Page:United States Statutes at Large Volume 101 Part 3.djvu/620

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PUBLIC LAW 100-000—MMMM. DD, 1987

101 STAT. 1918

PUBLIC LAW 100-242—FEB. 5, 1988

in connection with the same period of months referred to in paragraphs (2)(B) and (3)(B)."; and (3) by inserting "(5)" before "A loan" at the beginning of the undesignated paragraph at the end. SEC. 428. INTEREST CHARGES ON TEMPORARY MORTGAGE ASSISTANCE PAYMENTS AND ASSIGNMENT OR OTHER ASSISTANCE.

12 USC I7l5u.

Section 230(a)(5) of the National Housing Act is amended by striking the third sentence and inserting the following: "The interest rate on payments made under this subsection shall be the rate established under section 1803(c) of title 38, United States Code. The interest rate to be charged shall be determined when the Secretary approves assistance under this subsection.". SEC. 429. MORTGAGE INSURANCE TECHNICAL AMENDMENTS.

12 USC 1702. 12 USC I706d.

(a) ADMINISTRATIVE PROVISIONS.—The second sentence of section 1 of the National Housing Act is amended by striking the last comma. (b) APPLICABUTY.—Section 9 of the National Housing Act is amended by inserting the following section heading: APPLICABILITY.

12 USC 1709, 1715Z-5.

(c) LOAN INSURANCE PROGRAMS.—Sections 203(k)(3)(B) and 241(b)(3) of the National Housing Act are amended— (1) by striking "mortgagor" each place it appears and inserting "borrower"; and (2) by striking "mortgagee" each place it appears and inserting "financial institution". (d) MISCELLANEOUS HOUSING INSURANCE.—

12 USC 1715n.

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(1) Section 223(a)(7) of the National Housing Act is amended— (A) in the first proviso, by striking "a rate not in excess of the maximum rate prescribed under the applicable section or title of this Act" and inserting the following: "such rate as may be agreed upon by the mortgagor and the mortgagee"; (B) in the second proviso, by striking "maturity, a principal obligation, and an interest rate" and inserting the following: "maturity and a principal obligation"; and (C) by inserting before the semicolon at the end the following: ", and shall bear interest at such rate as may be agreed upon by the mortgagor and the mortgagee". (2) Section 223(d)(1) of the National Housing Act is amended by striking "bear interest (exclusive of premium charges for insurance) at not to exceed the per centum per annum currently permitted for mortgages insured under the section under which it is to be insured" and inserting the following: "bear interest at such rate as may be agreed upon by the mortgagor and the mortgagee". (e) INSURANCE FOR NURSING HOMES, INTERMEDIATE CARE FACILI-

TiES, AND B O A R D A N D C A R E H O M E S. —

12 USC 1715w.

(1) Section 232(b) of the National Housing Act is amended— (A) by indenting as a separate paragraph (in the same manner as paragraph (1)) "(3) a nursing" and all that follows through "day; and"; (B) in such new paragraph (3)— (i) by inserting "the term" after the paragraph des,,,.,^,..,.,,,,. _ ignation;and .,,«.:.,....^................,...,...-..., ...--..