512
PUBLIC LAW 90-448-AUG. 1, 1968
[82 STAT.
" (d) I n order to carry out the purposes of this section, the Secretary is authorized to insure any mortgage which covers a new or rehabilitated nursing home, including equipment to be used in its operation, subject to the following conditions:"; and (3) by striking out "when the proposed improvements are completed" before the period at the end of subsection (d)(2) and inserting in lieu thereof the following: ", including equipment to be used in the operation of the nursing home, when the proposed improvements are completed and the equipment is installed". F L E X I B L E I N T E R E S T RATES FOR CERTAIN F H A INSURANCE PROGRAMS
Ante,
p. 113.
SEC. 315. Section 3(a) of the Act entitled "An Act to amend chapter 37 of title 38 of the United States Code with respect to the veterans' home loan program, to amend the National Housing Act with respect to interest rates on insured mortgages, and for other purposes", approved May 7, 1968, is amended by inserting "235(3)(2)(C), 236 U)(4)(B), 240(c)(4), 241(b)(3), 2 4 2 (d)(3)(B), " after "234(f),". F H A SECTION
80 Stat. 1268^. 1715.
O U T L Y I N G AREAS
?^?- ^^'^- Section 203(i) of the National Housing Act is amended by striking out "not in excess of $12,500" and inserting in lieu thereof "not in excess of $13,500". ,',
80^stat^\266'
PROGRAM
QEC. 316. (a) Section 221(h)(2)(A) of the National Housing Act is amended to read as follows: " (A) be executed by a private nonprofit corporation or association, approved by the Secretary, for financing the purchase and rehabilitation (with the intention of subsequent resale) of property comprising one or more tracts or parcels, whether or not contiguous, upon which there is located deteriorating or substandard housing consisting of (i) four or more single-family dw^ellings of detached, semidetached, or row construction, or (ii) four or more one-family units in a structure or structures for which a plan of family unit ownership approved by the Secretary is established;", (b) Section 221(h) of such Act is amended by adding at the end thereof (after the new paragraph added by section 101(c)(3) of this Act) two new paragraphs as follows: "(7) Where the Secretary has approved a plan of family unit ownership, the terms 'single-family dwelling', 'single-family dwellings', 'individual dwelling', an 'individual dwellings' shall mean a family unit or family units, together with the undivided interest (or interests) in the common areas and facilities. "(8) For purposes of this subsection, the terms 'single-family dwelling' and 'single-family dwellings' (except for purposes of paragraph (7)) shall include a two-family dwelling which has been approved by the Secretary if one of the units is to be occupied by the owner." HOUSING I N
JltTu^eV^' 12 USC 1709
221(h)
SEASONAL H O M E S
'^^*^" ^^^' ^ection 203 of the National Housing Act is amended by adding at the end thereof the following new subsection: "(m) The Secretary is authorized to insure under this section any mortgage meeting the requirements of subsection (b) of this section, except as modified by this subsection. To be eligible, the mortgage shall involve a principal obligation not in excess of $15,000 and not
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