Page:United States Statutes at Large Volume 62 Part 1.djvu/1305

 62 STAT.] 80TH CONG., 2D SESS.-CH. 832-AUG. 10, 1948 1275 TITLE I AMENDMENTS (s) Section 2 is amended: (1) By striking out "$165,000,000" in subsection (a) and inserting in 3652 Stat. 9; 55 Stat. lieu thereof "$200,000,000"; 12U. s.c.I 1703 (2) By striking out "$3,000" in subsection (b) and inserting in lieu ( 10(b); supp. thereof "$4,500"; (3) By striking out the first proviso in the first sentence of sub- 55 Stt. 3640 section (b) and inserting in lieu thereof the following: "Provided, (b) . . 703 Insurance to finan- That insurance may be granted to any such financial institution with cinlinstitutions. respect to any obligation not in excess of $10,000 and having a maturity not in excess of seven years and thirty-two days representing any such loan, advance of credit, or purchase made by it if such loan, advance of credit, or purchase is made for the purpose of financing the alter- ation, repair, improvement, or conversion of an existing structure used or to be used as an apartment house or a dwelling for two or more families; ; (4) By striking out the last sentence of subsection (b). SEC. 102. In order to aid housing production, the Reconstruction Loansby RFC. Finance Corporation is authorized to make loans to and purchase the obligations of any business enterprise for the purpose of providing financial assistance for the production of prefabricated houses or prefabricated housing components, or for large-scale modernized site construction. Such loans or purchases shall be made under such terms and conditions and with such maturities as the Corporation may determine: Provided, That to the extent that the proceeds of such Limitation on loans or purchases are used for the purchase of equipment, plant, or amount. machinery the principal obligation shall not exceed 75 per centum of the purchase price of such equipment, plant, or machinery: And Total amount of provided further, That the total amount of commitments for loans m""o mi tments. made and obligations purchased under this section shall not exceed $50,000,000 outstanding at any one time, and no financial assistance shall be extended under this section unless it is not otherwise available on reasonable terms. SEC. 103. The Servicemen's Readjustment Act of 1944, as amended, is hereby amended by striking out the period at the end of section 500 (b) and inserting in lieu thereof the following: "And provided ' Stat. 29. further, That the Administrator, with the approval of the Secretary s:ppV. s64 n,"'': of the Treasury, may prescribe by regulation a higher maximum rate illghrt ht ,,n, .... of interest than otherwise prescribed in this section for loans guaran- teed under this title, but not exceeding 41/ per centum per annum, if he finds that the loan market demands it.' TITLE II-SECONDARY MARKET FOR GI HOME LOANS AND FEDERAL HOUSING ADMINISTRATION INSURED MORTGAGES SEC. 201. Section 301 (a) (1) of the National Housing Act, as amended, is amended by striking out the words "which are insured after April 30, 1948, under section 203 or section 603 of this Act, or guaranteed under section 501, 502, or 505 (a) of the Servicemen's Readjustment Act of 1944, as amended" and inserting in lieu thereof the words "which are insured after April 30, 1948, under title II, or title VI of this Act, or guaranteed after April 30, 1948, under section 501, or section 502, or section 505 (a) of the Servicemen's Readjustment Act of 1944, as amended". SEC. 202. Paragraph (E) of the proviso of section 301 (a) (1) of the National Housing Act, as amended, is amended by striking out in clause numbered (2) the figure "25" and inserting in lieu thereof the figure "50". Ante, p. 107. Ante, pp. 101, 1272, 1268, 1273. 58 Stat. 292. 293. 38 U. S.C. C. 694a, 694b, 694e (a). 48 Stat. 1247; 55 Stat. 55. 12U. . C.. 1707- 1715b, 1736-1743; Supp. I, II 1737, 1738. 1744, 1745 . Ante. pp 101. 1209. 1268-1274 . Ante. p. 1207.

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