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it deems appropriate under the circumstances concerning their need for such land, and a first preference in its disposition may be given to such agencies. Vacant land which is disposed of other than by transfer to Federal agencies shall be sold through competitive bidding after public advertisement: Provided, That if a State or local governmental agency requests that the land be sold or transferred to it, such sale or transfer may be made without public advertisement or competitive bidding, but (except where sales at a lesser consideration or transfers without reimbursement are expressly authorized by statute) shall be made at a consideration equal to the full market value of the land as determined by the Public Housing Administration: And provided further, That where vacant lots deemed by the Public Housing Administration to be suitable for development for residential purposes are being disposed of in connection with, or as the result of, the disposition of a permanent war housing project which was subdivided for purposes of sale, such lots need not be sold through competitive bidding but may be offered for sale to veterans at prices established by the Public Housing Administration on the basis of the long-term value of the land.

§ 1.13 Minority racial groups. No provision contained in the regulations in this part shall be construed or administered to require the sale or disposition of any housing occupied or assigned for occupancy by members of any minority racial group, in such a manner that such housing would not continue to be available for occupancy by members of such minority group.

§1.14 Exceptions—(a) Prior commitments. In any case where, prior to the effective date of the regulations in this part the Public Housing Administration has entered into negotiations for the disposal of permanent war housing, and such negotiations may have resulted in a commitment to dispose of housing in c manner other than provided in the regulations in this part, such case shall be presented to the Administrator for determination whether there exists a commitment which would exempt the transaction from the provisions of the regulations in this part.

(b) Foreclosure sales. Nothing contained in the regulations in this part shall be construed as applying to or limiting any foreclosure sale made pursuant to the terms of a mortgage or deed of trust given by a purchaser of property to secure a bona fide indebtedness of said purchaser.

(c) Waivers. In any case where the Public Housing Administration believes that compliance with any provisions of the regulations in this part would result in an exceptional and unreasonable hardship to any person or would be contrary to the public interest, the facts concerning such case shall be presented to the Administrator for determination as to whether such provisions should be modified or waived. Any instrument of conveyance by the Administrator (or a person authorized by him) stating that it is executed under the regulations in this part shall be conclusive evidence of compliance therewith insofar as any title or other interest in the property is concerned.

§ 1.15 Definitions · (a) Permanent war housing. As used in the regulations in this part, the term "permanent war housing" shall include (1) all housing acquired or constructed under the Lanham Act and Public Law 781, 76th Congress, except housing determined to be of a temporary character pursuant to section 313 of the Lanham Act, and housing converted by the Home Owners' Loan Corporation and the Federal Public Housing Authority under the Homes Use Conversion Program whereby structures were leased by the United States during the war and converted to provide additional dwelling units, and (2) such housing acquired or constructed under Public Laws 9, 73, and 353, 77th Congress, as is not declared to be of a temporary character pursuant to said section 313 of the Lanham Act.

(b) Veteran. As used in the regulations in this part, the term "veteran" shall include (1) a person (or his family) who has served in the military or naval forces of the United States for any period of time on or after September 16, 1940, and prior to July 26, 1947, and who has been discharged or released therefrom under conditions other than dishonorable, (2) a person (or his family) serving in the active military or naval

forces of the United States who has served therein on or after September 16, 1940, and prior to July 26, 1947, and (3) the family of a person who served in the military or naval forces of the United States on or after September 16, 1940, and prior to July 26, 1947, and who died in service: Provided, That no right which was vested under the regulations in this part prior to December 23, 1948, shall be affected by reason of the change in the definition of the term "veteran" effective on that date, and applications made

prior to December 23, 1948, for any right or privilege under the regulations in this part may be processed without regard to such change.

§ 1.16 Savings clause. Nothing in the regulations in this part shall be construed to affect or impair any contract, remedy, right, or obligation which has accrued or will accrue by virtue of or pursuant to action previously taken under any regulation, order, operating instruction, or manual issuance in effect prior to December 23, 1948.

Subtitle B-Regulations Relating to Housing

and Housing Credit

CHAPTER I-HOME LOAN BANK BOARD, HOUSING

AND HOME FINANCE AGENCY

CROSS REFERENCE: Federal Deposit Insurance Corporation: See Banks and Banking, 12 CFR Chapter III.

SUBCHAPTER A- GENERAL REGULATIONS OF THE HOME LOAN BANK BOARD

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141

142

143

SUBCHAPTER C-FEDERAL SAVINGS AND LOAN SYSTEM

Promulgation, amendment, and repeal of rules and regulations.
Incorporation, conversion, and organization.
Operation.

144 Merger, reorganization, dissolution, and liquidation.

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