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after default, and receive the benefits of the insurance as herein provided, upon (1) the prompt conveyance to the Commissioner of title to the property which meets the requirements of the rules and regulations of the Commissioner in force at the time the mortgage was insured and which is evidenced in the manner prescribed by such rules and regulations, and (2) the assignment to him of all claims of the mortgagee against the mortgagor or others, arising out of the mortgage transaction or foreclosure proceedings, except such claims that may have been released with the consent of the Commissioner. Upon such conveyance and assignment, the obligation of the mortgagee to pay the premium charges for insurance shall cease and the mortgagee shall be entitled to receive the benefits of the insurance as provided in this subsection, except that in such event the 1 per centum deduction,
set out in (ii) hereof, shall not apply." Sec. 111. Section 207' (h) of said Act, as amended, is hereby amended by striking out of the first sentence the words "by the Commissioner to any mortgagee upon the assignment of the mortgage to the Commissioner” and inserting in lieu thereof “under this section":
Sec. 112. Section 207 (i) of said Act, as amended, is hereby amended by striking out the first sentence and inserting the following in lieu thereof: "Debentures issued under this section shall be executed in the name of the Housing Insurance Fund as obligor, shall be signed by the Commissioner, by either his written or engraved signature, shall be negotiable, and shall be dated as of the date of default as determined in subsection (g) of this section and shall bear interest from such date."
SEC. 113. Section 212 (a) of said Act, as amended, is hereby amended by deleting the words “or under title VIII, a mortgage” immediately after the words "effective date of this section, and by inserting in lieu of the words deleted the following: "or under section 213 of this title, or under title VII pursuant to any application filed subsequent to sixty days after the date of enactment of the Housing Act of 1950, or under title VIII, a mortgage or investment”.
Sec. 114. Title II of said Act, as amended, is hereby amended by inserting a new section reading as follows:
“COOPERATIVE HOUSING INSURANCE “SEC. 213. (a) In addition to mortgages insured under section 207 of this title, the Commissioner is authorized to insure mortgages as defined in section 207 (a) of this title (including advances on such mortgages during construction), which cover property held by
"(1) a nonprofit cooperative ownership housing corporation or nonprofit cooperative ownership housing trust, the permanent occupancy of the dwellings of which is restricted to members of such corporation or to beneficiaries of such trust; or
“(2) a nonprofit corporation or nonprofit trust organized for the purpose of construction of homes for members of the
corporation or for beneficiaries of the trust; which corporations or trusts are regulated or restricted for the purposes and in the manner provided in paragraphs numbered (1) and (2) of subsection (b) of section 207 of this title.
“(b) To be eligible for insurance under this section a mortgage on any property or project of a corporation or trust of the character described in paragraph numbered (1) of subsection (a) of this section shall involve a principal obligation in an amount
“(1) not to exceed $5,000,000;
"2) not to exceed $8,100 per family unit for such part of such property or project as may be attributable to dwelling use, except that if the Commissioner finds that the needs of individual members of the corporation or of individual beneficiaries of the trust could more adequately be met by per room limitations, the mortgage may involve a principal obligation in an amount not to exceed $1,800 per room for such part of such project to be occupied by such members or beneficiaries; and not to exceed 90 per centum of the amount which the Commissioner estimates will be the replacement cost of the property or project when the proposed improvements are completed: Provided, That (i) such maximum dollar amount shall be increased by $4.50 per family unit or $1 per room, as the case may be, for each 1 per centum of the membership of the corporation or number of beneficiaries of the trust which consists of veterans of World War II and such maximum ratio of loan to cost shall be increased by one-twentieth of 1 per centum for each 1 per centum of the membership of the corporation or number of beneficiaries of the trust which consists of veterans of World War II, if evidence satisfactory to the Commissioner is furnished to establish that the benefits of such increase will accrue to the members of the corporation or beneficiaries of the trust who are veterans of World War II in the form of the elimination of the down payment which the corporation or trust would otherwise require in order to supply the difference between the amount of the mortgage loan and the estimated replacement cost of the property or project, or (ii) if at least 65 per centum of the membership of the corporation or number of beneficiaries of the trust consists of veterans of World War II, the mortgage may involve a principal obligation not to exceed $8,550 per family unit or $1,900 per room as the case may be and not to exceed 95 per centum of the amount which the Commissioner estimates as the replacement cost of the property or project when the proposed improvements are
completed. "(c) To be eligible for insurance under this section a mortgage on any property or project of a corporation or trust of the character described in paragraph numbered (2) of subsection (a) of this section shall involve a principal obligation in an amount not to exceed $5,000,000 and not to exceed the greater of the following amounts:
"(1) A sum computed on the basis of a separate mortgage for each single family dwelling (irrespective of whether such dwelling has a party wall or is otherwise physically connected with another dwelling or dwellings) comprising the property or project, equal to the total of each of the maximum principal obligations of such mortgages which would meet the requirements of paragraph (A), paragraph (C), or paragraph (D) of section 203 (b) (2) of this Act if the mortgagor were the owner and occupant who had made any required payment on account of the property prescribed in such paragraph.
