Page:United States Statutes at Large Volume 71.djvu/339

 71

PUBLIC LAW 85-104-JULY 12, 1957

STAT.]

(3) The provisions of this subsection shall be effective only if the first installment is paid within sixty days after the date of enactment of this Act. (d) Notwithstanding any other provision of law, the Housing and Home Finance Administrator is authorized and directed to sell and convey to the city of Layton, Utah, for a total purchase price of $580,000, all of the right, title, and interest of the United States in and to the housing project known as Verdeland Park (UTAH-4201o) located in the city of Layton, Utah. The purchase price shall be secured by a mortgage which need not be a general obligation of the city, and shall be paid in equal annual installments within ten years from the date of sale with the right of prepayment of all or any part thereof. No down-payment shall be required, and the unpaid balances shall bear interest at the rate of 41^ per centum per annum. The Administrator may impose such other terms and conditions as he may deem necessary or desirable. The Administrator shall make no payments in lieu of taxes with respect to the project authorized to be conveyed hereunder for any tax year or portion thereof subsequent to the date of sale. The provisions of this subsection shall be effective only if the conveyance is made within ninety days after the date of the approval of this Act.

303

Layton, utah.

TITLE V—MILITARY HOUSING SEC. 501. Section 803(a) of the National Housing Act is amended Mortgage insurby striking out "June 30, 1958" and inserting in lieu thereof "June ^"rostat iio9 30, 1959".

12 USC 1748b.

SEC. 502. Section 803(b)(3)(B) of the National Housing Act Maximum amount, is amended by inserting before the semicolon at the end thereof a colon and the following: ^''Provided further, That should the financing of housing to be constructed pursuant to a single invitation for bids be accomplished by two or more mortgages, the principal obligation of any single mortgage may exceed an average of $16,500 per family unit if the sum of the principal obligations of all mortgages for such housing does not exceed an average of $16,500 per family unit". SEC. 503. Section 410 of the Housing Amendments of 1955 is 7o Stat. iiio., J,

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42 USC 1594f.

amended to read as follows: "SEC. 410. I n the construction of housing under the authority of ii^tation°s°' ^'^^ this title and title VIII of the National Housing Act, as amended, the maximum limitations on net floor area for each unit shall be the same as the net floor area limitations prescribed by law (at the time plans and specifications for such construction are begun) for public quarters built with appropriated funds under military construction authority." SEC. 504. Section 404(a) of the Housing Amendments of 1955 is 42 USC 1594a. amended by striking out "an appropriate allowance for physical housing/^ ^**°" °' depreciation" and inserting in lieu thereof "an appropriate allowance representing the estimated cost of repairs and replacements necessary to restore the property to sound physical condition". TITLE VI—MISCELLANEOUS COLLEGE H O U S I N G

SEC. 601. (a) Section 401(d) of the Housing Act of 1950 is amended by striking out "$750,000,000" and inserting in lieu thereof "$925,000,000", and by inserting before the period at the end thereof a colon and the following: '"''Provided further, That the amount outstanding for hospitals, referred to in clause (2) of section 404(b) of this title, shall not exceed $25,000,000".

Jo Stat. 1113. i s s u'a„c e o f notes, etc.

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