Page:United States Statutes at Large Volume 65.djvu/349

 65 STAT.

315

PUBLIC LAW 139—SEPT. 1, 1951

$10,000 per family unit and (iii) 90 per centum of the estimated value of such part of such property or project as may be attributable to nondwelling use"; and (3) by striking out of paragraph numbered " (3) " the words "four and one-half per family unit" and substituting therefor the words "four per family unit". SEC. 606. The first sentence of section 214 of the National Housing Act, as amended, is hereby amended by striking the word "onethird" and inserting the word "one-half". SEC. 607. Title II of the National Housing Act, as amended, Is hereby amended by adding at the end thereof the following new sections:

12 U.S.C. § 1716d: 12 U.S.C. §§ 17071715f.

"WAIVER OF OCCUPANCY REQUIREMENTS FOR SERVICEMEN

"SEC. 216. The Commissioner is hereby authorized to insure any mortgage otherwise eligible for insurance under any of the provisions of this Act without regard to any requirement that the mortgagor be the occupant of the property at the time of insurance, where the Commissioner is satisfied that the inability of the mortgagor to occupy the property is by reason of his entry into military service subsequent to the filing of an application for insurance and the mortgagor expresses an intent to occupy the property upon his discharge from military service. "GENERAL MORTGAGE INSURANCE AUTHORIZATION

"SEC. 217. Notwithstanding limitations contained in any other section of this Act on the aggregate amount of principal obligations of mortgages which may be insured under any title of this Act, such aggregate amount shall, with respect to any title of this Act (except title VI) be prescribed by the President, taking into consideration the needs of national defense and the effect of additional mortgage insurance authorizations upon conditions in the building industryand upon the national economy: Provided, That the aggregate dollar amount of the mortgage insurance authorization prescribed by the President with respect to title IX of this Act plus the aggregate dollar amount of all increases in mortgage insurance authorizations under other titles of this Act prescribed by the President pursuant to authority contained in this section shall not exceed $1,500,000^00." SEC. 608. (a) Notwithstanding any other provision of law or Reorganization Plan 22 of 1950, one of the five or more persons constituting the Board of Directors of the Federal National Mortgage Association shall be appointed by the Administrator of Veterans' Affairs from among the officers or employees of the Veterans' Administration. (b) Subparagraph (G) of section 301(a)(1) of the National Housing Act, as amended, is hereby amended by adding before the period at the end of said subparagraph the following proviso: ": Provided, That this subparagraph shall not apply to commitments made by the Association on or after the effective date of this proviso and prior to December 31, 1951, which do not exceed $200,000,000 outstanding at any one time, if such commitments relate to mortgages (1) covering defense housing programmed by the Housing and Home Finance Administrator in an area determined by the President or his designee to be a critical defense housing area, or (2) with respect to which the Federal Housing Commissioner has issued a commitment to insure pursuant to title VIII of this Act, as amended, or (3) covering housing intended to be made available primarily for families who are victims of a catastrophe which the President has determined to be a major disaster."

Maximum aggregate amount of principal obligations.

12 U.S.C. §§ 17361746.

Ante, p. 295.

Appointment of Board member from Veterans Adminstration. 64 Stat. 1277. 5 U.S.C. § 133Z-15 note.

12 U.S.C. § 1716.

12 U.S.C. 1748h.

1748-

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