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maturity date of the mortgage on the property in exchange for which the debentures were issued. Such debentures shall be exempt, both as to principal and interest, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by any Territory, dependency, or possession of the United States, or by the District of Columbia, or by any State, county, municipality, or local taxing authority, and shall be paid out of the Defense Housing Insurance Fund, which shall be primarily liable therefor, and they shall be fully and unconditionally guaranteed as to principal and interest by the United States, and such guaranty shall be expressed on the face of the debentures. In the event that the Defense Housing Insurance Fund fails to pay upon demand, when due, the principal of or interest on any debentures issued under this section, the Secretary of the Treasury shall pay to the holders the amount thereof which is hereby authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, and thereupon to the extent of the amount so paid the Secretary of the Treasury shall succeed to all the rights of the holders of such debentures.

"(e) The certificate of claim issued by the Administrator to any mortgagee shall be for an amount which the Administrator determines to be sufficient, when added to the face value of the debentures issued and the cash adjustment paid to the mortgagee, to equal the amount which the mortgagee would have received if, at the time of the conveyance to the Administrator of the property covered by the mortgage, the mortgagor had redeemed the property and paid in full all obligations under the mortgage and a reasonable amount for necessary expenses incurred by the mortgagee in connection with the foreclosure proceedings, or the acquisition of the mortgaged property otherwise, and the conveyance thereof to the Administrator. Each such certificate of claim shall provide that there shall accrue to the holder of such certificate with respect to the face amount of such certificate, an increment at the rate of 3 per centum per annum which shall not be compounded. The amount to which the holder of any such certificate shall be entitled shall be determined as provided in subsection (f).

“(f) If the net amount realized from any property conveyed to the Administrator under this section and the claim assigned therewith, after deducting all expenses incurred by the Administrator in handling, dealing with, and disposing of such property and in collecting such claims, exceeds the face value of the debentures issued and the cash paid in exchange for such property plus all interest paid on such debentures, such excess shall be divided as follows:

"(1) If such excess is greater than the total amount payable under the certificate of claim issued in connection with such property, the Administrator shall pay to the holder of such certificate the full amount so payable, and any excess remaining thereafter shall be paid to the mortgagor of such property; and

“(2) Îf such excess is equal to or less than the total amount payable under such certificate of claim, the Administrator shall pay to the holder of such certificate the full amount of such

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excess.

“(g) Notwithstanding any other provision of law relating to the acquisition, handling, or disposal of real property by the United States, the Administrator shall have power to deal with, complete, rent, renovate, modernize, insure, make contracts or establish suitable agencies for the management of, or sell for cash or credit, in his discretion, any properties conveyed to him in exchange for debentures and certificates of claim as provided in this section; and notwithstanding any other provision of law, the Administrator shall also have power to pursue to final collection, by way of compromise or otherwise, all claims against mortgagors assigned by mortgagees to the Administrator as provided in this section, except that no suit or action shall be commenced by the Administrator against any such mortgagor on account of any claim so assigned unless such suit or action is commenced within six months after the assignment of such claim to the Administrator, or within six months after the last payment was made to the Administrator with respect to the claim so assigned, whichever is later: Provided, That section 3709 of the Revised Statutes shall not be construed to apply to any contract for hazard insurance, or to any purchase or contract for services or supplies on account of such property if the amount thereof does not exceed $1,000. The power to convey and to execute in the name of the Administrator deeds of conveyances, deeds of release, assignments, and satisfactions of mortgages, and any other written instrument relating to real property or any interest therein heretofore or hereafter acquired by the Administrator pursuant to the provisions of this Act, may be exercised by the Administrator or by any Assistant Administrator appointed by him, without the execution of any express delegation of power or power of attorney: Provided, That nothing in this subsection shall be construed to prevent the Administrator from delegating such power by order or by power of attorney in his discretion, to any officer, agent, or employee he may appoint.

“(h) No mortgagee or mortgagor shall have and no certificate of claim 'shall be construed to give to any mortgagee or mortgagor, any right or interest in any property conveyed to the Administrator or in any claim assigned to him; nor shall the Administrator owe any duty to any mortgagee or mortgagor with respect to the handling or disposal of any such property or the collection of any such claim.

