increase in maximum mortgage amounts under federal housing administration mortgage insurance programs

increase in maximum mortgage amounts under federal housing administration mortgage insurance programs Sec. 303. (a) Section 203(b)(2) of the National Housing Act is amended by striking out “$45,000”, “$48,750”, and “$56,000” wherever they appear and inserting in lieu thereof, “$60,000”, “$65,000”, and “$75,000”, respectively. (b) Section 220(d)(3)(A) of such Act is amended by striking out “$45,000”, “$48,750”, and “$56,000” wherever they appear and inserting in lieu thereof “$60,000”, “$65,000”, and “$75,000”, respectively. (c) Section 221(d)(2)(A) of such Act is amended by— (1) striking out “$25,000”, “$29,000”, and “$33,000” each place they appear and inserting in lieu thereof “$31,000”, “$36,000”, and “$42,000”, respectively; and (2) striking out “$28,000”, “$38,880”, “$47,520”, “$36,000”, “$46,080”, and “$54,720”, and inserting in lieu thereof “$35,000”, “$48,600”, “$59,400”, “$45,000”, “$57,600”, and “$68,400”, respectively. (d) Section 222(b)(2) of such Act is amended by striking out “$45,000” and inserting in lieu thereof “$60,000”. (e) Clause (A) of the third sentence of section 234(c) of such Act is amended by striking out “$45,000” and inserting in lieu thereof “$60,000”. (f) Section 235 of such Act is amended— (1) by striking out, in the last proviso in subsection (b)(2), “$25,000”, “$29,000”, “$29,000”, and “$33,000,” and inserting in lieu thereof “$32,000”, “$38,000”, “$38,000”, and “$44,000”, respectively; (2) by striking out, in subsection (i)(3)(B) “$25,000”, “$29,000”, “$29,000”, and “$33,000” and inserting in lieu thereof “$32,000”, “$38,000”, “$38,000”, and “$44,000”, respectively; (3) by striking out “and” at the end of subparagraph (B) of subsection (i)(3); (4) by redesignating subparagraph (C) of subsection (i)(3) as subparagraph (E) and inserting immediately following subparagraph (B) the following new subparagraphs: “(C) involve, in the case of a dwelling unit other than a condominium or cooperative unit, a principal obligation including such initial service charges, appraisal, inspection, and other fees as the Secretary shall approve) in an amount not to exceed $32,000 ($38,000 in any geographical area where the Secretary authorizes an increase on the basis of a finding that cost levels so require), except that with respect to any family with five or more persons the foregoing limits shall be $38,000 and $44,000, respectively; “(D) involve, in the case of a two-family dwelling, a principal obligation (including such initial service charges, appraisal, inspection, and other fees as the Secretary shall approve) in an amount not to exceed $44,000 ($49,000 in any geographical area where the Secretary authorizes an increase on the basis of a finding that cost levels so require); and”; and (5) by adding the following new subsection at the end thereof: “(n) No mortgage may be insured under this section on a unit in a subdivision, after the effective date of enactment of this subsection, 91 STAT. 1133which, when added to any other mortgages insured under this section in that subdivision after such date, represents more than 40 per centum of the total number of units in the subdivision, except that the preceding limitation shall not apply with regard to any rehabilitated unit, or to any unit or subdivision located or to be located in an established urban neighborhood or area, where a sound proposal is involved and where an aggregation of subsidized units is essential to a community sponsored overall redevelopment plan, as determined by the Secretary.”. (g) Section 203(i) of such Act is amended by striking out “$16,200” and inserting in lieu thereof “75 per centum or the limit on the principal obligation applicable to a one-family residence under subsection (b) of this section”.