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Corporation to the Housing and Home Finance Agency pursuant to Reorganization Plan Numbered 23 of 1950 (64 Stat. 1279), to the extent of the net loss, as determined by the Secretary of the Treasury, sustained by said Agency in the liquidation of defaulted loans. The net loss shall be the sum of the unpaid principal and advances for care and preservation of collateral, together with accrued and unpaid interest on said principal and advances, and all expenses and costs (other than those subject to administrative expense limitations) in connection with the liquidation of defaulted loans, less the amount actually realized by the Housing and Home Finance Agency on account of such defaulted loans.

SEC. 10. (a) The National Housing Act, as amended, is hereby amended

(1) by adding at the end of section 8 the following new section

12 U.S.C.

& 1706c.

64 Stat. 48. 9: "SEC. 9. The provisions of sections 2 and 8 shall be applicable in the several States and Alaska, Hawaii, Puerto Rico, the District of Columbia, Guam, and the Virgin Islands.";

(2) by adding "Guam," after the words "District of Columbia," in each place where they appear in sections 201 (d), 207 (a) (7), 12 U.S.C. 301 (c) (4), 601 (d), and 801 (f);

(3) by inserting in section 214

(A) the words "or in Guam" after the word "Alaska" in each place where it appears in said section,

(B) the words "or maxima" after the word "maximum", and

(C) the words "or the Government of Guam or any agency or instrumentality thereof" after the words "Alaska Housing Authority" in each place where they appear in said section; (4) by adding at the end of section 713 the following new subsection (q):

"(q) State' shall include the several States and Alaska, Hawaii, Puerto Rico, the District of Columbia, Guam, and the Virgin Islands."; and

S$ 1707, 1713,
1716, 1736,
1748.
12 U.S.C.
1715d.

62 Stat.1281.

12 U.S.C.

$17471.

66 Stat. 603. 66 Stat. 604.

1726.

(5) by deleting the words "or Territory" in section 403 (a) and 12 U.S.C. inserting in lieu thereof the words "Territory, or possession". (b) The Home Owners' Loan Act of 1933, as amended, is hereby 48 Stat. 134. amended by adding a comma and "Guam," after the words "Puerto 12 U.S.C. Rico" in section 7 thereof.

1466.

12 U.S.C.

(c) The Federal Home Loan Bank Act, as amended, is hereby 47 Stat. 725. amended by adding "Guam," after "District of Columbia," in section 2 (3) and after "Virgin Islands," in section 3 thereof.

SS1422,1423.

(d) The Defense Housing and Community Facilities and Services Act of 1951 is hereby amended by adding at the end of section 401 65 Stat. 310. the following: "This title shall be applicable in the several States, 42 U.S.C. the District of Columbia, and the Territories and possessions of the $ 1593.

United States."

12 U.S.C.

(e) Section 102b of the Housing Act of 1948, as amended, is hereby 65 Stat. 312. amended by adding at the end thereof the following: "Such powers, functions, and duties may be exercised in the several States, the Dis-81701g-2. trict of Columbia, and the Territories and possessions of the United States."

SEC. 11. Title V of the Housing Act of 1949, as amended, is hereby amended as follows:

(a) In the first sentence of section 511 immediately following the 63 Stat. 438. phrase "July 1, 1951" strike the word "and" and insert at the end of 42 U.S.C. the sentence just before the period a comma and the language "and § 1481. an additional $100,000,000 on and after July 1, 1953".

(b) In section 512, (i) strike "and 1952" and insert "1952, and 42 U.S.C. 1953", and (ii) strike "and $2,000,000" and insert "$2,000,000 and $ 1482. $2,000,000".

42 U.S.C. 1483.

12 U.S.C.

1464.

(c) In section 513, strike "and $10,000,000 on July 1 of each of the years 1950, 1951, and 1952" and insert "$10,000,000, and $10,000,000 on July 1 of each of the years 1950, 1951, 1952, and 1953".

