A bill to amend section 203 of the National Housing Act for the purpose of extending the repayment period of a mortgage which may be insured under such section.

Amends the National Housing Act to extend the repayment period of a mortgage which may be insured under such Act from 35 to 45 years in the case of mortgages which are approved for insurance prior to construction and from 30 to 40 years for all mortgages approved after construction has commenced.