RENTAL HOUSING INSURANCE

RENTAL HOUSING INSURANCE Sec. 103. (a) Section 207 (c) (2) of the National Housing Act is amended by striking out “80 per centum” and inserting in lieu thereof “90 per centum”. (b) Section 207 (c) (3) of such Act is amended to read as follows: “(3) not to exceed, for such part of such property or project as may be attributable to dwelling use, $2,250 per room (or $8,100 per family unit if the number of rooms in such property or project is less than four per family unit) or not to exceed $1,000 per space or $300,000 per mortgage for trailer courts or parks: Provided, That as to projects to consist of elevator type structures, the Commissioner may, in his discretion, increase the dollar amount limitation of $2,250 per room to not to exceed $2,700 per room and the dollar amount limitation of $8,100 per family unit to not to exceed $8,400 per family unit, as the case may be, to compensate for the higher costs incident to the construction of elevator type structures of sound standards of construction and design; except that the Commissioner may, by regulation, increase any of the foregoing dollar amount limitations per room contained in this paragraph by not to exceed $1,000 per room in any geographical area where he finds that cost levels so require.”