Page:United States Statutes at Large Volume 94 Part 2.djvu/376

 94 STAT. 1654

PUBLIC LAW 96-399—OCT. 8, 1980 AUTHORITY TO PROTECT FEDERAL GOVERNMENT S INTERESTS IN CERTAIN SITUATIONS

12 USC 1721.

SEC. 335. Section 306(g) of the Federal National Mortgage Association Charter Act is amended— (1) by striking out "Any Federal, State, or other law to the contrary notwithstanding, the" in the fourth sentence and inserting in lieu thereof "The"; and (2) by inserting after the fourth sentence the following new sentence: "No State or local law, and no Federal law (except Federal law enacted expressly in limitation of this subsection after the effective date of this sentence), shall preclude or limit the exercise by the Association of (A) its power to contract with the issuer on the terms stated in the preceding sentence, (B) its rights to enforce any such contract with the issuer, or (C) its ownership rights, as provided in the preceding sentence, in the mortgages constituting the trust or pool against which the guaranteed securities are issued.". MORTGAGE LIMITS

12 USC 1709.

12 USC 1715k.

12 USC 1715m. 12 USC I7l5y.

SEC. 336. (a) Section 203(b)(2) of the National Housing Act is amended by inserting after "four-family residence" the following: "; except that the Secretary may increase the preceding maximum dollar amounts on an area-by-area basis to the extent the Secretary deems necessary, after taking into consideration the extent to which moderate and middle income persons have limited housing opportunities in the area due to high prevailing housing sales prices, but in no case may such limits, as so increased, exceed the lesser of (A) 133 V a per centum of the dollar amount specified, or (B) in the case of a onefamily residence, 95 per centum of the median one-family house price in the area, as determined by the Secretary; in the case of a twofamily residence, 107 per centum of such median price; in the case of a three-family residence, 130 per centum of such median price; or in the case of a four-family residence, 150 per centum of such median price". (b) Section 220(d)(3)(A)(i) of such Act is amended— (1) by striking out "$67,500" and all that follows through "fourfamily residence" and inserting in lieu thereof the following: "the applicable maximum principal obligation which may be insured in the area under section 203(b)"; (2) by striking out "$107,000" the second place it appears and inserting in lieu thereof "the applicable maximum principal obligation secured by a four-family residence which may be insured in the area under section 203(b)"; and (3) by striking out "$8,250" and inserting in lieu thereof "$9,165". (c) Section 222(b)(2) of such Act is amended to read as follows: "(2) involve a dwelling designed principally for a one-familv residence or a one-family unit in a condominium project;'. (d) Section 234(c) of such Act is amended by inserting after "$67,500," the following: "except that the Secretary may increase such maximum dollar amount on an area-by-area basis to the extent the Secretary deems necessary, after taking into consideration the extent to which moderate and middle income persons have limited housing opportunities in the area due to high prevailing housing sales prices, but in no case may such limit, as so increased, exceed the lesser of 111 per centum of such amount or 95 per centum of the

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