Contained in sec. 504(a)(2).

Covers

nonprofit hospitals (not covered under existing law).

(1) Same (97% for cooperatives), except it is made
clear that the loan is based on 90% of the cost
of the improvements and equipment. Sec. 504 (c)(1).

(6) No statutory interest rate. Sec. 4.

Contained in sec. 503(e).

Section of National Housing Act (NHA) 517 (cont'd.)

Sec. 518

Sec. 519

Sec. 520

DESCRIPTION

(2) Authorizes the refund of any
adjusted premium charge collected from
such an institution between July 1, 1962
and September 2, 1964.

Authorizes expenditures by the Secretary
to correct or compensate for (1) structural
4 family houses approved
defects in 1
for mortgage insurance prior to the
beginning of construction, and (2) structural
or other serious defects in existing 235 homes
if FHA inspection should have uncovered defects.
Establishes the General Insurance Fund
and provides for the mortgages which are
to be the obligations of this fund. Author-
izes crediting items of income and
charging expenses to the fund and investing
surplus moneys in the fund in direct or
guaranteed obligations of the United States
and purchasing debentures of the fund on the
open market.

(1) Gives the Secretary the option to pay insurance claims in cash or debentures. Provides for valuation if payments made in cash.

DISPOSITION IN REVISED NATIONAL HOUSING ACT (RNHA)

(2) No similar provision. This provision is obso

lete.

Contained in sec. 704(a), (b), (d). Makes clear
that approval and inspection during construction
by the Veterans' Administration of property
eventually covered by an FHA mortgage qualifies
homeowner for assistance. Extends compensation for
existing homes to homes in older and declining
areas as well as sec. 402 homes.

Contained in sec. 201. The General Insurance
Fund would also be used for purposes of the RNHA
for the same type of mortgages (except as indicated
in the discussion of the Special Risk Insurance
Fund under the heading of sec. 238 of the NHA)
which are obligations of this fund under the NHA as
well as those types of mortgages which would, if
insured under the NHA, be obligations of the
Mutual Mortgage Insurance Fund. Sec. 201(a).
In addition, appropriations are authorized to meet
losses to the General Insurance Fund - sec. 201(h) .
and borrowing from the Special Risk Insurance
Fund or Cooperative Management Housing Insurance
Fund is authorized, sec. 201(g). Mortgages which
are obligations of the General Insurance Fund are
required to be "insurable risks",

(1) Contained in secs. 601(f), (g) and 604(b).