; and (4) in subsection (h), by inserting or (l) after subsection (d) . 3. Insurance of mortgages for owners of condominium units to finance special assessments (a) Section 203(k) rehabilitation loans Section 203(k) of the National Housing Act ( 12 U.S.C. 1709(k) ) is amended— (1) in paragraph (2)— (A) in subparagraph (A)— (i) in clause (ii), by striking or at the end; (ii) in clause (iii), by striking and at the end and inserting or ; and (iii) by adding at the end the following new clause: (iv) in the case of a dwelling unit in a condominium and notwithstanding any other law, regulation, or guideline of the Secretary, including subpart C of part II of the FHA Single Family Policy Handbook 4000.1 of the Department of Housing and Urban Development, the payment of a non-regular assessment charged by the governing body of the condominium project to the unit owner to cover costs of a future rehabilitation, alteration, repair, improvement, or replacement of any common system, infrastructure, facility, feature, portion, or area serving the project; and ; and (B) in subparagraph (B), by inserting or the funding of reserves for future project-level improvements or repairs, after in connection with a structure, ; (2) in paragraph (3)(A)— (A) by inserting the greater of (i) before the sum of the estimated cost of rehabilitation ; and (B) by inserting before the semicolon at the end the following: , or (ii) the Secretary’s estimate of the value of the property after rehabilitation; except that in no case shall the principal obligation exceed 115 percent of the Secretary’s estimate of the value of the property after rehabilitation ; (3) by redesignating paragraphs (5) and (6) as paragraphs (6) and (7)