Page:United States Statutes at Large Volume 56 Part 1.djvu/333

 77TH CONG., 21) SESS.-CH. 319 - -MAY 26, 1942 "(f) The provisions of section 207 (k) of this Act shall be appli- cable to mortgages insured under this section, except that as applied to such mortgages (1) all references in such section 207 (k) to the 'Housing Fund' shall be construed to refer to the 'War Housing Insurance Fund', and (2) the reference therein to 'subsection (g)' shall be construed to refer to 'subsection (c)' of this section. "(g) The Administrator shall also have power to insure under this title or title II any mortgage executed in connection with the sale by him of any property acquired under this title or title II without regard to the limitations upon eligibility contained therein." SEC. 12. Nothing contained in this Act shall be construed to super- sede or be inconsistent with the provisions of the Executive Order Numbered 9070, dated February 24, 1942, and where necessary for this purpose, the term "Administrator", as used herein, shall be con- strued to mean "Federal Housing Commissioner". SEC. 13. Section 2 (b) of such Act, as amended, is hereby amended to read as follows: "(b) No insurance shall be granted under this section to any such financial institution with respect to any obligation representing any such loan, advance of credit, or purchase by it (1) if the amount of such loan, advance of credit, or purchase made for the purpose of financing the alteration, repair, or improvement of existing structures exceeds $2,500, or for the purpose of financing the construction of new structures exceeds $3,000; (2) if such obligation has a maturity in excess of three years and thirty-two days, except that such maturity limitation shall not apply if such loan, advance of credit, or purchase is for the purpose of financing the construction of a new structure for use in whole or in part for residential or agricultural purposes; or (3) unless the obligation bears such interest, has such maturity, and contains such other terms, conditions, and restrictions as the Administrator shall prescribe, in order to make credit available for the purposes of this title: Provided,That insurance may be granted to any such financial institution with respect to any obligation not in excess of $5,000 and having a maturity not in excess of seven years and thirty-two days representing any such loan, advance of credit, or purchase by it if such loan, advance of credit, or purchase (1) is made for the purpose of financing the alteration, repair, improvement, or conversion of an existing structure located in an area or locality in which the President shall find that an acute shortage of housing exists or impends which would impede national war activities; and (2) is made for the purpose of providing additional living accommodations: Provided further, That any obligation with respect to which insur- ance is granted under this section on or after July 1, 1939, may be refinanced and extended in accordance with such terms and condi- tions as the Administrator may prescribe, but in no event for an additional amount or term in excess of the maximum provided for in this subsection. The Administrator is authorized to prescribe such procedures as in his judgment are necessary to secure to war workers occupancy priority with respect to any additional living accommodations referred to in clause (2) of the preceding sentence. SEC. 14. (a) The heading of title VI of the National Housing Act, as amended, is hereby amended to read as follows: "TITLE VI- WAR HOUSING INSURANCE". (b) Such title VI is hereby amended (1) by striking out the word "Defense" wherever it appears therein, and inserting in lieu thereof the word "War", and (2) by striking out the word "defense" wherever it appears therein, and inserting in lieu thereof the word "war". SEC. 15. This Act may be cited as the "National Housing Act Amendments of 1942". Approved, May 26, 1942. 65714°-43-PT. I-20 Acquisitions by conveyance or fore- closure. 52 Stat. 20. 12 U. S. C. §1713 (k). Mortgageinsurance. 48 Stat. 1247 . 12U. S. C.§. 1707- 1715c; Supp. I, §§1707- 1715. Executive Order 9070 not superseded. 7 F. R. 1529. "Administrator" construed. 49 Stat. 1188 . 12 U. S. C., Supp. I, § 1703 (b). Granting of insur- ance to financial insti- tutions. Amount. Maturity. Interest, etc. Provisos. Housing essential to war activities. Refinancing obliga- tions. Occupancy priority for war workers. 55 Stat. 55 . 12 U. S. C., Supp. I. § 1736-1742. Short title. 56 STAT.] 305

