Page:United States Statutes at Large Volume 67.djvu/163

 67

STAT.]

PUBLIC LAW 94-JUNE 30, 1953

of the Budget, such Board may transfer to any other department or agency of the United States, with the consent of such department or agency, all the powers and functions vested in such Board by this subsection (c). All liens held by the Corporation upon real or personal property on account of judgments rendered in its favor, except judgments for mortgage debts which have been assigned by the Corporation, and all claims now held by the Corporation arising out of its mortgage or real estate operations, whether for rent or otherwise, are hereby released and discharged in full. (d) The authority to appropriate for any functions relating to the Corporation may continue to be exercised after its dissolution for the purpose of making appropriations to any department or agency carrying out the provisions of this section. SEC. 22. Subsection (e) of section 106 of the Housing Act of 1949 (42 U.S.C. 1456 (e)), is amended by inserting before the period at the end thereof a colon and the following: '"''Provided, That the Administrator, without regard to such limitation, may enter into contracts for capital grants aggregating not to exceed $35,000,000 (subject to the total authorization provided in section 103(b) of this title) with local public agencies in States where more than two-thirds of the maximum capital grants permitted in the respective State under this subsection has been obligated". SEC. 23. Section 504 of the Housing Act of 1950, as amended, is hereby amended to read as follows: "SEC. 504. With respect to housing built or sold with assistance provided under the National Housing Act, as amended, or title III of the Servicemen's Readjustment Act of 1944, as amended, the Federal Housing Commissioner and the Administrator of Veterans' Affairs, respectively, are hereby specifically authorized and directed to issue such regulations, applicable uniformly to all classes of mortgagees, as they determine desirable for the purpose of limiting the charges and fees, which shall not be construed to include any loss suffered by an originating lender in the bona fide sale or pledge of or an agreement to sell the mortgage, imposed upon the builder or other seller, or the veteran or other purchaser in connection with the financing of the construction or sale of such housing, whether or not such charges were or are imposed in connection with the financing assisted by the Federal Government, and no loan shall be insured or guaranteed under such Acts unless the mortgagee certifies that it has not imposed upon the builder or other seller, or the veteran or other purchaser any charges or fees in connection with the financing of the construction or sale of such housing in excess of the charges or fees permitted under such regulations for such purposes as are applicable to the housing involved." SEC. 24. (a) The first sentence of paragraph (g) of section 110 of the Housing Act of 1949, as amended, is hereby amended to read as follows: " 'Going Federal rate' means (with respect to any contract for a loan or advance entered into after the first annual rate has been specified as provided in this sentence) the annual rate of interest which the Secretary of the Treasury shall specify as applicable to the sixmonth period (beginning with the six-month period ending December 31, 1953) during which the contract for loan or advance is made, which applicable rate for each six-month period shall be determined by the Secretary of the Treasury by estimating the average yield to maturity, on the basis of daily closing market bid quotations or prices during the month of May or the month of Novemoer, as the case may be, next preceding such six-month period, on all outstanding marketable obligations of the United States having a maturity date of fifteen or more years from the first day of such month of May or November, and

127

Ccq>ital grants. 63 Stat. 419.

42 USC 1453.

64 Stat. 81. 12 USC 1701J. C harg e s and fees. 12 USC 1 7 0 1 note; 38 USC 694 et seq.

"Going Federal rate •'. 63 Stat. 421. 42 USC 1460.

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