Appropriation. 68 Stat. 607. 12 USC 1715q.
PUBLIC LAW 90-448-AUG. 1, 1968
because of the character of their seasonal employment or for other reasons, have not maintained continuous employment under one employer during that time; and "(4) require monthly payments which, in combination with local real estate taxes on the property involved, do not exceed 25 per centum of the applicant's income, based on his average monthly income during the year prior to his application or the average monthly income during the three years prior to his application, whichever is higher. " (d) The Secretary shall give preference in approving mortgage insurance applications under this section to families living in public housing units, especially those families required to leave public housing because their incomes have risen beyond the maximum prescribed income limits, and families eligible for residence in public housing who have been displaced from federally assisted urban renewal areas. "(e) The Secretary is authorized to provide, or contract with public or private organizations to provide, such budget, debt management, and rehited counseling services to mortgagors whose mortgages are insured under this section as he determines to be necessary to meet the objectives of this section. The Secretary may also provide such counseling to otherwise eligible families who lack sufficient funds to supply a down payment to help them to save an amount necessary for that purpose. " (f) The aggregate principal balance of all mortgages insured under this section and outstanding at one time shall not exceed $200,000,000. " (g) There are authorized to be appropriated such sums as may be necessary to carry out the provisions or subsection (e) of this section." (b) Section 226 of the National Housing Act is amended by inserting "235(i), 237," after "234,". RELAXATION
68 Stat. 605. 12 USC 1715n. 53 Stat. 807. 12 USC 1715c.
Repeal. 80 Stat. 1266. 12 USC 1709.
MORTGAGE INSURANCE REQUIREMENTS URBAN NEIGHBORHOODS
SEC. 103. (a) Section 223 of the National Housing Act is amended by adding at the end thereof a new subsection as follows: " (e) Notwithstanding any of the provisions of this title except section 212, and without regard to limitations upon eligibility contained in any section of this title, the Secretary is authorized, upon application by the mortgagee, to insure under any section of this title a mortgage executed in connection with the repair, rehabilitation, construction, or purchase of property located in an older, declining urban area in which the conditions are such that one or more of the eligibility requirements applicable to the section of this title under which insurance is sought could not be met, if the Secretary finds that (1) the area is reasonably viable, giving consideration to the need for providing adequate housing for families of low and moderate income in such area, and (2) the property is an acceptable risk in view of such consideration. The insurance of a mortgage pursuant to this subsection shall be the obligation of the Special Risk Insurance Fund." (b) Section 203(1) of such Act is repealed. SPEX:;iAL. RISK INSURANCE FUND
12 USC 17071715y.
SEC. 104. (a) Title II of the National Housing Act is amended by adding after section 237 (as added by section 102 of this Act) the following new section: