Page:United States Statutes at Large Volume 91.djvu/1166

 91 STAT. 1132

PUBLIC LAW 95-128—OCT. 12, 1977 INCREASE I N MAXIMUM MORTGAGE AMOUNTS UNDER FEDERAL HOUSING ADMINISTRATION MORTGAGE INSURANCE PROGRAMS

12 USC 1709.

12 USC 1715k.

12 USC 1715/.

12 USC 1715m. 12 USC 1715y.

Homeownership or membership in cooperative association for lower income families. 12 USC 1715z.

SEC. 303. (a) Section 203(b)(2) of the National Housing Act is amended by striking out "$45,000", "$48,750", and "$56,000" wherever they appear and inserting in lieu thereof, "$60,000", "$65,000", and "$75,000", respectively. (b) Section 220(d)(3)(A) of such Act is amended by striking out "$45,000", "$48,750", and "$56,000" wherever they appear and inserting in lieu thereof "$60,000", "$65,000", and "$75,000", respectively, (c) Section 221(d)(2)(A) of such Act is amended by— (1) striking out "$25,000", "$29,000", and "$33,000" each place they appear and inserting in lieu thereof "$31,000", "$36,000", and "$42,000", respectively; and (2) striking out "$28,000", "$38,880", "$47,520", "$36,000", "$46,080", and "$54,720", and inserting in lieu thereof "$35,000", "$48,600", "$59,400", "$45,000", "$57,600", and "$68,400", respectively. (d) Section 222(b)(2) of such Act is amended by striking out "$45,000" and inserting in lieu thereof "$60,000". (e) Clause (A) of the third sentence of section 234(c) of such Act is amended by striking out "$45,000" and inserting in lieu thereof "$60,000". (f) Section 235 of such Act is amended— (1) by striking out, in the last proviso in subsection (b)(2), "$25,000", "$29,000", "$29,000", and "$33,000," and inserting in lieu thereof "$32,000", "$38,000", "$38,000", and "$44,000", respectively; (2) by striking out, in subsection (i)(3)(B) "$25,000", "$29,000", "$29,000", and "$33,000" and inserting in lieu thereof "$32,000", "$38,000", "$38,000", and "$44,000", respectively; (3) by striking out "and" at the end of subparagraph (B) of subsection (i)(3); (4) by redesignating subparagraph (C) of subsection (i)(3) as subparagraph (E) and inserting immediately following subparagraph (B) the following new subparagraphs: "(C) involve, in the case of a dwelling unit other than a condominium or cooperative unit, a principal obligation including such initial service charges, appraisal, inspection, and other fees as the Secretary shall approve) in an amount not to exceed $32,000 ($38,000 in any geographical area where the Seretary authorizes an increase on the basis of a finding that cost levels so require), except that with respect to any family with five or more persons the foregoing limits shall be $38,000 and $44,000, respectively; "(D) involve, in the case of a two-family dwelling, a principal obligation (including such initial service charges, appraisal, inspection, and other fees as the Secretary shall approve) in an amount not to exceed $44,000 ($49,000 in any geographical area where the Secretary authorizes an increase on the basis of a finding that cost levels so require); and"; and (5) by adding the following new subsection at the end thereof: "(n) No mortgage may be insured under this section on a unit in a subdivision, after the effective date of enactment of this subsection,

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