“(2) A sum equal to the maximum amount which does not. exceed either of the limitations on the amount of the principal obligation of the mortgage prescribed by paragraph numbered
(2) of subsection (b) of this section. "(d) Any mortgage insured under this section shall provide for complete amortization by periodic payments within such terms as the Commissioner may prescribe but not to exceed forty years from the beginning of amortization of the mortgage, and shall bear interest (exclusive of premium charges for insurance) at not to exceed 4 per centum per annum on the amount of the principal obligation outstanding at any time. The Commissioner may consent to the release of a part or parts of the mortgaged property from the lien of the mortgage upon such terms and conditions as he may prescribe and the mortgage may provide for such release, and a mortgage on any project of a corporation or trust of the character described in paragraph numbered (2) of subsection (a) of this section may provide that, at any time after the completion of the construction of the project, such mortgage may be replaced, in whole or in part, by individual mortgages covering each individual dwelling in the project in amounts not to exceed the unpaid balance of the blanket mortgage allocable to the individual property. Each such individual mortgage may be insured under this section. Property covered by a mortgage, insured under this section, on a property or project of a corporation or trust of the character described in paragraph numbered (1) of subsection (a) of this section may include such commercial and community facilities as the Commissioner deems adequate to serve the occupants.
“(e) The provisions of subsections (d), (e), (g), (h), (i), (i), (k), (1), (m), (n), and (p) of section 207 of this title shall be applicable to mortgages insured under this section except individual mortgages insured pursuant to subsection (d) of this section covering the individual dwellings in the project, and as to such individual mortgages the provisions of subsections (a), (c), (d), (e), (f), (g), and (h) of section 204 shall be applicable.
“(f) The Commissioner is authorized, with respect to mortgages insured or to be insured under this section, to furnish technical advice and assistance in the organization of corporations or trusts of the charácter described in subsection (a) of this section and in the planning, development, construction, and operation of their housing projects. In the performance of, and with respect to the functions, powers, and duties vested in him by this section, the Commissioner, notwithstanding the provisions of any other law, shall appoint an Assistant Commissioner to administer the provisions of this section under the direction and supervision of the Commissioner.
“(g) Nothing in this Act shall be construed to prevent the insurance of a mortgage under this section covering a housing project designed for occupancy by single persons, and dwelling units in such a project shall constitute family units within the meaning of this section.”
Sec. 115. The National Housing Act, as amended, is hereby amended by adding the following section under title II thereof after section 214:
“ISSUANCE OF COMMITMENTS “SEC. 215. The Commissioner is hereby authorized to process applications and issue commitments with respect to insurance of mortgages
under section 8 of title I, title II, title VI, or title VIII of this A.ct, even though the permanent mortgage financing, may not be insured under this Act, and in the event the mortgage is not so insured the Commissioner is authorized to charge an additional application fee determined by him to be reasonable. The Commissioner is authorized to make such rules and regulations as may be necessary to carry out the provisions of this section.
