Public Law 87-756 An Act 76 STAT. 751. To amend title VIII of the National Housing Act with respect to the authority of the Federal Housing Commissioner to pay certain real property taxes and to make payments in lieu of real property taxes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That title VIII of the National Housing Act is amended by adding at the end thereof the following new section: "SEC. 811. (a) The Commissioner is authorized to make payments in lieu of taxes on any real property to which title has been or is hereafter acquired by him in fee under section 803 as effective prior to August 11, 1955, and on which taxes or payments in lieu of such taxes were payable or paid prior to acquisition by the Commissioner. Such payments may be made in connection with tax years occurring prior to or subsequent to the date of the enactment of this section. The amount of any such payments shall not exceed taxes on similar property and shall not include interest or penalties. If the Commissioner has acquired or hereafter acquires title in fee to real property by foreclosure or by transfer from some other department or agency of the Govenment or otherwise during a tax year, he may make a payment in lieu of taxes prorated for that portion of the year remaining after his acquisition of title. This subsection shall not authorize any lien against property held by the Commissioner, nor the payment of any tax, nor any payment in lieu of any tax, on any interest of the Commissioner as lessee or mortgagee. "(b) Nothing in this title shall be construed to exempt any real property which has been or is hereafter acquired and held by the Commissioner under section 809 or 810 from taxation by any State or political subdivision thereof, to the same extent, according to its value, as other real property is taxed." Approved October 5, 1962. (826) Military housing. Payments in lieu of taxes. 63 Stat. 570} 70 Stat. 2733 73 Stat. 683. 12 USC 17481748h-2. 87th Congress, H. R. 13044 An Act To amend the Home Owners' Laun Act of 1933 and the Federal Ikome Loan Housing. Multifamily loans. Home Owners' Loan Aot of 1933, amend ment. 48 Stat. 132. 12 USC 1464. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) so much of the first sentence of section 5(c) of the Home Owners' Loan Act of 1933 as precedes the comma after "first lien thereon" is amended to read as follows: "Such associations shall lend their funds only on the security of their shares or on the security of first liens real propupon erty within fifty miles of their home office which constitute first liens upon homes, combinations of homes and business property, other dwelling units, or combinations of dwelling units, including homes, and business property involving only minor or incidental business use (all of which may be defined by the Board): Provided, That not more than $35,000 for each single-family dwelling, and not more than such amount per room as the Board may determine by regulation within the limits allowable (at the time of the loan) in section 207 (c) (3) of the National Housing Act for any other dwelling unit covered by such lien, shall be loaned on the security of any such lien, and the Board shall by regulation limit to not more than 15 per centum of the assets of the association the aggregate amount or amounts of the 76 STAT. 778. investments which may be made by an association under the fore- 76 STAT. 779. going provisions of this sentence on the security of property which comprises or includes more than four dwelling units or does not constitute homes or combinations of homes and business property; except that not exceeding 20 per centum of the assets of such association may be loaned on the security of first liens upon improved real estate without regard to the foregoing limitations”. 70 Stat. 1092. 12 USC 1713. (b) The first sentence of such section 5(c) is further amended by 73 Stat. 687. striking out "one- to four-family homes" in the first proviso and insert ing in lieu thereof "real property of the type described in this sentence in the matter preeeding this proviso". (c) The fourth paragraph of such section 5(c) is amended by strik- 75 Stat. 189. ing out "$35,000 limitation" and inserting in lieu thereof "dollar amount limitation". SEC. 2. (a) Paragraph (6) of section 2 of the Federal Home Loan Bank Act is amended by striking out “upon which there is located a dwelling for not more than four families" and inserting in lieu thereof upon which is located, or which comprises or includes, one or more homes or other dwelling units, all of which may be defined by the Board". (b) Section 10(b) of such Act is amended by striking out "$35,000" and inserting in lieu thereof "a sum equal to $35,000 for each home or other dwelling unit covered by such mortgage". Approved October 9, 1962. (827) Federal Home Loan Bank Aot, amendment. 48 Stat. 1264; 49 Stat. 293. 12 USC 1422. 47 Stat. 732; 68 Stat. 634. 12 USC 1430. Public Law 87-808 87th Congress, S. 2454 October 15, 1962 An Act 76 STAT. 920. To amend the Housing Amendments of 1955 to make Indian tribes eligible for Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 201 of Indians. the Housing Amendments of 1955 is amended by (a) striking out in the first paragraph "subdivisions" and inserting in lieu thereof "subdivisions, and Indian tribes"; (b) striking out in the second paragraph "States," and inserting in lieu thereof "States, and Indian tribes,"; and (c) striking out in the third paragraph "of States," and inserting in lieu thereof "of States, and Indian tribes,”. SEC. 2. Section 202 of such Act is amended by Public works loans, eligi bility. 69 Stat. 642. 42 USC 1491. 75 Stat. 173. (a) striking out in clause (1) of subsection (a) "same State)," 42 USC 1492. and inserting in lieu thereof "same State), and Indian tribes' (b) inserting", or an Indian tribe" before the period at the end of the second sentence in subsection (c). SEC. 3. Section 207 of such Act is amended by striking out in the first sentence "instrumentalities" and inserting in lieu thereof "instrumentalities, and Indian tribes". Approved October 15, 1962. (828) 75 Stat. 175. 42 USC 1497. Public Law 87-809 Joint Resolution To extend the time during which loans for mass transportation facilities may be made under title II of the Housing Amendments of 1955. Resolved by the Senate and House of Representatives of the United 76 STAT. 920. States of America in Congress assembled, That section 202(d) of the 75 Stat. 174. Housing Amendments of 1955 is amended by striking out "December 42 USC 1492. 31, 1962" and inserting in lieu thereof "June 30, 1963". Approved October 15, 1962. (829) |