Page:United States Statutes at Large Volume 80 Part 1.djvu/1308

 1272

Ante, p. 1271.

PUBLIC LAW 89-754-NOV. 3, 1966

[80 STAT.

" (c) No development shall be approved as a new community by the Secretary under this section unless the construction of such development has been approved by the local governing body or bodies of the locality or localities in which it will be located and by the Governor of the State in which such locality or localities are situated: Provided, That if such locality or localities have been delegated general powers of local self-government by State law or State constitution, as determined by the Secretary, the approval of the Governor shall not be required. " (d) The aggregate amount of mortgages insured under this title with respect to new communities approved under this section and outstanding at any one time shall not exceed $250,000,000." (b) No mortgage shall be insured under title X of the National Housing Act with respect to a new community approved under sec^JQJ^ JQQ^ ^f svioh. Act (as added by subsection (a) of this section) after October 1, 1972, except pursuant to a commitment to insure entered into before that date. MORTGAGE A M O U N T A N D T E R M

SEC. 402. (a) Section 1002(c) of the National Housing Act is amended by striking out "$10,000,000" and inserting in lieu thereof "$25,000,000". (b) Section 1002(d)(1) of such Act is amended to read as follows: "(1) contain repayment provisions satisfactory to the Secretary and have a maturity not to exceed seven years, or such longer maturity as the Secretary deems reasonable (A) in the case of a privately owned system for water or sewerage, and (B) in the case of a new community approved under section 1004;". E N C O U R A G E M E N T OF S M A L L BUILDERS 79 Stat. 462.

12 USC i749bb.

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SEC. 403. The section ot the National Housing Act redesignated as section 1005 by section 401 of this Act is amended by inserting "particularly small builders," after "broad participation by builders,". .,..,,.., WATER A N D SEWERAGE F A C I L I T I E S

SEC. 404. The section of the National Housing Act redesignated as section 1006 by section 401 of this Act is amended to read as follows: " W A T E R A N D SEWERAGE F A C I L I T I E S

"SEC. 1006. After development of the land it shall be served by public systems for water and sewerage which are consistent with other existing or prospective systems within the area, except that— " (a) in the case of systems for water, the land may be served by privately or cooperatively owned systems which are consistent with other existing or prospective systems within the area; are approved as adequate by the Secretary; and are regulated or supervised by the State or political subdivision or an agency thereof, or (in the absence of such State or local reguhxtion or supervision) are otherwise regulated in a manner acceptable to the Secretary, with respect to user rates and charges, capital structure, methods of operation, rate of return, and conditions and terms of any sale or transfer; and

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