Page:United States Statutes at Large Volume 95.djvu/1058

 95 STAT. 1032 Loan guarantee.

38 USC 1828.

PUBLIC LAW 97-66—OCT. 17, 1981

"(B) The Administrator may guarantee loans with provisions for various rates of amortization corresponding to anticipated variations in family income. With respect to any loan guaranteed under this subparagraph— "(i) the initial principal amount of the loan may not exceed the reasonable value of the property as of the time the loan is made; and "(ii) the principal amount of the loan thereafter (including the amount of all interest to be deferred and added to principal) may not at any time be scheduled to exceed the projected value of the property. "(C) For the purposes of subparagraph (B) of this paragraph, the projected value of the property shall be calculated by the Administrator by increasing the reasonable value of the property as of the time the loan is made at a rate not in excess of 2.5 percent per year, but in no event may the projected value of the property for the purposes of such subparagraph exceed 115 percent of such reasonable value. A loan made for a purpose other than the acquisition of a single-family dwelling unit may not be guaranteed under such subparagraph.. (b) Section 1828 is amended— (1) by inserting "(1)" after "constitution or law"; and (2) by inserting "(2) restricting the manner of calculating such interest (including prohibition of the charging of interest on interest), or (3) requiring a minimum amortization of principal," after "lenders,". INCREASE IN MAXIMUM AMOUNTS OF SPECIALLY ADAPTED HOUSING ASSISTANCE

oi f^n cnF 38 USC 802.

SEC. 502. Section 802 is amended— ^J jj^ subsection (a)— (A) by striking out "$30,000" and inserting in lieu thereof "$32,500"; (B) by striking out "him" each place it appears and inserting in lieu thereof "such veteran; and (C) by striking out "his" in clause (3) and inserting in lieu thereof "such veteran's"; and (2) by striking out "section 804(b)(2)" in subsection (b) and inserting in lieu thereof "section 804(b)". E X T E N S I O N S O F MAXIMUM T E R M S OF GUARANTEED LOANS FOR MOBILE-

HOME PURCHASES

38 USC 1819.

SEC 503. Paragraph (1) of section 1819(d) is amended to read as follows: "(1) The maturity of any loan guaranteed under this section shall not be more than— "(A) fifteen years and thirty-two days, in the case of a loan for the purchase of a lot; "(B) twenty years and thirty-two days, in the case of a loan for the purchase of^ "(i) a single-wide mobile home; or "(ii) a single-wide mobile home and a lot; "(C) twenty-three years and thirty-two days, in the case of a loan for the purchase of a double-wide mobile home; or "(D) twenty-five years and thirty-two days, in the case of a loan for the purchase of a double-wide mobile home and a lot.".

