698
PUBLIC LAW 93-383-AUG. 22, 1974 CONDOMINIUM
Ante,
p. 697.
HOUSING
SEC. 516. (a) Title V of the Housing Act of 1949 (as amended by section 515 of this Act) is amended by adding at the end thereof the following new section: CONDOMINIUM
42 USC 1490f.
[88 STAT.
HOUSING
"SEC. 526. (a) The Secretary is authorized, in his discretion and upon such terms and conditions (substantially identical insofar as may Ante, p. 693. \)Q feasible with those specified in section 502) as he may prescribe, to make loans to persons and families of low or moderate income, and to insure and make commitments to insure loans made to persons and families of low or moderate income, to assist them in purchasing dwelling units in condominiums located in rural areas. "(b) Any loan made or insured under subsection (a) shall cover a one-family dwelling unit in a condominium, and shall be subject to such provisions as the Secretary determines to be necessary for the maintenance of the common areas and facilities of the condominium project and to such additional requirements as the the Secretary deems appropriate for the protection of the consumer. "(c) I n addition to individual loans made or insured under subsection (a) the Secretary is authorized, in his discretion and upon such terms and conditions (substantially identical insofar as may be feasible with those specified in section 515) as he may prescribe, to make or insure blanket loans to a borrower who shall certify to the Secretary, as a condition of obtaining such loan or insurance, that upon completion of the multifamily project the ownership of the project will be committed to a plan of family unit ownership under which (1) each family unit will be eligible for a loan or insurance under subsection (a), and (2) the individual dwelling units in the project will be sold only on a condominium basis and only to purchasers eligible for a loan or insurance under subsection (a). The principal obligation of any blanket loan made or insured under this subsection shall in no case exceed the sum of the individual amounts of the loans which could be made or insured with respect to the individual dwelling units in the project under subsection (a). "Condominium." u ^^^ ^ g ^ggj -j^ ^j^jg gection, the term 'condominium' means a multiunit housing project which is subject to a plan of family unit ownership acceptable to the Secretary under which each dwelling unit is individually owned and each such owner holds an undivided interest in the common areas and facilities which serve the project." 42 USC 1487. ^^^ Section 517(b) of such Act is amended by striking out "and slpr^? ^^^°" ^24" and inserting in lieu thereof "524, and 526". (c)(1) Section 521(a)(1) of such Act (as amended by section 514 Ante, p. 696. (g/) of this Act) Is amended— 42 USC 1485. ( ^) by striking out "and loans under section 515" and inserting in lieu thereof "loans under section 515"; and (B) by inserting after "elderly families," the following: "and loans under section 526 to provide condominium housing for persons and families of low or moderate income,". (2) Section 521(b) of such Act is amended— (A) by striking out "or 5 1 7 (a)(1) " and inserting in lieu thereof 'S 517(a)(1), or 526(a)"; and (B) by inserting "or 526 (c) " after "under section 515". (3) Section 521(c) of such Act (as amended by section 514(b) of this Act) is amended by inserting "and section 526" after "section 617(h)".
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