Page:United States Statutes at Large Volume 71.djvu/335

 71

STAT.]

299

PUBLIC LAW 85-104-JULY 12, 1957

the close of August 7, 1958, shall be not less than the unpaid principal amount thereof at the time of purchase, with adjustments for interest and any comparable items.". (b) Section 305(b) of such Act is further amended by striking out the third sentence and inserting in lieu thereof the following: "The Association shall impose charges or fees for its services under this section, in an amount not to exceed l i ^ per centum of the unpaid principal amount of any mortgage for its commitment and its purchase of such mortgage, with the objective that all costs and expenses of its operations under this section should be within its income derived from such operations and that such operations should be fully self-supporting. Not more than one-half of the charges or fees imposed under the preceding sentence with respect to any mortgage shall be collected at the time of the issuance of the commitment with respect to such mortgage, and the balance of such charge or fee shall be collected at the time of the purchase of the mortgage,". SEC. 205. Section 305(c) of the National Housing Act is amended to read as follows: "(c) The total amount of purchases and commitments authorized by the President pursuant to subsection (a) of this section shall not exceed $450,000,000 outstanding at any one time.". SEC. 206. Section 305(e) of the National Housing Act is amended to read as follows: "(e) Notwithstanding any other provision of this Act, the Association is authorized to enter into advance commitment contracts and purchase transactions which do not exceed $200,000,000 outstanding at any one time, if such commitments or transactions relate to mortgages with respect to which the Federal Housing Commissioner shall have issued pursuant to section 213 either a commitment to insure or a statement of eligibility; but such commitments in any one State shall not exceed $20,000,000 outstanding at any one time: Provided, That (1) of the total amount of advance commitment contracts and purchase transactions authorized by this subsection, the amount of $50,000,000 shall be available solely for commitments or purchases of mortgages where the management or sales-type cooperative involved is certified by the Federal Housing Commissioner as a consumer cooperative, and (2) of the commitments in any one State, not more than $15,000,000 shall be outstanding at any one time for mortgages with respect to cooperative projects which are not of the type described in clause (1) of this proviso.". SEC. 207. Section 305(f) of the National Housing Act is amended by striking out "$200,000,000" and inserting in lieu thereof "$450,000,000", and by inserting before the period a colon and the following: "''Provided further, That not less than 7.5 per centum of the amount authorized in the preceding proviso shall be available for such purchases and commitments with respect to mortgages insured under section 809".

Limitation.

A d v a n c e commitments.

Military housing. 12 USC 1720.

TITLE III — S L U M C L E A K A N C E AND U R B A N R E N E W A L SEC. 301. Section 103(b) of the Housing Act of 1949 is amended by striking out "$500,000,000, which limit shall be increased by further amounts of $200,000,000 on July 1 in each of the years 1955 and 1956, respectively", and inserting in lieu thereof "$900,000,000, which limit shall be increased by $350,000,000 on the date of enactment of the Housing Act of 1957". SEC. 302. The Housing Act of 1949 is further amended by— (1) striking out the second sentence of section 103(a) and inserting in lieu thereof the following: "The aggregate of such capital grants with respect to all the projects of a local public

Capital grants. 63 Stat. 416. 42 USC 1453.

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