Page:United States Statutes at Large Volume 66.djvu/648

 602

PUBLIC LAW 531-JULY 14, 1952

[66 S T A T.

insurance contract or commitment to insure under this Act was outstanding on June 30, 1952, and which mortgages (1) cover defense housing programed by the Housing and Home Finance Agency in an area determined by the President or his designee to be a critical 12^u^s c^V74&- defense housing area, or (2) are insured under title VIII of this Act, i748g-i. or (3) cover 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.". 12 u ^ ' mifc" SEC. 3. (a) Section 301(a)(1) of said Act, as amended, is hereby amended— (1) by striking the words beginning with "insured after April 30, 1948" and ending with the colon at the end of the first proviso thereof and inserting the words: "insured under this Act, as amended, or insured or guaranteed under the Servicemen's Read3I use 693note. justmeut Act of 1944, as amended: Provided, That no such mortgage, except defense or disaster mortgages as defined in subparagraph (G) hereof, shall be purchased by the Association unless insured or guaranteed after February 29, 1952, or purchased pursuant to a commitment made by the Association:"; (2) by striking from subparagraph (E) "pursuant to authority contained herein, exceeds 50 per centum of the original principal amount of all mortgages made by such mortgagee" and inserting "after February 29, 1952, pursuant to authority contained herein, exceeds 50 per centum of the original principal amount of all mortgage loans made by such mortgagee that are insured or guaranteed after February 29, 1952"; (3) by striking the proviso in subparagraph (E) and inserting Provided, That this clause (2) shall not apply to (nor shall any terms therein include) any defense or disaster mortgages as defined in subparagraph (G) "; and (4) by striking from the proviso in subparagraph (G) "which do not exceed $252,000,000 outstanding at any one time, if applications for such commitments were received by the Association i748g^if ^ ^ ^* ® " prior to December 28, 1951, or, in the case of title VIII mortgages, if the Federal Housing Commissioner issued his commitment to insure prior to December 31, 1951, but subsequent to December 27, 1951, and if such commitments of the Association relate to " and inserting "and prior to July 1, 1953, which do not exceed $1,152,000,000 outstanding at any one time, if such commitments of the Association relate to defense or disaster mortgages. As used in this title III, 'defense or disaster mortgages' means". 12 USC 1717. (|3^ Section 302 of said Act, as amended, is hereby amended (1) by striking "$2,750,000,000" and inserting "$3,650,000,000"; and (2) by adding before the period at the end of the first sentence of said section ": Provided, That not more than $2,750,000,000 of such total amount outstanding at any one time shall relate to mortgages other than defense or disaster mortgages as defined in section 301(a)(1)

(G)". 42 u^c \^92i.

42 USC 1^5928.

.

.

..

^^^- ^- Section 313 of the Defense Housing and Community Facilities and Services Act of 1951 is hereby amended by striking out "$60,000,000" in paragraph (a) thereof and substituting "$100,000,000" and by striking out "$50,000,000" in paragraph (b) thereof and substituting "$100,000,000". SEC. 5. The first sentence of section 302(b) of the Defense Housing and Community Facilities and Services Act of 1951 is hereby amended by adding after the words "for reuse at other locations" the words "or existing housing built or acquired by the United States under authority of other law".

