Page:United States Statutes at Large Volume 94 Part 2.djvu/366

 94 STAT. 1644

12 USC 1715k.

PUBLIC LAW 96-399—OCT. 8, 1980

nated manner, pursuant to a locally developed strategy for neighborhood improvement, conservation, or preservation". (b) Section 220(d)(3)(B)(iv) of such Act is amended by inserting after "urban renewal plan" the following: "or, where appropriate, with the locally developed strategy for neighborhood improvement, conservation or preservation". REPORT ON HOUSING PRODUCTION GOALS

42 USC 1441c.

SEC. 312. Section 1603 of the Housing and Urban Development Act of 1968 is amended— (1) by striking out "January 20 of each year" and inserting in lieu thereof "March 15 of each year beginning with calendar year 1981"; (2) by inserting after "current year" in paragraph (2) the following: "and sets general objectives for such activity during the next year"; (3) by striking out "obiective" in paragraph (3) and inserting in lieu thereof "objectives; and (4) by inserting after "current year" in paragraph (7) the following: "and, as feasible, the next year". FEDERAL NATIONAL MORTGAGE ASSOCIATION AND FEDERAL HOME LOAN MORTGAGE CORPORATION MORTGAGE AMENDMENTS

12 USC 1717. "eonventional mortgages."

26 USC 216. Maximum principal obligation, limitation.

Ante, p. 1641.

12 USC 1454.

SEC. 313. (a) Section 302(b)(2) of the National Housing Act is amended by striking out the last sentence and inserting in lieu thereof the following: "For the purpose of this section, the term 'conventional mortgages' shall include a mortgage, lien, or other security interest on the stock or membership certificate issued to a tenant-stockholder or resident-member of a cooperative housing corporation, as defined in section 216 of the Internal Revenue Code of 1954, and on the proprietary lease, occupancy agreement, or right of tenancy in the dwelling unit of the tenant-stockholder or residentmember in such cooperative housing corporation. The corporation shall establish limitations governing the maximum principal obligation of conventional mortgages purchased by it. Such limitations shall not exceed $93,750 for a mortgage secured by a single-family residence, $120,000 for a mortgage secured by a two-family residence, $145,000 for a mortgage secured by a three-family residence, and $180,000 for a mortgage secured by a four-family residence, except that such maximum limitations shall be adjusted effective January 1 of each year beginning with 1981. Each such adjustment shall be made by adding to each such amount (as it may have been previously adjusted) a percentage thereof equal to the percentage increase during the twelve-month period ending with the previous October in the national average one-family house price in the monthly survey of all major lenders conducted by the Federal Home Loan Bank Board. With respect to mortgages secured by property comprising five or more family dwelling units, such limitations shall not exceed 125 per centum of the limitations established under section 207(c)(3) of this Act. The foregoing limitations may be increased by not to exceed 50 per centum with respect to properties located in Alaska, Guam, and Hawaii.". (b) Section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act is amended by striking out the last sentence and inserting in

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