Page:United States Statutes at Large Volume 97.djvu/1239

 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1207 actual and reasonable costs related to the property and the enforcement of security; "(3) payment of such benefits shall be made in cash unless the mortgagee submits a written request for debenture payment; and "(4) the underwriter of coinsurance may reinsure 10 per centum of the mortgage amount with a private mortgage insur- ance company or with a State iportgage insurance agency. No commitment for insurance pursuant to this subsection may be issued on or after October 1, 1985.". (b) Section 223(f) of such Act is amended by adding at the end thereof the following:, "(5) In the case of any purchase or refinancing under this subsec- tion involving property to be rehabilitated or developed under sec- tion 17 of the United States Housing Act of 1937, th6 Secretary may— "(A) include rehabilitation or development costs of not to exceed $20,000 per unit, except that the Secretary may increase such amount by not to exceed 25 per centum for specific proper- ties where cost levels so require; "(B) permit subordinated liens securing up to the full amount of mortgage financing provided by State or local governments or agencies thereof; and "(C) pay such benefits in cash unless the mortgagee submits a written r^uest for debenture payment.". TITLE IV—PROGRAM AMENDMENTS AND EXTENSIONS PART A—FEDERAL HOUSING ADMINISTRATION MORTGAGE INSURANCE PROGRAMS Subpart 1—General Authorities and Requirements Insurance commitment issuance. 12 USC 1715n. Ante, p. 1196. EXTENSION OF MORTGAGE INSURANCE PROGRAMS SEC. 401. (a) Section 2(a) df the National Housing Act is amended Ante, p. 745. by striking out "December 1, 1983" in the first sentence and insert- ing in lieu thereof "October 1, 1985". (b) Section 217 of such Act is amended by striking out "November Ante, p. 745. 30, 1983" and inserting in lieu thereof "September 30, 1985". (c) Section 221(f) of such Act is amended by striking out "Novem- Ante, p. 745. ber 30, 1983" in the fifth sentence and inserting in lieu thereof "September 30, 1985". (d)(1) Section 235(m) of such Act is amended by striking out Ante, p. 745. "November 30, 1983" and inserting in lieu thereof "September 30, 12 USC 17l5z. 1985". (2) Section 235(q)(l) of such Act is amended by striking out "No- vember 30, 1983" in the last sentence and inserting in lieu thereof "September 30, 1985". (e) Section 244(d) of such Act is amended— Ante, p. 745. (1) by striking out "November 30, 1983" in the first sentence and inserting in lieu thereof "September 30, 1985"; (2) by striking out "December 1, 1983" in the second sentence and inserting in lieu thereof "October 1, 1985"; and (3) by striking out the last two sentences.

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