Page:United States Statutes at Large Volume 79.djvu/534

 494 12 USC m i

PUBLIC LAW 89-117-AUGUST10, 1965

[79 STAT.

(^) Section 306(6) of such Act is amended to read as follows: " (e) Notwithstanding any other provision of law, the Association is authorized, under the aforesaid separate accountability, to make commitments to purchase, and to purchase, service, or sell any obligations offered to it by the Housing and Home Finance Agency or its Administrator, or by such Agency's constituent units or agencies or the heads thereof, or any mortgages covering residential property offered to it by any Federal instrumentality, or the head thereof. There shall be excluded from the total amounts set forth in subsection (c) the amounts of any obligations or mortgages purchased by the Association pursuant to this subsection." P U R C H A S E OF B E L O W - M A R K E T I N T E R E S T RATE MORTGAGES

73^stat^*66l^^' 12 USC 1717. 12 USC 1720. llijscinsi

^^^' ^^^- ^ection 302(b) of the National Housing Act is amended by inserting after the first sentence the following new sentence: "Notwithstanding the provisions of clause (3) in the preceding sentence, ^\^Q Association may purchase a mortgage under section 305 with an original principal obligation that exceeds $17,500 per dwelling unit if the mortgage (1) is a below-market interest rate mortgage insured under section 2 2 1 (d)(3), and (2) covers property which has the benefit of local tax abatement in an amount determined by the Federal Housing Commissioner to be sufficient to make possible rentals not in excess of those that w'ould be approved by the Commissioner if the mortgage amount did not exceed $17,500 per dwelling unit and if local tax abatement were not provided." INCREASE I N L I M I T A T I O N ON MORTGAGES FOR D W E L L I N G U N I T S FOUR OR MORE BEDROOMS

HAVING

SEC. 804. Section 302(b) of the National Housing Act is amended by inserting before the period at the end of the first sentence the following: " (plus an additional $2,500 for each such family residence or dwelling unit which has four or more bedrooms)". TITLE IX — O P E N - S P A C E L A N D AND U R B A N B E A U T I F I C A T I O N AND IMPROVEMENT C H A N G E I N N A M E OF P R O G R A M; F I N D I N G S AND PURPOSE 75 Stat. 183 42 USC 1500'

isooe.

SEC. 901. (a) The heading of title VII of the Housing Act of 1961 is amended to read as follows: " TITLE VII — O P E N - S P A C E L A N D AND U R B A N BEAUTIFICATION AND IMPROVEMENT" (b) Section 701 of such Act is amended by redesignating subsection (b) as subsection (c) and inserting after subsection (a) a new subsection as follows: " (b) The Congress further finds that there is an urgent need both for the additional provision of parks and other open-space areas in the developed portions of the Nation's urban areas and for greater and better coordinated local efforts to beautify and improve open space and other public land throughout urban areas to facilitate their increased use and enjoyment by the Nation's urban population." (c) Section 701(c) of such Act (as redesignated by subsection (b) of this section) is amended— (1) by striking out "preserve" and inserting in lieu thereof "(1) provide, preserve, and develop"; and

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