“SEC. 605. (a) Moneys in the Defense Housing Insurance Fund not needed for the current operations of the Federal Housing Administration under this title shall be deposited with the Treasurer of the United States to the credit of the Defense Housing Insurance Fund, or invested in bonds or other obligations of, or in bonds or other obligations guaranteed as to principal and interest by the United States. The Administrator may, with the approval of the Secretary of the Treasury, purchase in the open market debentures issued under the provisions of section 604. Such purchases shall be made at a price which will provide an investment yield of not less than the yield obtainable from other investments authorized by this section. Debentures so purchased shall be canceled and not reissued.

“(b) Premium charges, adjusted premium charges, and appraisal and other fees received on account of the insurance of any mortgage accepted for insurance under this title, the receipts derived from the property covered by such mortgage and claims assigned to the Administrator in connection therewith shall be credited to the Defense Housing Insurance Fund. The principal of, and interest paid and to be paid on debentures issued under this title, cash adjustments, and expenses incurred in the handling, management, renovation, and disposal of properties acquired under the title shall be charged to the Defense Housing Insurance Fund.

“SEC. 606. Nothing in this title shall be construed to exempt any real property acquired and held by the Administrator under this title from taxation by any State or political subdivision thereof, to the same extent, according to its value, as other real property is taxed.

"SEC. 607. The Administrator is authorized and directed to make such rules and regulations as may be necessary to carry out the provisions of this title.”

SEC. 2. Section 1 of title I of such Act, as amended, is further amended by striking the words "titles II and III" each time they appear, and inserting in lieu thereof the words “titles II, III, and VI.

SEC. 3. Section 5 of title I of such Act, as amended, is amended by striking the words "titles II and III” and inserting in lieu thereof the words “titles II, III, and VI”.

SEC. 4. (a) Section 201 of title II of such Act, as amended, is amended (i) by striking out the words "district, or Territory” in subsection (a) of such section, and (2) by adding at the end thereof the following new subsection:

“(d) The term “State’ includes the several States, and Alaska, Hawaii, Puerto Rico, the District of Columbia, and the Virgin Islands."

(b) Section 207 (á) of title II of such Act, as amended, is amended (1) by striking out the words “district, or Territory” in paragraph (1) of such section, and (2) by adding at the end thereof the following new paragraph:

(7) The term 'State' includes the several States, and Alaska, Hawaii, Puerto Rico, the District of Columbia, and the Virgin Islands."

(c) Section 209 of title II of such Act, as amended, is amended by striking out the words "Fund and the Housing Fund” and inserting in lieu thereof the words "Fund, the Housing Fund, and the Defense Housing Insurance Fund”.

Sec. 5. Section 301 (a) (2) of title III of such Act, as amended, is further amended by striking the words “title II” and inserting in lieu thereof the words "titles II and VI".

SEC. 6. The first sentence of section 302 of title III of such Act, as amended, is further amended, by striking the words "title II” and inserting in lieu thereof the words "titles II and VI”.

SEC. 7. Section 10 (a) of the Federal Home Loan Bank Act, as amended, is amended by striking the words "title II” and inserting in lieu thereof the words "titles II and VI".

SEC. 8. The third sentence of section 24 of the Federal Reserve Act, as amended, is further amended by striking the words "Title II" and inserting thereof the words "Titles II and VI”.

Sec. 9. If any provision of this Act, or the application thereof to any person or circumstances, is held invalid, the remainder of the Act, and the application of such provision to other persons or circumstances, shall not be affected thereby.

Approved, March 28, 1941.

(PUBLIC LAW 138—77TH CONGRESS)
(CHAPTER 261-18T SESSION

(H. R. 4693]

AN ACT To amend the National Housing Act, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the first sentence of subsection (a) of section 2 of the National Housing Act, as amended, is hereby amended by striking out “July 1, 1941” and inserting in lieu thereof “July 1, 1943”.

SEC. 2. The last sentence of subsection (a) of section 2 of such Act, as amended, is hereby amended by (1) inserting “and other sources” after the word "premiums," and (2) striking out “$100,000,000” and inserting in lieu thereof "$165,000,000”.

