PUBLIC LAW 87-70-JUNE 30, 1961
FEDERAL RESERVE ACT
SEC. 902. Section 24 of the Federal Reserve Act is amended by inserting at the end of the next to the last paragraph a new sentence as follows: "Home improvement loans which are insured under the provisions of section 203(k) or 220(h) of the National Housing Act may be made without regard to the first lien requirements of this section."
- 2 USC 371.
VOLUNTARY HOME MORTGAGE CREDIT PROGRAM
SEC. 903. Section 610(a) of the Housing Act of 1954 is amended g,^f f^; «^0' " by striking out "1961" and inserting in lieu thereof "1965". 12 USC i750jj. DISPOSAL o r P A S S Y U N K WAR HOUSING PROJECT
SEC. 904. Section 802(a) of the Housing Act of 1959 is amended by striking out "five" in the first sentence and inserting in lieu thereof "six".
73 Stat. 686.
DISPOSAL OF N A T H A N A E L GREENE VILLA HOUSING PROJECT
SEC. 905. Notwithstanding the provisions of section 606 of the Act entitled "An Act to expedite the provision of housing in connection with national defense, and for other purposes", approved October 14, 1940, as amended, and any agreements entered into thereunder, the Housing and Home Finance Administrator and the Public Housing Administration are authorized and directed to agree to the sale by the Housing Authority of Savannah, Georgia, to the city of Savannah, Georgia, of all right, title, and interest in and to Nathanael Greene Villa (low-rent Housing project G A - 2 - 8; formerly war housing project GA-9041), for a total price of $275,000, which shall be paid to the Administration and deposited by the Administration in the Treasury as miscellaneous receipts in accordance with section 606(d) of such Act.
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SEC. 906. (a) Section 605(b) of the Housing Act of 1956 is amended J^l " ^ c is92c by striking out "1960" and inserting in lieu thereof "1962". (b) Section 605(c) of such Act is amended by striking out "and June 30, 1961" and inserting in lieu thereof "June 30, 1961, and June 30, 1962". P A Y M E N T I N LIEU OF TAXES BY HOLYOKE HOUSING AUTHORITY
SEC. 907. Notwithstanding the provisions of any other law or any contract or rule of laWj the Public Housing Commissioner shall approve the payment in lieu of taxes, in the amount of $9,933.47, made by the Holyoke Housing Authority to the city of Holyoke, Massachusetts, under section 10(h) of the United States Housing Act of 1937, for its fiscal year ended December 31, 1956. RECORDS A N D
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SEC. 908. Section 814 of the Housing Act of 1954 is amended to read ^^^ use i434 and as follows: ((' RECORDS "SEC. 814. Every contract between the Housing and Home Finance Agency (or any official or constituent thereof) and any person or local body (including any corporation or public or private agency or body) for a loan, advance, grant, or contribution under the United