Page:United States Statutes at Large Volume 75.djvu/226

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[75 Stat. 186]
[75 Stat. 186]
PUBLIC LAW 87-000—MMMM. DD, 1961

186

PUBLIC LAW 87-70-JUNE 30, 1961

[75

STA T.

TITLE VIII—FARM HOUSING 63 Stat. 432. 42 USC 1471.

SEC. 801. (a) Section 501(b) of the Housing Act of 1949 is amended by inserting " (1) " immediately after '"(b)" and by adding at the end thereof a new paragraph as follows: Definitions. (2) For the purposes of this title, the terms 'owner', 'farm', and 'mortgage' shall be deemed to include, respectively, the lessee of, the land included in, and other security interest in, any leasehold interest which the Secretary determines has an unexpired term (A) in the case of a loan, for a period sufficiently beyond the repayment period of the loan to provide adequate security and a reasonable probability of accomplishing the objectives for which the loan is made, and (B) in the case of a grant for a period sufficient to accomplish the objectives for which the grant is made." 42 USC 1472. (b) Section 502(b)(1) of such Act is amended by striking out "and such additional security" and inserting in lieu thereof the words "or such other security". 42 U s e 1481(c) Sections 511, 512, and 513 of such Act are each amended by 1483. striking out "1961" and inserting in lieu thereof "1965". SEC. 802. The second sentence of section 511 of the Housing Act of 1949 is amended by striking out "$450,000,000" and inserting in lieu thereof "$650,000,000". SEC. 803. (a) Section 501(a) of the Housing Act of 1949 is amended by inserting " (1) " before "to owners of farms", and by inserting before the period at the end thereof the following:", and (2) to owners of other real estate in rural areas to enable them to provide dwellings and related facilities for their own use and buildings adequate for their farming operations". (b) Section 501(c) of such Act is amended by inserting before the semicolon at the end of clause (1) the following: ", or that he is the owner of other real estate in a rural area without an adequate dwelling or related facilities for his own use or buildings adequate for his farming operations." (c) Section 501 of such Act is further amended by adding at the end thereof the following new subsection: Definitions. " (d) As used in this title (except in sections 503 and 504(b)), the terms 'farm', 'farm dwelling', and 'farm housing' shall include dwellings or other essential buildings of eligible applicants." 42 USC 1471 SEC. 804. (a) Title V of the Housing Act of 1949 is further et seq. amended by adding at the end thereof the following new section: "INSURANCE OF LOANS FOR THE PROVISION OF HOUSING AND RELATED FACILITIES FOR DOMESTIC FARM LABOR

42 USC 1472.

"SEC. 514. (a) The Secretary is authorized to insure and make commitments to insure loans made by lenders other than the United States to the owner of any farm, any association of farmers, any State or political subdivision thereof, or any public or private nonprofit organization for the purpose of providing housing and related facilities for domestic farm labor in accordance with terms and conditions substantially identical with those specified in section 502; except that— "(1) no such loan shall be insured in an amount in excess of the value of the farm involved less any prior liens in the case of a loan to an individual owner of a farm, or the total estimated value of the structures and facilities with respect to which the loan is made in the case of any other loan; "(2) no such loan shall be insured if it bears interest at a rate in excess of 5 per centum per annum;