Page:United States Statutes at Large Volume 76.djvu/713

 76 STAT. ]

PUBLIC LAW 87-719-SEPT. 28, 1%2

Alamos, a list, available for public inspection at reasonable times, showing the classification of each such residential structure. For the purposes of this Act, each such residential structure will thereafter be deemed to be a single family house, a duplex house, an apartment house, a dormitory, or a residential structure containing two or more separate single family units in accordance with its classification. I n determining the classification of each such residential structure containing two or more single family units, the Commission shall consider (1) the practicability of selling separately the single family units, and (2) the insurability of mortgages under section 223(a) of the National Housing Act, as amended. SEC. 9. Section 52 a. is hereby amended by striking the period after the words "chapter 8" in subsection (2) and by inserting thereafter: "; or (3) property which in th,e opinion of the Commission should be retained by the Commission for its own use." SEC. 10. The first sentence in section 53 b. is hereby amended by striking everything after the word "bids" and inserting a period at the end thereof. SEC. 11. Section 53 c. is hereby amended by striking everything after the word "appropriate" and inserting a period at the end thereof. SEC. 12. Section 55 d. is hereby amended by inserting between the word "community" and the semicolon "or after June 30, 1966, in the case of Los Alamos". SEC. 13. Section 57 b. is hereby amended by adding the following sentence: "The zoning restrictions to be taken into account at Los Alamos shall be those which the local government is likely to enact with respect to those lots." SEC. 14. A new section is hereby added, as follows: "SEC. 58. COOPERATIVES,—The Commission may grant to cooperatives, the entire initial membership of which is restricted to projectconnected persons, such priorities for the purchase of apartment buildings as the Commission determines fair and reasonable. The priority with respect to each cooperative shall terminate if within such time as the Commission may pr^cribe the cooperative has not obtained one hundred per centum initial membership consisting of project-connected persons. The 15 per centum deduction specified by subsection 35 a., the deduction provided by 36 d., the financing provisions of section 62, and the indemnity provided by sections 63, 64, 65, and 66 shall be applicable to priority sales of apartment buildings to such cooperatives. The term 'cooperative' as used herein means a corporation or a trust of the character described in section 213(a)(1) of the National Housing Act, as amended." SEC. 15. Section 62 a. is hereby amended by deleting "house, apartment building, or dormitory" and by inserting in lieu thereof "such property". SEC. 16. Section 62 d. is hereby amended to read as follows: "d. The Commission may sell any notes and mortgages acquired under subsections a. and c. of this section on terms set by the Commission. Notwithstanding any other provisions of law and without regard to the provisions of section 3709 of the Revised Statutes, the Commission may, in accordance with such terms and conditions as it may prescribe, (1) enter into contracts for servicing any of the notes and mortgages it has acquired, and (2) sell or enter into contracts to sell to a servicer any notes and mortgages with respect to which a servicing contract has been entered into by the servicer with the Commission: Provided, That with respect to sales of notes and mortgages under (2) the Commission shall comply with section 3709 of the Revised Statutes unless it determines that such compliance would not be feasible."

665

68 Stat. 605. 12 USC 1715n. Property d i s posal. 69 Stat. 476. 42 USC 2342.

75 Stat. 409. 42 USC 2343. 42 USC 2345.

42 USC 2347.

eooperatives.

42 USC 23 25, 2326, 2362-2366.

64 12 70 42

Stat. use Stat. use

54. 1715e. 653. 2362.

e o n tracts.

41 USC 5.

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