Page:United States Statutes at Large Volume 75.djvu/218

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[75 Stat. 178]
[75 Stat. 178]
PUBLIC LAW 87-000—MMMM. DD, 1961

178

i" use'1709' 12 us^c m9.

PUBLIC LAW 87-70-JUNE 30, 1961

[75 STAT.

(3) by striking out "70 per centum" and inserting in lieu thereof "75 per centum". (b) Section 203(b)(2) of such Act is amended (1) by striking out "$22,500" and inserting in lieu thereof "$25,000", and (2) by striking out "or $25,000" and inserting in lieu thereof "or $27,500". (c) Section 203(b)(3) of such Act is amended by striking out "thirty years" and inserting in lieu thereof "thirty-five years (or thirty years if such mortgage is not approved for insurance prior to construction)". AUTHORITY TO REDUCE PREMIUM CHARGES

52 Stat. 11. 12 USC 1709.

SEC. 606. The first sentence of section 203(c) of the National Housing Act is amended to read as follows: "The Commissioner is authorized to fix premium charges for the insurance of mortgages under the separate sections of this title but in the case of any mortgage such charge shall be not less than an amount equivalent to one-fourth of 1 per centum per annum nor more than an amount equivalent to 1 per centum per annum of the amount of the principal obligation of the mortgage outstanding at any time, without taking into account delinquent payments or prepayments: Provided, That any reduced premium charge so fixed and computed may, in the discretion of the Commissioner, also be made applicable in such manner as the Commissioner shall prescribe to each insured mortgage outstanding under the section or sections involved at the time the reduced premium charge is fixed." S E C T I O N 207 RENTAL HOUSING INSURANCE

W us°c Ihz.

SEC. 607. Section 207 of the National Housing Act is amended by— (1) striking out the first paragraph of subsection (b)(2) and inserting in lieu thereof the following: "(2) any other mortgagor approved by the Commissioner which, until the termination of all obligations of the Commissioner under the insurance and during such further period of time as the Commissioner shall be the owner, holder, or reinsurer of the mortgage, is regulated or restricted by the Commissioner as to rents or sales, charges, capital structure, rate of return, and methods of operation to such extent and in such manner as to provide reasonable rentals to tenants and a reasonable return on the investment. The Commissioner may make such contracts with and acquire, for not to exceed $100, such stock or interest in the mortgagor as he may deem necessary to render effective the regulations or restrictions. The stock or interest acquired by the Commissioner shall be paid for out of the Housing Fund, and snail be redeemed by the mortgagor at par upon the termination of all obligations of the Commissioner under the insurance."; (2) inserting in subsection (c)(3) after the words "attributable to dwelling use" the following: "(excluding exterior land improvements as defined by the Commissioner)"; (3) striking out "$1,500 per space" in subsection (c)(3) and inserting in lieu thereof "$1,800 per space"; and (4) inserting in the first sentence of subsection (i) after the words "of this section" the following: ", except that debentures 1715Z." ^ ^ 1715k, issued pursuant to the provisions of section 220(f), 221(g), and Ante, p. 158. section 233 may be dated as of the date the mortgage is assigned (or the property is conveyed) to the Commissioner'.