68 S T A T. ]
643
PUBLIC LAW 560-AUG. 2, 1954
1949, as amended; and sections 5 and 402 (f) of the National Housing Act, as amended, are hereby repealed. (c) The National Housing Act, as amended, is hereby amended— (1) by striking the heading "ANNUAL REPORT" immediately after section 4 and inserting "TAXATION"; and (2) by striking from subsection (e) of section 406 the word "Congress" and inserting "Housing and Home Finance Administrator". (d) The first sentence of section 7(b) of the United States Housing Act of 1937, as amended, is hereby amended to read as follows: "The annual report of the Housing and Home Finance Administrator to the President for submission to the Congress on the operations of the Housing and Home Finance Agency shall include a report on the operations and expenses of the Authority, including loans, contributions, and grants made or contracted for, low-rent housing and slum clearance projects undertaken, and the assets and liabilities of the Authority. (e) Section 106(a) of the Housing Act of 1949, as amended, is hereby amended by striking "; and" at the end of paragraph (3) thereof, inserting a period in lieu thereof, and striking paragraph (4). (f) The Federal Home Loan Bank Act, as amended, is hereby amended by striking the second sentence of section 20. SEC. 803. Section 501(b) of the Servicemen's Readjustment Act of 1944, as amended, is hereby amended to read as follows: "(b) Any loan made to a veteran for the purposes specified in subsection (a) of this section 501 may, notwithstanding the provisions of subsection (a) of section 500 of this title relating to the percentage or aggregate amount of loan to be guaranteed, be guaranteed, if otherwise made pursuant to the provisions of this title, in an amount not exceeding 60 per centum of the loan: Provided, That the aggregate amount of any guaranties to a veteran under this title shall not exceed $7,500, nor shall any gratuities payable under subsection (c) of section 500 of this title exceed the amount which is payable on loans guaranteed in accordance with the maxima provided for in subsection (a) of section 500 of this title: And provided further, That no such loan for the repair, alteration, or improvement of property shall be insured or guaranteed under this Act unless such repair, alteration, or improvement substantially protects or improves the basic livability or utility of the property involved." SEC. 804. Section 108 of the Reconstruction Finance Corporation Liquidation Act (67 Stat. 230) is amended as follows: (1) Strike out from subsection (a) thereof the words "the President, through such officer or agency of the Government (other than the Reconstruction Finance Corporation) as he may designate," and insert in lieu thereof the words "the Housing and Home Finance Administrator". (2) Strike out all of subsection (b) and insert in lieu thereof the following: " (b) For the purposes of this section, notwithstanding any other provision of law, the Housing and Home Finance Administrator is authorized to obtain from a revolving fund to be established in the Treasury of the United States not to exceed a total of $50,000,000 outstanding at any one time. For this purpose there is hereby authorized to be appropriated to such revolving fund in the Treasury the amount of $50,000,000. Advances from the revolving fund shall be made to the Housing and Home Finance Administrator upon his request, and such advances together with receipts under this section shall be available for all necessary expenses, including administrative expenses, under this section. The Housing and Home Finance Admin-
12 USC 1 7 0 6, 1725(f).
12 USC 1705. 12 USC 1729. Annual report. 42 USC 1407.
42 USC 1456.
12 USC 1440. 38 USC 694a. Home loan guarantee. 38 USC 694.
Limitation.
40 USC 459.
40 USC 459. Revolving fund.
Appropriation. Advances,
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