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

for the payment of closing costs and prepaid expenses.

(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,

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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.

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TITLE V-PROJECT MORTGAGE INSURANCE

MULTIFAMILY HOUSING

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

(1) The term "multifamily housing" means (i) hous

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21 ing units is permitted by the owner thereof in considera22 tion of the payment of agreed rental charges; (ii) housing 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.

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(b) The Secretary is authorized to insure a mortgage

25 (including advances) which covers property involving a

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1 multifamily housing project. The mortgage shall be executed 2 by a mortgagor approved by the Secretary. The mortgage 3 may involve the financing of new construction, the rehabili4 tation of an existing structure or structures, or the purchase 5 or refinancing of an existing project (as defined by the Sec6 retary) which meets such standards as may be prescribed 7 by the Secretary.

8 (c) If new construction is involved, the mortgage shall

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have a principal obligation not in excess of 90 per centum 10 (98 per centum in the case of a cooperative mortgagor) of 11 the estimated replacement cost of the property or project 12 when the proposed improvements are completed.

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(d) If rehabilitation is involved, the mortgage shall 14 have a principal obligation not in excess of 90 per centum 15 (98 per centum in the case of a cooperative mortgagor) of 16 the sum of (i) the Secretary's estimate of the cost of the 17 rehabilitation plus (ii) the Secretary's estimate of the value 18 of the property before the rehabilitation.

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(e) If the purchase or refinancing of an existing prop20 erty without rehabilitation is involved, the mortgage shall 21 have a principal obligation not in excess of 90 per centum of 22 the appraised value of the property (98 per centum in the 23 case of a cooperative mortgagor) as of the date the mortgage 24 is accepted for insurance.

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1 (f) In the case of a cooperative or nonprofit mortgagor, 2 the percentages otherwise applicable under subsection (c), 3 (d), or (e) shall be increased to 100 per centum if the 4 principal obligation of the mortgage does not exceed the 5 amount which could be insured with respect to the project 6 under section 502.

7 (g) If the dwelling units in a project are to be sold 8 to individual purchasers, the principal obligation of the 9 blanket mortgage shall be further limited to the sum of the 10 individual mortgage amounts which could be insured for 11 owner-occupants of the proposed individual dwellings or 12 condominium units under title IV.

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(h) The mortgage shall provide for complete amorti14 zation within such term as the Secretary shall prescribe. 15 (i) The property or project shall include five or more 16 dwelling units (which, with the approval of the Secretary, 17 need not be self-contained living units) or five or more 18 spaces in a mobile home park, and may include such non19 dwelling facilities as the Secretary deems adequate and 20 appropriate to serve the occupants and the surrounding 21 neighborhood, except that the project shall be predominantly 22 residential. The Secretary shall give due consideration to the 23 possible effect of the project on other business enterprises 24 in the community.

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MULTIFAMILY HOUSING ASSISTANCE

SEC. 502. (a) For the purpose of reducing rentals for 3 lower income tenants, the Secretary is authorized to make, 4 and to contract to make, periodic assistance payments on 5 behalf of the owner of a multifamily housing project, which 6 shall be accomplished through payments to mortgagees 7 holding mortgages meeting the requirements specified in this 8 section and supplemental loans meeting the requirements of 9 section 504 (c).

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(b) Assistance payments with respect to a project shall 11 only be made by the Secretary during such time as the proj12 ect is operated as a multifamily housing project and (1) is 13 subject to a mortgage which is insured under subsection (h) or has been assigned to the Secretary; or (2) is owned by 15 a private nonprofit corporation or other private nonprofit 16 entity, a limited distribution corporation or other limited 17 distribution entity, or a cooperative housing corporation, and is financed under a State or local program providing assist19 ance through loans, loan insurance, or tax abatements, and 20 which prior to completion of construction or rehabilitation 21 is approved for receiving the benefits of this section with 22 respect to all or a part of the project.

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23 (c) The Secretary may include in the payment to the 24 mortgagee such amount, in addition to the amount computed 25 under subsection (f), as he deems appropriate to reimburse

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