1. Requires homeowner to satisfy eligibility requirements prescribed by the Secretary.

2. Requires home mortgage to be insured under sec. 235 (i), or 235 (j), or 237.

3. Makes occupants of units in new or rehabilitated cooperative projects covered by mortgages insured under sec. 213 or financed under a State assistance plan eligible for assistance.

1. No similar provision. This provision is
unnecessary.

2. Only 1 insuring authority for mortgages
eligible for assistance (Sec. 401 (h)).
3. No similar provision. Cooperative projects
will be assisted under the rental assistance
program (sec. 502) whose terms are more
favorable as applied to cooperatives than are
the terms of sec. 402.

Requires Secretary to assure that sales price is not excessive. Sec. 402(f).

1. Median income in the area (adjusted according
to family size), but Secretary could establish
income ceilings higher or lower than the median
in any area where he found such variation
necessary because of construction costs,
unusually high or low median incomes, or other
factors.

3. Requires semiannual reports to Senate and
House Banking and Currency Committees
on income levels served.

Authorizes assistance with respect to existing
housing (neither new construction or rehabili-
tation) up to 25% of amount of contracts that
could be made prior to July 1, 1969 and 30 per-
cent prior to July 1, 1971.

Requires that Secretary use at least 10% of
contract funds after June 30, 1971 for
rehabilitation.

Authorizes Secretary to insure mortgages under
this section (must be executed by mortgagors
qualified to receive assistance).

2. No similar provision.

Mortgage must meet requirements of sec. 401, except
as modified. See discussions under secs. 221(d) (2)
and 234(c). Insured advances allowed where

a self-help program is involved. Sec. 402(h).

235(1)(3)

1.

Section of National Housing Act (NHA)

Sec. 235(j)

DESCRIPTION

one-family unit released from a
condominium project constructed
or rehabilitated within 2 years
of the assistance application
date and the unit has had no
other occupant.

existing single-family dwellings and
condominium units qualify if:
mortgagor is displaced, has 5 or
more minor children, or occupies
public housing, or the property was
TLT covered by a mortgage insured under
nec sec. 235(j)(4), 236 or the unit was
sin aerent supplement project.e

2. Prescribes dollar mortgage limits for cone
dominium limits (since maximum is less

and loan-to-value in sec.

limits
are incorporated by reference with respect
to 1- and 2-family dwellings. sug
3. Prescribes minimum downpaymentum

--$200 where mortgagor's income does not
exceed 135% of public housing limits;
3% of acquisition cost where mortgagor's
income is higher than these limits.
4. Authorizes 100% loan to value ratio.

Rehabilitation of substandard units by nonprofits for resale to lower income purchasers.

DISPOSITION IN REVISED NATIONAL
HOUSING ACT (RNHA)

While eligible properties are not limited to
new or rehabilitated properties, the 30% limit
on existing property would apply to both
categories. The Secretary would define "existing"
housing to exclude substantially rehabilitated
housing and condominium projects less than 2 years
old. Existing condominium project units developed
without mortgage insurance could qualify as existing
housing (see discussion under sec. 234 (c)). No
specific existing housing exceptions.

4. Same. sec. 402(h) (2), but mortgages can include
prepaid expenses. Like sec. 235 of the NHA and
unlike sec. 401 of the RNHA, the sec. 402
mortgage can include closing costs.

No separate provision. Can be accommodated under combination of secs. 502 and 402.