supplementary cooperative loans under section 213 (j)

supplementary cooperative loans under section 213 (j) Sec. 109. (a) Section 213(j) (1) of the National Housing Act is amended— (1) by striking out “or” at the end of clause (A); (2) by striking out the period at the end of clause (B) and inserting in lieu thereof “; or”; and (3) by adding at the end thereof the following new clause: “(C) Cooperative purchases and resales of memberships in order to provide necessary refinancing for resales of memberships which involve increases in equity; but in such resales by the cooperative the downpayments by the new members shall not be less than those made on the original sales of such memberships.” (b) Section 305(e) of such Act is amended by adding at the end thereof the following new sentence: “Without regard to any of the limitations of this subsection except the total amount of authorizations available, the Association is authorized to enter into advance commitment contracts and purchase transactions on supplementing cooperative loans with respect to which the Federal Housing Commissioner shall have issued, pursuant to section 213(j), either a commitment to insure or a statement of eligibility; but such commitments and purchases shall be made solely where there is a management-type cooperative involved which is certified by the Federal Housing Commissioner as a consumer cooperative.”