32 1 apply to any urban renewal project with respect to which 2 a contract has been entered into under title I of the Housing 3 Act of 1949 prior to July 1, 1965, for advances of funds 4 for surveys and plans or for loans or grants. Such amend5 ment shall apply to all other urban renewal projects, except 6 that the Administrator may in his discretion substitute a 7 later date for the date specified in the preceding sentence 8 in any case where he determines that there has been insuf9 ficient time for the legislative or other action required in 10 order to conform with such amendment. 13 SEC. 401. Section 10 of the United States Housing Act 14 of 1937 is amended by adding at the end thereof the following 15 new subsection: 16 "(n) Notwithstanding any other provision of law, the 17 Authority shall not make any contract for loans (including 18 a contract for preliminary loan) or for annual contributions 19 or capital grants under this Act with respect to any low-rent 20 housing project initiated after the date of the enactment of 21 this subsection unless the governing body of the locality 22 involved has approved the site or sites on which such project 23 is to be located." 4 SEC. 402. Notwithstanding any other provision of law, 5 no amount expended by a local public agency (as defined in 6 section 110 (h) of the Housing Act of 1949), a public hous7 ing agency (as defined in section 2 (11) of the United States 8 Housing Act of 1937), or any other State or local agency 9 performing functions under a program administered by the 10 Housing and Home Finance Agency or any of its con11 stituent agencies, or by any officer or employee of any such agency, for 12 23 13 14 15 16 17 18 19 (1) dues or fees in connection with membership in a private organization operating in the field of urban renewal or housing or in a related field, or (2) travel or subsistence in connection with attendance at a meeting, convention, or conference of any such organization except in the case of an individual who is a scheduled speaker or has formal official duties to perform at such meeting, convention, or conference, 21 shall be included in the cost of or otherwise charged to any 22 urban renewal project, low-rent housing project, or other 23 activity with respect to which assistance is made available 20 34 1 by the Housing and Home Finance Agency or any of 2 its constituent agencies. 3 4 AUTHORIZATION FOR FNMA TO DEAL IN CONVENTIONAL MORTGAGES 5 SEC. 403. (a) Section 302 (b) of the National Housing 6 Act is amended to read as follows: 7 "(b) For the purposes set forth in section 301 and sub 8 ject to the limitations and restrictions of this title: 9 "(1) The Association is authorized under section 304, 10 pursuant to commitments or otherwise, to purchase, lend on 11 the security of, service, sell, or otherwise deal in any mort 12 gages which are insured under the National Housing Act, or 13 which are insured or guaranteed under the Servicemen's 14 Readjustment Act of 1944 or chapter 37 of title 38, United 15 States Code, or which are insured under a contract of insur16 ance and by an insurer and are generally acceptable to pri17 vate institutional mortgage investors (as determined by the 18 Association), or which, although neither insured nor guar19 anteed, are of a quality generally acceptable to private insti20 tutional mortgage investors and otherwise meet generally the 21 standards of the Association in its other operations under 22 section 304: Provided, That the Association shall not pur23 chase mortgages as to which the outstanding principal bal 35 1 ances exceed 80 per centum of the appraised value of the 2 properties covered thereby unless payment of such excess 3 amount is insured or guaranteed. 4 "(2) The Association is authorized under sections 305 5 and 306, pursuant to commitments or otherwise, to pur6 chase, service, sell, or otherwise deal in any mortgages which are insured under the National Housing Act, or which are 8 insured or guaranteed under the Servicemen's.Readjustment 9 Act of 1944 or chapter 37 of title 38, United States Code: 10 Provided, That (1) no mortgage may be purchased at a 11 price exceeding 100 per centum of the unpaid principal 12 amount thereof at the time of purchase, with adjustments for 13 interest and any comparable items; (2) the Association may 14 not purchase any mortgage if it is offered by, or covers 15 property held by, a State or municipality or instrumentali16 ties thereof; and (3) the Association may not purchase any 17 mortgage, except a mortgage insured under section 220 or 18 title VIII, or insured under section 213 and covering prop19 erty located in an urban renewal area, or a mortgage cover20 ing property located in Alaska, Guam, or Hawaii, if the 21 original principal obligation thereof exceeds or exceeded 22 $17,500 for each family residence or dwelling unit covered 23 by the mortgage. |