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(PUBLIC LAW 286–818T CONGRESS)
CHAPTER 536-1st SESSION

(8. 2146]

AN ACT To provide certain additional rehabilitation assistance for certain seriously

disabled veterans in order to remove an existing inequality. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That subsection (g) of section 1, title I, Public Numbered 2, Seventy-third Congress, as added by Public Law 702, Eightieth Congress, approved June 19, 1948, is hereby amended to read as follows:

"(8) Any person who served in the active military or naval service of the United States who is entitled to compensation under the provisions of Veterans Regulation Numbered 1 (a), as amended, for permanent and total service-connected disability due to the loss, or loss of use, by reason of amputation, ankylosis, progressive muscular dystrophies, or paralysis, of both lower extremities, such as to preclude locomotion without the aid of braces, crutches, canes, or a wheel chair, shall be entitled to assistance in acquiring a suitable housing unit with special fixtures or movable facilities made necessary by the nature of the person's disability, and necessary land therefor, subject to the provisions and limitations of Veterans Regulation Numbered 1 (a), as amended, part IX."

SEC. 2. Paragraph 1, part IX, of Veterans Regulation Numbered 1 (a), as added by Public Law 702, Eightieth Congress, approved June 19, 1948, is hereby amended to read as follows:

“1. The Administrator of Veterans' Affairs is authorized, under such regulations as he may prescribe, to assist any person (hereinafter referred to as 'veteran') who served in the active military or naval service of the United States, who is entitled to compensation under the provisions of this regulation for permanent and total serviceconnected disability due to the loss, or loss of use, by reason of amputation, ankylosis, progressive muscular dystrophies, or paralysis, of both lower extremities, such as to preclude locomotion without the aid of braces, crutches, canes, or a wheel chair, in acquiring a suitable housing unit with special fixtures or movable facilities made necessary by the nature of the veteran's disability, and necessary land therefor: Provided, That the regulations of the Administrator shall include, but not be limited to, provisions requiring findings that (a) it is medically feasible for such veteran to reside in the proposed housing unit and in the proposed locality; (b) the proposed housing unit bears a proper relation to the veteran's present and anticipated income and expenses; and (c) that the nature and condition of the proposed housing unit are such as to be suitable to the veteran's needs for dwelling purposes."

Approved September 7, 1949,

(PUBLIC LAW 387–81st CONGRESS)
(CHAPTER 729—1st SESSION)

(S. J. Res. 134]

JOINT RESOLUTION To amend the National Housing Act, as amended, and for other purposes. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the National Housing Act, as amended, is hereby amended

(1) by striking out of the first sentence of section 2 (a) “November 1, 1949" and inserting in lieu thereof “March 1, 1950”, and by striking out of the last sentence of section 2 (a) “$200,000,000" and inserting in lieu thereof “$225,000,000";

(2) by striking out of the proviso in section 203 (a) “$5,500,000,000” and inserting in lieu thereof “$6,000,000,000", and by striking out “$6,000,000,000” and inserting

in lieu thereot "$6,750,000,000";

(3) by striking out of the first sentence of section 302 $1,500,000,000” and inserting in lieu thereof “$2,500,000,000";

(4) by striking out of the first proviso in section 603 (a) "$5,750,000,000" and inserting in lieu thereof "$6,150,000,000", by striking out of said proviso "$6,150,000,000” and inserting in lieu thereof "$6,650,000,000”, and by striking out of the second proviso in section 603 (a) "October 31, 1949" in each place where

it appears therein and inserting in lieu thereof “March 1, 1950”. SEC. 2. Said Act, as amended, is hereby further amended by striking: out the period at the end of the fourth sentence of section 1 thereof and inserting a colon and the following: "Provided, That, notwithstanding any other provisions of law except provisions of law hereafter enacted expressly in limitation hereof, all expenses of the Federal Housing Administration in connection with the examination and insurance of loans or investments under any title of this Act, all properly capitalized expenditures, and other necessary expenses not attributable to general overhead in accordance with generally accepted aecounting principles shall be considered nonadministrative and payable from funds made available by this Act, except that, unless made pursuant to specific authorization by the Congress therefor, expenditures made in any fiscal year pursuant to this proviso, other than the payment of insurance claims and other than expenditures (including services on a contract or fee basis, but not including other personal services) in connection with the acquisition, protection, completion, operation, maintenance, improvement, or disposition of real or personal property of the Administration acquired under authority of this Act, shall not exceed 35 per centum of the income received by the Federal Housing Administration from premiums and fees during the preceding fiscal year.”

Sec. 3. Said Act, as amended, is hereby further amended by adding the following new section after section 514:

(329)

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“Sec. 515. At any time prior to final endorsement for insurance, the Commissioner, in his discretion, may amend, extend, or increase the amount of any commitment, provided the mortgage, as finally endorsed for insurance is eligible for insurance under the provisions of this Act, and the rules and regulations thereunder, in effect at the time the original commitment to insure was issued.'

SEC. 4. Section 4 (c) of the Reconstruction Finance Corporation Act, as amended, is hereby amended by striking out "$2,500,000,000” and inserting in lieu thereof “$3,500,000,000”.

Sec. 5. Section 313 of the Act entitled “An Act to expedite the provision of housing in connection with national defense, and for other purposes”, approved October 14, 1940, as amended, is hereby amended by striking out “January 1, 1950” and inserting in lieu thereof "January 1, 1951".

