Page:United States Statutes at Large Volume 90 Part 1.djvu/1121

 PUBLIC LAW 94-375—AUG. 3, 1976

90 STAT. 1071

"(3) The Secretary may make loans, from the applicable insurance fund, to public housing agencies in connection with mortgages which have been insured pursuant to this subsection and which are in default. " (4) The Secretary may insure and make a commitment to insure in connection with a co-insurance contract pursuant to this subsection (A) a mortgage on a project assisted under the second proviso in the first sentence of section 236(b) of this Act, and (B) a mortgage or advance on a mortgage made to a public housing agency on a project under construction which is not approved for insurance prior to construction. "(5) As used in this subsection, the term 'public housing agency' has the same meaning as in section 3(6) of the United States Housing Act of 1937, and the term 'insured depository institution' means any savings bank, savings and loan association, commercial bank or other such depository institution whose deposits are insured by the Federal Deposit Insurance Corporation, by the Federal Savings and Loan Insurance Corporation, or by an agency or instrumentality of a State. "(6) Notwithstanding any other provision of this Act, the Secretary may include in the determination of replacement cost of a project to be covered by a mortgage made to a public housing agency and insured pursuant to this subsection, such reserves and development costs, not to exceed 5 per centum of the amount otherwise allowable, as may be established or authorized by the public housing agency consistent with such agency's procedures and underwriting standards.". (b) Section 244(a) of such Act is amended by adding the following new sentence at the end thereof: "A mortgagee which enters into a contract of co-insurance under this section shall not by reason of such contract, or its adherence to such contract or applicable regulations of the Secretary, including provisions relating to the retention of risks in the event of sale or assignment of a mortgage, be made subject to any State law regulating the business of insurance.".

12 USC 1715Z-1.

"Public housing agency." 42 USC 1437a. "Insured depository institution."

12 USC 1715Z-9.

EXPERIMENTAL F I N A N C I N G

SEC. 7. Section 245 of the National Housing Act is amended by strik- 12 USC ing out "June 30, 1976" and inserting in lieu thereof "September 30, 1715Z-10. 1977". M U L T I F A M I L Y MORTGAGE LIMITS

SEC. 8. (a) The National Housing Act is amended by striking out "by not to exceed 75 per centum in any geographical area" where it appears in sections 207(c)(3), 213(b)(2), 220(d)(3)(B) (iii), 221 (d)(3) (ii), 221(d)(4) (ii), 231(c)(2), and 234(e)(3) and inserting in lieu thereof in each such section "by not to exceed 50 per centum in any geographical area". (b)(1)(A) Section 207(c)(3) of the National Housing Act is amended by striking out "$13,000", "$18,000", "$21,500", "$26,500", "$30,000", and "$3,250" in the matter preceding the first semicolon and inserting in lieu thereof "$19,500", "$21,600", "$25,800", "$31,800", "$36,000", and "$3,900", respectively. _ (B) Section 207(c)(3) of such Act is further amended by striking out "$15,000", "$21,000", "$25,750", "$32,250", and "$36,465" in the matter following the first semicolon and inserting in lieu thereof "$22,500", "$25,200", "$30,900", "$38,700", and "$43,758", respectively. (2)(A) Section 213(b)(2) of such Act is amended by striking out "$13,000", "$18,000", "$21,500", /'$26,500';, and "$30,000" in the matter preceding the first proviso and inserting in lieu thereof "$19,500", "$21,600", "$25,800", "$31,800", and "$36,000", respectively.

89-194 O—78—pt. 1

71

12 USC 1713, 1715e, 1715k, 1715/, 1715v, 1715y. .. '

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12 USC 1715e.

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