Page:United States Statutes at Large Volume 78.djvu/811

 78 STAT. ]

PUBLIC LAW 88-560-SEPT. 2, 1%4

769

Public Law 88-560 AN ACT

September 2, 1964

To extend and amend laws relating to housing, urban renewal, and community facilities, and for other purposes.

[s. 3049]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may jg"°"*'"^ """"^ °^ be cited as the "Housing Act of 1964". TITLE I — AMENDMENTS TO THE N A T I O N A L H O U S I N G ACT TIME LIMIT

ON

FIIA

RECOUPMENT

OF TITI.E

I

INSURANCE

PAYMENTS

SEC. 101. Section 2(g) of the National Housing Act is amended by striking out "after December 31, 1957,". MORTGAGE L I M I T S FOR H O M E S UNDER SECTION

71 Stat. 297. 12 USC 1703.

2 0 3 PROGRAMS

SEC. 102. (a) Section 203(b)(2) of the National Housing Act is amended by striking out "$25,000", "$27,500", "$27,500", and "$35,000" and inserting in lieu thereof "$30,000", "$32,500", "$32,500", and "$37,500", respectively. (b) Section 203(i) of such Act is amended by striking out "$9,000" and inserting in lieu thereof "$11,000". H O M E IMPROVEMENT LOANS OUTSIDE OF U R B A N R E N E W A L

12 USC 1709.

AREAS

SEC. 103. Section 203(k) of the National Housing Act is amended by— (1) striking out in clause (2) "economically sound" and inserting in lieu thereof "an acceptable risk"; (2) striking out clause (4) and inserting in lieu thereof the following: "(4) insurance benefits shall be paid in cash out of the Section 203 Home Improvement Account or in debentures executed in the name of such Account"; and (3) striking out in the third sentence "Debentures issued with respect to loans insured under this subsection shall be issued" and inserting in lieu thereof "Insurance benefits paid with respect to loans insured under this subsection shall be paid".

75 Stat. 157. 12 USC 1709.

ADDITIONAL R E L I E F FOR H O M E MORTGAGORS I N D E F A U L T DUE TO C I R C U M S T A N C E S BEYOND THE I R CONTROL

SEC. 104. (a) Section 204(a) of the National Housing Act is amended by striking out the fourth proviso and inserting in lieu thereof the following: ": And provided further, That with respect to any mortgage covering a one-, two-, three-, or four-family residence insured under this Act, if the Commissioner finds, after notice of default, that the default was due to circumstances beyond the control of the mortgagor, he may, upon such terms and conditions as he may prescribe, (1) approve the request of the mortgagee for an extension of the time for the curing of the default and ot the time for commencing foreclosure proceedings or for otherwise acquiring title to the mortgaged property to such time as the Commissioner may determine is necessary and desirable to enable the mortgagor to complete the mortgage payments, including an extension of time beyond the stated maturity of the mortgage, and in the event of a subsequent foreclosure or acquisition of me property by other means the Commissioner is authorized to include in the debentures an

13 USC mo

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