Page:United States Statutes at Large Volume 88 Part 1.djvu/720

 676 42 USC 4501.

PUBLIC LAW 93-383-AUG. 22, 1974

[88 STAT.

Development Act of 1970, the Secretary shall reserve such housing assistance funds as he deems necessary for use in connection with such new community developments. (3) The Secretary may reserve such housing assistance funds as he deems appropriate for use by a State or agency thereof. TITLE III—MORTGAGE CREDIT ASSISTANCE I N S U R E D ADVANCES

SEC. 301. Title V of the National Housing Act is amended by adding at the end thereof the following new section: u ADVANCES

12 USC i735f.3.

"SEC. 525. The Secretary is authorized to insure mortgage proceeds advanced during construction or rehabilitation or otherwise prior to final endorsement of a project mortgage for the purpose of (1) financing improvements to the property and the purchase of materials andl building components delivered to the property, and (2) providing funds to cover the cost of building components where such components have been asssembled and specifically identified for incorporation into the property but are located at a site other than the mortgaged property, with such security as the Secretary may require." INCREASE I N MAXIMUM MORTGAGE A M O U N T S U N D E R F H A O N E - TO FOURF A M I L Y MORTGAGE INSURANCE PROGRAMS

12 USC 1709.

12 USC 1715k. 12 USC 1715 L

12 USC 171Sm. 12 USC 1715y.

gj,^3_ 3Q2. (a) Section 203(b)(2) of the National Housing Act is ivmended by striking out "$33,000", "$35,750", and "$41,250" wherever they appear and inserting in lieu thereof "$45,000", "$48,750", and "$56,000", respectively. (b) Section 220(d)(3)(A) of such Act is amended by striking out "$33,000", "$35,750", and "$41,250" wherever they appear and inserting in lieu thereof "$45,000", "$48,750", and "$56,000", respectively. (c) Section 221(d)(2)(A) of such Act is amended— (1) by striking out "$18,000", "$21,000", "$24,000", "$32,400", and "$39,600" in the matter preceding the first proviso and inserting in lieu thereof "$21,600", "$25,200", "28,000", "$38,880", and "^7,520", respectively; and (2) by striking out "$21,000", "$24,000", "$30,000", "$38,400", and "$45,600" in the second proviso and inserting in lieu thereof "$25,200", "$28,800", "$36,000", "$46,080", and "$54,720", respectively. (d) Section 222(b)(2) of such Act is amended by striking out "$33,000" and inserting in lieu thereof "$45,000". (e) Section 234(c) of such Act is amended by striking out "$33,000" and inserting in lieu thereof $45,000". INCREASE I N MAXIMUM MORTGAGE A M O U N T S UNDER F H A MORTGAGE INSURANCE PROGRAMS

12 USC 1713.

MULTIFAMILT

SEC. 303. (a)(1) Section 207(c)(3) of the National Housing Act is amended by striking out "$9,900", "$13,750", "$16,500", "$20,350", "$23,100", and "$2,500" in the matter preceding the first semicolon and inserting in lieu thereof "$13,000", "$18,000", "$21,500", "$26,500", "$30,000^', and "$3,250", respectively. (2) Section 207(c)(3) of such Act is further amended by striking out "$11,550", "$16,500", "$19,800", "$24,750", and "$28,050" in the

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