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of 1968 to provide preoccupancy and postoccupancy coun

seling to lower income families.

(b) The assistance payments to a mortgagee by the

4 Secretary on behalf of a mortgagor shall be made during

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such time as the mortgagor shall continue to occupy the

6 property which secures the mortgage. Such payments may

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also be made on behalf of a homeowner who assumes a 8 mortgage insured under this section with respect to which

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9 assistance payments have been made on behalf of the previous owner, if the new homeowner is approved by the Secre11 tary as eligible for receiving such assistance. The Secretary is also authorized to continue making assistance payments

13 where the mortgage has been assigned to the Secretary. 14 (c) The assistance payment shall be in an amount not 15 exceeding the lesser of

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(1) the balance of the monthly payment for principal, interest, taxes, insurance, and mortgage insurance premium due under the mortgage remaining unpaid

after applying 20 per centum of the mortgagor's income as determined by the Secretary; or

(2) 50 per centum of the monthly payment for principal, interest, taxes, insurance, and mortgage insurance premiums due under the mortgage.

(d) The Secretary may include in the payment to the

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1 mortgagee such amount, in addition to the amount computed 2 under subsection (c), as he deems appropriate to reimburse

3 the mortgagee for its additional expenses in handling the 4 mortgage.

5 (e) Procedures shall be adopted by the Secretary for 6 recertifications of the mortgagor's income at intervals of two 7 years (or at shorter intervals where the Secretary deems it 8 desirable) for the purpose of adjusting the amount of the 9 assistance payments within the limits of the formula described 10 in subsection (c).

11 (f) The Secretary shall take such steps as he deems 12 necessary to assure that the sales price of, or other considera13 tion paid in connection with, the property with respect to 14 which assistance payments are to be made is not inflated or 15 excessive.

16 (g) There are authorized to be appropriated such 17 sums as may be necessary to carry out the provisions of this 18 section, including such sums as may be necessary to make 19 the assistance payments under contracts entered into under 20 this section. The aggregate amount of outstanding contracts 21 to make such payments shall not exceed amounts approved 22 in appropriation Acts, and payments pursuant to such con23 tracts (and any contracts entered into under section 235 of 24 the National Housing Act) shall not exceed $75,000,000 25 per annum prior to July 1, 1969, which maximum dollar

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1 amount shall be increased by $125,000,000 on July 1,

2 1969, by $150,000,000 on July 1, 1970, by $200,000,000

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on July 1, 1971, and by $150,000,000 on July 1, 1974.

(h) The Secretary is authorized to insure a home mort5 gage (including advances with respect to property con6 structed or rehabilitated pursuant to a self-help program) 7 which is to be assisted under this section or under part B of 8 title I of the Housing and Urban Development Act of 1973 9 and which meets the requirements of section 401, except as 10 such requirements are modified by this section. The mortgage 11 shall

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(1) involve a single-family dwelling or a two- to three-family dwelling one of the units of which is to be occupied by the owner and the remaining unit or units rented to lower income families;

(2) have a principal obligation not to exceed the Secretary's appraised value of the property as of the

date the mortgage is accepted for insurance (or in the case of rehabilitation the sum of the estimated cost of rehabilitation and the Secretary's estimate of the value of the property before rehabilitation); and

(3) be executed by a mortgagor who shall have paid from his own funds or resources at least 3 per centum

of the Secretary's estimate of the cost of acquisition,

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which amount (in cash or its equivalent) may be applied

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for the payment of closing costs and prepaid expenses.

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(i) As used in this section the term "lower income 4 families" means those families (1) who are financially un5 able to acquire new or existing housing, determined period6 ically by the Secretary to be available in adequate supply 7 in the area, under section 401, and (2) whose incomes do 8 not exceed 80 per centum of the median income for the area, 9 as determined by the Secretary with adjustments for smaller 10 and larger families, except that the Secretary may establish 11 income ceilings higher or lower than 80 per centum of the 12 median for the area on the basis of his findings that such 13 variations are necessary because of prevailing levels of con14 struction costs, unusually high or low median family incomes, 15 or other factors.

TITLE V-PROJECT MORTGAGE INSURANCE

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MULTIFAMILY HOUSING

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SEC. 501. (a) For the purposes of this section

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(1) The term "multifamily housing" means (i) hous20 ing or a housing project in which the occupancy of the dwell21 ing units is permitted by the owner thereof in considera22 tion of the payment of agreed rental charges; (ii) housing 23 or a housing project which is owned by a cooperative or 24 which is constructed or rehabilitated by an investor-sponsor 25 who meets such requirements as the Secretary may im

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1 pose to assure that the consumer interest is protected, 2 and who has an agreement for the sale of the project to a 3 cooperative eligible for mortgage insurance under the pro4 visions of this title; (iii) housing or a housing project in 5 which the individual dwelling units are to be sold, on a 6 condominium basis by a cooperative, or otherwise, to pur7 chasers eligible for mortgage insurance under the provi8 sions of title IV; and (iv) a mobile home park.

9 (2) The term "replacement cost" means the Secre10 tary's estimate of the value of the land, the cost of the 11 proposed physical improvements, utilities within the bound12 aries of the property or project, architect's fees, taxes and 13 interest during construction, such other miscellaneous 14 charges incident to construction and the initial operation or 15 disposition of the project as may be approved by the Secre16 tary, and a builder's and sponsor's profit and risk allowance 17 of 10 per centum of all of the foregoing items except the 18 land, or such lower percentage as the Secretary deems to be 19 reasonable and prescribes by regulation with respect to all 20 or to particular categories of projects. In the case of a 21 cooperative or nonprofit mortgagor, the foregoing profit and 22 risk allowance shall be paid exclusively to the builder in 23 lieu of any other fee.

24 (b) The Secretary is authorized to insure a mortgage 25 (including advances) which covers property involving a

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