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DISPOSITION IN REVISED NATIONAL

HOUSING ACT (RNHA)
Project mortgage can be insured under sec. 502.

See sec. 501(a)(iii), but public bodies not qualified
under sec. 502. Two-family dwellings cannot
qualify under sec. 402 under which the individual
mortgages will be insured. Like section 235(j) of the
NHA the purchase of a combination of existing sub-
standard and standard units could be financed. The
Secretary would have the discretion under sec. 402 to
exclude units rehabilitated pursuant to sec. 502
from the 30% existing housing limitation in sec. 402.

1. Five or more units are required. Sec. 501(1).

2.

Same.

Sec. 502(i)(2)

3. No statutory interest rate. 4. Same. Sec. 501(h).

See sec. 4.

5. No similar provision. This provision is

unnecessary.

235(j) (3)

No similar provision.

Requires area in which housing is located to be sufficiently stable and have adequate public facilities to support long-term values.

closing costs and prepaid expenses). Sec. 402(h)

(2). 3. No similar provision. This provision is

235(3)(2)

1. Requires project to contain four or more

units (unless none involves rehabilitation). 2. Requires mortgage not exceed the appraised

value of the unit plus the cost of any

rehabilitation.
3. Prescribes maximum interest rate of 6%.
4. Secretary authorized to prescribe mortgage

term.
5. Authorizes individual units to be released

from the lien of the mortgage upon sale.

235(3) (4)

1. Contained in sec. 402(h).

1. Authorizes Secretary to insure individual

mortgages released from 235(j)(1) project

mortgages.
2. Requires mortgage amount not exceed unpaid

portion of blanket mortgage allocable to

dwelling. 3. Requires interest rate to be the same as for

the blanket mortgage.

2. Appraised value of unit (including

unnecessary.

DISPOSITION IN REVISED NATIONAL
HOUSING ACT

(RNHA)

4. Secretary establishes term. Sec. 401(b)(2). 5. Same. Sec. 402(h) (2) 6. No similar provision. This provision is

7. No similar provision. This provision is

Described under first heading - 235(j)(1) of NHA.

Contained in sec. 402(k).

Section of National
Housing Act (NHA)

DESCRIPTION

235(j) (4)
continued

4. Requires term not exceed remaining term

of the blanket mortgage.
5. Requires $200 minimum downpayment.
6. Authorizes units in project to be

operated as rental units controlled

by the Secretary until they are sold. 7. Specifies no adjusted premium charge

upon termination of blanket mortgage.

unnecessary

unnecessary

235(j)(5) (6)

Contains definitions

· 235 (k)

Authorizes the Secretary to transfer contract
authority to the Secretary of Agriculture for
use in small towns and rural areas.

235 (1)

Contained in sec.

402 (j).

Provides that the "income" of a family be,
computed by deducting $300 for each minor in
the household and by excluding any
earnings of minors,

Sec. 236

Contained in sec.

502.

Rental and Cooperative Housing for Lower Income
Families.
States purpose of section.

236(a)

Same, except "families" changed to read "tenants" to reflect elimination of limitations now contained in the NHA on the occupancy of nonelderly individials. Sec. 502(a).

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Contained in sec. 502 (b), except State payment must be new or rehabilitated.

236(c)

Same.

Sec. 502(c).

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Provides that the assistance payment equal the difference between the monthly payment for principal, interest, and monthly insurance premium due under the mortgage and the payment for principal and interest that would be due under a 1% mortgage.

Contained in sec. 502(d).

Authorizes Secretary to reimburse the mortgagee for his additional expenses in handling

236 mortgage.

sec

Contained in sec. 502(e).

Section of National Housing Act (NHA)

DESCRIPTION

DISPOSITION IN REVISED NATIONAL
HOUSING ACT (RNHA)

236(b)

66-842 0 - 71 - pt. 1 ---13

Requires assistance' payments to be made during
such time as the mortgage is insured under
this section (or held by the Secretary) or the
project is assisted under a State or local
program.

236(d)

236(e)

Authorizes Secretary to regulate tenant
eligibility and rents and to prescribe
procedures for recertification of tenant incomes
at least every two years.

236(f)

Requires tenant to pay rental equal to the greater of the basic rental for his unit (amount required to operate the project with the maximum subsidy) or 25% of his income, but the rental cannot exceed the market rental for the unit (the amount required to operate the project without any subsidy).

Same, except in up to 20% of units in any project additional assistance payments may be made to lower rent paid to 30% of basic rental or to 25% of tenant's income. Sec. 502 (1).

DISPOSITION IN REVISED NATIONAL HOUSING ACT (RNHA)

Contained in sec. 502(g), but no revolving fund
is created and returned funds are credited to
appropriations for use until the end of the next
fiscal year.

Contained in sec. 502(h) (1), except open-end authorizations after July 1, 1971.

Section of National
Housing Act (NHA)

DESCRIPTION

236(g)

Requires project owners periodically to pay to
the Secretary rentals collected in excess
of the basic rental charges. Moneys
so returned are deposited in a revolving fund
for reuse in making assistance payments.

236(h)

Authorizes Secretary to issue regulations,
adopt procedures, and enter into agreements
to carry out these provisions.

No similar provision. This provision is
unnecessary.

236(i)(1)

Authorizes appropriations for annual assistance payments.

236(i)(2)

Contained in sec.

501(j)(2).

Prescribes income limits on eligibility of
families to receive assistance
1. Not more than 20% of contract funds

approved in appropriation Acts can
be used to assist families whose
incomes at the time of the initial
renting of the project exceed 135%
of the maximum limits that could be
established in the area for initial
occupancy in public housing, but these
incomes cannot exceed 90% of the
limits established by the Secretary for
occupancy of sec. 221(d) (3) BMIR
projects in the area.

l. 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.

other

DISPOSITION IN REVISED NATIONAL
HOUSING ACT (RNHA)

Contained in sec. 502(i) (1).

236(3)(2)

.

1.

Defines 1. "Family" and "families" to have the same

meaning as in sec. 221. 2. "Elderly or handicapped families" to

have the same meaning as in sec. 202 of

the Housing Act of 1959. 3. "Mortgage", "mortgagee", and "mortgagor"

to have the same meaning as in sec. 201.

No similar provision. No definition of "family". No similar provision. No definition of "elderly or handicapped families".

2.

3.

Same as sec. l

Section of National Housing Act (NHA)

DESCRIPTION

236(i)(2)
continued

2. No similar provision.

2. Requires preference in occupancy to be

given to families with lowest practicable

incomes,
3. Requires semiannual reports to Senate and

House Banking and Currency Committees
on income levels served.

3. No similar provision.

236(3)(1)

Authorizes Secretary to insure mortgages under sec. 236.

236(3) (3)

1.

Requires mortgage to meet requirements of section 221 (d)(1) and (d)(3) except as modified.

1. Must meet requirements of sec. 501 (see

discussion under headings of 221 (d) (1) and 221 (d) (3) for differences). Sec. 502(i)(1).

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