supplementary loans for cooperative housing purchased from the federal government

supplementary loans for cooperative housing purchased from the federal government Sec. 313. Section 213(j) of the National Housing Act is amended— (1) by inserting after the first sentence of paragraph (1) the following sentence: “The Secretary is further authorized to make commitments to insure and to insure supplementary cooperative loans (including advances during construction or improvement) with respect to any property purchased from the Federal Government by a nonprofit corporation or trust of the character described in paragraph (1) of subsection (a), if the property is covered by an uninsured mortgage representing a part of the purchase price.”; and (2) by adding before the semicolon at the end of paragraph (2)(B) the following: “; except that, in the case of repairs or improvements to a property covered by an uninsured mortgage dated more than twenty years prior to the date of the commitment to insure, of such magnitude that the Secretary deems them to be a major rehabilitation or modernization of such property, the loan may have a maturity date up to ten years in excess of the remaining term of the uninsured mortgage”.