MORTGAGE INSURANCE TECHNICAL AMENDMENTS.

SEC. 429. MORTGAGE INSURANCE TECHNICAL AMENDMENTS. (a) Administrative Provisions.— The second sentence of section 1 of the National Housing Act is amended by striking the last comma. (b) Applicablity.— Section 9 of the National Housing Act is amended by inserting the following section heading: “applicability”. (c) Loan Insurance Programs.— Sections 203(k)(3)(B) and 241(b)(3) of the National Housing Act are amended— (1) by striking “mortgagor” each place it appears and inserting “borrower”; and (2) by striking “mortgagee” each place it appears and inserting “financial institution”. (d) Miscellaneous Housing Insurance.— (1) Section 223(a)(7) of the National Housing Act is amended— (A) in the first proviso, by striking “a rate not in excess of the maximum rate prescribed under the applicable section or title of this Act” and inserting the following: “such rate as may be agreed upon by the mortgagor and the mortgagee”; (B) in the second proviso, by striking “maturity, a principal obligation, and an interest rate” and inserting the following: “maturity and a principal obligation”; and (C) by inserting before the semicolon at the end the following: “, and shall bear interest at such rate as may be agreed upon by the mortgagor and the mortgagee”. (2) Section 223(d)(1) of the National Housing Act is amended by striking “bear interest (exclusive of premium charges for insurance) at not to exceed the per centum per annum currently permitted for mortgages insured under the section under which it is to be insured” and inserting the following: “bear interest at such rate as may be agreed upon by the mortgagor and the mortgagee”. (e) Insurance for Nursing Homes, Intermediate Care Facilities, and Board and Care Homes.— (1) Section 232(b) of the National Housing Act is amended— (A) by indenting as a separate paragraph (in the same manner as paragraph (D) “(3) a nursing” and all that follows through “day; and”; (B) in such new paragraph (3)— (i) by inserting “the term” after the paragraph designation; and 101 STAT. 1919 (ii) by striking “and” at the end; (C) by redesignating the second paragraph (3) as paragraph (4); and (D) by redesignating paragraph (4) as paragraph (5). (2) Section 232(i)(2)(B) of the National Housing Act is amended to read as follows: “(B) bear interest at such rate as may be agreed upon by the mortgagor and the mortgagee;”. (f) Multifamily Assistance.— Section 236 of such Act is amended by striking out “(h)” in the last sentence of subsection (i)(1) and inserting in lieu thereof “(f)(4)”. (g) Co-Insurance.— (1) Section 244(g) of the National Housing Act is amended— (A) by striking paragraph (2); and (B) by redesignating paragraphs (3) through (6) as paragraphs (2) through (5), respectively. (2) Section 244(h) of the National Housing Act is amended by striking “coinsurance” each place it appears and inserting “co-insurance”. (h) Insurance on Hawaiian Home Lands — Section 247(a)(2) of the National Housing Act is amended by striking “Mortgagor” and inserting “mortgagor”. (i) Insurance on Indian Reservations.— Section 248 of the National Housing Act is amended— (1) in subsection (a)(1), by striking “lands” and inserting “land”; (2) in subsection (a)(2), by striking “lands”; and (3) in subsection (d), by striking “tribal or trust land” and inserting “trust or otherwise restricted land”. (j) Shared Appreciation Mortgages.— Section 253 of the National Housing Act is amended— (1) in subsection (b), by striking the fourth sentence and inserting the following: “For purposes of this section, the term ‘net appreciated value’ means the amount by which the sales price of the property (less the mortgagor’s selling costs) exceeds the actual project cost after completion, as approved by the Secretary.”; (2) in the first sentence of subsection (c), by striking “204” and inserting “207”; and (3) in subsection (c), by striking the last sentence and inserting the following: “The term ‘original principal face amount of the mortgage’ as used in section 207 shall not include the mortgagee’s share of net appreciated value.”. (k) Defense Housing for Impacted Areas.— The first sentence of section 810(h) of the National Housing Act is amended— (1) by striking “(exclusive of premium charges for insurance) at not to exceed the rate applicable to mortgages insured under section 207” and inserting the following: “at such rate as may be agreed upon by the mortgagor and the mortgagee”; and (2) by striking “not to exceed the rate applicable to mortgages insured under section 203” and inserting the following: “such rate as may be agreed upon by the mortgagor and the mortgagee”.