Page:United States Statutes at Large Volume 68 Part 1.djvu/625

 68

STAT.]

principal obligation shall not exceed 85 per centum of the appraised value of the property or $5,950: Provided further, That the Commissioner finds that the project with respect to which the mortgage is executed is an acceptable risk, giving consideration to the need for providing adequate housing for families of low and moderate income particularly in suburban and outlying areas or small communities: Provided further, That under the foregoing provisions of this subsection the Commissioner is authorized to insure any mortgage issued with respect to the construction of a farm home on a plot of land five or more acres in size adjacent to a public highway, the total amount of insurance outstanding at any one time under this proviso not to exceed $100,000,000." SEC. 111. Section 204(a) of said Act, as amended, is hereby amended— (1) by striking out of the third sentence the words "any mortgage insurance premiums paid after either of such dates" and inserting "any mortgage insurance premiums paid after either of such dates, and any tax imposed by the United States upon any deed or other instrument by which said property was acquired by the mortgagee and transferred or conveyed to the Commissioner"; (2) by striking out of the second proviso the words "or under section 213 of this Act," and inserting the following: "or under section 213 of this Act, or with respect to any mortgage accepted for insurance under section 203 on or after the effective date of the Housing Act of 1954,"; and (3) by striking the period at the end thereof and inserting a colon and the following: '•''And provided further, That, notwithstanding any requirement contained in this Act that debentures may be issued only upon acquisition of title and possession by the mortgagee and its subsequent conveyance and transfer to the Commissioner, and for the purpose of avoiding unnecessary conveyance expense in connection with payment of insurance benefits under the provisions of this Act, the Commissioner is authorized, subject to such rules and regulations as he may prescribe, to permit the mortgagee to tender to the Commissioner a satisfactory conveyance of title and transfer of possession direct from the mortgagor or other appropriate grantor and to pay the insurance benefits to the mortgagee which it would otherwise be entitled to if such conveyance had been made to the mortgagee and from the mortgagee to the Commissioner." SEC. 112. (a) Section 204(d) of said Act, as amended, is hereby amended by striking out of the second sentence thereof the words "three years after the 1st day of July following the maturity date of the mortgage on the property in exchange for which the debentures were issued, except that debentures issued with respect to mortgages insured under section 213 shall mature twenty years after the date of such debentures" and inserting "twenty years after the date thereof". (b) Section 207(i) of said Act, as amended, is hereby amended by striking out of the second sentence thereof "ten" and inserting "twenty". (c) Section 803(f) of said Act, as amended, is hereby amended by striking out of the second sentence thereof "ten" and inserting "twenty". (d) Section 904(d) of said Act, as amended, is hereby amended by striking out of the third sentence thereof the word "ten" and insertir^ "twenty". (e) This section shall not apply in any case where the mortgage involved was insured or the commitment for such insurance was issued prior to the effective date of the Housing Act of 1954.

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593

PUBLIC LAW 560-AUG. 2, 1954

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Farm home.

Payment of insurance. 12 USC 1710. Debentures.

12 USC 1709. Direct ance.

1715e, convey-

Debenture terms.

12 USC 1715e. 12 USC 1713.

12 USC 1748b.

12 USC 1750c.

Nonapplic ability.

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