Page:United States Statutes at Large Volume 90 Part 1.djvu/1119

 PUBLIC LAW 94-375—AUG. 3, 1976

90 STAT. 1069

(b) The last proviso in section 235(b)(2) of such Act is amended by striking out "$21,600", "$25,200", "$25,200", and "$28,800" and inserting in lieu thereof "$25,000", "$29,000", "$29,000", and "$33,000", respectively. (c) Section 235(i)(3)(B) of such Act is amended by striking out "$21,600", "$25,200", "$25,200", and "$28,800" and inserting in lieu thereof "$25,000", "$29,000", "$29,000", and "$33,000", respectively. (d) Section 221(d)(2)(A) of such Act is amended— (1) by striking out "$21,600" and "$25,200" in the matter preceding the first proviso and inserting in lieu thereof "$25,000" and "$29,000", respectively; and (2) by striking out "$25,200" and "$28,800" in the second proviso and inserting in lieu thereof "$29,000" and "$33,000", respectively. (e) Section 235(h)(2) of such Act is amended by striking out "80 per centum" wherever it appears and inserting in lieu thereof "95 per centum". (f)(1) Section 235(a) of such Act is amended— ( A) by inserting " (1)" immediately after " (a) "; and (B) by adding at the end thereof the following: "(2)(A) Notwithstanding any other provision of this section, the Secretary is authorized to make periodic assistance payments under this section on behalf of families whose incomes do not exceed the maximum income limits prescribed pursuant to subsection (h)(2) of this section for the purpose of assisting such families in acquiring ownership of a mobile home consisting of two or more modules and a lot on which such mobile home is or will be situated, except that periodic assistance payments pursuant to this paragraph shall not be made with respect to more than 20 per centum of the total number of units with respect to which assistance is approved under this section after January 1, 1976. Assistance payments under this section pursuant to this paragraph shall be accomplished through payments on behalf of an owner of lower-income of a mobile home as described in the preceding sentence to the financial institution which makes the loan, advance of credit, or purchase of an obligation representing the loan or advance of credit to finance the purchase of the mobile home and the lot on which such mobile home is or will be situated, but only if insurance under section 2 of this Act covering such loan, advance of credit, or obligation has been granted to such institution. "(B) Notwithstanding the provisions of subsection (c) of this section, assistance payments provided pursuant to this paragraph shall be in an amount not exceeding the lesser of— "(i) the balance of the monthly payment for principal, interest, real and peisonal property taxes, insurance, and insurance premium chargeable under section 2 of this Act due under the loan or advance of credit remaining unpaid after applying 20 per centum of the mobile homeowner's income; or "(ii) the difference between the amount of the monthly payment for principal, interest, and insurance premium chargeable under section 2 of th's Act which the mobile homeowner is obligated to pay under the loan or advance of credit and the monthly payment of principal and interest which the owner would be obligated to pay if the loan or advance of credit were to bear interest at a I'ate derived by subtracting from the interest rate applicable to such loan or advance of credit the interest rate differential between the maximum interest rate plus mortgage insurance premium applicable to mortgages insured under subsection

12 USC 1715z.


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Mortgage insurance, * eligibility. 12 USC 1715/.

12 USC 1715z.

Mobile homes, mortgage assistance payments.

12 USC 1703.

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