Page:United States Statutes at Large Volume 84 Part 1.djvu/519

 84 STAT. ]

PUBLIC LAW 91-351-JULY 24, 1970

461

amount may be- increased by not more than 50 per centum in any geographical area where the Secretary authorizes an increase on the basis of a finding that the cost level so requires). "(iii) be executed by a mortgagor who shall have paid in cash or its equivalent on account of the property (A) 3 per centum of the first $15,000 of the appraised value of the property, (B) 10 per centum of such value in excess of $15,000 but not in excess of $25,000, and (C) 20 per centum of such value in excess of $25,000." t^.NI-^)RMINO AMENDMENTS

SEC. 503. Section 238 of the National Housing Act is amended by— (1) striking out "section 235(i), 235(j)(4), or 237" each place it appears in subsection (a) and inserting in lieu thereof "section 235 (i), 235 (j)(4), 237, or 243"; and (2) striking out "235, 236, and 237" each place it appears in subsection (b) and inserting in lieu thereof "235, 236, 237, and 243". AMENDMENT

TO THE

FEDERAL N A T I O N A L CHARTER ACT

MORTGAGE

82 Stat. 487. 12 USC 17152:-3.

ASSOCIATION

SEC. 504. Section 304(a)(1) of the National Housing Act is amended ys^ltau^nV^' by adding at the end thereof the following: "Nothing in this title shall 12 USC 1719. prohibit the corporation from purchasing, and making commitments to purchase, any mortgage with respect to which the Secretary of Housing and Urban Development has entered into a contract with the corporation to make interest subsidy payments under section 502 of the Emergency Home Finance Act of 1970.". ^"'^' P* '^SS. TITLE VI—FLEXIBLE INTEREST RATE AUTHORITY SEC. 601. Section 3(a) of the Act entitled "An Act to amend chapter 38 37 of title 38 of the United States Code with respect to the veterans' 1827. u s e 1801home loan program, to amend the National Housing Act with respect to interest rates on insured mortgages, and for other purposes", ap- sa^stftr'agV^' proved May 7, 1968, is amended by striking out "October 1, 1970" and 12 USC 17*09-1. inserting in lieu thereof "January 1, 1972". TITLE VII—MISC^ELLANEOUS S E T T I ^ M E N T COSTS I N THE F I N A N C I N G OF FEDERAL H O U S I N G ADMINISTRATION A N D V E T E R A N S ' ADMINISTRATION ASSISTED H O U S I N G

SEC. 701. (a) With respect to housing built, rehabilitated, or sold with assistance provided under the National Housing Act or under j ^ ^*g!,* ^^46. chapter 37 of title 38, United States Code, the Secretary of Housing and note, and Urban Development and the Administrator of Veterans' Affairs are respectively authorized and directed to prescribe standards governing the amounts of settlement costs allowable in connection with the financing of such housing in any such area. Such standards shall— (1) be established after consultation between the Secretary and the Administrator; (2) be consistent in any area for housing assisted under the National Housing Act and housing assisted under chapter 37 of title 38, United States Code; and (3) be based on the Secretary's and the Administrator's estimates of the reasonable charge for necessary services involved in settlements for particular classes of mortgages and loans.

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