67 Stat. 24. 67 Stat. 25. 50 USC app. 1894. Protest of orders, etc. 64 Stat. 807. 50 USC app. 2107, 2108, 2166. 61 Stat. 200. 50 USC app. 1898. Office of Rent Liquidation. certified as a critical defense housing area under the authority granted in this subsection unless all the following conditions exist in such area (except that clause (2) of this sentence shall not apply in any area in which is located an Atomic Energy Commission installation and the housing accommodations in such area are owned by the Federal Government; however, maximum rents under this title shall not apply to any such housing accommodations when sold by the Federal Government): "(1) A new plant or installation of the Department of Defense or the Atomic Energy Commission has been or is being provided, or an existing plant or installation of either of such agencies has been or is being reactivated or its operation substantially expanded; "(2) Substantial in-migration of defense workers or military personnel is required to carry out activities at such plant or installation; and "(3) A substantial shortage of housing required for such defense workers or military personnel exists which has resulted or threatens to result in excessive rent increases and which impedes or threatens to impede activities of such plant or installation." SEC. 7. Section 204 of the Housing and Rent Act of 1947, as amended, is amended by adding at the end thereof the following new subsection: "(r) Regulations or orders under this title shall be subject to the same proceedings for protest and review as are provided for regulations or orders relating to price controls by sections 407 and 408 of the Defense Production Act of 1950, as amended, and for such purpose such sections are hereby continued notwithstanding the provisions of section 717 of the Defense Production Act of 1950, as amended." SEC. 8. Subsection (a) of section 208 of the Housing and Rent Act of 1947, as amended, is amended to read as follows: "(a) The President shall administer the powers, duties, and functions conferred upon him by this Act through such officer or agency of the Government as he may designate. In accordance with the action Stabilization. taken by him pursuant to the preceding sentence, the President shall provide for appropriate transfers of records, property, necessary personnel, and unexpended balances of appropriations, allocations, and other funds heretofore under the jurisdiction of, or available to, the Office of Rent Stabilization. Any employees of the Office of Rent Stabilization not so transferred shall, unless transferred to other positions in the Government, be separated from the service. The President shall make such provisions as he shall deem appropriate for the termination and liquidation of the affairs of the Office of Rent Stabilization, but such liquidation shall be accomplished no later than July 31, 1953. For the purpose of determining the status of employees transferred to an agency administering functions provided for in this Act, they shall be deemed to be transferred in connection with a transfer of functions." 61 Stat. 193. 50 USC app. 1881 note. 66 Stat. 307. 50 USC app. 1894a. SEC. 9. Nothing in this Act or in the Housing and Rent Act of 1947, as amended, shall be construed to require any person to offer any housing accommodations for rent. SEC. 10. The second sentence of section 203 of the Defense Production Act Amendments of 1952 is amended to read as follows: "Any committee so appointed shall consist, in addition to a chairman, of representatives of the Department of Defense and the Housing and Home Finance Agency." Approved April 30, 1953. 83d Congress AN ACT All 67 Stat. 26. To amend and extend the provisions of the District of Columbia Emergency Rent Act of 1951. Be it enacted by the Senate and House of Representatives of the 66 Stat. 308. United States of America in Congress assembled, That section 1 (b) D. C. Code of the District of Columbia Emergency Rent Act of 1951, as amended, 45-1601. is hereby amended by striking “April 30, 1953" and inserting in lieu thereof July 31, 1953". Approved April 30, 1953. Chapter 170 To amend the National Housing Act and other laws relating to housing. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may Housing Amendbe cited as the "Housing Amendments of 1953”. ments of 1953. SEC. 2. Section 8 (b) (2) of the National Housing Act, as amended, 64 Stat. 49. is hereby amended to read as follows: 12 USC 1706c. "(2) involve a principal obligation (including such initial service Mortgage incharges, appraisal, inspection, and other fees as the Commissioner surance. shall approve) in an amount not to exceed $5,700, and not to exceed 95 Low-cost sale per centum of the appraised value, as of the date the mortgage is housing. accepted for insurance, of a property upon which there is located a dwelling designed principally for a single-family residence, 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 Commissioner's estimate of the cost of