupant of the property and intends to hold the property for rental purposes, have a principal obligation in an amount not to exceed 93 per centum of the amount computed under the provisions of clause

(i);

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