89 2 3 4 5 TITLE III-INSURANCE FOR PROPERTY IM PROVEMENT, MOBILE HOME, AND HISTORIC STRUCTURE PRESERVATION LOANS TYPES OF LOANS SEC. 301. (a) The Secretary is authorized to insure 6 financial institutions against losses which they may sustain 7 as a result of making, advancing credit in connection with, 8 or purchasing property improvement loans, mobile home 9 loans, and historic structure preservation loans meeting the 10 requirements of this title. 11 (b) The property improvement loan shall be for the 12 purpose of financing alterations, repairs, and improvements 13 upon or in connection with existing structures or mobile 14 homes, and the building of new structures, upon urban, 15 suburban, or rural real property (including the restoration, 16 rehabilitation, rebuilding, and replacement of such improve17 ments which have been damaged or destroyed by earth18 quake, conflagration, tornado, hurricane, cyclone, flood, or 19 other catastrophe), by the owners thereof or by the lessees 20 of such real property or mobile homes under a lease expir21 ing not less than six months after the maturity of the 22 loan or advance of credit. Alterations, repairs, and im23 provements upon or in connection with existing structures 24 may include the provision of fire safety equipment. As 90 1 used in this title, the term "fire safety equipment" means 2 any device or facility which is designed to reduce the risk 3 of personal injury or property damage resulting from fire 4 and is in conformity with such criteria and standards as shall be prescribed by the Secretary. 5 6 (c) The mobile home loan shall be for the purpose of 7 financing the purchase of a mobile home to be used by the 8 owner as his principal residence. 9 10 the (d) The historic structure preservation loan shall be for purpose of financing the preservation of historic struc11 tures. As used in this title, the term "historic structures" 12 means residential structures which are registered in the Na13 tional Register of Historic Places or which are certified by 14 the Secretary of the Interior to conform to National Register 15 criteria; and the term "preservation" means restoration or 16 rehabilitation undertaken for such purposes as are approved 17 by the Secretary in regulations issued by him, after consult18 ing with the Secretary of the Interior. 19 20 2 2 2 2 2 2 22 LOAN TERMS SEC. 302. (a) Except as otherwise provided in this 21 section, a loan financing property improvements shall(1) involve an amount not exceeding $7,500, except that, if the loan is made for the purpose of financing the alteration, repair, improvement, or conversion of an existing structure used or to be used as an apartment 23 24 25 91 1 house or a dwelling for two or more families, the loan 2 3 4 5 6 7 8 shall not exceed $17,500 nor an average amount of $3,500 per family unit; and (2) have a maturity not exceeding nine years and thirty-two days, except that such maturity limitation shall not apply if the loan is for the purpose of financing the construction of a new structure for use in whole or in part for agricultural purposes. 9 Notwithstanding the foregoing limitations, any loan to 10 finance fire safety equipment for a nursing home or other 11 comparable health care facility may involve an amount not 12 exceeding $15,000 and have a maturity not exceeding 13 twelve years and thirty-two days. 14 (b) A loan financing the purchase of a mobile home 15 shall 223 23 (1) involve an amount not exceeding $10,000 ($15,000 in the case of a mobile home composed of two or more modules); and (2) have a maturity not exceeding twelve years and thirty-two days (fifteen years and thirty-two days in the case of mobile home composed of two or more modules). (c) A loan financing the preservation of a historic 24 structure shall 1 2 3 4 5 6 92 (1) involve an amount not exceeding $15,000 per family unit; and (2) have a maturity not exceeding fifteen years and thirty-two days. REFINANCING SEC. 303. Any loan with respect to which insurance. 7 is granted under this title may be refinanced and the matu8 rity thereof extended in accordance with such terms and con9 ditions as the Secretary may prescribe, but in no event for 10 an additional amount or term in excess of the maximum pro11 vided for in section 302. 12 13 PROHIBITIONS SEC. 304. The Secretary is authorized to prevent the 14 use of any financial assistance under this title 15 16 17 18 19 20 21 22 (1) which would, through multiple loans, result in an outstanding aggregate loan balance with respect to the same property or mobile home exceeding the dollar amount limitation prescribed in this title for the type of loan involved; or (2) which involves new residential structures (other than mobile homes to be purchased with financ ing under this title) that have not been completed and 23 occupied for at least six months, except where such 24 requirement is waived by the Secretary. CHIGAN 93 1 2 PROPERTY STANDARDS SEC. 305. (a) The Secretary may from time to time 3 declare ineligible for financing under this title any item, 4 product, alteration, repair, improvement or class thereof, 5 which he determines would not substantially protect or im6 prove the basic livability or utility of properties which are 7 to be improved by financing provided under this title. He 8 may also declare ineligible for financing under this title any 9 item which he determines is especially subject to selling 10 abuses. 11 (b) The Secretary shall, with respect to mobile homes 12 to be purchased with financing under this title 13 14 15 16 17 18 19 20 21 22 23 (1) prescribe minimum property standards to assure the livability and durability of the mobile home and the suitability of the site on which the mobile home is to be located; and (2) obtain assurances from the borrower that the mobile home will be placed on a site which complies with the standards prescribed by the Secretary and with local zoning and other applicable local requirements. CONTRACT PROVISIONS SEC. 306. (a) The insurance granted by the Secretary 23 to any financial institution on loans, advances of credit, and |