acquisition in cash or its equivalent, or shall be the builder constructing the dwelling, in which case the principal obligation shall not exceed 85 per centum of the appraised value of the property or $5,100: 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: And provided further, That, where the mortgagor is the owner and occupant of the property and establishes (to the satisfaction of the Commissioner) that his home, which he occupied as an owner or as a tenant, was destroyed or damaged to such an extent that reconstruction is required as a result of a flood, fire, hurricane, earthquake, storm or other catastrophe, which the President, pursuant to section 2 (a) of the Act entitled 'An Act to authorize Federal assistance to States and local governments in major disasters, and for other purposes' (Public Law 875, Eighty-first Congress, approved September 30, 1950), has determined to be a major disaster, 64 Stat. 1109. such maximum dollar limitation may be increased by the Commis- 42 USC 1855a. sioner from $5,700 to $7,000, and the percentage limitation may be increased by the Commissioner from 95 per centum to 100 per centum of the appraised value;". SEC. 3. Section 203 of the National Housing Act, as amended, is 48 Stat. 1248. hereby amended by adding the following new subsection at the end 12 USC 1709. thereof: "(g) Notwithstanding any other provisions of this section, a mort- Single-family gage otherwise eligible for insurance hereunder and covering property residence. upon which there is located a dwelling designed principally for a single-family residence and which is approved for mortgage insurance prior to the beginning of construction, may have such higher ratio of loan to value and such longer maturity than otherwise provided as the President may determine to be in the public interest, taking into account the general effect of such higher ratio or longer maturity, as the case may be, upon conditions in the building industry and upon the national economy: Provided, That the principal obligation of any such mortgage shall not exceed $12,000 and the maturity thereof shall not exceed thirty years: And provided further, That with respect to any such mortgage 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 Commissioner's estimate of the cost of acquisition in cash or its equivalent." (465) All 67 Stat. 122. 12 USC 1711. Group accounts. Semiannual transfer. SEC. 4. Section 205 (c) of the National Housing Act, as amended, is hereby amended to read as follows: "(c) The Commissioner shall, except as to group accounts terminated as of a date prior to July 1, 1953, transfer from each of the several group accounts to the general reinsurance account, beginning as of July 1, 1953, and as of the beginning of each semiannual period thereafter, an amount which, in the case of the initial transfer, shall equal 10 per centum of the total premium charges theretofore credited to such group accounts, and, in the case of subsequent transfers, shall equal the amount of any adjusted premium charges collected by the Commissioner in connection with the payment in full of insured mortgages prior to maturity on or after July 1, 1953, and an amount which shall in no event be less than 10 per centum nor more than 35 per centum of all other premium charges credited to such group accounts during the preceding semiannual period: Provided, That, until such time as the Commissioner determines that the resources in the general reinsurance account are sufficient to cover all estimated future deficits among individual group accounts, 100 per centum of all other premium charges credited to such group accounts during each such semiannual period shall be transferred as provided in this Termination of subsection. The Commissioner shall terminate the insurance as to insurance. any group of mortgages (1) when he shall determine that the amounts to be distributed, as hereinafter set forth, to each mortgagee under an outstanding mortgage assigned to such group are sufficient to pay off the unpaid principal of each such mortgage, or (2) when all the outstanding mortgages in any group have been paid. In addition to the amounts transferred as herein provided, the Commissioner shall, upon such termination, charge to the group account the estimated losses arising from transactions relating to that group, and shall distribute to the mortgagees for the benefit and account of the mortgagors of the mortgages assigned to such group the balance remaining in such group account, less any amount by which such balance exceeds the aggregate scheduled annual premiums of such mortgagors to the year of termination of the insurance: Provided, That any undistributed balance in the group account at termination shall be transferred to the general reinsurance account. Any such distribution to mortgagees shall be made equitably and in accordance with sound actuarial and accounting practice: Provided, That in no event shall any distribution to a mortgagor or for the account of a mortgagor under any provision of this section exceed his aggregate scheduled annual premiums to the year of termination of the insurance." Settlement of accounts. 