2.

Prescribes maximum interest rate of 6%.
3. Authorizes Secretary to prescribe term
of mortgage

Authorizes project to include nondwelling
facilities to secure neighborhood as well
as occupants.

3. Requires project to contain five or more units, and Secretary can approve projects with no individual kitchen facilities.

4. Limits occupancy by non-elderly single persons to 10% of units in a project.

5. Authorizes use of unused space in projects for classrooms.

Authorizes sale of individual units to lower income purchasers..

4. No similar provision. There is no limitation
on the percentage of units non-elderly
single persons can occupy in a project.

5. No similar provision. This provision is
unnecessary.

No similar provision. This provision is
unnecessary.

2. Requires Secretary to look behind record
to determine whether extenuating circum-
stances exist and whether the applicant
can, with budget and related counseling, be
able to achieve homeownership. (Heavy
reliance placed on screening by nonprofit
groups which will provide counseling.

3. Requires mortgage amount not exceed $18,000, or $21,000 in high-cost area.

No separate provision. Substantially the same purposes can be accomplished through experience with sec. 402 subsidized mortgages for lower income families which are "special risk" mortgages and through a limited number of sec. 401 mortgages. Of the three groups to be afforded a preference under sec. 237, one (over-income families forced out of public housing) will no longer exist if the provisions of title II of 1971 HUD bill are enacted, and the other two categories can be handled directly under the homeownership assistance program of sec. 402.

The same counseling services are provided by sec. 903 of the 1970 HUD Act.

Same.

Insurance settlement terms similar to terms of sec. 221 of the NHA now available (in Secretary's discretion) for any mortgage insured under the RNHA.

(1)

Contained in sec. 201(b). for the same types of mortgages that are obligations of this fund under the NHA, plus mortgages covering experimental property and housing for research and development employees (these would be obligations of the General Insurance Fund if insured under the NHA).

(2) This provision would still be in effect. addition, the Special Risk Insurance Fund is authorized to borrow from the General Insurance Fund or Cooperative Management Housing Insurance Fund. Sec. 201(g).

(3)

Contained in sec. 201(c).

In

(3) Provides for the crediting of income items to the fund and charging of expenses.

(4) Authorizes the investment of surplus money in the fund in U. S. or U.S. agency direct or guaranteed obligations and directs that to maximum extent feasible investment be made in bonds where proceeds will directly support mortgage market.

(4)

Contained in sec. 201(f), but no direction as to housing investment.