Page:United States Statutes at Large Volume 68 Part 1.djvu/669

 68 S T A T. ]

PUBLIC LAW 560-AUG. 2, 1954

amended, and in other loans for property alteration, repair, or improvement: Provided, That no such loan shall be made in excess of $2,500."

TITLE VI—VOLUNTARY HOME MORTGAGE CREDIT PROGRAM DECLARATION OF POLICY

SEC. 601. I t is declared to be the policy of Congress-— (a) to seek the constant improvement of the living conditions of all the people under a strong, free, competitive economy, and to take such action as will facilitate the operation of that economy to provide adequate housing for all the people and to meet the demands for new building; (b) to provide a means of financing housing within the framework of our private enterprise system and without vast expenditures of public moneys; (c) to encourage and facilitate the flow of funds for housing credit into remote areas and small communities, where such funds are not available in adequate supply; and (d) to assist in the development of a program consonant with sound underwriting principles, whereby private financing institutions engaged in mortgage lending can make a maximum contribution to the economic stability and growth of the Nation through extension of the market for insured or guaranteed mortgage loans. DEFINITIONS

SEC. 602. As used in this title, the following terms shall have the meanings respectively ascribed to them below, and, unless the context clearly indicates otherwise, shall include the plural as well as the singular number: (a) "Insured or guaranteed mortgage loan" means any loan made for the construction or purchase of a family dwelling or dwellings and which is (1) guaranteed or insured under the Servicemen's Readjustment Act of 1944, as amended, or (2) secured by a mortgage insured under the National Housing Act, as amended. (b) "Private financing institutions" means life-insurance companies, savings banks, commercial banks, savings and loan associations (including cooperative banks, homestead association, and building and loan associations), and mortgage companies. (c) "Administrator" means the Housing and Home Finance Administrator. (d) "State" means the several States, the District of Columbia, the Commonwealth of Puerto Rico, and the Territories and possessions of the United States. N A T I O N A L VOLUNTARY MORTGAGE CREDIT E X T E N S I O N COMMITTEE

SEC, 603. There is hereby established a National Voluntary Mortgage Credit Extension Committee, hereinafter called the "National Committee", which shall consist of the Housing and Home Finance Administrator, who shall act as Chairman of the National Committee, and fourteen other persons appointed by the Administrator as follows: (a) Two representatives of each type of private financing institutions; (b) Two representatives of builders of residential properties; and (c) Two representatives of real estate boards.

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