Page:United States Statutes at Large Volume 63 Part 1.djvu/609

 63 STAT.] 81ST CONG. , 1 ST SESS.- CH. 403 -AUG. 8, 1949 Housing Act, as amended, is amended by adding at the end thereof a new title as follows: "TITLE VIII-MILITARY HOUSING INSURANCE "SEC. 801. As used in this title- "(a) The term 'mortgage' means a first mortgage on real estate, in fee simple, or on a leasehold (1) under a lease for not less than ninety- nine years which is renewable; or (2) under a lease for a period of not less than fifty years to run from the date the mortgage was executed; and the term 'first mortgage' means such classes of first liens as are commonly given to secure advances on, or the unpaid purchase price of, real estate, under the laws of the State in which the real estate is located, together with the credit instruments, if any, secured thereby. "(b) The term 'mortgagee' includes the original lender under a mortgage, and his successors and assigns approved by the Commis- sioner; and the term 'mortgagor' includes the original borrower under a mortgage, his successors and assigns. "(c) The term 'maturity date' means the date on which the mortgage indebtedness would be extinguished if paid in accordance with periodic payments provided for in the mortgage. "(d) The term 'rental housing' means housing, the occupancy of which is permitted by the owner thereof in consideration of the pay- ment of agreed charges, whether or not by the termination of the: agree- ment, such payment over a period of time will entitle the occupant to the ownership of the premises. "(e) The term 'military' includes Army, Navy, Marine Corps, and Air Force. "(f) The term 'State' includes the several States and Alaska, Hawaii, Puerto Rico, the District of Columbia, and the Virgin Islands. "SEC. 802. There is hereby created a Military Housing Insurance Fund which shall be used by the Commissioner as a revolving fund for carrying out the provisions of this title, and mortgages insured under this title shall be known and referred to as 'military housing insured mortgages'. For the purposes of this fund there is hereby authorized to be appropriated the sum of $10,000,000. For immediate needs pending such appropriation, the Commissioner is directed to transfer the sum of $1,000,000 to such fund from the War Housing Insurance Fund created by section 602 of this Act, such amount to be reimbursed to the War Housing Insurance Fund upon the availability of the appropriations authorized by this section. General expenses of operation of the Federal Housing Administration under this title may be charged to the Military Housing Insurance Fund. "SEC. 803. (a) In order to assist in relieving the acute shortage of housing which now exists at or in areas adjacent to military installa- tions because of uncertainty as to the permanency of such installations and to increase the supply of rental housing accommodations available to military and civilian personnel at such installations, the Commis- sioner is authorized, upon application of the mortgagee, to insure mortgages (including advances on such mortgages during construc- tion) which are eligible for insurance as hereinafter provided, and, upon such terms as the Commissioner may prescribe, to make commit- ments for so insuring such mortgages prior to the date of their execu- tion or disbursement thereon: Provided, That the aggregate amount of principal obligations of all mortgages insured under this title shall not exceed $500,000,000 except that with the approval of the President such aggregate amount may be increased to not to exceed $1,000,000,000: And provided further, That no mortgage shall be insured under this 571 48 Stat. 1246. 12U. S.C.§1701et seq.; Supp. II, § 1701c et seq. Ante, pp. 29, 57, 421, 431, 432, 446; post, pp. 576, 681,905. "Mortgage." "Mortgagee." "Mortgagor. " "Maturity date." "Rental housing. " "Military." "State." Military Housing Insurance Fund. Appropriation au- thorized. Post, p. 871. 56 Stat. iM. 12U. S. C ., Supp.II, S1737. Mortgage insurance. Aggregate amount of principal obliga- tions. Time limitation.

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