Page:United States Statutes at Large Volume 69.djvu/678

 636 Ante, p. i 1.

12 USC 1715k.

12 USC 171Se.

68 Stat. 607. 12 USC 1715r.

12 USC 1715/.

68 Stat. 605. 12 USC 1715n.

PUBLIC L,AW 345-AUG. 11, 1955

[69

ST A T.

(f) Section 217 of said Act, as amended, is hereby amended by striking "July 1, 1954" and inserting "July 1, 1955", and by striking "$3,500,000,000" and inserting "$4,000,000,000". (g) Section 220(d)(3) of such Act, as amended, is amended as follows: (1) I n subparagraph (A) by striking out "the appraised value" and inserting in lieu thereof "the amount which the Commissioner estimates will be the replacement cost", and by striking out "such value" and inserting in lieu thereof "such cost", and by adding the following proviso before the last semicolon of said subparagraph (A): ": ATUI provided further, That in the case of properties other than new construction, the foregoing limitations upon the amount of the mortgage shall be based upon appraised value rather than upon the Commissioner's estimate of the replacement cost"; and (2) In subparagraph (B) (ii) by striking out "the estimated value" and inserting in lieu thereof "the amount which the Commissioner estimates will be the replacement cost", and by striking out "value" and inserting in lieu thereof "replacement cost", and by adding the following proviso before the semicolon in said subparagraph (B) (ii): ": Provided, That in the case of properties other than new construction, the foregoing limitation upon the amount of the mortgage shall be based upon appraised value rather than upon the Commissioner's estimate of the replacement cost". (h) I n the performance of, and with respect to, the functions, powers, and duties vested in him by section 213 of the National Housing Act, as amended, the Commissioner, notwithstanding the provisions of any other law, shall appoint a Special Assistant for Cooperative Housing, and provide the Special Assistant with adequate staff, whose sole responsibility will be to expedite operations under such section and to eliminate obstacles to the full utilization of such section under the direction and supervision of the Commissioner. The person so appointed shall be fully sympathetic with the purposes of such section. (i) Clause (a) of the second sentence of section 22Y of said Act, as amended, is hereby amended by striking "under section 221" and inserting "under section 221 if the mortgage meets the requirements of paragraph (3) of subsection (d) thereof". (j) Section 221(a) of said Act, as amended, is amended as follows: (1) By inserting after the words "in order to assist in relocating families" the following: "from urban renewal areas and in relocating families"; (2) By striking out the words "to be so displaced" in the first proviso of the second sentence; (3) By striking out the words "to be so displaced and" and inserting "referred to above" in the second proviso of the second sentence. (k) Section 223(a) of said Act, as amended, is amended by striking out "section 203 or section 207" each time it appears and inserting in lieu thereof "section 203, 207, or 213". FEDERAL NATIONAL MORTGAGE ASSOCIATION

68 Stat. 616. 12 USC 1720. A d v a n e e commitment contracts.

12 USC 1715e.

SEC. 103. Section 305 of said Act, as amended, is amended by adding at the end thereof the following: "(e) Notwithstanding any other provision of this Act, the Association is authorized to enter into advance commitment contracts which do not exceed $50,000,000 outstanding at any one time, if such commitments relate to mortgages with respect to which the Federal Housing Commissioner shall hav^ issued pursuant to section 213 either a commitment to insure or a statement of eligibility; but not more than

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