rehabilitated multieamily projects in urban renewal areas

rehabilitated multieamily projects in urban renewal areas Sec. 311. (a) Section 220(d) (3) (B) (ii) of the National Housing Act is amended by inserting immediately before the semicolon at the end thereof “: Provided further, That the mortgage may involve the financing of the purchase of property which has been rehabilitated by a local public agency with Federal assistance pursuant to section 110(e) (8) of the Housing Act of 1949, and, in such case the foregoing limitations upon the amount of the mortgage shall be based upon the appraised value of the property as of the date the mortgage is accepted for insurance”. (b) Section221 (d) (3) (iii) of such Act is amended by inserting immediately before the colon at the end of the first proviso “: Provided further. That the mortgage may involve the financing of the purchase of property which has been rehabilited by a local public agency with Federal assistance pursuant to section 110(c) (8) of the Housing .Vet of 1949, and, in such case, the amount of the mortgage shall not exceed the appraised value of the property as of the date the mortgage is accepted for insurance”.