miscellaneous and technical amendments

miscellaneous and technical amendments Sec. 418. (a) Section 235(c) of the National Housing Act is amended by inserting immediately before the period at the end of the first sentence the following: “: Provided further, That the Secretary is authorized to continue making such assistance payments where the mortgage has been assigned to the Secretary”. (b) Section 236(b) of such Act is amended by striking out “Provided, That” and inserting in lieu thereof the following “Provided, That the Secretary is authorized to continue making such interest reduction payments where the mortgage has been assigned to the Secretary: Provided further, That”. (c) Section 223 (d) of such Act is amended by inserting the following new sentence at the end thereof: “A loan involving a project covered by a mortgage insured under section 213 that is the obligation of the Cooperative Management Housing Insurance Fund shall be the obligation of such fund, and loans involving projects covered by a mortgage insured under section 236 or under any section of this title pursuant to subsection (e) of this section shall be the obligation of the Special Risk Insurance Fund.” (d) Section 223(e) of such Act is amended to read as follows: “(e) Notwithstanding any of the provisions of this Act except section 212, and without regard to limitations upon eligibility contained in any section of this title or title XI, the Secretary is authorized, upon application by the mortgagee, to insure under any section of this title or title XI 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 or 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 or group practice facilities 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.” (e) Section 214 of such Act is amended by inserting in the first sentence after “construct dwellings” the words “or mobile home courts or parks”. (f) Section 1101(c)(2) of such Act is amended— (1) by striking out “value of the property or project” and inserting in lieu thereof “replacement cost of the property or project”; and (2) by striking out “The value” and inserting in lieu thereof “The replacement cost”.