INSURANCE FOR SECOND MORTGAGE FINANCING.

SEC. 316. INSURANCE FOR SECOND MORTGAGE FINANCING. (a) Terms.—Section 241(f) of the National Housing Act (12 U.S.C. 1715z–6(f)) is amended— (1) in paragraph (2)(B)(i), by inserting after “equal to” the following: “the amount of rehabilitation costs required by the plan of action and related charges and”; (2) in paragraph (3)(B), by inserting after “1990” the following: “and the amount of rehabilitation costs required by the plan of action and related charges and”; (3) in paragraph (5)— (A) by redesignating subparagraph (B) as subparagraph (C); and (B) by striking subparagraph (A) and inserting the following new subparagraphs: “(A) (i) in the case of equity loans, have a term not to exceed 40 years and amortization provisions which will, to the extent practicable, support the loan amount authorized under paragraph (2)(B); and “(ii) in the case of acquisition loans, have a term of not less than 40 years; and “(B) bear interest at such rate as may be agreed upon by the mortgagor and mortgagee and be secured in such manner as the Secretary may require; and”; (4) by striking paragraph (6); and (5) by redesignating paragraphs (7) through (9) as paragraph (6) through (8), respectively. (b) Renegotiation.—Section 241(f) of the National Housing Act (12 U.S.C. 17z–6(f)) is amended by adding at the end the following new paragraph: “(10) The Secretary shall renegotiate and modify the terms of an equity loan insured under this subsection, at the request of the owner of the project for which the loan is made, if— “(1) the loan was made during the period beginning 30 days before the date of the enactment of the Housing and Community Development Act of 1992 and ending 90 days after such date of enactment under this subsection; and “(2) the loan was made pursuant to a plan of action under the provisions of the Emergency Low Income Housing Preservation Act of 1987 and accepted by the Secretary for processing in December 1991.”. (c) Regulations.—Not later than the expiration of the 45-day period beginning on the date of the enactment of this Act, the Secretary shall issue regulations implementing section 241(f)(1) of the National Housing Act. The regulations shall not be subject 106 STAT. 3772to the requirements of subsections (b) and (c) of section 553 of title 5, United States Code.