cooperative housing insurance fund

cooperative housing insurance fund Sec. 303. (a) Section 213(m) of the National Housing Act is amended by striking out “, but only in cases where the consent of the mortgagee or lender to the transfer is obtained or a request by the mortgagee or lender for the transfer is received by the Commissioner within such period of time after the date of the enactment of this subsection as the Commissioner shall prescribe”. (b) Section 213(n) of such Act is amended— (1) by striking out “insured under this section and sections 207, 231, and 232” and inserting in lieu thereof “the insurance of which is the obligation of either the Management Fund or the General Insurance Fund”; and (2) by adding at the end thereof the following new sentence: “Premium charges on the insurance of mortgages or loans transferred to the Management Fund or insured pursuant to commitments transferred to the Management Fund may be payable in 80 Stat. 1267debentures which are the obligation of either the Management Fund or the General Insurance Fund.” (c) (1) The fourth sentence of section 213(k) of such Act is amended to read as follows: “The Secretary is directed to transfer to the Management Fund from the General Insurance Fund an amount equal to the total of the premium payments theretofore made with respect to the insurance of mortgages and loans transferred to the Management Fund pursuant to subsection (m) minus the total of any administrative expenses theretofore incurred in connection with such mortgages and loans, plus such other amounts as the Secretary determines to be necessary and appropriate.” (2) The second proviso in section 213(1) of such Act is amended by striking out “pursuant to subsection (k) or (o)“ and inserting in lieu thereof “pursuant to subsection (o)”.