LOW-COST HOUSING FOR DISPLACED FAMILIES

LOW-COST HOUSING FOR DISPLACED FAMILIES Sec. 108. Section 221 (d) of the National Housing Act is amended— (1) by striking out “$7,600” in paragraphs (2) and (3) and inserting in lieu thereof “$9,000”; 70 Stat. 1095 (2) by striking out “$8,600” in paragraphs (2) and (3) and inserting in lieu thereof “$10,000”; (3) by striking out “95 per centum of the appraised value (as of the date the mortgage is accepted for insurance) of a property, upon which there is located a dwelling designed principally for a single-family residence: Provided, That the mortgagor shall be the owner and occupant of the property at the time of the insurance and shall have paid on account of the property at least 5 per centum of the Commissioner’s estimate of the cost of acquisition in cash or its equivalent” in paragraph (2) and inserting in lieu thereof the following: “the appraised value (as of the date the mortgage is accepted for insurance) of a property upon which there is located a dwelling designed principally for a singlefamily residence, less such amount as may be necessary to comply with the succeeding proviso: Provided, That the mortgagor shall be the owner and occupant of the property at the time of the insurance and shall have paid on account of the property at least $200 in cash or its equivalent (which amount may include amounts to cover settlement costs and initial payments for taxes, hazard insurance, mortgage insurance premium, and other prepaid expenses)”; (4) by striking out “95 per centum of” in paragraph (3); (5) by striking out “agencies thereof” in paragraph (3) and inserting in lieu thereof “agencies thereof or the Federal Housing Commissioner”; and (6) by striking out “thirty” in paragraph (4) and inserting in lieu thereof “forty”.