SEC. 3. Subsection (b) of section 2 of such Act, as amended, is hereby amended by (1) striking out "exceeds $2,500" and inserting in lieu thereof "made for the purpose of financing the alteration, repair, or improvement of existing structures exceeds $2,500 (or in the case of the alteration, repair, or improvement of an existing dwelling designed or to be designed for more than one family, exceeds $5,000), or for the purpose of financing the construction of new structures exceeds $3,000;", (2) striking out the word "unless” in clause (2) of such subsection and inserting in lieu thereof the following: "where the loan, advance of credit, or purchase does not exceed $2,500, or has a maturity in excess of five years and thirty-two days, where the loan, advance of credit, or purchase exceeds $2,500 but does not exceed $5,000; except that such maturity limitations shall not apply if”, and (3) striking out the period at the end thereof and inserting “: Provided, That any obligation with respect to which insurance is granted under this section on or after July 1, 1939, may be refinanced and extended in accordance with such terms and conditions as the Administrator may prescribe, but in no event for an additional amount or term in excess of the maximum provided for in this subsection.”

SEC. 4. Subsection (c) of section 2 of such Act, as amended, is hereby amended by (i) inserting after the letter "(c)” the figure “(1)", (2) inserting before the word "property" the word “personal”, and (3) adding at the end thereof the following new paragraph:

“(2) The Administrator is authorized and empowered (a) to deal with, complete, rent, renovate, modernize, insure, or sell 'for cash or credit, in his discretion, and upon such'terms and conditions and for such' consideration as the Administrator shall determine to be reasonable, any real property conveyed to or otherwise acquired by him in connection with the payment of insurance heretofore or hereafter granted under this title and (b) to pursue to final collection, by way of compromise or otherwise, all claims against mortgagors assigned by mortgagees to the Administrator in connection with such real property by way of deficiency or otherwise: Provided, That section 3709 of the Revised Statutes shall not be construed to apply to any contract of hazard insurance or to any purchase or contract for services or supplies on account of such property if the amount thereof does not exceed $1,000. The power to convey and to execute in the name of the Administrator deeds of conveyance, deeds of release, assignments and satisfactions of mortgages, and any other written instrument relating to real property or any interest therein heretofore or hereafter acquired by the Administrator pursuant to the provisions of this title may be exercised by the Administrator or by any Assistant Administrator appointed by him without the execution of any express delegation of power or power of attorney: Provided, That nothing in this paragraph shall be construed to prevent the Administrator from delegating such power by order or by power of attorney, in his discretion, to any officer or agent he may appoint.”

Sec. 5. The last sentence of subsection (f) of section 2 of such Acty as amended, is hereby amended by inserting after the word "charges the following: “and áll moneys collected by the Administrator as fees of

any kind in connection with the granting of insurance as provided in this section, and all moneys derived from the sale, collection, disposition, or compromise of any evidence of debt, contract, claim, prop: erty, or security assigned to or held by the Administrator as provided in subsection (c) of this section with respect to insurance granted on and after July 1, 1939”.

SEC. 6. Effective on July 1, 1941, the first sentence of section 1 of the National Housing Act, as amended, is hereby amended by striking out “$10,000” and inserting in lieu thereof “$12,000”.

Sec. 7. Title I of such Act, as amended, is hereby amended by adding at the end thereof the following new section :

“Sec. 7. Nothing in this title shall be construed to exempt any real property acquired and held by the Administrator in connection with the payment of insurance heretofore or hereafter granted under this title from taxation by any State or political subdivision thereof, to the same extent, according to its value, as other real property is taxed.”

SEC. 8. Subsection (a) of section 203 of such Act, as amended, is hereby amended by (1) striking out "$3,000,000,000" and inserting in lieu thereof “$4,000,000,000"; (2) striking out "$4,000,000,000” and inserting in lieu thereof “$5,000,000,000”; (3) striking out of the second proviso "the effective date of this amendment and outstanding at any one time, shall not exceed 25 per centum of the total amount of the principal obligations of mortgages with respect to which insurance may be granted under this title after such effective date” and inserting in lieu thereof "June 3, 1939, and outstanding at any one time shall not exceed 35 per centum of the total amount of the principal obligations of mortgages with respect to which insurance may be granted under this title after such date”; and (4) striking out of the third proviso “July 1, 1941” and inserting in lieu thereof “July 1, 1944”.

Sec. 9. The last sentence of subsection (a) of section 204 of such Act, as amended, is hereby amended by striking out "July 1, 1941" and inserting in lieu thereof "July 1, 1944”.

Sec. 10. The first sentence of subsection (d) of section 512 of such Act, as amended, is hereby amended to read as follows: “No individual, association, partnership, or corporation shall hereafter, while the Federal Housing Administration exists, use the combination of

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