Page:United States Statutes at Large Volume 80 Part 1.djvu/1304

 1268

y/itau 4*67!^' 12 USC 1715k.

PUBLIC LAW 89-754-NOV. 3, 1966

[sO STAT.

this clause which are applicable to units with two, three, or four or more bedrooms: Provided, That". (b) Section 220(d)(3)(B) (iii) of such Act is further amended— (1) by inserting immediately before "by not to exceed 45 per centum" the following: " (as determined after the application of the preceding proviso)"; and (2) by striking out '"Provided, That nothing" and inserting in lieu thereof Provided further, That nothing''. MORTGAGE L I M I T S FOR H O M E S U N D E R SECTION 2 2 1 (d)(2)


 * 5 Stat. 149

gEC. 307. Section 2 2 1 (d)(2)(A) of the National Housing Act is amended by striking out "$11,000" and "$18,000" and inserting in lieu thereof "$12,500" and "$20,000", respectively. N O N D W E L L I N G F A C I L I T I E S I N SECTION 2 2 1 P R O J E C T S I N URBAN R E N E W A L AREAS

68 Stat. 599.

73 Stat. 658.

gj,^. 308. Section 221(f) of the National Housing Act is amended by inserting before the period at the end of the first sentence the following: ": Provided, That in the case of any such property or project located in an urban renewal area, the provisions of section 220(d)(3) (B) (iv) shall apply with respect to the nondwelling facilities which niay be included in the mortgage if the mortgagor waives the right to receive dividends on its equity investment in the portion thereof devoted to community and shopping facilities". SINGLE OCCUPANTS I N SECTION 2 2 1 (d)(3)

HOUSING

S E C 309. Section 221(f) of the National Housing Act is amended by adding at the end thereof the following new sentence: "Low- and moderate-income persons who are less than 62 years of age shall be eligible for occupancy of dwelling units in a project financed with a mortgage insured under subsection (d)(3), but not more than 10 per centum of the dwelling units in any such project shall be available for occupancy by such persons." INSURANCE OF MORTGAGES U N D E R SECTION 2 2 1 TO F I N A N C E P U R C H A S E A N D R E H A B I L I T A T I O N BY N O N P R OF I T ORGANIZATIONS OF H O U S I N G FOR RESALE TO L O W - I N C O M E P U R C H A S E R S

SEC. 310. (a) Section 221 of the National Housing Act is amended by adding at the end thereof the following new subsection: " (h)(1) In addition to mortgages insured under the other provisions of this section, the Secretary is authorized, upon application by the mortgagee, to insure under this subsection as hereinafter provided any mortgage (including advances under such mortgage during rehabilitation) which is executed by a nonprofit organization to finance the purchase and rehabilitation of deteriorating or substandard housing for subsequent resale to low-income home purchasers and, upon such terms and conditions as the Secretary may prescribe, to make commitments for the insurance of such mortgages prior to the date of their execution or disbursement thereon. "(2) To be eligible for insurance under paragraph (1) of this subsection, a mortgage shall— " (A) be executed by a private nonprofit corporation or association approved for purposes of this subsection by the Secretary, for the purpose of financing the purchase of property (comprising one or more tracts or parcels, whether or not contiguous) upon

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