4550.3

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

CHAPTER 1. ADMINISTRATION

1-1. INTRODUCTION. Section 213 (i) of the National Housing Act

authorizes HUD-FHA to insure a project mortgage on existing

construction under Section 213. The statutory language reads

as follows:

\"(i) Nothing in this Act shall be construed to

prevent the insurance of a mortgage executed by

a mortgagor of the character described in paragraph

\(1\) of subsection (a) of this section covering

property upon which dwelling units and related

facilities have been constructed prior to the

filing of the application for mortgage insurance

hereunder; Provided, that the Assistant Secretary-FHA

Commissioner determines that the consumer

interest is protected and that the mortgagor will

be a consumer cooperative. In the case of properties

other than new construction the limitations

in this section upon the amount of the mortgage

shall be based upon the appraised value of the

property for continued use as a cooperative rather

than upon the Assistant Secretary-FHA Commissioner\'s

estimate of the replacement cost. As to any

project on which construction was commenced after

the effective date of this subsection, (September

23, 1959), the mortgage on such project shall be

eligible for insurance under this section only in

those cases where the construction was subject to

inspection by the Assistant Secretary-FHA

Commissioner and where there was compliance with the

provision of Section 212 of this title. As to any

project on which construction was commenced prior

to the effective date of this subsection, such

inspection, and compliance with the provisions of

Section 212 of this title, shall not be a

prerequisite.\"

1-2. ELIGIBILITY. The mortgagor must be a consumer cooperative

of the management type. Sales type and investor-sponsor

mortgagors are not eligible under Section 213 (i) procedures.

See discussion to follow concerning Rehabilitation

loans where a minimum of 25% of mortgage proceeds will be

used in rehabilitation.

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

5/73

Page 1-1

HUD-Wash., D. C.

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

4550.3

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

1-3. APPRAISAL OF PROPERTY. The mortgage in this type of project is

based upon the appraised value of the property for continued use

as a cooperative rather than upon the Assistant

Secretary-Commissioner\'s estimate of the replacement cost.

1-4. PERCENTAGE OF REHABILITATION. Under the \"Existing Construction\"

legislation, no specific percentage of repairs is required.

Existing Construction processing should be followed, regardless

of the percentage of repair, where construction of the project

was commenced prior to September 23, 1959, or thereafter, if

the construction was subject to inspection by HUD-FHA and there

was compliance with Section 212 prevailing wage requirements.

Projects where construction was commenced after September 23,

1959, and where there was no HUD-FHA inspection or compliance

with prevailing wage requirements, are not eligible as \"Existing

Construction\" projects but are eligible as \"Rehabilitation\"

projects provided a substantial degree of rehabilitation is

involved.

1-5. PREVAILING WAGE REQUIREMENTS. As to projects in which construction

was commenced prior to September 23, 1959, it is immaterial

whether prevailing wages were paid in connection with the existing

construction or whether the project was inspected during

construction by HUD-FHA. In other words, projects started prior to

September 23, 1959, are eligible regardless of whether or not

they were \"FHA\" projects. Any project started after September

23, 1959, must have been built under one of HUD-FHA programs in

order to be eligible.

a\. Repair or Renovation After an Application for Insurance

If any HUD-FHA required or approved repair or renovation

takes place after an application for insurance is filed

under this legislation, such repair or renovation is

subject to both HUD-FHA inspection and prevailing wage

requirements.

b\. Essential Items. If the items are deemed essential to the

HUD-FHA valuation or deemed essential to the eligibility of

the project, they should be included in the commitment and

such inclusion will subject them to prevailing wage

requirements.

c\. Normal Maintenance. If, however, the repair item is one

involving normal maintenance for which HUD-FHA would give

no effect in its valuation or would not require as a

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

5/73 Page 1-2

HUD-Wash., D. C.

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

4550.3

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

condition of eligibility, then such repair item should not

be included in the processing of the case and should not be

a condition of the commitment.

\(1\) Its non-inclusion in HUD-FHA processing is largely one

for determination by the local office.

