Page:United States Statutes at Large Volume 82.djvu/550

 508

48 Stat. 132; 79 Stat. 465.

Ante, p. 5 07.

PUBLIC LAW 90-448-AUG. 1, 1968

[82 STAT.

in those paragraphs to 'home imporvement loans' and 'this subsection' shall be construed to refer to loans under this section." (b) Section 5(c) of the Home Owners' Loan Act of 1933 (12 U.S.C. 1464(c)) is amended by adding immediately after the next to the last paragraph the following new paragraph: "Notwithstanding any other provision of this subsection, an association may invest in loans or obligations, or interests therein, as to which the association has the benefit of insurance under section 240 of the National Housing Act, or of a commitment or agreement therefor, and such investments shall not be included in any percentage of assets or other percentage referred to in this subsection.'' E X T E N S I O N o r SECTION 2 2 1 (d)(2) SALES H O U S I N G PROGRAM FOR T W O - , T H R E E -, A N D F O U R - F A M I L Y RESIDENCES TO ALL LOW AND MODERA'IT-: INCOME FAMILIES

73 Stat. 659. 12 USC 1715

SEC. 305. Section 221(d)(2) of the National Housing Act is amended by striking out "a displaced family" at the end of the first proviso and inserting in lieu thereof "the morigagor". REMOVAL

68 Stat. 599.

73 Stat. 658.^ 12 USC 1715k. ,o T c^,mri, Tr

OF DIVIDEND RESTRICTION FOR N O N D W E L L I N G S E C r n O N 2 2 1 PROJECl^S

FACILITIES

SEC. 306. Section 221(f) of the National Housing Act is amended by striking out in the first sentence all that follows the word "mortgage" in the proviso and inserting in lieu thereof ": Provided further, That, in the case of a mortgage which bears interest at the below-market interest rate prescribed in the proviso of subsection ((J)(5), the pTovisioiis of section 220(d)(3)(B) (iv) shall only apply ^^ ^^^^ mortgagor waives the right to receive dividends on its equity investment in the portion thereof devoted to commercial facilities." S U P P L E M E N T A L LOAN PROGRAM FOR PROJECTS F I N A N C E D W I T H H O U S I N G ADMINISTRATION I N S U R E D MORTGAGES

12 USC 1707^"^^^y-

IN

FEDFJtAL

S E C 307. Title II of the National Housing Act is amended by adding after section 240 (as added by section 304 of this Act) the following new section: " S U P P L E M E N T A L L O A N S FOR M U L T I F A M I L Y

PROJECTS

"SEC. 241. (a) With respect to a multifamily project or group practice facility covered by a mortgage insured under any section or title of this Act, the Secretary is authorized, upon such terms and conditions as he may prescribe, to made commitments to insure, and to insure, supplemental loans (including advances during construction or improvement) made by financial institutions approved by the Secretary. As used in this section, 'supplemental loan' means a loan, advance of credit, or purchase of an obligation representing a loan or advance of credit made for the purpose of financing improvements or additions to such project or facility: Provided, That a loan involv73 Stat. 663. ij^nr a iiursing home covered by a mortgage insured under section 232 1715W. ^j. ^ loan involving a group practice facility covered by a mortgage 80 Stat. 1274. insured under title X I may also be made for the purpose of financing e/f "^^ i749aaa gq^ipj^^gj^^ j^o be used in the operation of such nursing home or facility. " (b) To be eligible for insurance under this section, a supplemental loan shall— "(1) be limited to 90 per centum of the amount which the Secretary estimates will be the value of such improvements, additions, and equipment, except that such amount when added to the

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