fha section 221(h) program

fha section 221(h) program Sec. 316. (a) Section 221(h) (2) (A) of the National Housing Act is amended to read as follows: “(A) be executed by a private nonprofit corporation or association, approved by the Secretary, for financing the purchase and rehabilitation (with the intention of subsequent resale) of property comprising one or more tracts or parcels, whether or not contiguous, upon which there is located deteriorating or substandard housing consisting of (i) four or more single-family dwellings of detached, semidetached, or row construction, or (ii) four or more one-family units in a structure or structures for which a plan of family unit ownership approved by the Secretary is established;”. (b) Section 221(h) of such Act is amended by adding at the end thereof (after the new paragraph added by section 101(c) (3) of this Act) two new paragraphs as follows: “(7) Where the Secretary has approved a plan of family unit ownership, the terms ‘single-family dwelling’, ‘single-family dwellings’, ‘individual dwelling’, an ‘individual dwellings’ shall mean a family unit or family units, together with the undivided interest (or interests) in the common areas and facilities. “(8) For purposes of this subsection, the terms ‘single-family dwelling’ and‘single-family dwellings’ (except for purposes of paragraph (7)) shall include a two-family dwelling which has been approved by the Secretary if one of the units is to be occupied by the owner.”