\(2\) Such items may be handled by the purchasing cooperative

under an agreement with the seller and may be the subject

of one of the customary clauses in Sales Agreements

whereby the purchaser lists a series of normal maintenance

items to be accomplished before consummating

sale.

\(3\) Items of this nature are not subject to prevailing wage

requirements.

d\. Work Accomplished Prior to Application For Insurance

Work of any nature accomplished prior to the tiling of the

application for insurance is not subject to HUD-FHA

inspection during construction or prevailing wage

requirements.

1-6. COST CERTIFICATION. Section 227 (Cost Certification) is not

applicable to existing construction projects.

1-7. DETERMINATION OF FEASIBILITY. The considerations set forth in

Reference (1) of the Foreword are applicable, but since the

statute requires HUD-FHA to determine that the consumer interest

is protected in determining feasibility in \"existing\" projects,

the following additional factors must be taken into consideration,

even though it may be in conflict with HUD 4420.1.

a\. Project History. The history of the project should be

ascertained and analyzed. If the project is satisfactorily

located and has been operating successfully as a rental project

with no record of defaults, in all likelihood it can be made

into a successful cooperative. On the other hand, if the

project has not been successful on a rental basis and/or if

there have been defaults in its mortgage obligations, the

Director should not find the project feasible for cooperative

purposes unless he is satisfied that the circumstances which

contributed to the failure on a rental basis will not be present

the proposed cooperative plan. For example, if it is

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

5/73

Page 1-3

HUD-Wash., D. C.

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

4550.3

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

determined that the project did not fare well as a rental

project because the rental rate was too high, a finding of

feasibility may be made if an analysis of project debt

service and operating costs indicates that the monthly

housing costs to the members under the cooperative plan

will be sufficiently below competitive rentals in the area

to make it attractive in the market. In other words, the

Director should determine that the undertaking will be a

\"good deal\" for the cooperative and its members and not

merely a device for property owners to dispose of undesirable

or uneconomic housing.

b\. Physical Condition. Another element to be taken into

consideration in determining feasibility is the physical

condition of the structures involved. The construction must

be sound and in good state of repair. If this is not the

case, but in the judgement of the technical staff of the

insuring office can be made so, FHA Commitment Form No.

3248A should be used which will set forth the repairs or

renovation which must be effected as a condition to our

insuring of the mortgage. When no repair or renovation is

involved, Commitment Form No. 3248 is used. There may be

items which are estimated to have a relatively short

remaining useful life but where immediate replacement would

not be warranted. HUD-FHA processing procedures in

appropriate situations of this kind provide for the inclusion

in mortgage proceeds of an amount to be escrowed which

together with reserves to be accumulated will provide for

replacement when needed.

c\. Accommodations and Appearance. In addition to being sound

and in good state of repair, the property should be reasonably

modern and attractive in its accommodations and appearance

or it must be made so as a condition of the insurance. (If

feasible to do so, a community center should be included.)

It is not possible to set forth specifically what is needed

in this connection but the Director should determine that

the property is reasonably competitive in the housing market.

1-8. CONSUMER SAFEGUARDS. The usual consumer safeguards required in

Section 213 will be applicable. Thus, an Information Bulletin

Subscription Agreement, Occupancy Agreement and Sales Agreement

must have been approved by the Field Office and satisfactory

assurance of permanent financing must have been obtained prior

to solicitation for members in the cooperative. As further

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

5/73

Page 1-4

HUD-Wash., D. C.

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

4550.3

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

protection, the report of an independent licensed mechanical

engineer covering the condition of the premises is required

and the cooperative must be represented by an independent

attorney. A condition of the commitment provides that the

purchase price of the real estate may not exceed the sum of

\$\_\_\_\_\_\_\_\_\_\_\_\_(the figure to be inserted by the local Field

Office). The purpose of this provision is to preclude the

cooperative from paying an inflated price for the property. The

figure to be inserted by the local Field Office should be the

amount indicated by the parties in the application as being the

price which the cooperative is to pay for the property, except

that it is expected that the amount inserted will not exceed

110 percent of HUD-FHA\'s valuation of the physical property.

