,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #aiig  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #ae1 #bjac ,mr4  
,mc,keon 7= himself & ,mr4 ,pet]s (     
,cali=nia7 introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,f9ancial   
,s]vices  ,a ,,bill  ,to all[ inve/or   
p>ticipation 9 ! loan rehabilitation    
program au?oriz$ "u section #bjc7k7 ( ! 
,national ,h\s+ ,act4  #a4 ,%ort title  
,?is ,act may be cit$ z ! ,communities  
,a*iev+ ,su/a9ability ,act4  #b4        
,inve/or p>ticipation 9 ,,fha           
rehabilitation program  7a7 ,inve/or    
p>ticipation  7#a7 ,9 g5]al ,! ,secret>y
 %all1 ^u application by a mortgagee &  
approval ( su* application by !         
,secret>y1 insure & make commitm5ts to  
insure rehabilitation loans 7includ+    
advances made dur+ rehabilitation7 :i*  
are eligible = insurance "u section     
#bjc7k7 ( ! ,national ,h\s+ ,act 7#ab   
,u4,s4,c4 #agji7 made by f9ancial       
in/itutions 9 ord] to assi/ 9 !         
rehabilitation ( #a- to #d-;family      

/ructures us$ prim>ily = resid5tial     
purposes4  7#b7 ,eligible mortgagors    
,not)/&+ any o!r provision ( law or     
regulation1 su* rehabilitation loans    
insur$ pursuant to ?is ,act %all involve
 a mortgagor :o is an inve/or4  7b7     
,t]ms & conditions ,su* commitm5ts to   
insure & su* insurance %all be made ^u  
su* t]ms & conditions :i* ! ,secret>y   
may prescribe pursuant to ?is ,act & :i*
 are consi/5t ) ! provisions (          
subsections 7b71 7c71 7e71 7i71 7j71 &  
7k7 ( section #bjc ( ! ,national ,h\s+  
,act 7#ab ,u4,s4,c4 #agji 7b71 7c71 7e71
 7i71 7j71 & 7k771 except z modifi$ by !
 provisions ( ?is ,act4  7c7 ,maximum   
loan commitm5t ,to be eligible =        
insurance "u ?is ,act1 a mortgage %all n
 exce$ #ij p]c5t ( ! apprais$ value ( ! 
#a- to #d-;family /ructure subject to   
su* mortgage4  7d7 ,cal5d> ye>          
limitation ,! ,secret>y may insure1 or  
ent] into a commitm5t to insure1 up to  
f\r #a- to #d-;family /ructures = an    
inve/or describ$ 9 subsection 7a77#b7   

dur+ a cal5d> ye>4  7e7 ,mortgage       
premium ,! s+le premium paym5t requir$  
"u section #bjc7k77#b77;,a7 ( !         
,national ,h\s+ ,act 7#ab ,u4,s4,c4     
#agji7k77#b77;,a77 %all be increas$ by  
#aj basis po9ts = any mortgage insur$   
pursuant to ?is ,act4  7f7 ,def9itions  
,9 ?is ,act3  7#a7 ,inve/or  7,a7 ,9    
g5]al ,! t]m inve/or means a p]son :o-- 
7i7 obta9s a rehabilitation loan = a    
/ructure describ$ 9 subsection 7a77#a7 =
 ! purpose ( appreciation or production 
( income ) respect to su* /ructure2 &   
7ii7 does n int5d on occupy+ su*        
/ructure4  7,b7 ,p]son def9$ ,z us$ 9   
?is subp>agraph1 ! t]m p]son has ! mean+
 giv5 su* t]m 9 section #eea7b7 ( title 
#e1 ,unit$ ,/ates ,code4  7#b7          
,mortgagee2 mortgagor2 mortgage ,! t]ms 
mortgagee1 mortgagor1 & mortgage h !    
same mean+s z giv5 su* t]ms 9 section   
#bja ( ! ,national ,h\s+ ,act 7#ab      
,u4,s4,c4 #agjg74  #c4 ,sunset provision
 ,! provisions ( ?is ,act %all t]m9ate  
on ! date t is #b ye>s foll[+ ! date ( !

 enactm5t ( ?is ,act & ! ,secret>y %all 
n approve any application describ$ 9    
section #b7;a77#a7 submitt$ aft] !      
conclusion ( su* #b-ye> p]iod4