SEC. 12. The first paragraph of subsection (c) of section 5 of the 48 Stat. 132. Home Owners' Loan Act of 1933, as amended, is hereby amended by adding at the end thereof the following new sentence: "In addition to the loans and investments otherwise authorized, such associations may purchase, subject to all the provisions of this paragraph except the area restriction, loans secured by first liens on improved real estate which are insured under the provisions of the National Housing Act, as amended, or insured as provided in the Servicemen's Readjustment Act of 1944, as amended."

65 Stat: 297. 12 U.S.C.

1750b.

12 U.S.C.

$1709.

12 U.S.C. 1715c.

12 U.S.C.

$1750g.

66 Stat. 604.
66 Stat. 605.

61 Stat. 777.
12 U.S.C.
1745.

12 U.S.C.
1743.

SEC. 13. Section 903 (c) of the National Housing Act, as amended, is hereby amended by adding at the end thereof the following new sentence: "Upon application of the mortgagee with the consent of the mortgagor of a mortgage for which a commitment to insure has been issued pursuant to section 203 of this Act covering property on which the construction of the dwellings thereon was begun prior to the enactment of this title and the determination of prevailing wages in the locality in accordance with section 212, the Commissioner is authorized, notwithstanding such beginning of construction, to convert such commitment to a commitment under section 908; any charges or fees paid to the Commissioner with respect to such insurance under section 203 shall be credited to charges or fees due the Commissioner with respect to such insurance under section 908; and the determination of prevailing wages in the locality for purposes of section 212 may be made by the Secretary of Labor at any time prior to the insurance under section 908: Provided, That such mortgage, or the mortgage covering the same property executed in substitution therefor, is otherwise eligible for insurance under section 908."

SEC. 14. Section 610 of the National Housing Act, as amended, is amended by adding at the end thereof the following new paragraph: "The Commissioner is further authorized to insure or to make commitments to insure under section 608 of this title in accordance with the provisions of this section any mortgage executed in connection with the sale by a State or municipality, or an agency, instrumentality, or body politic of either, of any permanent housing (including any property acquired, held, or constructed in connection therewith or to serve the inhabitants thereof), constructed by or on behalf of such State, municipality, agency, instrumentality, or body politic, for the occupancy of veterans of World War II, their families, and others: Provided, That the principal obligation of any such mortgage does not exceed either 85 per centum of the appraised value of the mortgage property as determined by the Commissioner or $8,100 per family unit for such part of such property as may be attributable to dwelling use."

Approved July 14, 1952.

Chapter 883 - 2d Session

H. R. 3177

AN ACT

To amend title IV of the National Housing Act, as amended.

All 66 Stat. 727.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 401 (b) of the National Housing Act, as amended, is hereby amended to read as follows:

"(b) The term insured member' means an individual, partnership, association, or corporation which holds an insured account. Each officer, employee, or agent of the United States, of any State of the United States, of the District of Columbia, of any Territory of the United States, of Puerto Rico, of the Virgin Islands, of any county, of any municipality, or of any political subdivision thereof, herein called 'public unit', having official custody of public funds and lawfully investing the same in an insured institution shall, for the purpose of determining the amount of the insured account, be deemed an insured member in such custodial capacity separate and distinct from any other officer, employee, or agent of the same or any public unit having official custody of public funds and lawfully investing the same in the same insured institution in custodial capacity. Funds held in fiduciary capacity, when invested in an insured institution, shall be insured in an amount not to exceed $10,000 for each trust estate, and notwithstanding any other provisions of this Act, such insurance shall be separate from and additional to that covering other investments by the owners of such trust funds or the beneficiaries of such trust estates."

Approved July 16, 1952.

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Chapter 5 - 1st Session
S. J. Res. 27

JOINT RESOLUTION

To amend section 2 (a) of the National Housing Act, as amended.

