waiver of deduction on assignment of property to secretary in lieu of foreclosure

waiver of deduction on assignment of property to secretary in lieu of foreclosure Sec. 312. Title V of the National Housing Act is amended by adding at the end thereof the following new section: “waiver of deduction on assignment of property to secretary in lieu of foreclosure “Sec. 523. Notwithstanding any other provision of this Act, from and after the date of the enactment of the Demonstration Cities and Metropolitan Development Act of 1966, the Secretary, under such terms and conditions as he may approve, may waive all or a part of the 1 per centum deduction otherwise made from insurance benefits with respect to multifamily housing or land development mortgages assigned to him, where the assignment is made at his request in lieu of foreclosure of the mortgage.”