Sec. 6. Section 24 of the Federal Reserve Act, as amended, is hereby amended,

(1) by striking out the second sentence thereof and inserting in lieu thereof the following: "A loan secured by real estate within the meaning of this section shall be in the form of an obligation or obligations secured by a mortgage, trust deed, or other instrument upon real estate, which shall constitute a first lien on real estate in fee simple or, under such rules and regulations as may be prescribed by the Comptroller of the Currency, on a leasehold (1) under a lease for not less than ninety-nine years which is renewable or (2) under a lease having a period of not less than fifty years to run from the date the loan is made or acquired by the national banking association, and any national banking association may purchase any obligation so secured when the entire amount of such obligation is sold to the association.”; and

(2) by striking out of the third sentence “titles II and VI” and inserting in lieu thereof the words "title II, title VI, or title VIII”. Sec. 7. Section 301 (a) of the National Housing Act, as amended, is hereby amended by striking out the proviso at the end of paragraph (1) (E) and inserting in lieu thereof the following:“: Provided, That this clause (2) shall not apply to (nor shall any terms therein include) any mortgage which is (i) guaranteed under section 501 of the Servicemen's Readjustment Act of 1944, as amended, and made for the construction or purchase of a family dwelling or dwellings in an original principal amount or amounts which does not exceed $10,000 per dwelling unit, or (ii) insured under section 803 of this Act": Provided, That the amendment made by this section 7 with respect to mortgages guaranteed under section 501 of the Servicemen's Readjustment Act of 1944, as amended, shall apply only to such mortgages guaranteed after the date of enactment of this Act.

Approved October 25, 1949.

[PUBLIC LAW 475—81st CONGRESS)
[CHAPTER 94—2D SESSION)

[S. 2246]

AN ACT To amend the National Housing Act, as amended, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Housing Act of 1950”.

TITLE I-AMENDMENTS OF NATIONAL HOUSING ACT

AMENDMENTS OF TITLE I OF NATIONAL HOUSING ACT

Sec. 101. (a) Section 2 of the National Housing Act, as amended, is hereby amended

(1) by striking out of the first sentence of subsection (a) thereof "March 1, 1950”, and inserting in lieu thereof “July 1, 1955”;

(2) by striking out the last sentence of subsection (a) and inserting in lieu thereof the following: “The aggregate amount of principal obligations of all loans, advances of credit, and obligations purchased with respect to which insurance may be heretofore or hereafter granted under this section and outstanding at any one time shall not exceed $1,250,000,000.”

(3) by striking out of clause numbered (1) in subsection (b) “$4,500” and inserting in lieu thereof “$3,000";

(4) by striking out of clause numbered (2) in subsection (b) the words "residential or”; and

(5) by striking out of subsection (f) the word "title" in each place it appears therein and inserting in lieu thereof the word

"section". (b) This section shall take effect as of March 1, 1950.

SEC. 102. Title I of said Act, as amended, is hereby amended by adding at the end thereof the following new section:

“INSURANCE OF MORTGAGES

"SEO. 8. (a) To assist in providing adequate housing for families of low and moderate income, particularly in suburban and outlying areas, this section is designed to supplement systems of mortgage insurance under other provisions of the National Housing Act by making feasible the insurance of mortgages covering properties in areas where it is not practicable to obtain conformity with many of the requirements essential to the insurance of mortgages on housing in built-up urban areas. The Commissioner is authorized, upon application by the mortgagee, to insure, as hereinafter provided, any mortgage (as defined in section 201 of this Act) offered to him which is eligible for insurance as hereinafter provided, and, upon such terms as the Commissioner may prescribe, to make commitments for the insuring of such mortgages prior to the date of their execution or disbursement thereon: Provided, That the aggregate amount of principal obligations of all mortgages insured under this section and outstanding at any one time shall not exceed $100,000,000, except that with the approval of the President such aggregate amount may be increased at any time or times by additional amounts aggregating not more than $150,000,000 upon a determination by the President, taking into account the general effect of any such increase upon conditions in the building industry and upon the national economy, that such increase is in the public interest.

“(b) To be eligible for insurance under this section, a mortgage shall

“(1) have been made to, and be held by, a mortgagee approved by the Commissioner as responsible and able to service the mortgage properly;

(2) involve a principal obligation (including such initial service charges, appraisal, inspection, and other fees as the Commissioner shall approve) in an amount not to exceed $4,750, except that the Commissioner may by regulation increase this amount to not to exceed $5,600 in any geographical area where he finds that cost levels so require, and not to exceed 95 per centum of the appraised value, as of the date the mortgage is accepted for insurance, of a property, urban, suburban, or rural upon which there is located a dwelling designed principally for a single-family residence, the construction of which is begun after the date of enactment of the Housing Act of 1950, and which is approved for mortgage insurance prior to the beginning of construction: Provided, That the mortgagor shall be the owner and occupant of the property at the time of insurance and shall have paid on account of the property at least 5 per centum of the appraised value in cash or its equivalent, or shall be the builder constructing the dwelling, in which case the principal obligation shall not exceed $4,250, except that the Commissioner may by regulation increase this amount to not to exceed $5,000 in any geographical area where he finds that cost levels so require, and shall not exceed 85 per centum of the appraised value of the property: And provided further, That the Commissioner finds that the project with respect to which the mortgage is executed is an acceptable risk, giving consideration to the need for providing adequate housing for families of low and moderate income particularly in suburban and outlying areas;

“(3) have a maturity satisfactory to the Commissioner but not to exceed thirty years from the date of insurance of the mortgage;

“(4) contain complete amortization provisions satisfactory to the Commissioner requiring periodic payments by the mortgagor not in excess of his reasonable ability to pay as determined by the Commissioner;

(5) bear interest (exclusive of premium charges for insurance and service charges, if any) at not to exceed 5 per centum per annum on the amount of the principal obligation outstanding at any time;

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