Page:United States Statutes at Large Volume 82.djvu/522

 480

75*'star\6o^^' \ 2 USC 1715^, '7'5y.

68 Stat. 599; 80 Stat. 1317.

Post, p. 498.
 * 9 st^^^-45\-

12 USC 1701s.

PUBLIC LAW 90-448-AUG. 1, 1968

[82 STAT.

sistance payments authorized by appropriation Acts to be made prior to July 1, 1969, " (B) 15 per centum of the total additional amount of contracts for assistance payments authorized by appropriation Acts to be made prior to July 1, 1970, and "'(C) 10 per centum of the total additional amount of contracts for assistance payments authorized by appropriations Acts to be made prior to July 1, 1971, may be nnide with respect to existing dwellings, or dwelling units in existing projects. "(i)(1) The Secretary is authorized, upon application by the mortgagee, to insure a mortgage executed by a mortgagor who meets the eligibility requirements for assistance payments prescribed by the Secretary under subsection (b). Commitments for the insurance of such mortgages may be issued by the Secretary prior to the date of their execution or disbursement thereon, upon such terms and conditions as the Secretary may prescribe. "(2) To be eligible for insurance under this subsection, a mortgage sball meet the requirements of section 221(d)(2) or 2:M(c), except as such requirements are modified by this subsection. "(3) X mortgage to be insured under this subsection shall— " (A) invol ve a single-family dwelling which has been approved by the Secretary prior to the beginning of construction or substantial rehabilitation, or a two-family dwelling one of the units of which is to be occupied by the owner if the dwelling is purchased with the assistance of a nonprofit organization and is approved by the Secretary prior to the beginning of substantial rehabilitation, or a one-family unit in a condominium project (together with an undivided interest in the common areas and facilities serving the project) which is released from a multifamily project, the construction or substantial rehabilitation of which has been completed within two years prior to the filing of the application for assistance payments with respect to such family unit and the unit has had no previous occupant other than the mortgagor: Provided, That the mortgage may involve an existing dwelling or a family unit in an existing condominium project which meets such standards as the Secretary may prescribe, if the mortgagor qualifies as a displaced family as denned in section 221(f), Or a family which includes five or more minor persons, ^^,^ family occupying low-rent public housing: Provided further. That the mortgage may involve an existing dwelling or a family unit in an existing condominium project if assistance payments have been made on behalf of the previous owner of the dwelling or family unit with respect to a mortgage insured under subsection (j)(4): Provided further, That the mortgage may involve a dwelling unit in an existing project covered by a mortgage insured under section 236 or in an existing project receiving the benefits of financial assistance under section 101 of the Housing and Urban Development Act of 1965; " (B) where it is to cover a one-family unit in a condominium project, have a principal obligation not exceeding $15,000 ($17,500 in any geographical area wdiere the Secretary authorizes an increase on the basis of a finding that cost levels so require), except that with respect to any family wuth five or more persons the foregoing limits shall be $17,500 and $20,000, respectively; and " (C) l:>e executed by a mortgagor who shall have paid (i) in the case of any family whose income is not in excess of 135 per centum of the maximum income limits which can be established

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