Page:United States Statutes at Large Volume 82.djvu/551

 82 STAT. ]

PUBLIC LAW 90-448-AUG. 1, 1968

509

outstanding balance of the mortgage covering the project or facility, shall not exceed the maximum mortgage amount insurable under the section or title pursuant to which the mortgage covering such project of facility is insured; "(2) have a maturity satisfactory to the Secretary but not to exceed the remaining term of the mortgage; "(3) bear interest (exclusive of premium charges for insurance and service charges, if any) at not to exceed such per centum per annum (not in excess of 6 per centum), on the amount of the principal obligation outstanding at any time, as the Secretary finds necessary to meet market conditions; "(4) be secured in such manner as the Secretary may require; "(5) be governed by the labor standards provisions of section 212 that are applicable to the section or title pursuant to which the mortgage covering the project or facility is insured; and "(6) contain such other terms, conditions, and restrictions as the Secretary may prescribe. "(c) The provisions of subsections (d), (e), (g), (h), (i), (j), (k), (1), and (n) of section 207 shall be applicable to loans insured under this section, except that (1) all references to the term 'mortgage' shall be construed to refer to the term 'loan' as used in this section, (2) loans involving projects covered by a mortgage insured under section 218 that is the obligation of the Cooperative Management Housing Insurance Fund shall be insured under and shall be the obligation of such fund, and (3) loans involving projects covered by a mortgage insured under section 236 shall be insured under and shall be the obligation of the Special Risk Insurance Fund." H O M E IMPROVEMENT LOANS INCREASE I N MAXIMUM r i N A N C E CHARGE, A N D LOAN A M O U N T

53 Stat. 807. 12 USC 1715c.

52 Stat. is. ^'* ^'^t- ^^-^ ^ ^^' ^"^' P- '^^^•

MATURITY,

SEC. 308. Section 2(b) of the National Housing Act is amended— 7o^stat^''o9°i^' (1) by striking out "$3,600" and insertnig in lieu thereof 12 USC 1703 "$5,000"; (2) by striking out "five years'" and inserting in lieu thereof "seven years"; (3) by striking out "$5 discount" and inserting in lieu thereof "$5.50 discount"; and (4) by striking out "$1 discount" and inserting in lieu thereof "$4.50 discount". EXPERIMENTAL

HOUSING

PROGRAM

SEC. 309. Section 233 of the National Housing Act is amended— (1) by striking out "of this title" immediately before the semicolon in subsection (b) and inserting in lieu thereof "or titles of this Act"; and (2) by striking out "of this title" in subsection (e) and inserting in lieu thereof "or title of this Act",

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T E R M OF FEDERAL H O U S I N G ADMINISTRATION MORTGAGES FOR LAND DEVELOPMENT

SEC. 310. Section 1002(d)(1) of the National Housing Act is amended— (1) by striking out "seven" and inserting in lieu thereof "ten"; and (2) by striking out the semicolon and inserting in lieu thereof the following: ": Provided, That the Secretary may agree to a reasonable extension of the term of a mortgage, the maturity of

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12 USC 1749bb.

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