Page:United States Statutes at Large Volume 53 Part 2.djvu/331

 53 STAT.] 76TH CONG., 1ST SESS.-CH. 175-JUNE 3, 1939 power of attorney: Provided, That nothing in this subsection shall Derion be construed to prevent the Administrator from delegating such etc. power by order or by power of attorney, in his discretion, to any officer, agent, or employee he may appoint." SEC. 11. The last sentence of section 205 (b) of such Act, as acount, lale amended, is amended by inserting after "expenses incurred" the words general expel "prior to July 1, 1939" SEC. 12. The first sentence of section 207 (c) of such Act, as 52Stat.18. amended, is amended to read as follows: "(c) To be eligible for insurance under this section a mortgage on surance any property or project shall involve a principal obligation in an amount- "(1) Not to exceed $5,000,000; and Maximum "(2) Not to exceed 80 per centum of the amount which the cottoeum Administrator estimates will be the value of the property or value. project when the proposed improvements are completed: Pro- vided, That such mortgage shall not in any event exceed the Mortggei amount which the Administrator estimates will be the cost of the ceed estimat completed physical improvements on the property or project, excepted. exclusive of the following: Public utilities and streets; taxes, interest, and insurance during construction; organization and legal expenses; and miscellaneous charges during or incidental to construction; and "(3) Not to exceed $1,350 per room for such part of such prop- Amount p erty or project as may be attributable to dwelling use. The mortgage shall provide for complete amortization by periodic Aiortizati payments within such term as the Administrator shall prescribe, and shall bear interest (exclusive of premium charges for insurance) at not to exceed 41/2 per centur per annum on the amount of the prin- cipal obligation outstanding at any time." SEC. 13. Section 210 of such Act, as amended, is hereby repealed: Multifami] Provided,That the Administrator is authorized to insure under said pealed. section any mortgage for the insurance of which an application has Prtso. 22 been filed with him prior to the effective date of this Act. Applictio SEC. 14. Title II of the National Housing Act, as amended, is fur- of this Act. ther amended by adding at the end thereof the following new section: 2 t"at.s 9 "L ABOR STANDARDS "SEC. 212. (a) The Administrator shall not insure under section 207 or section 210 of this title, pursuant to any application for insur- ance filed subsequent to the effective date of this section, a mortgage which covers property on which there is or is to be located a dwelling or dwellings, or a housing project, the construction of which was or is to be commenced subsequent to such date, unless the principal con- tractor files a certificate or certificates (at such times, in course of construction or otherwise, as the Administrator may prescribe) cer- tifying that the laborers and mechanics employed in the construction of the dwelling or dwellings or the housing project involved have been paid not less than the wages prevailing in the locality in which the work was performed for the corresponding classes of laborers and mechanics employed on construction of a similar character as deter- mined by the Secretary of Labor prior to the beginning of construc- tion and after the date of the filing of the application for insurance. "(b) The Administrator is authorized to make such rules and reg- ulations as may be necessary to carry out the provisions of this section. "(c) There is hereby authorized to be appropriated for the remain- der of the fiscal year ending June 30, 1939, and for each fiscal year 807 of power, insurance cation of Ises. using in- amount. eed 80 per ompleted not to ex- er room, ion and ly, etc., ection re- ns filed tlvoe date 23. IV, §§ 1707-1715b. Prevailing wage pro- visions. Rules and regula- tions. Appropriations au- thorized.
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