Page:United States Statutes at Large Volume 69.djvu/209

 fi9 S T A T. 1

PUBLIC LAW 88-JUNE 21, 1955

167

works in the Lighthouse Service, and for other purposes", approved June 20, 1918, as amended (33 U.S.C. sec. 763), is amended by striking out "who shall have reached the age of sixty-five years, after having been thirty years in the active service of the Government," and inserting in lieu thereof the following: "who (1) shall have reached the age of sixty years, after having been thirty years in the active service of the Government, or (2) shall have reached the age of sixty-two years, after having been twenty-five years in the active service of the Government,". SP:C. 2. This Act shall take effect on the first day of the second month beginning after the date of enactment of this Act. Approved June 21, 1955. Public Law

40 Stat. 608.

Effective date.

CHAPTER 171

AN ACT To amend the Servicemen's Readjustment Act of 1944 to extend the authority of the Administrator of "Veterans' Affairs to make direct loans, and to authorize the Administrator to make additional types of direct loans thereunder, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That subsection (a) of section 512 of the Servicemen's Readjustment Act of 1944 (38 U.S.C. sec. 6941) is hereby amended to read as follows: "SEC. 512. (a)(1) Upon application by a veteran eligible for the benefits of this title, the Administrator is authorized and directed to make, or enter into a commitment to make, the veteran a loan for any of the following purposes: " (A) To purchase or construct a dwelling to be owned and occupied by him as a home; " (B) To purchase a farm on which there is a farm residence to be occupied by the veteran as his home; " (C) To construct on land owned by the veteran a farm residence to be occupied by him as his home; or " (D) To repair, alter, or improve a farm residence or other dwelling owned by the veteran and occupied by him as his home; if the Administrator finds that in the area in which the dwelling, farm, or farm residence is located or is to be constructed, private capital is not available for the financing of the purchase or construction of dwellings, the purchase of farms with farm residences, or the construction, repair, alteration, or improvement of farm residences or other dwellings, as the case may be, by veterans under this title. In case there is an indebtedness which is secured by a lien against land owned by the veteran, the proceeds of a loan made under this section for the construction of a dwelling or farm residence on such land may be expended also to liquidate such lien, but only if the reasonable value of the land is equal to or in excess of the amount of the lien. " (2) No loan shall be made under this section to a veteran unless he shows to the satisfaction of the Administrator— " (A) that he is a satisfactory credit risk; " (B) that the payments to be required under the proposed loan bear a proper relation to the veteran's present and anticipated income and expenses; " (C) that he is unable to obtain from private lending sources in such area at an interest rate not in excess of the rate authorized

June 21. 1955 [S. 6^4]

Veterans' loans. 64 Stat. 75. Purposes.

Conditions.

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