rental housing insurance

section 207 rental housing insurance Sec. 607. Section 207 of the National Housing Act is amended by— (1) striking out the first paragraph of subsection (b)(2) and inserting in lieu thereof the following: “(2) any other mortgagor approved by the Commissioner which, until the termination of all obligations of the Commissioner under the insurance and during such further period of time as the Commissioner shall be the owner, holder, or reinsurer of the mortgage, is regulated or restricted by the Commissioner as to rents or sales, charges, capital structure, rate of return, and methods of operation to such extent and in such manner as to provide reasonable rentals to tenants and a reasonable return on the investment. The Commissioner may make such contracts with and acquire, for not to exceed $100, such stock or interest in the mortgagor as he may deem necessary to render effective the regulations or restrictions. The stock or interest acquired by the Commissioner shall be paid for out of the Housing Fund, and snail be redeemed by the mortgagor at par upon the termination of all obligations of the Commissioner under the insurance.”; (2) inserting in subsection (c)(3) after the words “attributable to dwelling use” the following: “(excluding exterior land improvements as defined by the Commissioner)”; (3) striking out “$1,500 per space” in subsection (c)(3) and inserting in lieu thereof “$1,800 per space”; and (4) inserting in the first sentence of subsection (i) after the words “of this section” the following: “, except that debentures issued pursuant to the provisions of section 220(f), 221(g), and section 233 may be dated as of the date the mortgage is assigned (or the property is conveyed) to the Commissioner”.