Page:United States Statutes at Large Volume 91.djvu/1168

 91 STAT. 1134

PUBLIC LAW 95-128—OCT. 12, 1977 no case shall premium charges under subsection (n) exceed 1 per centum per annum", MAXIMUM MORTGAGE AMOUNT AND MATURITY UNDER TITLE I OF THE NATIONAL HOUSING ACT

12 USC 1703.

Increase, regulation.

SEC. 306. (a) The first sentence of section 2(b) of the National Housing Act is amended— (1) by striking out "$10,000" the first time it appears in clause (1) and inserting in lieu thereof "$15,000"; and (2) by striking out "twelve years" in clause (2) and inserting in lieu thereof "fifteen years". (b) Section 2(b) of such Act is amended by striking out "$12,500 ($20,000" in clause (1) and inserting in'lieu thereof "$16,000 ($24,000"; and by inserting the following before the semicolon at the end of the proviso in clause (2): "(twenty-three years and thirty-two days in the case of a mobile home composed of two or more modules)". (c) Subparagraph (B) of the second paragraph of section 2(b) of such Act and subparagraph (B) of the third paragraph of such section 2(b) are each amended by striking out "twenty years" and inserting in lieu thereof in each case "twenty-three years". (d) Section 2(b) of such Act is amended by adding at the end thereof the following new undesignated paragraph: "Because of prevailing higher costs, the Secretary may, by regula{[QYI, jn Alaska, Guam, or Hawaii, increase any dollar amount limitation on mobile homes or mobile home lot loans contained in this subsection by not to exceed 40 per centum.". SECTION 2 0 3 INSURANCE I N CERTAIN COMMUNITIES

12 USC 1709.

SEC. 307. Section 203 of the National Housing Act is amended by adding at the end thereof the following: " (o)(l) Notwithstanding any other provision of this section or any other section of this title, the Secretary is authorized to insure, and to commit to insure, under subsection (b) of this section as modified by this subsection a mortgage which meets both the requirements of this subsection and such criteria as the Secretary by regulation may prescribe to further the purpose of this subsection, in any community where the Secretary determines that— "(A) temporary adverse economic conditions exist throughout the community as a direct and primary result of outstanding claims to ownership of land in the community by an American Indian tribe, band, or Nation; "(B) such ownership claims are reasonably likely to be settled, by court action or otherwise; "(C) as a direct result of the community's temporarily impaired economic condition, owner occupants of homes in the community have been involuntarily unemployed or underemployed and have thus incurred substantial reductions in income which significantly impair their ability to continue timely payment of their mortgages; "(D) as a result, widespread mortgage foreclosures and distress sales of homes are like! v in the community; and " (E) fifty or more individual homeowners were joined as parties defendant or were members of a defendant class prior to December 31, 1976, in litigation involving claims to ownership of land in the community by an American Indian tribe, band, or Nation.

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