single-family mortgage assistance

single-family mortgage assistance Sec. 211. (a) Section 235 of the National Housing Act is amended— (1) by striking out “and by $200,000,000 on July 1, 1971” in subsection (h)(1) and inserting in lieu thereof “by $200,000,000 on July 1, 1971, and by such sums as may be approved in appropriation Acts after June 30, 1974, and prior to July 1, 1976”; (2) by adding at the end of subsection (h)(1) the following: “Upon the expiration of one year following the date of enactment of the Housing and Community Development Act of 1974, the Secretary shall not enter into new contracts for assistance payments under this section utilizing authority approved in appropriation Acts prior to July 1, 1974.”; (3) by striking out paragraph (2) of subsection (h) and inserting in lieu thereof the following: “(2) Assistance payments under this section may be made only with respect to a family whose income at the time of initial occupancy does not exceed 80 per centum of the median income for the area, as determined by the Secretary with adjustments for smaller and larger families, except that the Secretary may establish income ceilings higher or lower than 80 per centum of the median for the area on the basis of his findings that such variations are necessary because of prevailing levels of construction costs, unusually high or low median family incomes, or other factors.”; (4) by striking out “prior to July 1, 1972” in subsection (h)(3) (B) and inserting in lieu thereof “on or after July 1, 1969”; (5) by inserting after “mortgage” in the first sentence of subsection (i)(1) the following: “(including advances with respect to property construction or rehabilitation pursuant to a self-help program)”; (6) by striking out paragraph (3)(C) of subsection (i) and inserting in lieu thereof the following: “(C) be executed by a mortgagor who shall have paid in cash or its equivalent, on account of the property, at least an 88 Stat. 672 amount equal to 3 per centum of the Secretary’s estimate of the cost of acquisition.”; and (7) by striking out “October 1, 1974” in subsection (m) and inserting in lieu thereof “June 30, 1976”. (b) Section 235(a) of such Act is amended by inserting after “this section” at the end of the second sentence the following: “or which mortgages are assisted under a State or local program providing assistance through loans, loan insurance or tax abatement”. (c)(1) The last proviso in section 235(b) (2) of such Act is amended by striking out “$18,000”, “$21,000”, “$21,000”, and “$24,000” and inserting in lieu thereof “$21,600”, “$25,200”, “$25,200”, and “$28,800”, respectively. (2) Section 235(i) (3) (B) of such Act is amended by striking out “$18,000”, “$21,000”, “$21,000”, and “$24,000” and inserting in lieu thereof “21,600”, “$25,200”, “$25,200”, and “$28,800”, respectively.