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PUBLIC LAW 87-70-JUNE 30, 1961
149
Public Law 87-70 AN ACT To asisist in. the provision of housing for moderate and low income families, to promote orderly urban development, to extend and amend laws relating to housing, urban renewal, and community facilities, and for other purposes.
June 30.,1961 [S. 192:!]
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may 19"°"*^"*^ '^'^^ "' be cited as the "Housing Act of 1961". TITLE I—NEW HOUSING PKOGKAMS HOUSING FOR MODERATE INCX)ME FAMILIES
SEC. 101. (a) Section 221 of the National Housing Act is amended by— (1) inserting before the text of such section a section heading as follows:
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" H O U S I N G FOR MODERATE INCOME AND DISPLACED FAMILIES";
(2) striking out subsection (a) and inserting in lieu thereof the ^^ ^***- ^^*' following: "(a) This section is designed to assist private industry in providing housing for low and moderate income families and families displaced from urban renewal areas or as a result of governmental action."; (3) inserting in subsection (b) after "any mortgage" the following: "(including advances during construction on mortgages covering property of the character described in paragraphs (3) and (4) of subsection (d) of this section)"; (4) striking out in subsection (d)(2) "(A) not to exceed" and ^^ ^ ® - ^5^** all that follows down through "other prepaid expenses" and inserting in lieu thereof the following: (A) not to exceed (i) siffilil^^.""^^°'^'*' $11,000 in the case of a property upon which there is located 1.^^° "'^ ^*^°"*' a dwelling designed principally for a single-family residence, " ^' (ii) $18,000 in the case of a property upon which there is located a d.welling designed principally for a two-family residence, (iii) $27,000 in the case of a property upon which there is located a dwelling designed principally tor a three-family residence, or (iv) $33,000 in the case of a property upon which there is located a dwelling designed principally for a four-family residence: Provided,That a mortgage secured by property upon which there is located a dwelling designed principally for a two-, three-, or four-family residence shall not be insured under this section except in the case of a dwelling for occupancy by a family displaced from an urban renewal area or as a result of governmental action: Provided further, That the Commissioner may increase the foregoing amounts to not to exceed $15,000, $25,000, $32,000, and $38,000, respectively, in any geographical area where he finds that cost levels so require; and (B) not to exceed the appraised value of the property (as of the date the mortgage is accepted for insurance): Provided, That (i) if the mortgagor is the owner and an occupant of the property at the time of insurance, (1) in the case of a family displaced from an urban renewal area or as a result of Government action, he shall have paid on account of the property at least $200 in the case of a single-family dwelling, $400 in the case of a two-family dwelling, $600 in the case of a three-family dwelling, and $800 in the case of a four-family dwelling, or (2) in the case of any other family, he shall have paid
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