PUBLIC LAW 87-70-JUNE 30, 1961
(k) Section 227 of such Act is amended by— (1) striking out in subsection (a) "or (vi) under section 810 if the mortgage meets the requirements of subsection (f) " and inserting in lieu thereof "(vi) under section 233 if the mortgage meets the requirements of subsection (b)(2), or (vii) under section 810 if the mortgage meets the requirements of subsection (2) striking out in subsection (b) the word "value" and inserting in lieu thereof "value, cost,"; and (3) striking out in the second and third sentences of subsection (c) "section 221 if the mortgage meets the requirements of paragraph (4) of subsection (d) thereof, or section 231," and inserting in lieu thereof "section 221(d)(3), section 221(d)(4), section 231, or section 233(b)(2),". (1) Section 229 of such Act is amended to read as follows: a VOLUNTARY
TITLE VII—OPEN SPACE LAND AND
12 USC vnsr. 12 USC i748h-2. ^"'«' P* i^s.
^2 USC irisi. ^2 USC i7i5v. H ^^^ vnit.
"SEC. 229. Notwithstanding any other provision of this Act and with respect to any loan or mortgage heretofore or hereafter insured under this Act, except under section 2, the Commissioner is authorized to terminate any insurance contract upon request by the borrower or mortgagor and the financial institution or mortgagee and upon payment of such termination charge as the Commissioner determines to be equitable, taking into consideration the necessity of protecting the various insurance Funds and Accounts. Upon such termination, borrowers and mortgagors and financial institutions and mortgagees shall be entitled to the rights, if any, to which they would be entitled under this Act if the insurance contract were terminated by payment in full of the insured loan or mortgage." (m) Section 231(c)(2) of such Act is amended to read as follows: "(2) not exceed, for such part of such property or project as may be attributable to dwelling use (excluding exterior land improvements as defined by the Commissioner), $2,250 per room (or $9,000 per family unit if the number of rooms in such property or project is less than four per family unit): Provided, That as to projects to consist of elevator-type structures, 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 $9,000 per family unit to not to exceed $9,400 per family unit, as the case may be, to compensate for the higher costs incident to the construction of elevator-type structures of sound standards of construction and design; except that the Commissioner may, by regulation, increase any of the foregoing dollar amount limitations contained in this paragraph by not to exceed $1,250 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 cost levels so require;".
SEC. 701. (a) The Congress finds that a combination of economic, social, governmental, and technological forces have caused a rapid expansion of the Nation's urban areas, which has created critical problems of service and finance for all levels of government and which, combined with a rapid population growth in such areas, threatens severe problems of urban and suburban living, including the loss of
^2 USC 1703.
^2 USC i7i5v.