Page:United States Statutes at Large Volume 82.djvu/552

 510

PUBLIC LAW 90-448-AUG. 1, 1968

[82 STAT.

which is limited by this paragraph to not more than ten years, if he determines that unusual or unforeseen circumstances make such extension necessary to avoid undue hardship to the mortgagor;". R E H A B I L I T A T E D M U L T I F A M I L Y P R O J E C T S I N U R B A N R E N E W A L AREAS

68 Stat. 596.

70 Stat. 1097; 42 USC 1460. 12 USC \i\si

SEC. 311. (a) Section 220(d)(3)(B) (ii) of the National Housing ^.ct is amended by inserting immediately before the semicolon at the end thereof ": Provided further, That the mortgage may involve the financing of the purchase of property which has been rehabilitated by a local public agency with Federal assistance pursuant to section 110(c)(8) of the Housing Act of 1949, and, in such case the foregoing limitations upon the amount of the mortgage shall be based upon the appraised value of the property as of the date the mortgage is accepted for insurance''. ^^^ Section 221(d)(3) (iii) of such Act is amended by inserting immediately before the colon at the end of the first proviso ": Provided further. That the mortgage may involve the financing of the purchase of property which has been rehabilited by a local public agency with Federal assistance pursuant to section 110(c)(8) of the Housing Act of 1949, and, in such case, the amount of the mortgage shall not exceed the appraised value of the property as of the date the mortgage is accepted for insurance". MISCELLANEOUS HOUSING

68 Stat. 605. 12 USC 1715n.

69^stat^48^4°^'

75•^L^!Vc^^°^' Stat. 154. ^ Stat.

( S4-

75 Stat. 182.

INSURANCE

SEC. 312. (a) Section 223 of the National Housing Act is amended— (1) by striking out so much of subsection (a) as precedes paragraph (1) and inserting in lieu thereof the following: " (a) Notwithstanding any of the provisions of this Act and without regard to limitations upon eligibility contained in any section or title of this Act, the Secretary is authorized, upon application by the mortgagee, to insure or make commitments to insure under any section or title of this Act any mortgage—"; (2) by striking out "applicable to loans insured under section 203, 207, 213, 220, 221, 222, 231, 232, or 233, as the case may be" ^^ ^^^^ ^'^^^ ^^^ secoud provisos of subsection (a)(7) and inserting in lieu thereof "prescribed under the applicable section or title of this Act"; (3) by striking out "this title" each time it appears in subsection (c) and inserting in lieu thereof "this Act"; (4) by striking out "title I, title II, title VI, title VII, title VIII, or title IX " in subsection (c) and inserting in lieu thereof "any section or title of this Act"; and (5) by striking out "(except that in any case the payment of insurance shall be in debentures)" at the end of subsection (c). (b) Section 223(d) of such Act is amended by striking out all that follows "as he may prescribe," and inserting m lieu thereof the following: "insure under the same section as the original mortgage a loan by the mortgagee in an amount not exceeding the excess of the foregoing expenses over the project income. Such loan shall (1) bear interest (exclusive of premium charges for insurance) at not to exceed the per centum per annum currently permitted for mortgages insured under the section under which it is to be insured, (2) be secured in such manner as the Secretary shall require, and (3) be limited to a term not exceeding the unexpired term of the original mortgage. The Secretary is authorized to collect a premium charge for insurance of loans pursuant to this subsection in an amount computed at the same premium rate as is applicable to the original mort,.s.

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