Page:United States Statutes at Large Volume 88 Part 1.djvu/729

 STAT. ]

PUBLIC LAW 93-383-AUG. 22, 1974

685

it on a nonprofit basis and restrict permanent occupancy of its dwellings to members, the Secretary may accept a purchase money mortgage in a principal amount equal to the sum of (1) the appraised value of the property at the time of purchase, which value shall be based upon a mortgage amount on which the debt service can be met from the income of the property when operated on a nonprofit basis after payment of all operating expenses, taxes, and required reserves, and (2) the amount of prepaid expenses and costs involved in ^ achieving cooperative ownership. Prior to such disposition of a project, funds may be expended by the Secretary for necessary repairs and improvements." EXTENSION OF REGULAR FHA INSURANCE PROGRAMS

SEC. 316. (a) Section 2(a) of the National Housing Act is amended by striking out "October 1, 1974" in the first sentence and inserting in lieu thereof "June 30,197Y". (b) Section 217 of such Act is amended by striking out "October 1, 1974" and inserting in lieu thereof "June 30, 1977". (c) Section 221(f) of such Act is amended by_ striking out "October 1, 1974" in the fifth sentence and inserting in lieu thereof "June 30, 1977". (d) Section 809(f) of such Act is amended by striking out "October 1, 1974" in the second sentence and inserting in lieu thereof "June 30, 1977". (e) Section 810(k) of such Act is amended by striking out "October 1, 1974" in the second sentence and inserting in lieu thereof "June 30, 1977". (f) Section 1002(a) of such Act is amended by striking out "October 1, 1974" in the second sentence and inserting in lieu thereof "June 30, 1977". (g) Section 1101(a) of such Act is amended by striking out "October 1, 1974" in the second sentence and inserting in lieu thereof "June 30, 1977".

12 USC 1703.

12 USC 1715h. 12 USC 1715/.

12 USC 1748h-l.

12 USC 1748h-2.

12 USC 1749bb.

12 USC 1749aaa.

EXTENSION o r FLEXIBLE INTEREST RATE AUTHORITY

SEC. 317. Section 3(a) of the Act entitled "An Act to amend chapter 37 of title 38 of the United States Code with respect to the veterans' J^J^^^ ^^°'' horne loan program, to amend the National Housing Act with respect ^ ^^^' to interest rates on insured mortgages, and for other purposes", approved May 7, 1968, as amended (12 U.S.C. 1709-1), is amended by striking out "October 1, 1974" and inserting in lieu thereof "June 30, 1977". MORTGAGE INSURANCE IN MILITARY IMPACTED AREAS

SEC. 318. Section 238 of the National Housing Act is amended by adding at the end thereof the following new subsection: "(c) The Special Kisk Insurance Fund may be used by the Secretary for carrying out the mortgage insurance obligations of sections 203 and 207 to provide housing for military personnel, Federal civilian employees, and Federal contractor employees assigned to duty or employed at or in connection with any installation of the Armed Forces of the United States in federally impacted areas where, in the judgment of the Secretary (1) the residual housing requirements for persons not associated with such installations are insufficient to sustain the housing market in the event of substantial curtailment of employment of personnel assigned to such installations, and (2) the benefits to be derived from such use outweigh the risk of possible cost to the Government."

^^ use i7i5z-3.

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