91ST CONGRESS 2D SESSION S. 4093 IN THE SENATE OF THE UNITED STATES JULY 16, 1970 Mr. GOODELL (for himself and Mr. JAVITS) introduced the following bill; which was read twice and referred to the Committee on Banking and Currency A BILL To authorize increases in construction cost limitations applicable to certain federally assisted housing. 1 Be it enacted by the Senate and House of Representa 2 tives of the United States of America in Congress assembled, 3 That section 221 (d) (3) (ii) of the National Housing Act 4 is amended (1) by inserting "(A)" after "except that" the first place it appears; and (2) by striking out "and except that" and inserting in lieu thereof the following: "(B) the Secretary may further increase any of the foregoing dollar limitations contained in this clause by not to exceed 10 per centum 2 1 2 in the case of any project specifically designed for elderly or handicapped persons; and (C)”. 3 SEC. 2. Title II of the National Housing Act is 4 amended by adding at the end thereof a new section as 5 follows: 6 7 8 11 12 66 ‘ADMINISTRATIVE INCREASES IN MAXIMUM MORTGAGE AMOUNTS "SEC. 243. (a) The Congress finds that inflation has 9 produced sharp increases in the costs of home construction 10 and such increases jeopardize the realization of the housing goals set forth in title XVI of the Housing and Urban Development Act of 1968. The Congress further finds that in many localities it is impossible because of rising construction costs to produce housing the per project, per dwelling, or per family unit cost of which is within the dollar limitations specified in title II of the National Housing Act. It is the 13 14 15 16 17 purpose of this section to insure, insofar as is possible, the 18 continued construction of FHA-insured housing for low19 and moderate-income persons during inflationary periods. "(b) Notwithstanding any other provision of this Act, the per project, per dwelling, or per family unit dollar limitations on the maximum principal mortgage amounts pre scribed in any section of this title may be increased by the Secretary by not to exceed 20 per centum, if the Secretary determines such action to be necessary in furtherance of the 48-279 70 pt. 2 48 3 1 purpose of this section. Any such increase shall become effective on such date and for such period of time as the Secretary prescribes and publishes in the Federal Register." SEC. 3. The first sentence of section 15 (5) of the United States Housing Act of 1937 is amended (1) by striking out "$2,800 per room ($3,900 per room" and inserting in lieu thereof "$3,360 per room ($4,680 per room"; (2) by striking out "$4,000 per room and $4,500 per room" and inserting in lieu thereof "$4,800 per room and $5,400 per room"; and (3) by striking out "$1,500" and "$1,400" and inserting in lieu thereof "$1,800" and "$1,680", respectively. 91ST CONGRESS 2D SESSION S. 4094 IN THE SENATE OF THE UNITED STATES JULY 16, 1970 Mr. GOODELL (for himself and Mr. JAVITS) introduced the following bill; which was read twice and referred to the Committee on Banking and Currency 1 A BILL To amend section 236 of the National Housing Act. Be it enacted by the Senate and House of Representa 2 tives of the United States of America in Congress assembled, 3 That section 236 of the National Housing Act is amended— (1) by striking out "25 per centum" in subsection 4 10 5 6 .7 8 9 (f) and inserting in lieu thereof "20 per centum"; and (2) by striking out all that follows "exceed" in the first sentence of subsection (i) (2) and inserting in lieu thereof the following: "the higher of (A) 90 per centum of the limits prescribed by the Secretary for occupants of 10 projects financed with mortgages insured under section 11 221 (d) (3) which bear interest at the below-market |