(a) The Secretary is authorized, with respect to any property improved by a one- to four-family dwelling inspected during construction by the Department of Veterans Affairs or the Federal Housing Administration which the Secretary finds to have structural defects seriously affecting the livability of the property, to make expenditures for
(1) correcting such defects,
(2) paying the claims of the owner of the property arising from such defects, or
(3) acquiring title to the property; except that such authority of the Secretary shall exist only
(A) if the owner requests assistance under this section not later than four years (or such shorter time as the Secretary may prescribe) after the mortgage loan was made, guaranteed, or insured, and
(B) if the property is encumbered by a mortgage which is made, guaranteed, or insured under this chapter after May 7, 1968.
