Page:United States Statutes at Large Volume 48 Part 1.djvu/1278

 1252 73d C ONGRESS. SESS. II. CH. 847. JUNE 27, 1934. Investment of funds. Deposit of surplus Fund money. Interest. Pur cha se of deb en- tures. Cancellation. SEC. 2 0 6. Money s in the Fund not needed fo r the current opera- tions of the Federal Housing Administration shall be deposited in the Treasury of the United States to the credit of the Fund, or invested in bonds or other obligations of the United States. The Treasurer of the United States is hereby directed to pay interest semiannually on any amount so deposited at a rate not greater than the prevailing rate on long-term Government bonds, such rate to be computed on the average amount of such bonds outstanding during any such semiannual period. The Administrator may, with the approval of the Secretary of the Treasury, purchase, at not to exceed par, in the open market, debentures issued under the provisions of section 204. Debentures so purchased shall be canceled and not reis- sued, and the several group accounts to which such debentures have been c harged shall be c harged with the am ounts used in mak ing such purchases. Low-cost housing in- LOW-COST HOUSING INSURANCE surance. Insurance of first SEC. 207. The Administrator may also insure first mortgages, other mortgages . than mortgages defined in s ection 201 (a ) of this titl e, covering property held by Federal or State instrumentalities, private limited dividend corporations, or municipal corporate instrumentalities of one or more States, formed for the purpose of providing housing for persons of low income Which are regulated or restricted by law or by the Administrator as to rents, charges, capital structure, rate of Terms of mortgages, return, or methods of operation. Such mortgages shall contain terms, conditions, and provisions satisfactory to the Administrator but need not con form to the elig ibil ity requ irem ents of sect ion 203. Premium charges. Subject to the right of the Administrator to impose a premium S eetio ns ap plica ble. charge in excess of, or less than, the amount specified for mortgages Ante.p 1247. defined in section 201 (a), the provisions of sections 204 and 205 P rov iso shall be applicable to mortgages insured under this section : Provided, Aggregate amount. That the insurance with respect to any low-cost housing project shall not exceed $10,000,000. INV EST MENT OF FU NDS Taxation provisions, TAXATION PROVISIONS Exemption not SEC. 208 . Nothing in this title shall be construed to exempt any accorded property ac- quired by Adminis- real property acquired and held by the Administrator under this title trator. from taxation by any State or political subsidivision thereof, to the same extent, according to its value, as other real property is taxed. Statistical and eco- STA TIS TIC AL AND EC ONO MIC SU RVE YS nomie surveys . Authority to make . SEC. 209 . The Administrator shall cause to be made such statistical surveys and legal and economic studies as he shall deem useful to guide the development of housing and the creation of a sound mort- Publication of re- gage market in the United S tates, and sh all publish fr om time to suExpenses. time the results of such surveys and studies. Expenses of such studies and surveys, and expenses of publication and distribution of the results of such studies and surveys, shall be charged as a general expense of the Fund. National Mortgage TITLE III-NATIONAL MORTGAGE ASSOCIATIONS Associations. Creation and powers. CREATION AND POWERS OF NATIONAL MORTGAGE ASSOCIATIONS Administrator to pro- SE CTI ON 301. (a) The Administrator is further authorized and vide for establishing. empowered to provide for the establishment of national mortgage Authority associations as hereinafter provided, which shall be authorized, sub-