Page:United States Statutes at Large Volume 82.djvu/543

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[82 STAT. 501]
[82 STAT. 501]
PUBLIC LAW 90-000—MMMM. DD, 1968




PUBLIC LAW 90-448-AUG. 1, 1968


" (A) be executed by a private mort<:^ag'or eligible under subsection (d)(8) or (e) of section 221: " (B) bear interest (exclusiveof premium charges for insurance and service charges, if any) at not to exceed such per centum per annum (not in excess of 0 per centum), on the amount of the principal obligation outstanding at any time, as the Secretary finds necessary to meet the mortgage market; and " (C) provide for complete amortization by periodic payments within such term as the Secretary may prescribe. "(5) The property or project shall— " (A) comply with such standards and conditioiis as the Secre tary may prescribe to establish the acceptability of the property for mortgage insurance and may include such nondwelling facilities as the Secretary deems adequate and appropriate to serve the occupants and the surrounding neighborhood: Provided, That the project shall be predominantly residential and any nondwelling facility included in the mortgage shall be found by the Secretary to contribute to the economic feasibility of the project, and the Secretary shall give due consideration to the possible eirect of the ]:)roject on other business enterprises in the community: Provided further, That, in the case of a project designed primaril3' for occupancy by elderly or handicapped families, the project may include related facilities for use by elderly or handicapped families, including cafeterias or dining halls, community rooms, workshops, intirmaries, or other inpatient or outpatient health facilities, and other essential service facilities: " (B) include five or more dwelling units; and " (C) be designed primarily for use as a rental project to be occupied by lower income families or by elderly or handicapped families: Provided. That lower income persons who are less than sixty-two years of age shall be eligible for occupancy in such a project, but not more than 10 per centum of the dwelling units in any such project shall be available for occupancy by such persons. "(6) With the approval of the Secretary, the mortgagor may sell the individual dwelling units to lower income or elderly or handicapped purchasers. The Secretary may consent to the release of the mortgagor from his liability under the mortgage and the credit instrument secured thereby, or consent to the release of parts of the mortgaged property from the lien of the mortgage, upon such terms and conditions as he may prescribe, and the mortgage may provide for such release. " (k) As used in this section the term 'tenant' includes a member of a cooperative; the term 'rental housing project' includes a cooperative housing project; and the terms 'rental' and 'rental charge' mean, with respect to menibers of a cooperative, the charges under the (x;cupancy agreements between such members and the cooperative. "(1) The Secretary shall from time to time allocate and transfer to the Secretary of Agriculture, for use (in accordance with the terms and conditions of this section) in rural areas and small towns, a reasonable portion of the total authority to contract to miake peri<><lic interest reduction payments as approved m appropriation Acts under subsection (i). " (m) I n determining the income of any person for the purposes of this section, there shall be deducted an amount equal to $300 for each minor person who is a member of the immediate family of such person and living wath such family, and the earnings of any such minor person shall not be included in the income of such person or iiis family."' (b)(1) Section 212(a) of the National ITousiui^ Act is amended by ' ^ '

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75 Stat. 150; 12 USC 1715^


S3 Stat. 807. 12 USC 1715C.