Page:United States Statutes at Large Volume 70.djvu/1147

 70 S T A T. ]

PUBLIC LAW 1020-AUG. 7, 1966

Public Law 1020

1091

CHAPTER 1029 AN ACT

To extend and amend laws relating to the provision and improvement of housing and the conservation and development of urban communities, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Housing Act of 1956".

August 7, 1956 [H. R. 11742]

Housing Act of 1956.

TITLE I—FHA INSURANCE PROGRAMS PROPERTY IMPROVEMENT LOANS

SEC. 101. (a)(1) Section 2(a) of the National Housing Act is \l stau f35^^ amended by striking out "Septemoer 30, 1956" and inserting in lieu thereof "September 30, 1959". (2) The proviso in the second paragraph of section 2(a) of such Ante, p. 11. Act is amended to read as follows: ": Provided, That this clause (iii) may in the discretion of the Commissioner be waived with respect to the period of occupancy or completion of any such new residential structures". 56 Stat. 305. (b) Section 2(b) of such Act is amended— (1) by striking out "made for the purpose of financing the alteration, repair, or improvement of existing structures exceeds $2,500, or for the purpose of financing the construction of new structures exceeds $3,000" and inserting in lieu thereof "exceeds $3,500"; (2) by striking out "except that" in clause (2) and inserting in lieu thereof "except that the Commissioner may increase such maximum limitation to five years and thirty-two days if he determines such increase to be in the public interest after giving consideration to the general effect of such increase upon borrowers, the building industry, and the general economy, and"; and (3) by striking out "$10,000" and inserting in lieu thereof 62 Stat. 1275. "$15,000 nor an average amount of $2,500 per family unit". (c) Section 2(b) of such Act is further amended by striking out '•''Provided, That" and inserting in lieu thereof the following: '•'•Provided, That any such obligation with respect to which insurance is granted under this section on or after sixty days from the date of the enactment of this proviso shall bear interest, and insurance premium charges, not exceeding (A) an amount, with respect to so much of the net proceeds thereof as does not exceed $2,500, equivalent to $5 discount per $100 of original face amount of a one-year note payable in equal monthly installments, plus (B) an amount, with respect to any portion of ih^^ net proceeds thereof in excess of $2,500, equivalent to $4 discount per $100 of original face amount of such a note: Provided further, That the amounts referred to in clauses (A) and (B) of the preceding proviso, when correctly based on tables of calculations issued by the Commissioner or adjusted to eliminate minor errors in computation in accordance with requirements of the Commissioner, shall be deemed to comply with such proviso: Provided further, That". SALES HOUSING INSURANCE

SEC. 102. (a) Section 203(b)(2) of the National Housing Act is ^^X P®.* 1*092!* amended by striking out "(but, in any case where the dwelling is not 12'use 1709. approved for mortgage insurance prior to the beginning of construction, 90 per centum)" and inserting in lieu thereof the following:

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