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replaces t~e Section 2:{ leasing program. I,luD is prohibited <br />from applying the revised policies and procedures to Section 23 <br />1,eases with owners eutered into prior to the issuance of the new <br />regulations. <br /> <br />Requires the Secretary~ of HUD to consult with the Secretary of <br />the Department of Health, Education, and Welfare and insure that <br />projects for the elderly and handicapped provide quality of services <br />and management considered appropriate to thc needs of the <br />occupants, <br /> <br />Authorizes the use of annual contributions in connection with war <br />housing projects owned by public housing agencies and permits <br />funds received from sale of such projects to be used by local <br />agencies to repair projects held by them. <br /> <br />Permits the use of local housing authority bonds with flexible <br />maturities and balloon payments to finance public housing projects. <br /> <br />SECTION 235 HOMEOWNERSHIP PROGRAM' <br />Title Il, Section 211 <br /> <br />Extends the authority to insure projects until June 30, 1976. <br /> <br />Authorizes the use of. existing contract authority, estimated at <br />220 million dollars, for new contracts entered into within one <br />year a£Le; ~he passage of the 1974 act; new contracts after this <br />date will require appropriations by appropriations acts. <br /> <br />Increases the maximum statutory mortgage limits by approximately <br />20 percent over current levels. <br /> <br />Establishes income limits for initial occupancy at 80 percent of <br />median income for the area, with adjustments for smaller or <br />larger families, with authority to the Secretary of HUD to adjust <br />these limits because of prevailing levels of construction costs, <br />unusually low or high median incomes, or other factors. <br /> <br />Authorizes homeownership counseling financed out of appropriated <br />funds and requires mandatcd counseling for purchasers deemed to <br />be special ,credit risks. <br /> <br />Makes permanent the authority of the Secretary to <br />use up to 30 percent of contract authority for <br />existing units and raises from 10 to 20 percent <br />the percentage of contract authority that can be <br />used for substantial rehabilitation. <br /> <br />000111 <br /> <br /> <br />