Page:United States Statutes at Large Volume 65.djvu/350

 316 12 U.S.C. § 1747a.

Obligation of investor.

Debentures issued by investor.

12 U.S.C. § 1747f. Assignment of rights by investor, etc.

12 U.S.C. §1747g. 12 U.S.C. U747Z.

D i s p l a c e m e n t of persons from homes, etc.

64 Stat. 798. 50 U.S.C. app. § 2061.

12 U.S.C. § 1747Z.

Housing Act of 1950, amendments. 64 Stat. 81. 12 U.S.C. §1701j. Servicemen's Readjustment Act of 1944, amendments. 64 Stat. 75. 38 U.S.C. §694a. G u a r a n t y of veterans' loans.

38 U.S.C. §(

PUBLIC LAW 139—SEPT. 1, 1951

[65 STAT.

SEC. 609. (a) Section 702 of the National Housing Act, as amended, is hereby amended by adding the following new subsection at the end thereof: " (c) After completion of the project the investor must establish in a manner satisfactory to the Commissioner that the project is free and clear of liens and that there are no other outstanding unpaid obligations contracted in connection with the construction of the project, except taxes and such other liens and obligations as may be approved or prescribed by the Commissioner. Debentures issued by the investor which are payable out of net income from the project and from the benefits of the insurance contract shall not be construed as 'unpaid obligations' as such term is used in this subsection." (b) Section 707 of the National Housing Act, as amended, is hereby amended by adding the following new sentence at the end thereof: "Nothing contained in this title or any other provision of law shall be construed as preventing or restricting an investor from assigning, pledging, or otherwise transferring or disposing of, subject to rules and regulations of the Commissioner, any or all rights, claims, or other benefits under any insurance contract made pursuant to this title to an assignee, pledgee, or other transferee, including the holders (or the trustee for such holders) of any debentures issued by the investor in connection with the project to which such insurance contract relates, and the Commissioner is authorized to pay claims or issue debentures in accordance with the provisions of this section and section 708 of this title to any such assignee, pledgee, or other transferee." SEC. 610. Section 713(n) of the National Housing Act, as amended, is hereby amended by adding before the period at the end thereof the words "or such lesser amount as shall be agreed upon by the investor and the Commissioner". SEC. 611. Upon a finding by the Housing and Home Finance Administrator that the acquisition of any real property for a defense installation or industry has resulted, or will result, in the displacement of persons from their homes on such property, he may (notwithstanding any other provision of this or any other law) issue regulations pursuant to which such persons may be permitted to occupy or purchase housing for which credit restrictions established pursuant to the Defense Production Act of 1950 have been relaxed or housing which has been provided or assisted under the provisions of this Act (including amendments to other Acts provided herein), subject to any conditions or requirements that he determines necessary for purposes of national defense. SEC. 612. Section 713(o) of the National Housing Act, as amended, is hereby amended by inserting before the period at the end thereof the words "and income taxes". SEC. 613. (a) Section 504 of the Housing Act of 1950 is amended by striking out "builder, veteran, or other purchaser" wherever it appears therein and inserting in lieu thereof the following: "builder or other seller, or the veteran or other purchaser". (b) Section 501(b) of the Servicemen's Readjustment Act of 1944, as amended, is hereby amended to read as follows: "(b) Any loan made under this title to a veteran who has not, after April 20, 1950, availed himself of the benefits of this title for the purpose of purchasing residential property or constructing a dwelling to be occupied as his home, the proceeds of which loan are to be used for that purpose, may, notwithstanding the provisions of subsection (a) of section 500 of this title relating to the percentage or aggregate amount of loan to be guaranteed, be guaranteed, if otherwise made pursuant to the provisions of this title, in an amount not exceeding sixty per centum of the loan: Provided, That the amount of any such guaranty shall not exceed $7,500, less the amount with which the

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