12 USC 1713. Multifamily rental housing. SEC. 5. (a) Section 207 (c) of the National Housing Act, as amended, is hereby amended (1) by striking out of paragraph numbered (2), "the sum of (i) 90 per centum of that portion of the estimated value of the property or project attributable to dwelling use (when the proposed improvements are completed) which does not exceed $7,000 per family unit and (ii) 60 per centum of such estimated value in excess of $7,000 and not in excess of $10,000 per family unit and (iii) 90 per centum of the estimated value of such part of such property or project as may be attributable to nondwelling use" and inserting "80 per centum of the estimated value of the property or project (when the proposed improvements are completed)"; (2) by amending paragraph numbered (3) to read as follows: "(3) not to exceed, for such part of such property or project as may be attributable to dwelling use, $2,000 per room (or $7,200 per family unit if the number of rooms in such property or project does not equal or exceed four per family unit) and not in excess of $10,000 per family unit."; and All 67 Stat. 123. (3) by inserting after paragraph numbered (3) the following new paragraph: "Notwithstanding any of the limitations contained in paragraphs numbered (2) and (3) of this subsection (c), if the number of bedrooms in such property or project is equal to or exceeds two per family unit, and the principal obligation of the mortgage does not exceed $7,200 per family unit for such part of such property as may be attributable to dwelling use, the mortgage may involve a principal obligation not in excess of 90 per centum of the estimated value of the property or project (when the proposed improvements are completed)." (b) Section 207 (i) of the National Housing Act, as amended, is 65 Stat. 314. hereby amended by striking out of the second sentence thereof the 12 USC 1713. word "twenty" and inserting in lieu thereof the word "ten”. SEC. 6. The first sentence of section 213 (d) of the National Housing Cooperative Act, as amended, is hereby amended by striking "4 per centum per housing inannum" and inserting "412 per centum per annum, except that indi- surance. vidual mortgages insured pursuant to this subsection covering the 64 Stat. 54. individual dwellings in the project may bear interest at not to exceed 12 USC 1715e. 5 per centum per annum,". SEC. 7. Section 217 of the National Housing Act, as amended, is Mortgage inhereby amended by striking out of the second proviso "$1,900,000,000" surance author and inserting "$3,400,000,000". ization. SEC. 8. Title II of the National Housing Act, as amended, is hereby 66 Stat. 601. amended by adding at the end thereof the following new section: 12 USC 1715h. "SEC. 219. Notwithstanding limitations contained in any other sec- Transfer of intions of this Act as to the use of moneys credited to the Title I Housing surance funds. Insurance Fund, the Housing Insurance Fund, the War Housing Insurance Fund, the Housing Investment Insurance Fund, the Military Housing Insurance Fund, or the Defense Housing Insurance Fund, the Commissioner is hereby authorized to transfer funds from any one or more of such Insurance Funds to any other such Fund in such amounts and at such times as the Commissioner may determine, taking into consideration the requirements of such Funds, separately and jointly to carry out effectively the insurance programs for which such Funds were established." SEC. 9. Title V of the National Housing Act, as amended, is hereby amended by adding at the end thereof the following new section: "SEC. 516. The following funds shall be deemed an indebtedness to Payment to the United States of the particular insurance fund involved, and the Treasury. Commissioner is authorized and directed to pay the amount of such indebtedness to the Secretary of the Treasury, with simple interest thereon from the date the funds were advanced to the date of final payment at a rate determined by the Secretary of the Treasury, taking into consideration the average rate on outstanding marketable obligations of the United States from the date the funds were advanced until the date of final payment "(1) funds made available to the Commissioner pursuant to the provisions of sections 4 and 202, exclusive of amounts heretofore 12 USC 1705, refunded, (a) for carrying out title II with respect to mortgages 1708. insured under section 203 where such funds were credited to the 12 USC 1709. general reinsurance account in the Mutual Mortgage Insurance Fund, and (b) for the payment of salaries and expenses with respect to mortgage insurance under sections 207 and 210 where such funds were credited to the Housing Insurance Fund; "(2) funds made available to the Commissioner pursuant to sections 602 and 802; and 12 USC 1713, 1715a, note. 12 USC 1737, 1748a. |