Page:United States Statutes at Large Volume 97.djvu/1245

 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1213 (1) in paragraph (1), by inserting the following before the period at the end of the second sentence: "or the construction of which was completed more than a year prior to the application for the mortgage insurance"; and (2) by striking out "nonprofit" in paragraph (2)(A). MORTGAGE INSURANCE FOR CONDOMINIUM UNITS SEC. 420. (a) The first sentence of section 234(c) of the National Housing Act is amended by striking out "(2)" and all that follows through the period at the end thereof and inserting in lieu thereof the following: "and (2) at least 80 percent of the units in.the project covered by mortgages insured under this title are occupied by the mortgagors or comortgagors.". (b) The third sentence of section 234(c) of such Act is amended by striking out "(A)" and all that follows through "$25,000" the second place it appears and inserting in lieu thereof the following: "(A) involve a principal obligation in an amount not to exceed the maximum principal obligation of a mortgage which may be insured in the area pursuant to section 203(b)(2)". (c) Section 234 of such Act is amended by adding at the end thereof the following: "(k) With respect to a unit in any project which was converted from rental housing, no insurance may be provided under this section unless (1) the conversion occurred more than one year prior to the application for insurance, (2) the mortgagor or comortgagor was a tenant of that rental housing, or (3) the conversion of the property is sponsored by a bona fide tenants organization represent- ing a majority of the households in the project.". 12 USC 1715y. Post, pp. 1216, 1217. SINGLE-FAMILY MORTGAGE INSURANCE ON HAWAIIAN HOME LANDS SEC. 421. Title II of the National Housing Act is amended by adding at the end thereof the following new section: SINGLE-FAMILY MORTGAGE INSURANCE ON HAWAIIAN HOME LANDS "SEC. 247. (a) The Secretary, subject to such conditions as the Secretary may prescribe, may insure under any provision of this title that authorizes such insurance, a mortgage covering a property upon which there is located a one- to four-family residence, without regard to any limitation in this Act relating to marketability of title or any other limitation in this Act that the Secretary determines is contrary to promoting the availability of such insurance on Hawai- ian home lands, if— "(1) the mortgage is executed by a native Hawaiian on prop- erty located within Hawaiian home lands covered under a homestead lease issued under section 207(a) of the Hawaiian Homes Commission Act, 1920, or under the corresponding provi- sion of the Constitution of the State of Hawaii adopted under section 4 of the Act entitled "An Act to provide for the admis- sion of the State of Hawaii into the Union", approved March 18, 1959 (73 Stat. 5); "(2) the property will be used as the principal residence of the Mortgagor; and "(3) the Department of Hawaiian Home Lands of the State of Hawaii (A) is a comortgagor; (B) guarantees to reimburse the 12 USC 1715Z-12. 48 USC 701. 48 USC note prec. 491.

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