Page:United States Statutes at Large Volume 69.djvu/520

 478

PUBLIC LAW 221-AUG. 4, 1955

[69 S T A T,

use of the premises and to public health and safety, as the Commission may deem appropriate, which restrictions and requirements shall not be valid beyond one year after the incorporation of the city at the community; and e. may require that any payments in lieu of property taxes or assessments for local improvements made by the Commission with respect to the property shall be equitably prorated. SEC. 66. OCCUPANCY BY EXISTING TENANTS.—-Upon application by any occupant of a single or duplex house made within the period of the first priority when such house is first offered for sale under this Act, the Commission shall execute a lease to such occupant for a period not to exceed one year from the date on which such property is first offered for sale, or for such period as he remains a project-connected person, whichever is shorter. I n selling any house with respect to which a lease executed under this section is in effect, the Commission may provide that the purchaser shall assume any or all obligations of the lessor, but the Commission shall guarantee the lessee's performance under the terms of the lease. SEC. 57. LOTS.—

a. Notwithstanding any other provision of this Act, the Commission is authorized, immediately upon passage of this Act, or immediately upon the inclusion of the community within the provisions of this Act, to offer for sale to the lessees single residential lots, which.were leased by competitive bid and which do not have a Government-owned building thereon, at a price equal to the initial valuation of the lot as stated in the lease. b. The Commission is authorized to offer for sale, as soon as possible, other lots, to individual owners, upon which single family or duplex houses may be erected, taking into consideration the zoning restrictions the new city is likely to enact with respect to those lots. C H A P T E R 6. F I N A N C I N G 61. CONTRACT PURCHASE.—The Commission may, in the sale of any single-family or duplex house to a priority purchaser, enter into a contract to purchase which provides that the purchaser shall conclude his purchase within not more than three years after the date the contract is entered into. Such contracts to purchase shall provide for such periodic payments, including payments on account of principal, interest, or tax equivalents, as the Commission shall prescribe. SEC.

SEC. 62. COMMISSION FINANCING.—

68 Stat. 605. 12 USC 1715n. """"' ""'"

a. I n the event that the Commission finds that financing on reasonable terms is not available from other sources, the Commission may, in order to facilitate the sale of residential property under chapter 5 of this Act, accept, in partial payment of the purchase price of any house, apartment building, or dormitory notes secured by first mortgages on such terms and conditions as the Commission shall deem appropriate. I n the case of houses and apartment buildings, the maturity and percentage of appraised value in connection with such notes and mortgages shall uot excced those prescribed under section 223(a) of the National Housing Act, as amended, and the interest rate shall equal the interest rate plus the premium being charged (and any periodic service charge being authorized by the Federal Housing Commissioner for properties of similar character) under section 223 (a) of the National Housing Act, as amended, at the effective date of such notes and mortgages.

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