Page:United States Statutes at Large Volume 98 Part 1.djvu/958

 98 STAT. 910

PUBLIC LAW 98-369—JULY 18, 1984 "(A) QUALIFIED REHABILITATION.—The term 'qualified rehabilitation' has the meaning given such term by section 103A(1)(7)(B). "(B) QUALIFIED HOME IMPROVEMENT.—The term 'qualified home improvement' means an alteration, repair, or improvement described in section 103A(1)(6). "(9) QuAUFiED MORTGAGE BOND.—The term 'qualified mortgage bond' has the meaning given such term by section 103A(c)(l). "(10) MANUFACTURED HOUSING.—For purposes of this section, the term 'single family residence' includes any manufactured home which has a minimum of 400 square feet of living space and a minimum width in excess of 102 inches and which is of a kind customarily used at a fixed location. Nothing in the preceding sentence shall be construed as providing that such a home will be taken into account in making determinations under section 103A. "(f) REDUCTION IN AGGREGATE AMOUNT OF QUALIFIED MORTGAGE BONDS WHICH MAY B E ISSUED WHERE CERTAIN REQUIREMENTS NOT MET.—

"(1) IN GENERAL.—If for any calendar year any mortgage credit certificate program which satisfies procedural requirements with respect to volume limitations prescribed by the Secretary fails to meet the requirements of paragraph (2) of subsection (d), such requirements shall be treated as satisfied with respect to any certified indebtedness of such program, but the applicable State ceiling under paragraph (4) of section 103A(g) for the State in which such program operates shall be reduced by 1.25 times the correction amount with respect to such failure. Such reduction shall be applied to such State ceiling for the calendar year following the calendar year in which the Secretary determines the correction amount with respect to such failure. "(2) CORRECTION AMOUNT.—

"(A) IN GENERAL.—For purposes of paragraph (1), the term 'correction amount' means an amount equal to the excess credit amount divided by 0.20. "(B) EXCESS CREDIT AMOUNT.—

"(i) IN GENERAL.—For purposes of subparagraph (A)(ii), the term 'excess credit amount' means the excess of— "(I) the credit amount for any mortgage credit certificate program, over "(II) the amount which would have been the credit amount for such program had such program met the requirements of paragraph (2) of subsection (d). "(ii) CREDIT AMOUNT.—For purposes of clause (i), the

term 'credit amount' means the sum of the products determined under clauses (i) and (ii) of subsection (d)(2)(A). "(3) SPECIAL RULE FOR STATES HAVING CONSTITUTIONAL HOME

RULE CITIES.—In the case of a State having one or more constitutional home rule cities (within the meaning of section 103A(g)(5)(C)), the reduction in the State ceiling by reason of paragraph (1) shall be allocated to the constitutional home rule

