79 STAT.]
PUBLIC LAW 89-117-AUGUST 10, 1965
465
" (b) From time to time during, and upon completion of, the development, the Commissioner shall require the mortgagor to certify as to the actual costs of development of the land. "(c) Certifications required pursuant to this section shall be accompanied by such data and records as the Commissioner shall prescribe. " (d) A mortgagor's certification approved by the Commissioner shall be final and incontestable except for fraud or material misrepresentation on the part of the mortgagor. " (e) As used in this section, the term 'actual costs' means the costs (exclusive of kickbacks, rebates, or trade discounts) to the mortgagor of the improvements involved. These costs may include amounts paid for labor, materials, construction contracts, land planning, engineers' and architect's fees, surveys, taxes, and interest during development, organizational and legal expenses, such allocation of general overhead expenses as are acceptable to the Commissioner, and other items of expense incidental to development which may be approved by the Commissioner. If the Commissioner determines there is an identity of interest between the mortgagor and the contractor, there may be included an allowance for contractor's profit in an amount deemed reasonable by the Commissioner." (b)(1) Section 302(b) of the National Housing Act is amended by ^2 USC uii striking out "the term 'mortgages' " in the last sentence and inserting in lieu thereof "the terms 'mortgages' and 'home mortgages' ". (2) The first paragraph of section 24 of the Federal Keserve Act is ^^ ^^^ g^^^^^ amended by inserting before the next to last sentence the following new sentence: "Notwithstanding the foregoing limitations and restrictions in this section, any national banking association may make loans for land development which are secured by mortgages insured under title X of the National Housing Act." (3) Section 5(c) of the Home Owners Loan Act of 1933 is amended f^ ^*|^-1^^^ by adding at the end thereof the following new paragraph: "Without regard to any other provision of this subsection, any such association may, to such extent as the Federal Home Loan Bank Board may by regulation permit, invest in loans, and interests in loans, (1) secured by mortgages as to which the association has the benefit of insurance under title X of the National Housing Act or of a commitment or agreement for such insurance, or (2) guaranteed by the President under section 224 of the Foreign Assistance Act of 1961, as amended. Investments under clause (1) of this paragraph ^°«' ^- ^ss. shall not be included in any percentage of assets or other percentage referred to in this subsection. Investments under clause (2) of this paragraph shall not exceed, in the case of any association, 1 per centum of the assets of such association." (4) Section 212(a) of the National Housing Act is amended by ^^ ^^^ ^^o?^^ inserting at the end thereof the following new sentence: "The provisions of this section shall also apply to insurance under title X with I'espect to laborers and mechanics employed in land development financed with the proceeds of any mortgage insured under that title." EXTENSION OF INSURANCE AUTHORIZATIONS
SEC. 202. (a) Section 2(a) of the National Housing Act is amended by striking out "October 1, 1965" and inserting in lieu thereof "October 1, 1969". (b) Section 217 of such Act is amended— (1) by striking out "title VIII " and inserting in lieu thereof "title V i l l, or title X ", and (2) by striking out "October 1, 1965" and inserting in lieu thereof "October 1, 1969".
75 Stat. 177, 12 USC 1703.
12 USC 1715h.
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