Page:United States Statutes at Large Volume 88 Part 2.djvu/51
88 STAT. ]
PUBLIC LAW 93-449-OCT. 18, 1974
(2) Section 2(b) of such Act is amended by adding at the end thereof the following new paragraph: "A loan financing the preservation of a historic structure shall— "(1) involve an amount not exceeding $15,000 per family unit; and " (2) have a maturity not exceeding fifteen years and thirty-two days.". (b) Section 203 of the National Housing Act is amended by adding cooperative at the end thereof the following: _ m°o"tgaleiniur-^' " (n)(l) The Secretary is authorized to insure under this section ance.u s e 1709. 12 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 dwelling unit in a cooperative housing project which is covered by a blanket mortgage insured under this Act. The mortgage amount as determined under the other provisions of subsection (b) of this section shall be reduced by an amount equal to the portion of the unpaid balance of the blanket mortgage covering the project which is attributable (as of the date the mortgage is accepted for insurance) to such unit. "(2) For the purpose of this subsection— Definitions. " (A) The terms 'home mortgage' and 'mortgage' include a first lien given (in accordance with the laws of the State where the property is located and accompanied by such security and other undertakings as may be required under regulations of the Secretary) to secure a loan made to finance the purchase of stock or membership in an nonprofit cooperative ownership housing corporation the permanent occupancy of the dwelling units of which is restricted to member's of such corporation, where the purchase of such stock or membership will entitle the purchaser to the permanent occupancy of one of such units. " (B) The terms 'appraised value of the property', 'value of the property', and 'value' include the appraised value of a dwelling unit in a cooperative housing project of the type described in subparagraph (A) where the purchase of the stock or membership involved will entitle the purchaser to the permanent occupancy of that unit; and the term 'property' includes a dwelling unit in such a cooperative project. " (C) The term 'mortgagor' includes a person or persons giving a first lien (of the type describe in subparagraph (A)) to secure a loan to finance the purchase of stock or membership in a cooperative housing corporation." (c) Section 10(b) of the Federal Home Loan Bank Act (12 U.S.C. TasTJcuriT^ 1430(b)), as amended, is amended by striking the dollar figure "^^ as secun y. "$40,000" and inserting in lieu thereof "$55,000 (except that with respect to dwellings in Alaska, Guam, and Hawaii the foregoing limitation may, by regulation of the Board, be increased by not to exceed 50 per centum)". (d) Section 5(c) of the Home Owners' Loan Act of 1933 (12 U.S.C. 1464(c)), as amended, is amended by adding in the nineteenth paragraph thereof after the phrase "section 401(d) " the following phrase: "or section 408(a) ". (e) Section 5 of Public Law 93-387 is amended to read: "The Coun^'^'^P-JJ'}: 12 USC 1904 cil shall report to the President, and through him to the Congress, on a note. quarterly basis and not later than thirty days after the close of each calendar quarter, concerning its activities, findings, and recommendations with respect to the containment of inflation and the maintenance of a vigorous and prosperous peacetime economy.".