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1 termines that the residential property was not abandoned, or 2 that the abandoned property did not tend to create a danger 3 to the community or neighborhood, or that probable cause for 4 an order issued pursuant to paragraph (1) did not exist, 5 the court shall fix and allow to any person with an interest in 6 the property, to be paid by the Corporation, the costs, counsel 7 fees, expenses, and damages as a result of the issuance of the 8 order to seize and take possession of the property.

9 (c) In the case of an abandoned residential property 10 which is not subject to a mortgage insured or guaranteed by an agency of the United States, the Corporation may take ac12 tion in accordance with subsection (b) with respect to such 13 property only if it determines

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(1) that the mortgagee is a federally related financial institution;

(2) that the mortgagee holds a substantial number of mortgages covering abandoned residential properties;

and

(3) after consultation with the appropriate Federal regulatory agency, that the liquidity of the mortgagee may be affected.

(d) The Corporation shall acquire in exchange for obli23 gations issued by it residential properties to which title is 24 held by the Secretary of Housing and Urban Development 25 or the Administrator of Veterans' Affairs at the fair market

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1 value of the property as of the date the title is passed to the 2 Corporation, and the Secretary of Housing and Urban De3 velopment and the Administrator of Veterans' Affairs are 4 authorized and directed to accept such obligations in ex5 change for such properties. The fair market value of the 6 properties to be exchanged shall be determined by an ap7 praisal made by the Corporation, but in no event shall the 8 fair market value of the property exceed the unpaid balance 9 of the mortgage.

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(e) The Corporation may acquire real or residential properties by condemnation for the purpose of redeveloping

a community or neighborhood, except that before instituting

such proceedings, the Corporation shall secure the approval by resolution or ordinance of the governing body of the affected community.

(f) With respect to any real or residential properties the Corporation has acquired pursuant to this section, the Corporation may, by contract or otherwise—

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(2) demolish structures or otherwise dispose of

any

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(1) make plans, surveys, and investigations;

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improvements on real or residential property;

(3) hold and assemble real and residential property

for purposes of redevelopment;

(4) construct, erect, remodel, repair, and rehabili

tate structures on residential property;

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(5) procure necessary materials, supplies, articles, equipment, and machinery;

(6) provide approaches, utilities, and necessary

community facilities;

(7) convey without cost to States and political subdivisions and instrumentalities thereof real property

for streets and other public thoroughfares and easements for public purposes; and

(8) rent, lease, insure, maintain, exchange, convey, sell for cash or credit, or otherwise dispose of real or residential property, improvement or interest therein, except that if the disposition of such property involves a change in its use, the Corporation shall secure the approval by resolution or ordinance of the governing bodies of the affected units of government. Any instrument executed by the Corporation purporting to convey any right, title, or interest in any real or residential property disposed of pursuant to this subsection shall be conclusive evidence of compliance with the provisions thereof

insofar as title or other interest of any bona fide pur

chasers, leasees, or transferees of such property is concerned.

(g) Except where the property is being disposed of in conjunction with an urban homesteading program, the Corporation shall determine that the homes it sells are

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1 in decent, safe, and sanitary condition at the time of sale. 2 In the event of a sale which does not meet this require

3 ment, the Corporation may make expenditures to correct,

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or to compensate the purchaser of any dwelling for occu5 pancy by fewer than five families for, structural or 6 other defects which seriously affect the use and livability 7 of any one to four-family dwelling, if (1) the dwelling

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was sold by the Corporation, (2) the purchaser requests 9 assistance from the Corporation not later than one year after 10 the sale, and (3) the defect is one that existed on the date 11 of the sale and is one that a proper inspection could reason12 ably be expected to disclose.

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(h) The Corporation may acquire in exchange for 14 obligations issued by it, real properties, residential prop15 erties, mortgages on residential properties, and other obliga16 tions and liens secured by residential properties (including 17 the interest of a vendor under a purchase money mortgage. 18 or contract) recorded or filed in the proper office, and in 19 connection with any such exchange, the Corporation may 20 make advances in cash to pay the taxes and assessments 21 on the residential property, to provide for necessary main22 tenance and make necessary repairs, to meet the incidental 23 expenses of the transaction, and to pay such amounts to 24 the holder of the mortgage, obligation, or lien acquired as 25 may be the difference between the face value of the obliga

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tions exchanged plus accrued interest thereon and the pur2 chase price of the mortgage, obligation, or lien, but in no 3 event shall the purchase price of the mortgage, obligation, 4 or lien exceed the unpaid balance thereon. Each mortgage 5 on residential property or other obligation or lien so ac6 quired shall be carried as a first lien or refinanced as a 7 mortgage by the Corporation, and shall be amortized by 8 means of monthly payments sufficient to retire the interest. 9 and principal within a period not to exceed thirty years. In10 terest on the unpaid balance of the mortgage shall be at a rate determined by the Corporation. The Corporation may 12 at any time grant an extension of time to any mortgagor 13 for the payment of any installment of principal or interest 14 owed to the Corporation if, in the judgment of the Corpo15 ration, the circumstances of the mortgagor justifies such 16 extension.

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17 (i) The Corporation shall provide directly or by con18 tract counseling on household management, property man19 agement, budgeting, and related counseling services which 20 would assist low- and moderate-income families who pur21 chase homes from the Corporation in improving their living 22 conditions and housing opportunities, and in meeting the 23 responsibilities of homeownership.

24 (j) Whenever the Corporation sells property improved 25 by dwellings for occupancy by fewer than five families to

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