Page:United States Statutes at Large Volume 76.djvu/718

 670 Repeal. 38 Stat. 262. 68A Stat. 203.

PUBLIC LAW 87-723-SEPT. 28, 1962

[76 STAT.

SEC. 3. Subsection (k) of section 11 of the Federal Reserve Act (12 U.S.C. 248 (k)) is repealed. SEC. 4. Paragraph (2) of subsection (a) of section 584 of the Internal Revenue Code of 1954 is amended by inserting "or the Comptroller of the Currency" immediately after "the Board of Governors of the Federal Reserve System". SEC. 5. Section 581 of the Internal Revenue Code of 1954 is amended by striking out "section 11(k) of the Federal Reserve Act (38 Stat. 262; 12 U.S.C. 248 (k)) ", and inserting in lieu thereof "authority of the Comptroller of the Currency". Approved September 28, 1962.

Public Law 87-723 September 28, 1962

AN ACT

[H. R. i262j]_ To provide additional funds under section 202(a)(4) of the Housing Act of 1959, and to amend title V of the Housing Act of 1949, in order to provide low and moderate cost housing, both urban and rural, foi* the elderly.

Senior Citizens Housing Act of 1962.

Leans, revolving fund. 73 Stat. 667; 75 Stat. 163. 12 USC 1701q.

Farm housing, financial ass 1 St an c e, 63 Stat. 432. 42 USC 1471.

Be it enacted by the Senate and lionise of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Senior Citizens Housing Act of 1962". SEC. 2. The Congress finds that there is a large and growing need for suitable housing for older people both in urban and rural areas. Our older citizens face special problems in meeting their housing needs because of the prevalence of modest and limited incomes among the elderly, their difficulty in obtaining liberal long-term home mortgage credit, and their need for housing planned and designed to include features necessary to the safety and convenience of the occupants in a suitable neighborhood environment. The Congress further finds that the present programs for housing the elderly under the Housing and Home Finance Agency have proven the value of Federal credit assistance in this field and at the same time demonstrated the urgeijt need for an expanded and more comprehensive effort to meet our responsibilities to our senior citizens. SEC. 3. (a) Section 202(a)(4) of the Housing Act of 1959 is amended by striking out "$125,000,000" and inserting in lieu thereof "$225,000,000". {b) Effective with respect to applications for loans under section 202 of the Housing Act of 1959 made after the date of the enactment of this Act— (1) section 202(d)(1) of such Act is amended by striking out " (A) ", and by striking ", and (B) " and all that follows and inserting in lieu thereof a period; (2) section 202(d)(7) of such Act is amended by striking out all that follows "new structures" and inserting in lieu thereof a
 * period; and

(3) section 202(d)(8) of such Act is amended by striking out " (A) ", and by striking out ", and (B) " and all that follows and inserting in lieu thereof a period. SEC. 4. (a)(1) Section 501 of the Housing Act of 1949 is amended— (A) by striking out the period at the end of subsection (a) and inserting in lieu thereof the following: ", and (3) to elderly persons who are or will be the owners of land in rural areas for the construction, improvement, alteration, or repair of dwellings and related facilities, the purchase of previously occupied dwellings

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