home improvement loans outside of urban renewal areas

home improvement loans outside of urban renewal areas Sec. 103. Section 203(k) of the National Housing Act is amended by— (1) striking out in clause (2) “economically sound” and inserting in lieu thereof “an acceptable risk”; (2) striking out clause (4) and inserting in lieu thereof the following: “(4) insurance benefits shall be paid in cash out of the Section 203 Home Improvement Account or in debentures executed in the name of such Account”; and (3) striking out in the third sentence “Debentures issued with respect to loans insured under this subsection shall be issued” and inserting in lieu thereof “Insurance benefits paid with respect to loans insured under this subsection shall be paid”.