government national mortgage association home purchase assistance

government national mortgage association home purchase assistance Sec. 407. (a) Section 313(a)(1) of the National Housing Act is amended by adding at the end thereof the following: “To the extent feasible and consistent with the primary purpose of this section to stabilize housing production, the Secretary may direct the exercise of the authority conferred by this section to promote homeownership opportunities for moderate-income families.”. (b) Section 313(a) of such Act is amended by adding at the end thereof the following: 91 STAT. 1138 “(3) In carrying out the authority conferred by this section, the Secretary may require the Association to utilize a part of the authority to purchase mortgages under this section for the purchase of mortgages executed to finance the rehabilitation or acquisition and rehabilitation of housing in older or declining neighborhoods to the extent such action is feasible and consistent with the primary purpose of this section, and for the purpose of this paragraph, the Secretary is authorized to prescribe such regulations as may be appropriate.”. (c)(1) Section 313(b)(B) of such Act is amended by inserting after “$42,000” the following: “($49,000 in the case of any property with respect to which assistance payments pursuant to section 8 of the United States Housing Act of 1937 are being or will be made and which is located in any geographical area where the Secretary authorizes an increase on the basis of a finding that cost levels so require)”. (2) Section 313(b)(D) of such Act is amended by inserting after “Secretary” the following: “and $55,000 in the case of any property with respect to which assistance payments pursuant to section 8 of the United States Housing Act of 1937 are being or will be made and which is located in any geographical area where the Secretary authorizes an increase on the basis of a finding that cost levels so require”. (d) Section 313(g) of such Act is amended by adding at the end thereof the following: “The Association’s purchases and commitments under this section during fiscal year 1978 may not exceed $7,500,000,000.”. (e) Section 3(b) of the Emergency Home Purchase Assistance Act of 1974 is amended by striking out “October 1, 1977” and inserting in lieu thereof “October 1, 1978”.