Page:United States Statutes at Large Volume 63 Part 1.djvu/96

 PUBLIC LAWS-CH. 89-APR. 23, 1949 Real estate loans, etc. 48 Stat. 1252. 12 U. S. C., Supp. II, § 1716. Post, pp. 576,906. Construction of proj- ects. Dwellings in remote areas. 55 Stat. 601 48U.S.C.§§481- 483. Limitation. mortgagee, where the Alaska Housing Authority is the mortgagor or mortgagee, for the insurance of a mortgage under any provisions of this Act, the Commissioner is authorized to insure the mortgage (including advances thereon where otherwise authorized), and to make commitments for the insuring of any such mortgages prior to the date of their execution or disbursement thereon, under such pro- visions (and this section) without regard to any requirement that the mortgagor shall be the owner and occupant of the property or shall have paid a prescribed amount on account of such property." (b) The powers of the Federal National Mortgage Association, and of any other Federal corporation or other Federal agency here- tofore or hereafter established, to make real-estate loans, or to pur- chase, service, or sell any mortgages, or partial interest therein, may be utilized in connection with properties or projects in Alaska designed principally for residential use; and, notwithstanding any of the pro- visions of section 301 of the National Housing Act, as heretofore or hereafter amended, or of any other law unless enacted expressly in limitation hereof, any mortgage loans, or partial interests therein, may be offered to the Federal National Mortgage Association for pur- chase, and the Association shall be authorized to make real-estate loans, including advances thereon during construction, if such loans or advances are secured by property located in Alaska and insured under any of the provisions of the National Housing Act, as amended. SEO. 3 . (a) In order to relieve the particularly severe impact of the housing shortage in Alaska, the legislature of that Territory may authorize the Alaska Housing Authority, in addition to the housing projects undertaken pursuant to the provisions of the Act of July 21, 1941 (55 Stat. 601; 48 U. S . C., secs. 481-483), as amended, also to undertake other projects for the construction and sale or rental of dwelling accommodations for inhabitants of the Territory, and to make loans for such projects to public agencies, or private nonprofit or limited dividend corporations, or private corporations which are regu- lated or restricted by the Authority (until the termination of all loan obligations to it) as to rents or sales, charges, capital structure, rate of return, and methods of operation to such an extent and in such manner as to provide reasonable rentals to tenants and a reasonable return on the investment, and the legislature of that Territory may authorize said authority to make character loans to individuals or cooperatives for the improvement, conversion or construction of dwell- ings in remote areas to be occupied by such individuals or members of such cooperatives where the loan does not exceed $500 per dwelling, and any powers of said Authority, including but not limited to powers of eminent domain and issuance of bonds and obligations, with respect to projects undertaken pursuant to the provisions of said Act of July 21, 1941, may be made available with respect to projects undertaken pursu- ant to the authorization provided in this section: Provided,That the authorization provided in this section shall be limited to projects where adequate financing on reasonable terms and conditions, or entrepre- neurial sponsorship, or both, as the case may be, is not otherwise avail- able: And provided further,That any projects constructed and owned by such Authority pursuant to the authorization provided in this section shall be sold for cash or on reasonable terms and giving consid- eration to full market value, as promptly as may be advantageous under the circumstances and in the public interest: And providedfur- ther, That such Authority shall exercise its powers under this section to encourage and assist the production, at lower costs, of housing of sound standards of design, construction, livability, and size for ade- quate family life, and the development of well planned residential neighborhoods. Any law enacted by the legislature of the Territory of Alaska which, except for its enactment prior to the enactment of 58 [63 STAT.

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