67 Stat. 4.

Resolved by the Senate and House of Representatives of the United 67 Stat. 5. States of America in Congress assembled, That the last sentence of sec-/FHA home retion 2 (a) of the National Housing Act, as amended, is hereby amended pair loans. to read as follows: "The aggregate amount of all loans, advances of 48 Stat. 1246, credit, and obligations purchased, exclusive of financing charges, with 64 Stat. 48. respect to which insurance may be heretofore or hereafter granted 1703(a). under this section and outstanding at any one time shall not exceed $1,750,000,000."

12 USC

SEC. 2. Prior to June 30, 1954, the Federal Housing Commissioner Repayment shall pay out of the capital account of the Title I Insurance Fund to to Treasthe Secretary of the Treasury the amount of $8,333,313.65 which con- ury. stitutes the Government investment in the capital account of the Title I Insurance Fund. The amount payable hereunder shall be paid in the discretion of the Commissioner either in one lump sum or in installments except that the first payment shall be made on July 1, 1953. Approved March 10, 1953.

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To amend and extend the Housing and Rent Act of 1947, and for other purposes.

67 Stat. 23.

Rent Act of

Be it enacted by the Senate and House of Representatives of the 67 Stat. 24. United States of America in Congress assembled, That this Act may Housing and be cited as the "Housing and Rent Act of 1953”. SEC. 2. Section 4 of the Housing and Rent Act of 1947, is amended

1953. as amended,

Veterans.

(a) by striking out "1953" in subsection (e) of said section 66 Stat. 306. and inserting in lieu thereof "1954"; and

50 USC app.

(b) by inserting after the words "veterans of World War II" 1884. wherever they appear in said section the words "and of the Korean conflict".

SEC. 3. Paragraph (5) of subsection (b) of section 204 of the 61 Stat. 198. Housing and Rent Act of 1947, as amended, is repealed.

50 USC app.

SEC. 4. Paragraph (1) of subsection (e) of section 204 of the Hous- 1894.

ing and Rent Act of 1947, as amended, is amended by striking out 63 Stat. 22. "(whether or not under Federal rent control)" in the first sentence,

and by striking out the second sentence.

SEC. 5. (a) Subsection (f) of section 204 of the Housing and Rent Termination. Act of 1947, as amended, is amended by adding at the end thereof 66 Stat. 306. the following new paragraph:

50 USC app.

“(5) (A) Notwithstanding any provision of paragraph (1) of 1894.

this subsection

"(i) the provisions of this title shall cease to be in effect at the close of July 31, 1953, in the areas described in subparagraph (1) (B) and (C) of this subsection in which maximum rents were in effect on April 30, 1953; and

"(ii) the provisions of this title shall cease to be in effect at the close of April 30, 1954, in any area which has been or is certified under subsection (1) of this section as a critical defense housing area.

"(B) Any such area which was certified as a critical defense housing area prior to the date of enactment of the Housing and Rent Act of 1953 shall be reviewed by the President in the light of the new criteria applicable to critical defense housing areas and shall be continued under control after such review (which must be concluded by July 31, 1953), only if, after such review and prior to such date, the President determines that such area meets the requirements for certification under section 201 (1) as amended by such Act, and publishes in the Federal Register notice that such determination has been made."

(b) Paragraph (3) of subsection (f) of section 204 of the Housing Critical defense and Rent Act of 1947, as amended, is amended by striking out "(1)"housing area. and inserting in lieu thereof “(5)".

65 Stat. 145.

(c) Paragraph (4) of subsection (f) of section 204 of the Housing 50 USC app. and Rent Act of 1947, as amended, is amended by striking out “(1) 1894. or (3) and inserting in lieu thereof "(3) or (5)".

SEC. 6. The second sentence of subsection (1) of section 204 of the Housing and Rent Act of 1947, as amended, is amended by striking out "without exception" and inserting in lieu thereof "except housing accommodations the construction of which was completed on or after February 1, 1947, or which are additional housing accommodations created by conversion on or after February 1, 1947. The fourth sentence of such subsection is amended by striking out "subsection (e) or (j)" where it appears in the matter preceding the colon and inserting in lieu thereof "subsection (c), (e), or (j)". The last sentence of such subsection is amended to read as follows: "No area shall be

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