HOUSING FOR THE ELDERLY

HOUSING FOR THE ELDERLY Sec. 104. (a) Section 203 (b) (2) of the National Housing Act is amended by striking out the final period and inserting in lieu thereof a comma and the following: “except that with respect to a mortgage executed by a mortgagor who is sixty years of age or older as of the date the mortgage is accepted for insurance, the mortgagor’s payment required by this proviso may be paid by a corporation or person other than the mortgagor under such terms and conditions as the Commissioner may prescribe.” (b) Section 207 (b) of such Act is amended— (1) by inserting “(except provisions relating to housing for elderly persons)” before “to take” in the unnumbered paragraph immediately following paragraph (2); and (2) by inserting “(except with respect to housing designed for elderly persons, with occupancy preference therefor, as provided in the paragraph following paragraph (3) of subsection (c))” after “hereunder” in the second unnumbered paragraph following paragraph (2). (c) Section 207 (c) of such Act is amended by striking out the unnumbered paragraph immediately following paragraph (3) and inserting in lieu thereof the following new paragraph: “Notwithstanding any of the limitations contained in paragraphs (2) and (3) of this subsection, if the entire property or project is specially designed for the use and occupancy of elderly persons in accordance with standards established by the Commissioner and the mortgagor is a financially qualified nonprofit organization acceptable to the Commissioner, the mortgage may involve a principal obligation not in excess of $8,100 per family unit for such part of such property 70 Stat. 1093 as may be attributable to dwelling use and not in excess of 90 per centum of the amount which the Commissioner estimates will be the replacement cost of such property or project when the proposed physical improvements are completed: Provided, That the Commissioner shall prescribe such procedures as in his judgment are necessary to secure to elderly persons priorities in occupany of the units designed for their use.” (d) The Housing and Home Finance Administrator shall establish, in accordance with the provisions of section 601 of the Housing Act of 1949, as amended, an advisory committee on matters relating to housing for elderly persons.