Page:United States Statutes at Large Volume 65.djvu/346

 312

38 U.S.C.

PUBLIC LAW 139—SEPT. 1, 1951

694.

Loans.

Maximum commitments.

Purchase of obligations by Treasury.

64 Stat. 1279. 5 U.S.C. § 133Z-15 note. Additional powers, functions, etc., of Administrator.

64 Stat. 78. 12 U.S.C. § 1749a.

"Prefabricated houses."

38 Stat. 273. 12 U.S.C. § 371.

[65 STAT.

either directly or in cooperation with banks or other lending institutions through agreements to participate or the purchase of participation or otherwise". SEC. 502. The Housing Act of 1948, as amended, is amended by inserting before section 103 thereof the following new sections: "SEC. 102a. To assure the maintenance of industrial capacity for the production of prefabricated houses and housing components so that it may be available for the purposes of national defense, the Housing and Home Finance Administrator is authorized to make loans to and purchase obligations of any business enterprise or financial institution for the purpose of providing financial assistance for the production or distribution of prefabricated houses or prefabricated housing components and for related purposes. Such loans may be made upon such terms and conditions and with such maturities as the Administrator may determine and may be made either directly or in cooperation with banks or other lending institutions through agreements to participate or the purchase of participation or otherwise: Provided, That the total amount of commitments for loans made and obligations purchased under this section shall not exceed $15,000,000 outstanding at any one time, and no financial assistance shall be extended under this section unless it is not otherwise available on reasonable terms. The Administrator is further authorized to issue to the Secretary of the Treasury, and the Secretary of the Treasury is authorized to purchase, obligations of the Administrator in an amount outstanding at any one time sufficient to enable the Administrator to carry out his functions under this section, such obligations to be in substantially the same form, and be issued in the same manner and subject to the same conditions, except as to the total amount thereof, as obligations issued by the Administrator pursuant to Reorganization Plan 23 of 1950. "SEC. 102b. In the performance of, and with respect to, the functions, powers, and duties vested in him by Reorganization Plan 23 of 1950 and by section 102a hereof, the Housing and Home Finance Administrator shall, in addition to any powers, functions, privileges, and immunities otherwise vested in him— " (1) have the powers, functions, privileges, and immunities transferred to him by said Reorganization Plan and the same powers, functions and duties as set forth in section 402 of the Housing Act of 1950, except subsection (c)(2) thereof, with respect to loans authorized by title IV of said Act; " (2) take any and all actions determined by him to be necessary or desirable in making, servicing, compromising, modifying, liquidating, or otherwise dealing with or realizing on loans thereunder. "SEC. 102c. Wherever in this Act the words 'prefabricated houses' are used they shall be construed to include houses which are of a mobile or portable character." SEC. 503. The third paragraph of section 24 of the Federal Reserve Act, as amended, is amended by adding in clause (d) the words "or the Housing and Home Finance Administrator" after the words "the Reconstruction Finance Corporation" and by adding the words "or of section 102 or 102a of the Housing Act of 1948, as amended," after the words "provisions of the Reconstruction Finance Corporation Act, as amended,". TITLE VI — AMENDMENTS TO E X I S T I N G L A W S AND GENERAL PROVISIONS

National Housing

SEC. 601. Title VIII of the National Housing Act, as amended.

Act, amendment. • i i i T 12 U. S. C 63 Stat. 570. 1748- IS h e r e by amended —

1748h.

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