The 10 percent flexibility is provided since it is recognized

that real estate appraisal is not an exact science and honest

differences of opinion to a certain degree may exist. Where

the Director feels that circumstances warrant a figure in

excess of the 10 percent limitation, he should forward his

findings and recommendations to the Office of the Director of

Unsubsidized Insured Housing Programs prior to the issuance of

the Commitment.

1-9. TENANTS. It is not HUD\'s intention to cause any undue displacement

of tenants. Therefore, the commitment provides that any

tenants of the property must be given a 30-day priority to

apply for membership in the cooperative. The cooperative is

not obligated to accept such applications but it is expected

that the cooperative will be fair in passing on same. In

fact, since the objective is not to bring about the eviction

of tenants unnecessarily, it is expected that the cooperative

will accord considerable weight to a satisfactory rental payment

record of such tenants in passing upon their credit

qualifications.

1-10. CREDIT APPROVAL. Members of the cooperative will be subject to

HUD-FHA credit clearance.

1-11. INITIATING THE PROJECT AND SPONSORSHIP OF THE ACQUIRING

COOPERATIVE.

a\. With regard to who is to form the consumer cooperative, it

is recognized that existing construction differs from new

construction. The owner of the premises must almost

necessarily take the initiative as there is no reason for any

cooperative to be formed unless the owner has indicated

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

5/73

Page 1-5

HUD-Wash., D. C.

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

4550.3

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

an intention to sell the premises. It is proper for the

owner to file an application with HUD-FHA on the basis of

the sale he contemplates and to obtain a commitment for

insurance from HUD-FHA. He may also properly assemble the

tenants and inform them of his planned sale, the dollar

amount and other details. However, he will not be permitted

to become an officer or director of the cooperative

corporation that is to acquire the project.

b\. An attorney, independent of the seller, that is knowledgeable

about cooperative documents must be retained on behalf of the

cooperative group. Cooperatives may establish a steering

committee under the guidance of a professional management

firm, knowledgeable with regard to cooperatives, conduct a

sales campaign and handle its organizational details either

directly as a group of consumers, or it may retain an

organization which is competent in this field (See Reference (2)

of the Foreword). If the owner/seller is himself involved in

the selling effort neither he nor any entity with which he

is connected should be permitted a marketing fee for such

services, but he may properly be reimbursed for out-of-pocket

expenses.

1-12. PRESALE REQUIREMENTS. Cooperative membership equal to all vacated

or available units in the project, but in no event less that 70%

of the total units in the project, must be and approved by HUD/FHA

prior to endorsement. It is recognized that existing rental leases

sometimes expire on a staggered basis and thus all of the units may

not be immediately available for cooperative occupancy. The

estimated income from the units which have been subscribed on a

cooperative basis when added to rental income from nonmember

tenants must be sufficient to meet the estimated operating expenses

of the project.

1-13. MODEL FORMS, DOCUMENTS AND PROCEDURES USED IN SECTION 213(i)

CASES. The Management Type Cooperative forms, documents and

procedures are applicable, except as noted in this Chapter.

Forms necessary to the conversion of existing properties under

Section 213(i) are contained in the Forms Appendix of this

handbook. Articles of Incorporation, By-Laws, etc., which are

commonly used to establish the corporate entity, are duplicated

in Reference (2) of the Foreword for ease of utilization. The

Forms contain much detail which could not otherwise be placed

in its proper context and they should be studied accordingly.

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

5/73

Page 1-6

HUD-Wash., D. C.

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

4550.3

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

1-14. PRINCIPAL DIFFERENCES IN DOCUMENTS, FORMS AND PROCEDURES FOR

213(i).

a\. Commitments.

\(1\) Insured Advances: Where repairs or renovation is to be

effected with the aid of insured mortgage advances, the

commitment form to be used is Commitment for Insurance

of Advances (Existing Construction Involving Improvements),

FHA Form 3248-A. Under Commitment Form 3248-A,

which involves interim advances to effect repairs or

improvements, there will be both an initial and final

endorsement. The closing check list applicable to

initial endorsement is FHA Form 3257-B. Under Commitment

Form 3248, there will be no interim advances and only

one insurance endorsement. The instructions covering

this transaction will therefore be set forth in Reference

\(3\) of the Foreword.

