Page:United States Statutes at Large Volume 75.djvu/191

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[75 Stat. 151]
[75 Stat. 151]
PUBLIC LAW 87-000—MMMM. DD, 1961

75

STAT.]

PUBLIC LAW 87-70-JUNE 30, 1961

sioner's estimate of the value of the property before repair and rehabilitation: Provided, That in no case involving refinancing shall such mortgage exceed such estimated cost of repair and rehabilitation and the amount (as determined by the Commissioner) required to refinance existing indebtedness secured by the property or project: Provided further, That such property or project, when constructed, or repaired and rehabilitated, shall be for use as a rental or cooperative project, and low and moderate income families or families displaced by urban renewal or other governmental action shall be eligible for occupancy in accordance with such regulations ana procedures as may be prescribed by the Commissioner and the Commissioner may adopt such requirements as he determines to be desirable regarding consultation with local public officials where such consultation is appropriate by reason of the relationship of such project to projects under other local programs; or"; (7) striking out in subsection (d)(4) "which is not a nonprofit organization" and inserting in lieu thereof "other than a mortgagor referred to in subsection (d)(3) "; (8) striking out subsection (d)(4) (ii) and inserting in lieu thereof the following: "(ii) not exceed, for such part of the property or project as may be attributable to dwelling use (excluding exterior land improvements as defined by the Commissioner), $2,260 per room (or $8,500 per family unit if the number of rooms in such property or project is less than four per family unit), except that the Commissioner may in his discretion increase the dollar amount limitation of $2,250 per room to not to exceed $2,750 per room, and the dollar amount limitation of $8,500 per family unit to not to exceed $9,000 per family unit, as the case may be, to compensate for higher costs incident to the construction of elevator type structures of sound standards of construction and design, and except that the Commissioner"^ay increase any of the foregoing dollar amount limitations contained in this paragraph by not to exceed $1,000 per room without regard to the number of rooms being less than four, or four or more, in any geographical area where he finds that'^ost levels so require;"; (9) striking out in subsection (d)(4) (iv) all that follows " ( i v) " down through '"And provided further'' and inserting in lieu thereof the following: "not exceed 90 per centum of the sum of the estimated cost of repair and rehabilitation and the Commissioner's estimate of the value of the property before repair and rehabilitation if the proceeds of the mortgage are to be used for the repair and rehabilitation of a property or project: Provided, That in no case involving refinancing shall such mortgage exceed such estimated cost of repair and rehabilitation and the amount (as determined by the Commissioner) required to refinance existing indebtedness secured by the property or project: Provided further'; (10) striking out "and" at the end of subsection (d)(4), striking out in subsection (d)(5) "provide for complete amortization" and all that follows down through "lesser;", striking out the period at the end of subsection (d)(5) and inserting in lieu thereof "; and", and adding after subsection (d)(5) the following: "(6) provide for complete amortization by periodic payments within such terms as the Commissioner may prescribe, but as to

151

Refinancing,

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^^ use nisi.