AMENDMENTS OF TITLE III OF NATIONAL HOUSING ACT
Sec. 116. Section 301 (a) of said Act, as amended, is hereby amended
(1) by striking out of paragraph (1) the words “title VIII of” and inserting in lieu thereof the words "title VIII, or section 8 of title I of";
(2) by striking out of paragraph (1) the words "Provided, however," and inserting in lieu thereof the following: "Provided, That no deposit or fee required or charged by the Association for the purchase of a mortgage hereunder shall exceed 1 per centum of the original principal obligation of such mortgage: And provided further,";
(3) by striking out the proviso at the end of paragraph (1) (E) and inserting the following: “: Provided, That this clause (2) shall not apply to (nor shall any terms therein include) any mortgage which is (i) guaranteed after October 25, 1949, under section 501, or guaranteed after the effective date of the Housing Act of 1950 under section 502 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; and”;
(4) by amending paragraph (1) (F) to read: '"(F) no loan guaranteed under section 501 or section 502 of the Servicemen's Readjustment Act of 1944, as amended, which is made to finance all or part of the purchase price or construction cost of a dwelling, shall be purchased by the Association (except pursuant to a commitment made or issued prior to the effective date of this paragraph) unless the Administrator of Veterans Affairs certifies that such dwelling conforms with minimum construction requirements prescribed by him: Provided, That this clause (4) shall become effective ninety days after the date of enactment of the Housing Act of 1950.", and
(5) by adding the following new subparagraph at the end thereof: “(G) The Association after the effective date of this subparagraph may contract to purchase only those eligible mort
gages which are guaranteed or insured at the time of the contract.” Sec. 117. Section 302 of the National Housing Act, as amended, is hereby amended by striking out “$2,500,000,000” and inserting in lieu thereof ($2,750,000,000".
SEC. 118. Section 305 of said Act, as amended, is hereby amended by adding the words "or credit, or otherwise dispose of” immediately after the word "cash”.
AMENDMENTS OF TITLE VI OF NATIONAL HOUSING ACT Sec. 119. Section 603 (a) of the National Housing Act, as amended, is hereby amended by adding the following new paragraphs at the end thereof:
“Notwithstanding the first proviso of this subsection, mortgages may be insured under section 609 and section 611 of this title if the aggregate amounts of principal obligations of mortgages insured under said sections plus the aggregate amount of principal obligations of mortgages insured under section 610 of this title do not exceed the limitation contained in said section 610 upon the aggregate amount of principal obligations of mortgages insured pursuant to said section.
Notwithstanding the second proviso of this subsection, mortgages otherwise eligible for insurance under section 608 of this title may be hereafter insured thereunder if the application for such insurance was received in any field office of the Federal Housing Administration on or before March 1, 1950, and for such purpose the aggregrate amount of principal obligations authorized to be insured under section 608 of this title is increased by not to exceed $500,000,000." SEC. 120. Section 610 of said Act, as amended, is hereby amended
(1) by inserting in paragraph (4) of the first sentence, immediately after the words "section 603 (b) (2)”, the words “or section 603 (b) (5)";
(2) by striking out in the proviso the word "and" after the words “date of insurance” and by striking out the period at the end of the proviso and inserting a comma and the following: "and (4) bear interest (exclusive of premium charges) at not to exceed 5 per centum per annum on the amount of the principal obligation outstanding at any time if such mortgage covers property on which there is located a dwelling designed principally for residential use for not more than four families in the aggregate, irrespective of whether such dwelling or dwellings have a party wall or are otherwise physically connected with another dwelling or dwellings, or bear interest at not to exceed 412 per centum per annum on the amount of the principal obligation outstanding at any time if such mortgage covers property upon which there is located a dwelling or dwellings designed principally for residential use for more than four families.";
(3) by inserting before the last paragraph thereof the following new paragraph:
“The Commissioner is further authorized to insure or to make commitments to insure in accordance with the provisions of this section any mortgage executed in connection with the sale by the Public Housing Administration, or by any public housing agency with the approval of the said Administration, of any housing (including any property acquired, held, or constructed in connection with such housing or to serve the inhabitants thereof) owned or financially assisted pursuant to the provisions of Public Law 671, Seventy-sixth Congress."; and
(4) by striking out of the last sentence thereof the words "which is the security for a mortgage insured pursuant to the provisions of this section." and inserting the words of the character described in this section.”.