Page:United States Statutes at Large Volume 88 Part 1.djvu/716

 672

12 USC 1715z.

PUBLIC LAW 93-383-AUG. 22, 1974

amount equal to 3 per centum of the Secretary's estimate of the cost of acquisition."; and (7) by striking out "October 1, 1974" in subsection (m) and inserting in lieu thereof "June 30, 1976". (b) Section 235(a) of such Act is amended by inserting after "this section" at the end of the second sentence the following: "or which mortgages are assisted under a State or local program providing assistance through loans, loan insurance or tax abatement". (c)(1) The last proviso in section 235(b)(2) of such Act is amended by striking out "$18,000", "$21,000", "$21,000", and "$24,000" and inserting in lieu thereof "$21,600", "$25,200", "$25,200", and "$28,800", respectively. (2) Section 235(i)(3)(B) of such Act is amended by striking out "$18,000", "$21,000", "$21,000", and "$24,000" and inserting in lieu thereof "21,600", "$25,200", "$25,200", and "$28,800", respectively. M U L T I F A M I L Y MORTGAGE

12 USC 1715Z-1.

[88 STAT.

ASSISTANCE

SEC. 212. Section 236 of the National Housing Act is amended— (1) by inserting " (1) " after " (f) " at the beginning of subsection (f), and by redesignating clauses (1) and (2) of such subsection as clauses (A) and (B), respectively; (2) by adding at the end of subsection (f)(1) the following: "With respect to those projects which the Secretary determines have separate utility metering for some oi- all dwelling units, the Secretary is authorized— "(i) to permit the basic rental charge and the fair market rental charge to be determined on the basis of operating the project without the payment of the cost of utility services used by such dwelling units; and "(ii) to permit the charging of a rental for such dwelling units at such an amount less than 25 per centum of a tenant's income as the Secretary determines represents a proportionate decrease for the utility charges to be paid by such tenant, but in no case shall such rental be lower than 20 per centum of a tenant's income. "(2) With respect to 20 per centum of the dwelling units in any project made subject to a contract under this section after the date of enactment of the Housing and Community Development Act of 1974, the Secretary shall make, and contract to make, additional assistance payments to the project owner on behalf of tenants whose incomes are too low for them to afford the basic rentals with 25 per centum of their income or such lower per centum as may be established pursuant to the provisions of clause (ii) of the last sentence of paragraph (1). The additional assistance payments authorized by this paragraph with respect to any dwelling unit shall be the amount required to reduce the rental payment by the tenant to 25 per centum of the tenant's income or such lower per centum as may be established pursuant to the provisions of clause (ii) of the last sentence of paragraph (1). In no case shall such rental payment be reduced below an amount equal to utility costs attributable to the unit occupied by the tenant, unless the Secretary determines that the application of this requirement in any area would result in undue hardship because of unusually high utility costs prevailing seasonally or otherwise in such area. Notwithstanding the foregoing provisions of this paragraph, the Secretary may— " (A) reduce such 20 per centum requirement in the case of any project if he determines that such action is necessary to assure the economic viability of the project; or " (B) increase such 20 per centum requirement in the case of any project if he determines that such action is necessary and feasible

