Page:United States Statutes at Large Volume 97.djvu/1252

 97 STAT. 1220 PUBLIC LAW 98-181—NOV. 30, 1983 Congress a report setting forth the results of such evaluation. Such report shall include an evaluation of the possible effect of a reinsur- ance program on the characteristics of the pool of mortgages remaining wholly under the applicable insurance funds and the actuarial soundness of such funds under such conditions. Subpart 3—Multifamily and Other Mortgage Insurance Programs DISCRETIONARY AUTHORITY TO REGULATE RENTS OR CHARGES 12 USC 1713. SEC. 431. (a) Section 207(b)(2) of the National Housing Act is amended— (1) by striking out "any other mortgagor approved by the Secretary" and all that follows through "reasonable return on f the investment." and inserting in lieu thereof the following: "any other mortgagor approved by the Secretary. The Secretary may, in the Secretary's discretion, require any such mortgagor to be regulated or restricted as to rents or sales, charges, capital structure, rate of return, and methods of operation so as to provide reasonable rentals to tenants and a reasonable return on the investment. Any such regulations or restrictions shall continue for such period or periods as the Secretary, in the Secretary's discretion, may require, including until the termina- tion of all obligations of the Secretary under the insurance and during such further period of time as the Secretary shall be the owner, holder, or reinsurer of the mortgage."; (2) by striking out "render effective the regulations or restric- tions" and inserting in lieu thereof "render effective any such regulations or restrictions"; and (3) by striking out "and directed" in the second sentence of the first undesignated paragraph. 12 USC I715y. (b) Section 234(d)(2) of such Act is amended— (1) by striking out "shall be regulated or restricted by the Secretary" and inserting in lieu thereof "may, in the Secre- tary's discretion, be regulated or restricted"; and (2) by striking out "the regulation and restriction" and insert- ing in lieu thereof "any such regulation or restriction". 12 USC 1713 (c) The amendments made in this section shall not apply with ^°^- respect to mortgages insured by the Secretary of Housing and Urban Development before the date of the enactment of this Act. REMOVAL OF REFINANCING LIMITATIONS ON CERTAIN MULTIFAMILY PROJECTS 12 USC 1715k. SEC 432. (a) Section 220(d)(3)(B)(ii) of the National Housing Act is amended by striking out "Provided further," the first time it ap- pears and all that follows through "property or project:". 12 USC 1715/. (b) Section 221(d)(3)(iii) of such Act is amended— (1) by striking out "Provided, That" and all that follows through "property or project:"; and (2) by striking out "further" the first time it appears, icj Section 221(d)(4)(iv) of such Act is amended— (1) by striking out "Provided, That" and all that follows through "property or project:"; and (2) by striking out "further" the first time it appears.

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