Page:United States Statutes at Large Volume 52.djvu/63

 Existingmortgages; "(o) The Administrator, with the consent of the mortgagee and reissue of mortgage insurance. the mortgagor of a mortgage insured under this section prior to the date of enactment of the National Housing Act Amendments of 1938, shall be empowered to reissue such mortgage insurance in accordance with the provisions of this section as amended by such Act, and any such insurance not so reissued shall not be affected by the enactment of such Act. Deposi, netc. of "(p) Moneys in the Housing Fund not needed for current opera- tions of this section and section 210 shall be deposited with the Treasurer of the United States to the credit of the Housing Fund or invested in bonds or other obligations of, or in bonds or other obligations guaranteed as to principal and interest by, the United Purchases of deben- States. The Administrator may, with the approval of the Secretary tures in open market. f the Treasury, purchase in the open market debentures issued under Ante, p. 12. the provisions of this section and section 204. Such purchases shall be made at a price which will provide an investment yield of not less than the yield obtainable from other investments authorized by this subsection. Debentures so purchased shall be canceled and not reissued. Taxation provi- "TAXATION PROVISIONS sions. Real property "SEC. 208. Nothing in this title shall be construed to exempt any trator. real property acquired and held by the Administrator under this title from taxation by any State or political subdivision thereof, to the same extent, according to its value, as other real property is taxed. Statistical and eco- nomic surveys. Authority to Publication sults. Expenses. "STATISTICAL AND ECONOMIC SURVEYS 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- of re- gage market in the United States, and shall publish from time to 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 and the Housing Fund in such proportion as the Administrator shall determine. Additional housing insurance. Advances during construction. Multifamily, etc. , dwellings. Proviso. Approval prior to beginning of con- struction. Eligibility. Amount of obliga- tion involved. ADDITIONAL IIOUSING INSURANCE "SEC. 210. (a) In addition to mortgages insured under sections 203 and 207 the Administrator is authorized to insure mortgages as defined in section 207 (a) (1), including advances on such mortgages during construction, covering property upon which there is located. or upon which there is to be constructed one or more multifamily dwellings or a group of not less than ten single-family dwellings: Provided, That the property shall have been approved for mortgage insurance prior to the beginning of construction. "(b) To be eligible for insurance under this section a mortgage shall- "(1) Involve a principal obligation (including such initial service charges, appraisal, inspection, and other fees as the Administrator shall approve) in an amount in excess of $16,000 but not in excess of $200,000 and not in excess of 80 per centum of the amount which the Administrator estimates will be the value of the property when the proposed improvements are completed, and such part thereof as may be attributable to dwelling use shall not exceed $1,150 per room. 22 [52 STAT. PUBLIC LAWS-CH. 13 -FEB. 3, 1938

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