Page:United States Statutes at Large Volume 68 Part 1.djvu/628

From Wikisource
Jump to: navigation, search
This page needs to be proofread.


596

Definition.

12 USC I715e.

Assistant Commissioner. 12 USC l71Sh. Insurance authorization.

12 USC 1715J. Transfer of insurance funds.

PUBLIC LAW 560-AUG. 2, 1954

[68 S T A T.

exceed $2,700; (ii) $2,375 per room to not to exceed $2,860; (iii) $8,100 per family miit to not to exceed $8,400; and (iv) $8,550 per family unit to not to exceed $8,900: And provided further, That for the purposes of this section the word 'veteran' shall mean a person who has served in the active military or naval service of the United States at any time on or after September 16, 1940, and prior to July 26, 1947, or on or after June 27, 1950, and prior to such date thereafter as shall be determined by the President." (b) Section 213(c) of said Act, as amended, is hereby amended by striking from clause (1) "paragraph (A), paragraph (C), or paragraph (D) of". SEC. 120. Section 213(f) of said Act, as amended, is hereby amended by striking the last sentence thereof. SEC. 121. Section 217 of said Act, as amended, is hereby amended to read as follows: "SEC. 217. Notwithstanding limitations contained in any other section of this Act on the aggregate amount of principal obligations of mortgages or loans which may be insured (or insured and outstanding at any one time), the aggregate amount of principal obligations of all mortgages which may be insured and outstanding at any one time under insurance contracts or commitments to insure pursuant to any section or title of this Act (except section 2) shall not exceed the sum of (a) the outstanding principal balances, as of July 1, 1954, of all insured mortgages (as estimated by the Commissioner based on scheduled amortization payments without taking into account prepayments or delinquencies), (b) the principal amount of all outstanding commitments to insure on that date, and (c) $1,500,000,000, except that with the approval of the President such aggregate amount may be increased by not to exceed $500,000,000. " I t is the intent and purpose of this section to consolidate and merge all existing mortgage insurance authorizations or existing limitations with respect to any section or title of this Act (except section 2) into one general insurance authorization to take the place of all existing authorizations or limitations." SEC. 122. Section 219 of said Act, as amended, is hereby amended by striking out the words "or the Defense Housing Insurance Fund," and inserting "the Defense Housing Insurance Fund, or the Section 220 Housing Insurance Fund,".

SEC. 123. Title II of said Act, a;' amended, is hereby amended by adding at the end thereof the following new sections: " R E H A B I L I T A T I O N A N D NEIGHBcfellOOD CONSERVATION HOUSING INSURANCE

Purpose.

12 USC 170 9, 1713.

Authority.

"SEC. 220. (a) The purpose of this section is to aid in the elimination of slums and blighted conditions and the prevention of the deterioration of residential property by supplementing the insurance of mortgages under sections 203 and 207 of this title with a system of mortgage insurance designed to assist the financing required for the rehabilitation of existing dwelling accommodations and the construction of new dwelling accommodations where such dwelling accommodations are located in an area referred to in paragraph (1) of subsection (d) of this section. "(b) The Commissioner is authorized, upon application by the mortgagee, to insure, as hereinafter provided, any mortgage (including advances during construction on mortgages covering property of the character described in paragraph (3)(B) of subsection (d) of this section) which is eligible for insurance as hereinafter provided, and, upon such terms and conditions as he may prescribe, to make commit-