\(2\) Insurance Upon Completion. Where no insured advances

are involved, the appropriate form is Commitment to

Insure Mortgage on Existing Construction (Not Involving

Commissioner Approves repairs), FHA Form No. 3248.

\(3\) Commitment Amount. In the case of existing construction

projects insured under the provisions of Section 213(i)

of the National Housing Act, the loan percentage is

applied against the HUD-FHA appraised value for continued

use as a cooperative rather than against replacement cost,

and as set forth in the underwriting instructions, the

bedroom limitation is not applicable. In situations

where a sound reason exists for same, as for example

where the existing structure contains oversized rooms

as compared with HUD-FHA requirements for new construction,

it would be proper for the commitment amount to

reflect such amenities. The amount may not, however,

exceed 97% of appraised value for continued use as a

cooperative.

b\. Building and Loan Agreement, FHA Form No. 2441. In existing

construction projects under Commitment Form 3248-A, the

following cost certification provision should be deleted:

\(1\) Final eight words of Paragraph (13).

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

5/73

Page 1-7

HUD-Wash., D. C.

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

4550.3

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

\(2\) Paragraph (18) in its entirety.

c\. Amortization Term. In existing construction cases, in view

of the fact that the structures are not new, the amortization

term may or may not be less than the maximum, as described

in underwriting instructions (See Reference (3) of the

Foreword).

d\. Model Form of Sales Agreement, Existing Construction Cases

Under Section 213(i), FHA Form 3255-B. This form is

self-explanatory.

e\. Mortgagor\'s Certificate, FHA Form No. 3212-B. This form is

used in Section 213 Existing Construction cases.

1-15. REHABILITATION LOANS. Certain residential properties when

rehabilitated, or certain commercial and industrial properties

when converted, for the purpose of creating cooperative housing

units may be eligible for mortgage insurance under Section 213.

Such properties must be located in areas adaptable to

rehabilitation of residential properties, and upon completion shall

provide modern and sanitary living units having stable occupancy

appeal which will compete favorably in the housing market in the

area.

a\. The Following Types of properties in the rental or sales

market containing, after remodeling, at least five dwelling

units are among those eligible under this program:

\(1\) A existing residential property which can be remodeled

to provide additional modern dwelling units;

\(2\) An existing residential property lacking modern living

units, even though no additional units are added; and

\(3\) Nonresidential properties located in areas which are

acceptable for residential use, if they can be

transformed into sanitary living units.

b\. The Rehabilitation of Properties should lend impetus to the

improvement of similar properties in the same neighborhood.

The total carrying charges for cooperative dwelling units

should be less than the rents charged for comparable units in

rental projects.

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

5/73

Page 1-8

HUD-Wash., D. C.

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

4550.3

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

c\. Construction Advances for the portion of a rehabilitation

project representing new construction may be insured in

the usual manner. At the time of closing, it must be

established that the purchase of land and existing improvements

thereon has been consummated and that the property

is free and clear of liens or outstanding obligations in

connection therewith.

d\. To Qualify as a rehabilitation project, at least 25 percent

of the mortgage proceeds to be insured must be used to cover

the cost of new physical improvements. In cases where less

than 25 percent of the mortgage proceeds is needed for this

purpose, the loan may be insured under the \"existing

construction\" authority as described above.

e\. The Application for Mortgage Insurance, FHA Form 3201, will

be used for rehabilitation projects, whereon, it will be

indicated as to whether the project will be initiated as a

Management Type or Investor-Sponsor under Section 213 or

Management Type, Investor or Nonprofit Sponsor under Section

221(d)(3) Market Interest Rate. Any additional data concerning

these projects for which no provision is made on the

application form will be set forth on blank sheets and

attached to and made part of the application under the

heading \"Additional Information\".

f\. Detailed Instructions and Procedures have not been established

for this type of project and for that reason commitments will

be issued only after clearance by the Office of the Director

of Unsubsidized Insured Housing Programs.

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

5/73

Page 1-9 (and 10)

HUD-Wash., D. C.