Page:United States Statutes at Large Volume 68 Part 1.djvu/627

 68

STAT.]

PUBLIC LAW 560~AUG. 2, 1954

necessary to remove conditions detrimental to safety, health, or morals"; (2) by striking out the word "Alaska," in paragraph numbered (2) and inserting "Alaska, or in Guam,"; and (3) by striking out paragraph numbered (3) and inserting the following: "(3) not to exceed, for such part of such property or project as may be attributable to dwelling use, $2,000 per room (or $7,200 per family unit if the number of rooms in such property or project is less than four per family unit): Provided, That as to projects to consist of elevator type structures, the Commissioner may, in his discretion, increase the dollar amount limitation of $2,000 per room to not to exceed $2,400 per room and the dollar amount limitation of $7,200 per family unit to not to exceed $7,500 per family unit, as the case may be, to compensate for the higher costs incident to the construction of elevator type structures of sound standards of construction and design." SEO, 116. Section 207(d) of said Act, as amended, is hereby amended b)^ inserting the words "of the Housing Insurance Fund" between the words "debentures" and "issued" in the first sentence of such section. SEC. 117. Section 207(h) of said Act, as amended, is hereby amended by striking out the period at the end of the first sentence and adding the following: "and a reasonable amount for necessary expenses incurred by the mortgagee in connection with the foreclosure proceedings, or the acquisition of the mortgaged property otherwise, and the conveyance thereof to the Commissioner." SEC. 118. Section 212(a) of said Act, as amended, is hereby amended by inserting at the end thereof the following new sentence: "The provisions of this section shall also apply to the insurance of any mortgage under section 220 which covers property on which there is located a dwelling or dwellings designed principally for residential use for twelve or more families." SEC. 119. (a) Section 213(b) of said Act, as amended, is hereby amended by striking clauses (1) and (2) and inserting: "(1) not to exceed $5,000,000, or not to exceed $25,000,000 if the mortgage is executed by a mortgagor regulated or supervised under Federal or State laws or by political subdivisions of States or agencies thereof, as to re'^^s, charges, and methods of operations; and "(2) not to exceed, for sucT^^part of such property or project as may be attributable to dwelhtig use, $2,250 per room (or $8,100 per family unit if the number Ijf rooms in such property or project is less than four per family unit), and not to exceed 90 per centum of the estimated value of the property or project when the proposed physical improvements are completed: Provided, That if at least 65 per centum of the membership of the corporation or number of beneficiaries of the trust consists of veterans, the mortgage may involve a principal obligation not to exceed $2,375 per room (or $8,550 per family unit if the number of rooms in such property or project is less than four per family unit), and not to exceed 95 per centum of the estimated value of the property or project when the proposed physical improvements are completed: Provided further. That as to projects which consist of elevator type structures, and to compensate for the higher costs incident to the construction of elevator type structures of sound standards of construction and design, the Commissioner may, in his discretion, increase the aforesaid dollar amount limitations per room or per family unit (as may be applicable to the particular case) within the following limits: (i) $2,250 per room to not to

595

Guam.

Mortgage limits.

12 USC 1713. Debentures. 12 USC 1713. Foreclosure costs.

12 USC l 7 l S c. Labor standards. Post, p. 596.

e o op e r at i V e housing. 12 USC 1715e. Mortgage limits.

Non-veteran.

Veteran.

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