76 STAT.]
PUBLIC LAW 87-723-SEPT. 28, 1962
671
and related facilities and the purchase of land constituting a minimum adequate site, in order to provide them with adequate dwellings and related facilities for their own use."; (B) by inserting at the end of subsection (b) the following new paragraph: "{3) For the purposes of this title, the term 'elderly persons' means "Elderly perpersons who are 62 years of age or over."; and (C) by inserting immediately before the semicolon at the end of clause (1) of subsection (c) the following: ", or that he is an elderly person in a rural area without an adequate dwelling or related facilities for his own use". Loans for hous(2) Section 502(a) of such Act is amended by adding at the end ing on adequate thereof the following new sentence: "In cases of applicants who are farms. elderly persons, the Secretary may accept the personal liability of any 42 USC 1472. person with adequate repayment ability who will cosi^n the applicant's note to compensate for any deficiency in the applicant's repayment ability." (b) Title V of the Housing Act of 1949 is amended by adding at 63 Stat. 432. 42 USC 1471the end thereof the following new section: 1484. " D I R E C T A N D I N S U R E D L O A N S TO PROVIDE H O U S I N G A N D RELATED F A C I L I T I E S
FOR E L D E R L Y P E R S O N S AND FAMILIES IN RURAL AREAS
"SEC. 515. (a) The Secretary is authorized to make loans to private nonprofit corporations and consumer cooperatives to provide rental housing and related facilities for elderly persons and elderly families of low or moderate income in rural areas, in accordance with terms and conditions substantially identical with those specified in section 502; except that— " (1) no such loan shall exceed the development cost or the value of the security, whichever is less; "(2) such loans shall bear interest at rates determined by the Secretary, not to exceed the maximum rate provided in section 202(a)(3) of the Housing Act of 1959; and "(3) such a loan may be made for a period of up to fifty years from the making of the loan. There is authorized to be appropriated not to exceed $50,000,000, which shall constitute a revolving fund to be used by the Secretary in carrying out this subsection. " (b) The Secretary is authorized to insure and make commitments to insure loans made to any individual, corporation, association, trust, or partnership to provide rental housing and mlated facilities for elderly persons and elderly families in rural areas, in accordance with terms and conditions substantially identical with those specified in section 502; except that— "(1) no such loan shall exceed $100,000 or the development cost or the value of the security, whichever is least; "(2) such loans shall bear interest at rates determined by the Secretary, not to exceed the maximum rate provided in section 203 (b)(5) of the National Housing Act; "(3) provide for complete amortization by periodic payments within such term as the Secretary may prescribe; "(4) for insuring such loans, the Secretary shall utilize the Agricultural Credit Insurance Fund subject to all the provisions of section 309 and the second and third sentences of seqtion 308 of the Consolidated Farmers Home Administration Act of 1961, including the authority in section 309(f)(1) of that Act to utilize the insurance fund to make, sell, and insure loans which could be
42 USC 1472.
73 Stat. 667. 12 USC i.701q. Appropriation.
68 Stat. 591. 12 USC 1709.
Agricultural eredit Insurance Fund. 75 Stat. 309, 308. 7 USC 1929, 1928.
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