Page:United States Statutes at Large Volume 62 Part 1.djvu/1304

 PUBLIC LAWS-CH. 832 -AUG. 10, 1948 Cost per family unit. Ante, pp. 1209,1273. Amount per room. 52 Stat. 19. 12 U.S.C. §1713(g). 52 Stat. 19. 12U.. c. 1713 (h) (1). 52 Stat. 14 . 12U.S.C.§1710(f). 52 Stat. 10, 16. 12 U. . C. §§1709, 1713. Ante, pp. 1209.1272, 1273; supra; infra. 52 Stat. 16. 12U.S. C. §1713. Loans, etc. Ante, pp. 1209,1273. is restricted to members of such corporation, or a project con- structed by a nonprofit corporation organized for the purpose of construction of homes for members of the corporation, at prices, costs, or charges comparable to the prices, costs, or charges pro- posed to be charged such members) may involve a principal obligation in an amount not exceeding 90 per centum of the amount which the Administrator estimates will be the value of the project when the proposed improvements are completed, except that in the case of a mortgage with respect to a project of a nonprofit cooperative ownership housing corporation whose mem- bership consists primarily of veterans of World War II, the principal obligation may be in an amount not exceeding 95 per centum of the amount which the Administrator estimates as the replacement cost of the property or project on the basis of the costs prevailing on December 31, 1947, for properties or projects of comparable quality in the locality where such property or project is to be located; and "(3) not to exceed $8,100 per family unit for such part of such property or project as may be attributable to dwelling use, except that in the case of projects of the character described in the second proviso of section 207 (c) (2), if the Administrator finds that the needs of the members of any such corporation could more adequately be met by per room cost limitations, the mortgage may involve a principal obligation in an amount not to exceed $1,800 per room for such part of such project as may be attribut- able to dwelling use." (2) By striking out the period at the end of the second sentence, inserting in lieu thereof a comma, and adding the following: "except that with respect to mortgages insured under the provisions of the second proviso of paragraph numbered (2) of this subsection, which mortgages are hereby authorized to have a maturity of not exceeding forty years from the date of the insurance of the mortgage, such interest rate shall not exceed 4 per centum per annum." (3) By adding the following additional sentence at the end thereof: "Such property or project may include such commercial and com- munity facilities as the Administrator deems adequate to serve the occupants." (o) Section 207 (g) of the National Housing Act, as amended, is hereby amended by striking out the number "2" appearing in clause (ii) and inserting in lieu thereof "1". (p) Section 207 (h) is amended by striking out, in paragraph numbered (1), the words "paid to the mortgagor of such property", and inserting in lieu thereof the following: "retained by the Admin- istrator and credited to the Housing Insurance Fund". (q) Section 204 (f) is amended by inserting in clause numbered (1), immediately preceding the semicolon, the following: "if the mortgage was insured under section 203 and shall be retained by the Administrator and credited to the Housing Insurance Fund if the mortgage was insured under section 207". (r) Section 207 of the National Housing Act, as amended, is hereby amended by adding the following new paragraph at the end thereof: "(q) In order to assure an adequate market for mortgages on coop- erative-ownership projects and rental-housing projects for families of lower income and veterans of the character described in the second proviso of paragraphnumbered (2) of subsection (c) of this section, the powers of the Federal National Mortgage Association and of any other Federal corporation or other Federal agency hereafter estab- lished, to make real-estate loans, or to purchase, service, or sell any mortgages, or partial interests therein, may be utilized in connection with projects of the character described in said proviso." 1274 [62 STAT.

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