purchase of below-market interest rate mortgages

purchase of below-market interest rate mortgages Sec. 803. Section 302(b) of the National Housing Act is amended by inserting after the first sentence the following new sentence: “Notwithstanding the provisions of clause (3) in the preceding sentence, the Association may purchase a mortgage under section 305 with an original principal obligation that exceeds $17,500 per dwelling unit if the mortgage (1) is a below-market interest rate mortgage insured under section 221(d)(3), and (2) covers property which has the benefit of local tax abatement in an amount determined by the Federal Housing Commissioner to be sufficient to make possible rentals not in excess of those that would be approved by the Commissioner if the mortgage amount did not exceed $17,500 per dwelling unit and if local tax abatement were not provided.”