Page:United States Statutes at Large Volume 95.djvu/442

 95 STAT. 416

Refinancing.

94 Stat. 1641. 12 USC 1713.

PUBLIC LAW 97-35—AUG. 13, 1981 structure for use in whole or in part for agricultural purposes; and "(H) such term to maturity as the Secretary may prescribe if made for the purpose of financing fire safety equipment for a nursing home, extended health care facility, intermediate health care facility, or other comparable health care facility. "(4) For the purpose of this subsection— "(A) the term 'developed lot' includes an interest in a condominium project (including any interest in the common areas) or a share in a cooperative association; "(B) a loan to finance the purchase of a manufactured home or a manufactured home and lot may also finance the purchase of a garage, patio, carport, or other comparable appurtenance; and "(C) a loan to finance the purchase of a manufactured home or a manufactured home and lot shall be secured by a first lien upon such home or home and lot, its furnishings, equipment, accessories, and appurtenances. "(5) No insurance shall be granted under this section to any such financial institution with respect to any obligation representing any such loan, advance of credit, or purchase by it unless the obligation bears such interest, has such maturity, and contains such other terms, conditions, and restrictions as the Secretary shall prescribe, in order to make credit available for the purpose of this title. Any such obligation with respect to which insurance is granted under this section shall bear interest and insurance premium charges not exceeding (A) an amount, with respect to so much of the net proceeds thereof as does not exceed $2,500, equivalent to $5.50 discount per $100 of original face amount of a one-year note payable in equal monthly installments, plus (B) an amount, with respect to any portion of the net proceeds thereof in excess of $2,500, equivalent to $4.50 discount per $100 of original face amount of such note. The amounts referred to in clauses (A) and (B) of the preceding sentence, when correctly based on tables of calculations issued by the Secretary or adjusted to eliminate minor errors in computation in accordance with requirements of the Secretary, shall be deemed to comply with such sentence. "(6)(A) Any obligation with respect to which insurance is granted under this section may be refinanced and extended in accordance with such terms and conditions as the Secretary may prescribe, but in no event for an additional amount or term in excess of any applicable maximum provided for in this subsection. "(B) The owner of a manufactured home lot purchased without assistance under this section but otherwise meeting the requirements of this section may refinance such lot under this section in connection with the purchase of a manufactured home if the borrower certifies that the home and lot is or will be his or her principal residence within six months after the date of the loan.". (b) Section 207(c)(8) of the National Housing Act is amended by striking out "$8,000" and inserting in lieu thereof "$9,000". MORTGAGE INSURANCE FOR CONDOMINIUMS

12 USC I7l5y.

SEC. 339. (a) The first sentence of section 2340t)) of the National Housing Act is amended by inserting ", including a project in which the dwelling units are attached, semi-attached, or detached," after "multifamily project".

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