Page:United States Statutes at Large Volume 80 Part 1.djvu/1303

 80 STAT. ]

PUBLIC LAW 89-754-NOV. 3, 1966

1267

(lebeiituivs which aiv the obligation of either the Maiisigeiueiit. Fund or the (ieiieral Insurance Fund." ((•)(!) The fourth sentence of section -il^ik) of sucii Act is aniendecl to read as follows: "The Secretary is directed to transfer to the Management Fund from the General Insurance Fund an amount equal to the total of the premium payments theretofore made with respect to the insurance of mortgages and loans transferred to the Management Fund pursuant to subsection (m) minus the total of any administrative expenses theretofore incurred in connection with such mortgages and loans, plus such other amounts as the Secj-etary determines to be necessary and appropriate." (2) The second proviso in section 218(1) of such Act is amended by striking out "pursuant to subsection (k) or (o)'* and inseiting in Jieu thereof "pursuant to subsection (o)". SIIM'LEMKNTAKV

F I N A N C I N G FOR COOPKKATIVK

J2 USC 12 USC

468. 1715e.

MOUSING

SEC. 804. Section 2 1 8 (j)(2)(A) of the Xational Housing Act is amended by adding at the end thereof the following: "'except that, in the case of improvements or additional community facilities, the outstanding indebtedness may be increased by an amount ecjual to 97 per centum of the amount which the Secretary estunates will be the value of such improvements or facilities, and the new outstanding indebtedness may exceed the original principal obligation of the mortgage if such new outstanding indebtedness does not exceed the limitations imposed by subsection (b);".

75 Stat. 179.

MOK'lXiACJK I J M I T S l^NDEK SECTION 2 2 0 SALES H O I SING MOK'J\iA(iE INSURANCE PROGRAM

SEC. 805. (a) Section 220(d)(3)(A)(i) of the National HousingAct is amended by striking out "(3) 75 per centum of such replace- ys^stat^'iso^^' ment cost in excess of $20,000" and inserting in lieu thereof "(3) 80 12 USC ir'isk. per centum of such replacement cost in excess of $20,000". (b) Section 220(d)(3)(A)(i) of such Act is further amended by adding before the semicolon at the end thereof the following: ": Provided further, That if the mortgagor is a veteran and the mortgage to be insured under this section covers property upon which there is located a dwelling designed principally for a one-family residence, the principal obligation may be in an amount equal to the "sum of (1) 100 per centum of $15,000 of the Commissioner's estimate of replacement cost of the property, as of the- date the mortgage is accepted for insurance, (2) 90 per centum of such replacement cost in excess of $15,000 but not in excess of $20,000, and (3) 85 per centum of such replacement cost in excess of $20,000. As used herein, the term 'veteran' means any person who served on active duty in the Armed Forces of the United States for a period of not less than ninety days (or is certified by the Secretary of Defense as having performed extrahazardous service), and who was discharged or released therefrom under conditions other than dishonorable". INCREASED MORIXJAGE L I M I T A T I O N S UNDER SEC'IION 2 2 0 (d)(3)(B) FOR S M A L L PROJECTS C O N T A I N I N G LARGER F A M I L Y D W E L L I N G U N I T S

SEC. 806. (a) Section 220(d)(3)(B) (iii) of the National Housing Act is amended by inserting after "; and except that" the following: ^ ^ ^* * 7^' ^f ^ "with respect to rehabilitation projects involving not more than five family units, the Secretary may by regulation increase by 25 per centum any of the foregoing dollar amount limitations contained in

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