experimental housing

experimental housing Sec. 118. (a) Section 233(a) of the National Housing Act is amended by striking out “, in the case of mortgages insured under subsection (b) (2) of this section, advances on such mortgages” and inserting in lieu thereof “home improvement loans, and including advances on mortgages”. (b) Section 233(b) of such Act is amended to read as follows: “(b) To be eligible for insurance under this section, a mortgage shall meet the requirements of one of the other sections of this title; except that, in lieu of determining the appraised value or the replacement cost of the property in cases involving new construction or the estimated cost of repair and rehabilitation or improvement in cases involving existing properties, the Commissioner shall estimate the cost of replacing the property using comparable conventional design, materials, and construction, and any limitation upon the maximum mortgage amount available to a nonoccupant owner shall not, in the discretion of the Commissioner, be applicable to mortgages insured under this section.” 78 Stat. 780 (c) Section 233 of such Act is further amended by striking out subsections (e) and (f) and inserting in lieu thereof the following: “(e) Any mortgagee or lender under a mortgage insured under subsection (b) shall be entitled to insurance benefits determined in the same manner as such benefits would be determined if such mortgage or loan were insured under the section of this title for which it otherwise would have been eligible except for the experimental feature of the property involved.” (d) Section 233 of such Act is further amended by redesignating subsections (g) and (h) as subsections (f) and (g), respectively, and by striking out “subsections (e) and (f)” in the first sentence of the subsection so redesignated as subsection (f) and inserting in lieu thereof “subsection (e)”.