Page:United States Statutes at Large Volume 82.djvu/521

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[82 STAT. 479]
[82 STAT. 479]
PUBLIC LAW 90-000—MMMM. DD, 1968

82 STAT. ]

PUBLIC LAW 90-448-AUG. 1, 1968

479

" (d) Assistance payments to a mortgagee by the Secretary on behalf of a family holding membership in a cooperative association operating a housing project shall be made only during such time as the family is an occupant of such project and shall be in amounts computed on the basis of the formula set forth in subsection (c) applying the cooperative member's proportionate share of the obligations under the project mortgage to the items specified in the formula. "(e) The Secretary may include in the payment to the mortgagee such amount, in addition to the amount computed under subsection (c), (d), or (j)(7), as he deems appropriate to reimburse the mortgagee for its expenses in handling the mortgage. "(f) Procedures shall be adopted by the Secretary for recertifications of the mortgagor's (or cooperative member's) income at intervals of two years (or at shorter intervals where the Secretary deems it desirable) for the purpose of adjusting the amount of such assistance payments within the limits of the formula described in subsection (c). " (g) The Secretary shall prescribe such regulations as he deems necessary to assure that the sales price of, or other consideration paid in connection with, the purchase by a homeowner of the property with respect to which assistance payments are to be made is not increased above the appraised value on which the maximum mortgage which the Secretary will insure is computed. " (h)(1) There are authorized to be appropriated such sums as may Appropriation. be necessary to carry out the provisions of this section, including such sums as may be necessary to make the assistance payments under contracts entered into under this section. The aggregate amount of contracts to make such payments shall not exceed amounts approved in appropriation Acts, and payments pursuant to such contracts shall not exceed $75,000,000 per annum prior to July 1, 1969, which maximum dollar amount shall be increased by $100,000,000 on July 1, 1969, and by $125,000,000 on July 1, 1970. " (2) Not more than 20 per centum of the total amount of assistance payments authorized to be contracted to be made pursuant to appropriation Acts shall be contracted to be made on behalf of families whose incomes at the time of their initial occupancy exceed 135 per centum of the maximum income limits which can be established in the area, pursuant to the limitations prescribed in sections 2(2) and 15(7)(b) (ii) of the United States Housing Act of 1987, for initial 79 Stat. 457; occupancy in public housing dAvellings, but the incomes of such fam- ^^42 USC ^1402, ilies at the time of their initial occupancy shall in no case exceed 90 i4is. l>er centum of the limits prescribed by the Secretary for occupants of projects financed with mortgages insured under section 221(d)(3) 75 Stat. 150. which bear interest at the below-market interest rate prescribed in the 12 USC 1715^ proviso of section 221(d)(5). The limitations prescribed in this para- 75 Stat. 152; graph shall be administered by the Secretary so as to accord a prefer- 79 Stat. 454. ence to those families whose incomes are within the lowest practicable limits for achieving homeownership with assistance under this section. The Secretary shall report annually to the respective Committees on Report to conBanking and Currency of the Senate and House of Representatives gressional comwith respect to the income levels of families on behalf of which assist- mittees. ance payments have been made under this section. "(3) Notwithstanding the provisions of subsections (b)(2) and (i)(3)(A) with respect to the prior construction or rehabilitation of a dwelling, or of the project in which there is a dwelling unit, for which assistance payments may be made, and notwithstanding the provisions of subsection (j)(l) authorizing the purchase of housing which is neither deteriorating nor substandard, not more than— " (A) 25 per centum of the total amount of contracts for as-