Page:United States Statutes at Large Volume 73.djvu/725

 73

STAT.]

PUBLIC

LAW 86-372-SEPT. 23, 1959

687

H O S P I T A L CONSTRUCTION

SEC. 804. (a) Section 605(b) of the Housing Act of 1956 is ^o st^at^. ^i114^^^ amended by striking out "1958" and inserting in lieu thereof "1960". note. (b) Section 605(c) of the Housing Act of 1956 is amended by inserting before the period at the end thereof the following: ", and the sum of $7,500,000 for the purposes of this section for each of the fiscal years ending June 30, 1960, and June 30, 1961". SAVINGS A N D LOAN ASSOCIATIONS

805. (a) Section 5(c) of the Home Owners JJOSHI Act of 1933 is amended by inserting before the colon at the end of the first ^^ st^^. m. proviso a comma and the following: "and additional sums not exceeding 20 per centum of the assets of an association may be used without regard to such area restriction for the making or purchase of participating interests in first liens on one- to four-family homes, except that the aggregate sums invested pursuant to the two exceptions m this proviso shall not exceed 30 per centum of the assets of such association". (b) The second paragraph of section 5(c) of such Act is amended by adding at the end thereof the following new sentence: "Participating interests in loans secured by mortgages which have the benefit of insurance or guaranty (or a commitment therefor) under (he National Housing Act, the Servicemen's Readjustment Act of 1944, or « stat^. m e. chapter 37 of title 38, United States Code, shall not be taken into S8 Stat. 284;' 72 account in determining the amount of loans which an association may g^^V, p.^ile. ^^^^' make within any of the percentage limitations contained in the first proviso of this subsection." (c) Section 5(c) of such Act is further amended by adding at the 12 USC i464. end thereof the following new paragraph: "Without regard to any other provision of this subsection except the area restriction, any such association whose general reserves, surplus, and undivided profits aggregate a sum in excess of 5 per centum of its withdrawable accounts is authorized to invest an amount not exceeding at any one time 5 per centum of such withdrawable accounts in loans to finance the acquisition and development of land for primarily residential usage, subject to such rules and regulations as the Board may prescribe." SEC.

VOLUNTARY HOME MORTGAGE CREDIT PROGRAM

SEC. 806. Section 610(a) of the Housing Act of 1954 is amended by striking out "September 30, 1959" and inserting in lieu thereof "October 1, 1961".

f^ use'1 won

D E F E N S E H O U S I N G PROJECTS

SEC. 807. Section 606 of the Act of October 14, 1940, as amended (42 U.S.C. 1586), is amended— (1) by inserting the following sentence after the first sentence of subsection (b): "If any such project is consolidated under a single annual contributions contract with any low-rent project being assisted with annual contributions under the said Act, the payment of any annual contribution on account of any project so assisted shall not be deemed to be a capital grant or annual contribution with respect to any project conveyed hereunder."; and (2) by inserting the following proviso before the semicolon at the end of subsection (c)(3): ": Provided, That the provisions of this paragraph shall not be applicable to any project which is

64 Stat. ee.

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