Page:United States Statutes at Large Volume 88 Part 1.djvu/727

 88 STAT. ]

PUBLIC LAW 93-383-AUG. 22, 1974

(d) That part of clause (A) of the third sentence of section 234(c) of such Act which begins "and not to exceed" is amended to read as follows "and not to exceed the sum of (i) 97 per centum of $25,000 of the appraised value of the property as of the date the mortgage is accepted for insurance, (ii) 90 per centum of such value in excess of $25,000 but not in excess of $35,000, (iii) 80 per centum of such value in excess of $35,000".

683 ^^ ^^^ i7i5y.

MULTIFAMILY MORTGAGES

SEC. o i l. (a) Section 223 of the National Housing Act is amended by adding at the end thereof the following new subsections: "(f) Notwithstanding any of the provisions of this Act, the Secretary is authorized, in his discretion, to insure under any section of this title a mortgage executed in connection with the purchase of refinancing of an existing multifamily housing project. In the case of refinancing under this subsection of property located in an older, declining urban area, the Secretary shall prescribe such terms and conditions as he deems necessary to assure that— "(1) the refinancing is used to lower the monthly debt service only to the extent necessary to assure the continued economic viability of the project, taking into account any rent reductions to be implemented by the mortgagor; and "(2) during the mortgage term no rental increases shall be made except those which are necessary to offset actual and reasonable operating expense increases or other necessary expense increases approved by the Secretary. " (g) Notwithstanding any other provisions of this Act, the Secretary may, in his discretion, insure a mortgage covering a multifamily housing project including units which are not self-contained." (b) Section 213(b)(2) of such Act is amended by striking out "97 per centum" and inserting in lieu thereof "98 per centum".

12 USC 1715n.

12 USC 1715e.

GROUP PRACTICE FACILITIES

SEC. 312. (a) Title X I of the National Housing Act is amended— (1) by inserting after "unit or organization" in section 1101 (b)(1) the following: "or other mortgagor"; (2) by inserting after "group practice facility" in section 1101 (b)(3) the following: "or medical practice facility"; (3) by inserting after "group practice facility" in section 1101 (e) the following: "or medical practice facility"; (4) by inserting after "group practice facility" in section 1101 (f) the following: "or medical practice facility"; (5) by striking out in "(as defined in section 1106(1))" section 1105(a) and inserting in lieu thereof "or medical practice facility (as defined in section 1106)"; and (6) by redesignating paragraphs (2) through (8) of section 1106 as paragraphs (3) through (9), respectively, and by inserting after paragraph (1) of such section the following: "(2) The term 'medical practice facility' means an adequately equipped facility in which not more than four persons licensed to practice medicine in the State where the facility is located can provide, as may be appropriate, preventive, diagnostic, and treatment services, and which is situated in a rural area or small town, or in a low-income section of an urban area, in which there exists, as determined by the Secretary, a critical shortage of physicians. As used in this paragraph— " (A) the term 'small town' means any town, village, or city having a population of not more than 10,000 inhabitants accord-

i2usei749aaa.

^^ use i749aaa12 USC 1749aaa-

Definitions.

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