Page:United States Statutes at Large Volume 48 Part 1.djvu/1272

 1246 73d C ONGRESS. SESS. II. CH. 847. JUNE 27, 1934 . [CHAPTER 847 .] lone 27, 1934. [H.R.9620.] [Public, No. 479] Federal Housing Ad- ministration. AN ACT To encourage improvement in housing standards and conditions, to provide a system of mutual mortgage insurance, and for other purposes. National Housing Be it enacted by the Senate and House of Representatives of t he Act. United States o f America in Congress assembled, That this Act may be cited as the " National Housing Act ." TITLE I-HOUSING RENOVATION AND MODERNIZA- TION CREATION OF FEDER AL HOUSIN G ADMINI STRATION Creation. SECTION 1. The President is authorized to create a Federal Hous- in Administration, all of the powers of which shall be exercised by Administrator. a ederal Housing Administrator (hereinafter referred to as the Appoin tment ; term "Administrator "), who sh all be appoi nted by the Presi dent, by of office, and with the advice and consent of the Senate, shall hold office for a term of four years, and shall receive compensation at the rate of Powers. $10,000 per annum. In order to carry out the provisions of this title and titles II and III, the Administrator may establish such ag encies, acce pt and util ize su ch vol untar y and uncomp ensate d services, utilize such Federal officers and employees, and, with the consent of the State, such State and local officers and employees, and appoint such other officers and employees as he may find neces- sary, and may prescribe their authorities, duties, responsibilities, and tenure and fix their compensation, without regard to the provisions of other laws a pplica ble t o the employ ment or com pensat ion of Delegation of runc- Lions officers or employees of the United States. The Administrator may . delegate any of the functions and powers conferred upon him under this title and titles II and III to such officers, agents, and employees as he may designate or appoint, and may make such expenditures (including expenditures for personal services and rent at the seat of government and elsewhere, for law books and books of reference, and for paper, printing, and binding) as are necessary to carry out the provisions of this title and titles IT and III, without regard to any other provisions of law governing the expenditure of public funds. All such compensation, expenses, and allowances shall be paid out of funds made available by this Act. Insurance of financial institutions. Authority of Ad- SEC. 2. The Admini strato r is author ized a nd emp owere d, upo n minis trato r to grant. Post, p.i2s3. such terms and conditions as be may prescribe, to insure banks, trust companies, personal finance companies, mortgage companies, build- ing and loa n as soci atio ns, inst allm ent lend ing comp anie s, a nd o ther such financial institutions, which are approved by him as eligible for Purposes. credit insurance, against losses which they may sustain as a result of loans and advances of credit, and purchases of obligations repre- senting loans and advances of credit, made by them subsequent to the date of enactment of this Act and prior to January 1, 1936, or such earlier date as the President may fix by proclamation, for the pur- pose of financing alterations, repairs, and improvements upon real Limit on amount to property,. In no case shall the insurance granted by the Administra- any institution. for under this section to any such financial institution exceed 20 per centum of the total amount of the loans, advances of credit, and o, Onaota liiabiiitytin- purchases made by such financial institution for such purpose ; and tor. the total liability incurred by the Administrator for such insurance shall in no case exceed in the aggregate $200,000,000. No insurance INSURANCE OF FINANCIAL INSTITUTIONS