Page:United States Statutes at Large Volume 67.djvu/159

 67

STAT.]

123

PUBLIC LAW 9 4 - J U N E 30, 1953

(3) by inserting after paragraph numbered (3) the following new paragraph: "Notwithstanding any of the limitations contained in paragraphs numbered (2) and (3) of this subsection (c), if the number of bedrooms in such property or project is equal to or exceeds two per family unit, and the principal obligation of the mortgage does not exceed $7,200 per family unit for such part of such property as may be attributable to dwelling use, the mortgage may involve a principal obligation not in excess of 90 per centum of the estimated value of the property or project (when the proposed improvements are completed)." (b) Section 207(i) of the National Housing Act, as amended, is hereby amended by striking out of the second sentence thereof the word "twenty" and inserting in lieu thereof the word "ten". SEC. 6. The first sentence of section 213(d) of the National Housing Act, as amended, is hereby amended by striking "4 per centum per annum" and inserting "4i/^ per centum per annum, except that individual mortgages insured pursuant to this subsection covering the individual dwellings in the project may bear interest at not to exceed 5 per centum per annum,". SEC. 7. Section 217 of the National Housing Act, as amended, is hereby amended by striking out of the second proviso "$1,900,000,000" and inserting "$3,400,000,000". SEC. 8. Title II of the National Housing Act, as amended, is hereby amended by adding at the end thereof the following new section: "SEC. 219. Notwithstanding limitations contained in any other sections of this Act as to the use of moneys credited to the Title I Housing Insurance Fund, the Housing Insurance Fund, the W a r Housing Insurance Fund, the Housing Investment Insurance Fund, the Military Housing Insurance Fund, or the Defense Housing Insurance Fund, the Commissioner is hereby authorized to transfer funds from any one or more of such Insurance Funds to any other such Fnnd in such amounts and at such times as the Commissioner may determine, taking into consideration the requirements of such Funds, separately and jointly to carry out effectively the insurance programs for which such Funds were established." SEC. 9. Title V of the National Housing Act, as amended, is hereby amended by adding at the end thereof the following new section: "SEC. 516. The following funds shall be deemed an indebtedness to the United States of the particular insurance fund involved, and the Commissioner is authorized and directed to pay the amount of such indebtedness to the Secretary of the Treasury, with simple interest thereon from the date the funds were advanced to the date of final payment at a rate determined by the Secretary of the Treasury, taking into consideration the average rate on outstanding marketable obligations of the United States from the date the funds were advanced until the date of final payment— " (1) funds made available to the Commissioner pursuant to the provisions of sections«4 and 202, exclusive of amounts heretofore refunded, (a) for carrying out title II with respect to mortgages insured under section 203 where such funds were credited to the general reinsurance account in the Mutual Mortgage Insurance Fund, and (b) for the payment of salaries and expenses with respect to mortgage insurance under sections 207 and 210 where such funds were credited to the Housing Insurance F u n d; "(2) funds made available to the Commissioner pursuant to sections 602 and 802; and

65 Stat. 314. 12 USC 1713. C o op er atiV e housing insurance. 64 Stat. 54. 12 USC 1715e.

Mortgage insurance authorization. 66 Stat. 601. 12 USC 1715h.

Transfer of insurance funds.

Payment Treasury.

12 USC 1708.

to

1705,

12 USC 1709.

12 USC 1 7 1 3, 1715a note. 12 USC 1748a.

1 7 3 7,

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