Page:United States Statutes at Large Volume 75.djvu/229

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[75 Stat. 189]
[75 Stat. 189]
PUBLIC LAW 87-000—MMMM. DD, 1961

75 S T A T. ]

PUBLIC LAW 8 7 - 7 0 - J U N E 30, 1961

(b) Section 508 of such Act is amended by striking out "their opinions of the reasonable values of the farms" in the second sentence of subsection (b) and inserting in lieu thereof "as to the amount of the loan or grant."

189

'•^ use i478.

TITLE IX—MISCELLANEOUS HOME O W N E R S ' L O AN ACT OF

1933

SEC. 901. (a) Section 5(c) of the Home Owmers' Loan Act of 1933 is amended by striking out "in loans insured under title I of the National Housing Act, as amended," in the first sentence of the second paragraph and inserting in lieu thereof "in loans insured under title I of the National Housing Act, in home improvement loans insured under title II of the National Housing Act,". (b) Section 5(c) of such Act is further amended by adding at the end thereof the following new paragraph: "Without regard to any other provision of this subsection except the area restriction and the $35,000 limitation, any such association may invest an amount not exceeding at any one time 5 per centum of its assets in nonamortized loans which are made on the security of first liens upon homes or combinations of homes and business property and which (1) are repayable within a period of eighteen months, (2) provide that interest payments be made at least semiannually, and (3) do not exceed 80 per centum of the appraised value of the property involved. For the purposes of this paragraph the term 'first liens' includes the assignment of the whole of the beneficial interest in a trust having a corporate trustee whereunder real estate held in the trust can be subjected to the satisfaction of the obligation or obligations secured with the same priority as a first mortgage, a first deed of trust, or a first trust deed in the jurisdiction where the real estate is located." (c) Section 5(c) of such Act is further amended by adding at the end thereof (after the paragraph added by subsection (b) of this section) the following new paragraph: "Without regard to any other provision of this subsection except the area restriction, any such association is authorized to invest an amount not exceeding at any one time 5 per centum of its assets in amortized loans or participating interests therein which are secured by first liens upon improved real estate used to provide housing facilities for the aging, subject to the following qualifications: "(1) each such loan shall be repayable within a period of 30 years; "(2) no such loan shall exceed 90 per centum of the appraised value of the improved real estate given as security therefor; and "(3) each such loan— " (A) shall be made upon and secured by real estate which is improved by housing accommodations, individual or multiple, designed for the purpose of providing accommodations for occupancy by aging persons, or of providing rest homes or nursing homes, so constructed or altered as to be suitable primarily for the occupancy of persons over fifty-five years of age and limited principally to the occupancy of such persons; and " (B) shall be made for the implementation of the purpose described in clause (A). "

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