relaxation op mortgage insurance requirements in certain urban neighborhoods

relaxation op mortgage insurance requirements in certain urban neighborhoods Sec. 103. (a) Section 223 of the National Housing Act is amended by adding at the end thereof a new subsection as follows: “(e) Notwithstanding any of the provisions of this title except section 212, and without regard to limitations upon eligibility contained in any section of this title, the Secretary is authorized, upon application by the mortgagee, to insure under any section of this title a mortgage executed in connection with the repair, rehabilitation, construction, or purchase of property located in an older, declining urban area in which the conditions are such that one or more of the eligibility requirements applicable to the section of this title under which insurance is sought could not be met, if the Secretary finds that (1) the area is reasonably viable, giving consideration to the need for providing adequate housing for families of low and moderate income in such area, and (2) the property is an acceptable risk in view of such consideration. The insurance of a mortgage pursuant to this subsection shall be the obligation of the Special Risk Insurance Fund.” (b) Section 203(1) of such Act is repealed.