Page:United States Statutes at Large Volume 90 Part 1.djvu/1120

 90 STAT. 1070 --•:

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12 USC 1715z.

PUBLIC LAW 94-375—AUG. 3, 1976 (i) of this section at the time such loan or advance of credit is made and the interest rate which such mortgages are presumed, under regulations prescribed by the Secretary, to bear for purposes of subsection (c)(2) of this section." (2) Section 235(e) of such Act is amended by inserting "(a)(2) (B)," immediately before " (c)". SECTION 2 3 6 AMENDMENTS

12 USC 1715z-l.


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SEC. 4. (a) Section 236(n) of the National Housing Act is amended by striking out "June 30, 1976" and inserting in lieu thereof "September 30, 1977". (b) Section 236(f)(2) of such Act is amended— (1) by inserting "(including the amount allowed for utilities vf in the case of a project with separate utility metering)" immediately after "basic rentals" in the first sentence thereof and by striking out everything in such sentence which follows "of their income" and inserting in lieu thereof a period; and (2) by inserting "(including the amount allowed for utilities in the case of a project with separate utility metering)" immediately after "rental payment" in the second sentence thereof and by striking out everything in such sentence which follows "tenant's income" and inserting in lieu thereof a period. E H A SUPPLEMENTAL LOANS FOR HOSPITALS

12 USC 1715z-6.

SEC. 5. Section 241(a) of the National Housing Act is amended— (1) by inserting ", hospital," immediately after "multifamily project" in the first sentence thereof; (2) by inserting ", hospital," immediately after "such project" in the material preceding the proviso in the second sentence thereof; and (3) by inserting ", hospital," immediately before "or a group practice facility" and immediately before "or facility" in the proviso in the second sentence thereof. CO-INSURANCE

12 USC 1715z-9. Multifamily housing projects,

SEC. 6. (a) Section 244 of the National Housing Act is amended by inserting at the end thereof the following new subsection: " ( ^) (1) Where the mortgagee is a public housing agency or an insured depository institution and the mortgage covers a multifamily housing project, the co-insurance contract may provide that the mortgagee assume (i) the full amount of any loss on the insured mortgage up to an amount equal to a fixed percentage of the outstanding principal balance of the mortgage at the time of claim for insurance benefits, or (ii) the full amount of any losses on insured mortgages in a portfolio of mortgages approved by the Secretary up to an amount equal to a fixed percentage of the outstanding principal balance of all mortgages in such portfolio at the time of claim for insurance benefits on a mortgage in the portfolio, plus a share of any loss in excess of the amount under clause (i) or (ii), whichever is applicable. " (2) The second sentence of subsection (d) shall not apply to mortgages made to public housing agencies, but for purposes of such second sentence such mortgages shall not be counted in the aggregate principal amount of all mortgages insured under this title.

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