refinancing of indebtedness for certain eligible applicants

refinancing of indebtedness for certain eligible applicants Sec. 502. Section 501 (a) (4) of the Housing Act of 1949 is amended— (1) by adding after the comma at the end of clause (B) the following: “or, if combined with a loan for improvement, rehabilitation, or repairs and not refinanced, is likely to cause a hardship for the applicant, and”; and (2) striking out clauses (C) and (D) and inserting in lieu thereof the following: “(C) was incurred by the applicant at least five years prior to his applying for assistance under this title.”.