extension of fha section 221 programs; modification of interest rate; pooling of mortgages for sale

extension of fha section 221 programs; modification of interest rate; pooling of mortgages for sale Sec. 102. (a) The fifth sentence of section 221(f) of the National Housing Act is amended by striking out “subsection (d)(2) or (d)(4) after September 30, 1965, or under subsection (d)(3) after September 30, 1965,” and inserting in lieu thereof “this section after October 1, 1969,”. (b) The proviso in section 221(d)(5) of such Act is amended by striking out “not less than the annual rate of interest determined” and inserting in lieu thereof “not less than the lower of (A) 3 per centum per annum, or (B) the annual rate of interest determined”. (c) The third sentence of section 212(a) of such Act is amended by striking out “described in subsection (d)(3)” and all that follows and inserting in lieu thereof “described in subsection (d)(3) or (d)(4).” (d) Section 302(c) of such Act is amended by inserting before the last sentence thereof the following: “If there shall be included within one or more of the trusts or other agencies created pursuant to the authority of this subsection any mortgages bearing a below-market interest rate and insured under section 221(d)(3) after the date of the enactment of the Housing and Urban Development Act of 1965, there are authorized to be appropriated from time to time such amounts as may be necessary to reimburse the Association for the amount of the differential (including interest, other costs, and a fair proportion of administrative expense) between (1) the total outlay with respect to outstanding participations or other instruments which, at the time of issuance, were predicated upon or otherwise related to such below-market interest rate mortgages, and (2) the total receipts from such mortgages.”